Frank Hahn on the value of equilibrium economics
22 Feb, 2021 at 10:16 | Posted in Economics | Leave a comment
It cannot be denied that there is something scandalous in the spectacle of so many people refining the analyses of economic states which they give no reason to suppose will ever, or have ever, come about. It probably is also dangerous. Equilibrium economics … is easily convertible into an apologia for existing economic arrangements and it is frequently so converted.
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