> From: [email protected]
> > 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 =========== Gene, It's a huge gap from the incorrectness of a theory to "everything I believe about economics is a lie." Capitalism is not a theory any more than an electron or a mitochondria is a theory. So the marginalist's theory of capitalism is incorrect; so what? Those who wish to get rid of capitalism seem to waste their time in the sandbox of economics; the sandbox of law is where the harder work needs to be done. Indeed, even the unexplicated connections between-within the two sandboxes are as nothing compared to the variety of unexplored ways of critiquing markets and the ways human beings [mis]treat each other and the planet are available to us that might motivate human beings to adapt and create a world with much less suffering. Waiting for, and hoping to bring about, the ontological turn in political economy, so that a robust *political ecology* discourse might motivate the exhausted, uncoordinated and interminably frustrated anticapitalists left on the planet. E.
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