>Oskar Lange used say that Marxian economics is the economics of capitalism >and neoclassical economics is the economics of socialism. If you want to do
>monetary and fiscal policy, design an antitrust regime, figure out the >impact of opening new oilfields on existing transportation options, make a >plan for your own enterprise, you use subjectivist theory. They teach it in >B school cause it works in short and medium term. I don't have to prove it: >the proof is in the practice. I don't agree with this, and I've been to business school. The subjectivist value theory of neoclassical economics is the von Neumann/Morgenstern axioms, and they are completely orthogonal to the economics you learn at business school (you learn them quite thoroughly in an economics degree, but that's not the same thing). At business school, you learn in detail the parts of economics which are not dependent on a value theory and are more properly part of what one used to call "operations research", plus you learn a bit of kiddies' (often surprisingly heterodox) macroeconomics under the title of "International Financial System" or some such. Think about it this way; almost the only module which is compulsory in every MBA at every business school is Marketing, and there is still, after about 150 years of trying, no decent classical or neoclassical theory of the advertising industry. Subjectivist value theory is honoured much more in the ignoring than the observance. dd ___________________________________________________ Email Disclaimer This communication is for the attention of the named recipient only and should not be passed on to any other person. Information relating to any company or security, is for information purposes only and should not be interpreted as a solicitation or offer to buy or sell any security. The information on which this communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change without notice. All e-mail messages, and associated attachments, are subject to interception and monitoring for lawful business purposes. ___________________________________________________
