On Dec 22, 2010, at 10:47 AM, Wojtek S wrote:
> Brian Arthur - a key proponent of the path
> dependency modeling which negates the decreasing utility "principle"
> that
> underlies marginal analysis - noted that fellow economists rejected
> his idea
> of "increased returns"
"Increased returns to scale" is the economic ideology of Stalinism. "Increased marginal utility" is another word for addictive (self- reinforcing) behavior. "Modern" economists reject the decreasing marginal utility principle because if they accepted it they would have to admit that every form of income-inequality as such diminishes total social welfare.
Shane Mage
"When we read on a printed page the doctrine of Pythagoras that all things are made of numbers, it seems mystical, mystifying, even downright silly.
When we read on a computer screen the doctrine of Pythagoras that all things are made of numbers, it seems self-evidently true." (N. Weiner)