Dr Geoff Davies, keen to crack on with solving the world’s problems, makes a critique of neoclassical economic theory, seeking to explain why the results of its application are so bad (see previous post on this subject). His second post is not as straightforwardly incorrect as the first in his series, because several of the criticisms he makes are ones with which I agree, or are true in a trivial sense, or are true but don’t have the significance he attaches to them. In addition, discussions about theory aren’t as amenable to simple refutation like his first post about empirical evidence.
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