http://www.theguardian.com/commentisfree/2013/sep/06/ronald-coase-chicago-school-economist-died
[snip] Coase was praised for writing about the real world, for example his assertion that firms grow in relation to the cost of doing business. It's a theory, and attracted attention because so little economics is about real existing companies and the highly imperfect markets in which they operate. But Coase was careful never to frame his theory to make it empirically testable. We can't take a Google or a Virgin and plot when and where their transaction costs influenced, say, their decisions to take over Nokia or to lobby Tory ministers for a larger share of NHS contracts. [snip] Coase, they say, was influential. But like cites like. He won a Nobel prize but by what transparent standard is a committee of the Swedish academy the sole arbiter of intellectual merit, or itself unswayed by beliefs and world views? In economics the line between scholarship and ideology is not just fine, but carefully screened from prying eyes. [snip] _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
