The Radford Free Press – Page 55 – All life is problem solving.

Economics / Abromovitz, capital, capitalism, growth theory, labor, plutocracy, Robert Solow, total factor productivity /

More Words That Matter: Capital and Labor, Part One

June 2, 2020

I was having a conversation this morning in which I argued the word “capitalism” has no meaning. Or, perhaps, it has too many meanings. It is a fraught one as well. People get vexed in its presence. I ought also have said the same thing about the word “labor”. Both words are relics of the […]

Commentary, Economics / economic theory, evolutionary economics, Herbert Simon, J.B. Clark, Joan Robinson, marginalism, Ronald Coase, Williamson, Winter /

Some Critical Responses

May 31, 2020

It is always interesting to read what people say in response to what you write. It is also always educational. I enjoy the learning. I recently wrote a short piece meant to be a little on the light side pondering the odd comparison of the use of the word essential in our vernacular understanding of […]

Commentary, Economics / economic theory, productivity /

Two Definitions

May 28, 2020

Two definitions, one for ‘essential’ and the other for the way in which, according to economics, people are rewarded for their work. In recent weeks we have become accustomed to calling someone an ‘essential worker’. These are our most important people. They are, if the dictionary doesn’t lie, indispensable. They are extremely important. They are […]