Friday, April 29, 2016

Are friends electric?


I prefer to use the term theory..[as] something that can be put ina computer and run..the construction of a mechanical artificial world populated by interacting robots that economics typically studies."

--Lucas.

The common view that economics focuses too much on a narrow, egotistic individual with no consideration for other people or nature misses the point. There is no individual. Walras had said as much over 100 years ago!


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