Krugman on Marx

[Brad De Long]

>But the most interesting phenomenon has been recognizing a refutation or
>valid critique, and then proceeding to ignore it.  Proceed as if nothing
>ever happened.  Don't teach it, don't hire people who do, don't publish
>people who talk about it, don't mention it ever existed.  But anybody can
>go back and look up Samuelson's "A Summing Up" in the Quarterly Journal or
>RES (whichever?) where he admits Cambridge US was defeated and the other
>side was right.
>
>Mat

Modern finance courses reject the "internal rate of return" approach of
Samuelson and company and prefer the "net present value" formulation for
exactly the reasons laid out by Joan Robinson and company in the
reswitching debate...

Brad DeLong