Armchair theorists

9 November, 2015 at 17:32 | Posted in Economics | Leave a comment

51pt3rUjjjL._SX331_BO1,204,203,200_One may conclude that … theoretical analysis still has not yet absorbed and digested the simplest fact establishable by the most casual observation. This is a situation ready-made for armchair theorists willing to make a search for mathematical tools appropriate to the problems indicated. Since the mathematical difficulties have so far been the main obstacle, it may be desirable in initial attempts to select postulates mainly from the point of view of facilitating the analysis, in prudent disregard of the widespread scorn for such a procedure.

Koopmans Three Essays was required reading when I took my doctorate course in microeconomics thirty-five years ago. Sad to say, it’s still relevant reading …

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