Ian, I believe he does say that, i.e. that his theory of the economy was the Marginalist's story unconnected, and never connected to the real economy, and thus false. The essence of the "Marginal Revolution" is that the market works. Works to smoothly bring the economy to full employment, with goods and services priced at marginal cost, including the prices of inputs to production. And, of course, with people paid their marginal product. What else is the "Marginal Revolution" that Cowen has been evangelizing for?
And yet today, in the NYT, he tells us that the economy is not conforming to his theory. So he is saying the theory isn't working but his past view was that it did work and that the "free market" saw to that. Of course it never worked, despite his preaching. And by the way: Cowen's description of how and why universities switched to adjunct professors is a new lie, at least new to me. Gene On May 15, 2015, at 6:11 PM, Ian Murray <[email protected]> wrote: > > > > > > On 5/15/15, 11:49 AM, "Eugene Coyle" <[email protected] on > behalf of [email protected]> wrote: > >> Tyler Cowen has a blog called "Marginal Revolution." >> >> Today in NYT he was a musing that the economy isn't working. Which is to >> say, "Everything I have believed and taught about economics is a lie." > > ========= > > Except that he does not say that at all. > > So economists have beliefs about capitalism that turn out to be incorrect; > who knew? > > The history[ies] of the so-called sciences are littered with errors. How many > economists will take even 1 hour to grapple with Larry Laudan’s argument on > the role of errors in the pursuit of theories adequate to the phenomena we > inquire about. A recent iteration on the problem may be found at the link: > > >> http://philsci-archive.pitt.edu/1943/1/PMI_and_Two_Fallacies.pdf > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
