Well, you know better than I. But they don't teach marxian value theory either, and the USSR's early attempt to use what it thought was that theory as a planning tool was a disaster. So, anyway, maybe if Daniel was right, we don't need a value theory at all. jks
> > >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. >___________________________________________________ > _________________________________________________________________ Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp.
