What Does Neocalssical Economics Explain?

Luke Weiger lweiger at umich.edu
Fri Jan 17 10:54:27 PST 2003


Justin wrote:


> What _does_ NCE explain?

By classical econ., I was referring to the insights of Smith et al.


> Enlighten me. After some
> decades of study, I am not sure that it explains
> _anything._ I don't deny that the law of supply and
> demand is valid

Hmm... you don't deny that the law of supply and demand has explanatory (or even I would guess predictive) power, and yet you claim classical econ explains nothing?


> Btw, I think Fitch was talking about historical
> materialism, not about Marxisn economics.

Yes, I'm sure that's correct.


> Unless you are Gary Becker, NCE has no such ambitions.

Richard Posner has such ambitions, right?



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