This is off topic:
I have a number of American friends who are Republicans. For years they have berated Obama for a lack of leadership. They consider him arrogant yet ineffectual. They blame him for what they perceive as a decline in the power and prestige of America.
This is twaddle. But it is commonplace.
Hah! That caught your attention.
People who criticize General Equilibrium - henceforth GE - often fail to mention one of its major benefits to mainstream economists, one that explains its tenacity despite its obvious irrelevance as a real economic artifact.
This is that it is a weapon that allows economists to expunge politics from their [more…]
I wonder when economics will reconnect with modern thought. I wonder, for instance, when economics will take on board contemporary theories about real human behavior and jettison its antiquated and utterly unreal notions of rationality.
Not that I will hold my breath.
One of the great planks of orthodox economics is its odd fascination with rationality. It [more…]