By N. Aslanbeigui, Young Back Choi
In recent times there was expanding discontent with the summary nature of mainstream economics. not just does this make the topic much less suitable to actual matters, it drives a wedge among economics and different disciplines ostensibly addressing an identical matters. Borderlands of Economics explores the ways that economics can be reconnected, either with the genuine international and with different disciplines.
Read Online or Download Borderlands of Economics: Essays in Honour of Daniel R.Fusfeld (Routledge Frontiers of Political Economy, 11) PDF
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Additional info for Borderlands of Economics: Essays in Honour of Daniel R.Fusfeld (Routledge Frontiers of Political Economy, 11)
Very few had any college experience, but I was impressed with how smart they were and how much they understood about the economy from their experiences in it. They were eager to learn the theories that tied everything together but skeptical of ideas that strayed from the reality they knew. One thing they knew was that, without the union, they were at the mercy of the bosses. I learned from them that economics at the grass roots was quite different from economics at the level of high theory. Theories didn’t make sense to them unless they could understand how they affected their lives.
I rejected marginal productivity theory as an explanation for income distribution, and thought that most of what was valuable in microeconomics did not need to go much beyond partial equilibrium analysis. I felt that analysis of oligopoly, mark-up pricing, and target pricing was more important than the usual emphasis on competitive markets. I didn’t see much equilibrium in the actual functioning of the day-to-day economy and certainly not in the passage of the economy over time. I was not at home with the reduced version of Keynesian economics then in vogue, or with the growing reduction of economic theory to mathematical models.
A 1985 paper on ‘Keynes and the Keynesian Cross’ led to a controversy with Don Patinkin over the relative merits of the flexible price and fixed price Keynesian models. A 1990 paper on ‘The Single Price Theorem’ was motivated by the well-known empirical fact that competitive markets have multiple prices while monopolized markets have single prices. It was also motivated by a colleague’s testimony in an antitrust suit that the single price that prevailed in the plywood market was evidence of competition.