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…
Tag: John Kay
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…
If price doesn’t work in service economies, you need a robust theory of value
On Wednesay, a comment by Professor John Kay in the FT about the frustration among students of economics called for the profession to address key issues rather than technical models. But what is the key issue economics should address? Followers…