Nor will economists change the reality of "imperfect markets".
Like the rest of life - markets are messy, and not subject to analysis by economists who want them somehow to be subject to mathematical logic.
So, quivering with the thrill of discovery, economists found that markets are imperfect - in fact Joan Robinson made a career out of it. They spent a lot of time and effort going into all the imperfections - as apparently did you.
But, the market doesn't care about economists, and all over the world markets went on operating to the benefit of everyone as they have done since the beginning of humanity. The fact is, Arthur, that the poor reputation of economists has been earned.
It is easy to talk of theology, but surely the continual failure of economies can't be blamed on doctors and dentists. I suppose the retort would be that the problems are caused by politicians. Yet, look in any economics textbook and it will be full of political activities that economists have embraced as their own - probably because without them the "science" would be pretty thin.
Theology is a matter of faith in events that cannot be substantiated. Surely that describes neo-Classical economics? The boom ended and none of the theologists know why. In fact they don't know why it happened in the first place. Now, they are on an interest kick to try to keep the economy afloat. But, in fact, they haven't a clue as to why the economy is floundering, or really how to correct it. They simply fill reports with statistics that they pray will indicate something good.
The mind boggles at what passes nowadays as economics.
Harry
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Arthur wrote:
Harry, I became an economist to understand how "the system works." My Ph. d. thesis was "Imperfect and Monopolistic Competition in Historical Perspective." I don't want to bore the others with the many ways in which markets are imperfect. They are and no amount of assumptions (perfect knowledge, perfect mobility, no brand identification, no advertising, price takers, etc., etc.,) is going to change the reality of imperfect markets. They are and it is best to talk about ways to make the current system, the one we deal with each day in manifold ways, work for the commonweal than to assume a world that doesn't exist and talk about why it is the best way.Theology is one thing imperfect and workable competition is something else. arthur
****************************** Harry Pollard Henry George School of LA Box 655 Tujunga CA 91042 [EMAIL PROTECTED] Tel: (818) 352-4141 Fax: (818) 353-2242 *******************************
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