The importance to Smith of the overall set of values in whi… - Paul Ormerod

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The importance to Smith of the overall set of values in which the economy operates is generally ignored by his followers in the late twentieth century. His economics, based upon individual self-interest, is remembered, but his moral framework is not.

Paul Ormerod

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About Paul Ormerod

Paul Ormerod (born in 1969) is a British economist who is researching complexity, complex systems, nonlinear feedback, the boom and bust cycle of business and economic competition. Ormerod uses a multidisciplinary approach, making use of biology, physics, mathematics, statistics and psychology as sources of results that can be applied to economics.

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Steve Keen Paul Krugman Paul Samuelson John Komlos Joseph E. Stiglitz

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The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.

The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is profoundly mistaken. Markets and profits are crucial, but the pure free-market model itself is deeply flawed.

The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.

The importance to Smith of the overall set of values in which the economy operates is generally ignored by his followers in the late twentieth centur… - Paul Ormerod

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