Casual thoughts: Chew before Swallowing.
If I may be forgiven for thinking out loud......
I've been reading "Debunking Economics" by Steve Keen.
And, undoubtedly I have benefitted, learned something (though I'm not yet finished)...
Keen's criticism of what's taught as a "Science" are very much internal criticisms----of the sort:
given your axioms and your theorems, that does not follow..
Oh, so you want to keep it (let's say a certain shape of demand curve), then you need
to assume X and Y...
And: X and Y are absurd!
That's important.
but, au fond, Keen himself enjoys professional deformation of character.
To speak of what's good and bad or to criticize economics at a more fundamental level
is not his thing----and he seems to regard it as obscure, metaphysical (in a negative sense),
like religion.......
But I think it is a very fundamental criticism to say: prices do not reflect the real value of anything,
and there is such a thing as a thing's real value.
Have I missed something? Maybe K would agree with me. I haven't finished his book
and I don't find the book easy reading. On the contrary, I frequently have the impression
that the concepts (such as they are) of economics when introduced verbally lack their
appeal, and I suspect they need mathematics to be clearer. But what do I know?
Well, I shall keep reading. If I've only just demonstrated my ignorance, so be it. Chew before swallowing.
Thursday, May 31, 2012
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