Modern economics — the true picture

25 March, 2016 at 15:21 | Posted in Varia | 3 Comments

Most mainstream economists think ‘modern’ economics looks like this:

noahbuilding

 
In reality, I would argue, it looks more like this:

neoclassical building

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3 Comments

  1. Economics does address the specific and local conditions related to all kinds of economic transactions. These pictures remind me of how gentrification really and actually occurs over the course of decades. Is Urban Renewal explained in Economics?

  2. Since everything is “natural” I think it should be an empty lot taken over by weeds. Because they have abdikated from actually doing anything, that is the meaning of “natural”.

  3. Like the first picture – everything classical, symmetrical and in equilibrium. Let’s ignore the messiness of reality, it just isn’t convenient.


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