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    Economics / Arrow-Debreu, economic theory, General equilibrium, Skidelsky, Walras /

    “A Primer For the Perplexed”

    November 19, 2020

    That’s the subtitle of Robert Skidelsky’s little book “What’s Wrong With Economics”?.  A primer for the perplexed.  With the U.S. election past us, I decided to start reading some of the books that had accumulated in my “to read” pile.  Skidelsky being one of my favorite authors I started with his.  The problem is that […]

    Economics / Hayek, Milton Friedman, shareholder value /

    Friedman’s Bad Turn

    September 14, 2020

    Today is quite an anniversary.  It is fifty years since Milton Friedman’s article on the responsibilities of corporate management appeared in the New York Times.  Whilst it was not the only argument in favor of the shift towards a narrow focus on shareholder value, it was certainly one of the more persuasive and influential.  I […]

    Economics / economic theory, evolutionary economics, Herbert Simon, Pisano, Sraffa, Teece, theory of the firm /

    More on What’s Missing

    August 13, 2020

    I suspect economic theorists are not alone in shunting to the side issues or phenomena that might upset the applecart.  But they appear to do it with a determination that other disciplines mind find somewhat alarming.  This is why I relentlessly and repeatedly mention Cause and his 1937 question about the existence of the firm. […]

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