Im not saying discount all their theory though. Neoclassical economics took the stuff that works from guys like Marx and Smith and dropped the stuff that was incorrect.
Suggesting we should bring more of Marx back in would mean adopting more of the stuff we know is invalid or incorrect in Marx’s case.
If’s a method of explaining the way resources are allocated. It isn’t supposed to “work” and anyone suggesting it should has no idea what economics is.
Every economist had ideas that don’t work in practice. It’s not a reason to discount all of their work and theory.
Im not saying discount all their theory though. Neoclassical economics took the stuff that works from guys like Marx and Smith and dropped the stuff that was incorrect.
Suggesting we should bring more of Marx back in would mean adopting more of the stuff we know is invalid or incorrect in Marx’s case.
I guess that interpretation is valid if you think neoclassical economics is successful and working.
If’s a method of explaining the way resources are allocated. It isn’t supposed to “work” and anyone suggesting it should has no idea what economics is.
Ah, yes I have no idea what I’m talking about. I’ll go burn my econ degree in effigy.