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And the model, to be manageable, must be simplified to a point far beyond mere Goedelian incompleteness and on to a point where the model becomes irrelevant and even nonsensical.  There are simply too many vectors that can barely be identified, let alone measured or controlled for.  Such exercises do show us, though, in stark fashion the firmness of the foundations of Logical Positivism and its "informed actor" and his "enlightened self-interest."
by rifek on Tue Jan 13th, 2009 at 11:23:23 PM EST
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... remarkable similarity between the supposedly Universal Homo Economicus and the particular habits of thought of upper middle class English merchants of the 1800's.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Jan 14th, 2009 at 12:55:38 AM EST
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And J K Galbraith makes the same point in the New Industrial State when he mocks (the then young) Milton Friedman and his ilk as hopeless romantic throwbacks to the petty merchant and manufacturer economy of the time of Adam Smith.

I suppose Miltie had the last laugh over Galbraith, unfortunately for all of us.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Wed Jan 14th, 2009 at 04:11:55 AM EST
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He had a laugh over John Kenneth, but not, it may be be, the last one.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Jan 14th, 2009 at 06:53:41 AM EST
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Well, they're both dead now.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Wed Jan 14th, 2009 at 06:54:46 AM EST
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But madmen in power listening to voices in the wind are as often as not listening to the voice of a long dead economist.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Jan 14th, 2009 at 01:38:54 PM EST
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We're still around to laugh, although rather bitterly...

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Wed Jan 14th, 2009 at 04:02:21 PM EST
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