An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Wednesday, October 19, 2016
Noah Smith — An Econ Test Question We Shouldn't Get Wrong
Transaction costs.
This is a big one to miss. Econometric models generally ignore it for tractability even though Ronald Coase receive the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for pointing it out in his work on the firm.
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