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Various Thoughts

There is no point is bashing away at old economics or old economists. They are what they are. And it isn’t as if there is a compelling alternative to orthodoxy, if there were we wouldn’t be in this never ending and unproductive cycle of throwing stones at the establishment. I think we all ought take […]

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Clockwork Justice?

One of the central beliefs held by people who advocate a market based worldview is that, somehow, markets are apolitical, they are antiseptic, they are objective. This is nonsense. It is dangerous nonsense. That markets work according to rules does not make them objective or even impersonal. Rules are human constructs. Ergo markets are simple […]

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Can Economists Explain Much?

Greg Clarke ends his book “A Farewell to Alms” with a not too encouraging summation about the ability of economists to explain much. Allow me to give you three lengthy quotes: “In economics, however, we see instead that our ability to describe and predict the economic world reached a peak around 1800. In the years […]

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