MemesAreTheory , 11 months ago (edited 11 months ago)

He’s pretty clearly misunderstood entirely or at least the point of 80% of what I said alone. This man is a weenie and the absolute epitome of someone who took Econ 101 and now thinks they know the secrets of the universe. It’s incredible how much air economics departments blow up their students ass. That just can’t be safe for the human body.

I STILL WANT MY MAN’S THOUGHTS ON THE CAMBRIDGE CAPITAL DEBATE.

“It is important, for the record, to recognize that key participants in the debate openly admitted their mistakes. Samuelson’s seventh edition of Economics was purged of errors. Levhari and Samuelson published a paper which began, ‘We wish to make it clear for the record that the nonreswitching theorem associated with us is definitely false. We are grateful to Dr. Pasinetti…’ (Levhari and Samuelson 1966). Leland Yeager and I jointly published a note acknowledging his earlier error and attempting to resolve the conflict between our theoretical perspectives. (Burmeister and Yeager, 1978).

However, the damage had been done, and Cambridge, UK, ‘declared victory’: Levhari was wrong, Samuelson was wrong, Solow was wrong, MIT was wrong and therefore neoclassical economics was wrong. As a result there are some groups of economists who have abandoned neoclassical economics for their own refinements of classical economics. In the United States, on the other hand, mainstream economics goes on as if the controversy had never occurred. Macroeconomics textbooks discuss ‘capital’ as if it were a well-defined concept — which it is not, except in a very special one-capital-good world (or under other unrealistically restrictive conditions). The problems of heterogeneous capital goods have also been ignored in the ‘rational expectations revolution’ and in virtually all econometric work.”

(Burmeister 2000)

Awh gee, I wonder where our Poli-sci wonderboy got his degree curious-marx