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.
Marshall explains commercial depression: “The chief cause of the evil is a want of confidence.” and “In short there is but little occupation in any of the trades which make Fixed capital.”
No taxi driver could explain it better. This kind of “explanation” is paradigmatic for the level of economic science and for these brain-dead trivialities Marshall is still ackowledged as great economist. One trembles to contemplate what the economics of his peers had looked like.
Update for students: Marshall’s economics has already been dead in the cradle in 1890. That he and his Principles are not buried and forgotten is a sure indication of the utter scientific incompetence of latter generations of scholars. Marshall’s supply-demand-equilibrium is one of the most ridiculous constructs in the history of the sciences but still the centerpiece of every economics textbook.
For details see: Marshall: a monument of scientific incompetence http://axecorg.blogspot.de/2014/12/marshall-monument-of-scientific.html
Marshall and the Cambridge school of plain economic gibberish http://axecorg.blogspot.de/2016/09/marshall-and-cambridge-school-of-plain.html
Essentials of Constructive Heterodoxy: The Market https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2547098
ICYMI
ReplyDeleteMarshall explains commercial depression: “The chief cause of the evil is a want of confidence.” and “In short there is but little occupation in any of the trades which make Fixed capital.”
No taxi driver could explain it better. This kind of “explanation” is paradigmatic for the level of economic science and for these brain-dead trivialities Marshall is still ackowledged as great economist. One trembles to contemplate what the economics of his peers had looked like.
Update for students: Marshall’s economics has already been dead in the cradle in 1890. That he and his Principles are not buried and forgotten is a sure indication of the utter scientific incompetence of latter generations of scholars. Marshall’s supply-demand-equilibrium is one of the most ridiculous constructs in the history of the sciences but still the centerpiece of every economics textbook.
For details see:
Marshall: a monument of scientific incompetence
http://axecorg.blogspot.de/2014/12/marshall-monument-of-scientific.html
Marshall and the Cambridge school of plain economic gibberish
http://axecorg.blogspot.de/2016/09/marshall-and-cambridge-school-of-plain.html
Essentials of Constructive Heterodoxy: The Market
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2547098
Egmont Kakarot-Handtke