Quote of the day #3

Hier ist ein interessanter Beitrag über die nach wie vor aktuellen Probleme der dominanten ökonomischen Theorie. Der Verfasser kommt zu dem Schluss: „… the truth is that economists do not simplify reality and then study it. They get rid of it and replace it with make believe.“ Ganz genau so ist es – jedenfalls für die Mainstream der Wirtschaftswissenschaften. Wer an dieser Aussage zweifelt, möge einen Blick in die akutell verwendeten Lehrbücher werfen. (Thanks to Peter Radford for the interesting post.)

Real-World Economics Review Blog

from Peter Radford

Ronald Coase asks the big question in his 1937 paper “The Nature of the Firm”:

“Within a firm, … market transactions are eliminated and in place of … exchange transactions is substituted the entrepreneur-co-ordinator who directs production. It is clear that these are alternative methods of co-ordinating production, Yet, having regard to the fact that if production is regulated by price movements, production could be carried on without any organization at all, well might we ask, why is there any organization?”

To which, or at least in part answer to, G.B. Richardson responded with this in his 1960 book “Information and Investment”:

“there is, in fact, a genuine gap in our theoretical presentation of the working of the competitive economy. The theory of the maintenance or attainment of equilibrium under perfectly competitive conditions fails to account for the process for the adjustment in terms of investment decisions by individual…

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