[lbo-talk] What's the deal with conservatives, economists, and the minimum wage?

Doug Henwood dhenwood at panix.com
Fri Jan 19 09:12:31 PST 2007


On Jan 19, 2007, at 12:02 PM, Willy Greenfields wrote:


>> rational bubble argument
>
> When exactly was rationality blackened so badly?

Part of it is that orthodox finance theorists don't want to allow any space for irrationality in the markets, so everything has to be assimilated to a rational explanation. (As someone said, can't remember who, the orthodox see appeals to irrationality as a form of "cheating.") Even Stiglitz used to think that way, but he may be coming around.

Doug



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