I will give you another, (to me), outstanding example: the (selective) popularity of Arthur Lewis and his dual sector model of development theory when it is, (to me), so blindingly applicable to so many contemporary objects of economic analysis, starting with India and China. (H/T Perry Mehrling) It got attention when evidence emerged that China might be at 'the Lewis point', where cheap labor started to become dear, but has otherwise not figured greatly in such discussions. In lecture Perry Mehrling noted that, were he to teach a course on economic development, half would be on international finance and much of the rest would be based on Lewis. The point, I suppose, is that the predatory nature of international finance limits the applicability of the Lewis Model to countries that are large enough and sufficiently well led to buffer their economy from predatory international finance. But raising such points in public discussion would make one the skunk at the garden party.


"It is not necessary to have hope in order to persevere."