The central failing of conventional economic theory when it’s applied to services has been exposed by John Kay in a column in the London daily Financial Times on 17 June. His ruminations followed the announcement by the National Trust last…
Category: Theory
Top professor says you can’t take ideology out of economics
Any attempt to develop ideology-free economics will fail and pragmatism won’t help the profession, according to professor Allen J Scott of the University of California. “…all forms of economic knowledge, from complex formal models to simple empirical descriptions, are always…
What is capital? Piketty doesn’t say….
The idea of capital is pervasive in economics. But what is capital? Traders in the 17th century believed it was commodity money, gold and silver. It was durable, portable and desirable. Classical economists including Adam Smith broadened the concept to…