Cambridge theories of value and distribution themselves suffer from the very malady which they hope to cure: rhetoric apart, they are deeply infected… - Mark Blaug
" "Cambridge theories of value and distribution themselves suffer from the very malady which they hope to cure: rhetoric apart, they are deeply infected by static, equilibrium analysis of maximizing economic agents, acting with full information in a world of perfect certainty, as in the orthodoxy they deplore. … If there is something wrong with neo-classical economics – as there may well be – the Cambridge theories share all of its weaknesses and practically none of its strengths.
English
Collect this quote
About Mark Blaug
Mark Blaug FBA (3 April 1927 – 18 November 2011) was a Dutch-born British economist.
Also Known As
Birth Name:
Norbert Blauaug
Alternative Names:
M. Blaug
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Mark Blaug
Enhance Your Quote Experience
Enjoy ad-free browsing, unlimited collections, and advanced search features with Premium.
Modern Austrian economists go so far as to suggest that the Walrasian approach to the problem of multimarket equilibrium is a cul de sac: if we want to understand the process of competition, rather than the equilibrium end-state achieved by competition, we must begin by discarding such static reasoning as is implied by Walrasian GE theory. I have come slowly and extremely reluctantly to the view that they are right and that we have all been wrong.
Loading...