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Cacrisalves
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"what is the economic value?" This is the same question we should posit for the 'economics of public policy'. I think the key issue is to try and theorise or understand an economy that is not based on market precepts. Do we have a cogent theory to explain an non-market environment within capitalism?
Can't Marx’s tendency for the rate of profit to fall be a bad good good theory? It works in theory and sometimes in practice; it has a solid microfoundations and predicts a tendency, but the explanation is not clear; and, finally, its failure helps to illuminate the real world by alerting us to the fact that we still don’t know how value is created and how it can be measured; by showing us the neither LTV nor marginal utility value is correct; and by posing us the question: what would happen if technology manages to lead marginal costs close to zero?
Toggle Commented Apr 20, 2018 on Good bad theories at Stumbling and Mumbling
"We might add to this that there are good good books (Dostoyevsky) and bad bad ones (Dan Brown?)"...yes, we can!
Toggle Commented Apr 20, 2018 on Good bad theories at Stumbling and Mumbling
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Apr 20, 2018