The different debates and 'attacks' between Classicals, Keynes and 'Keynesian' economists were presented very clearly. It's like a neat summary of early macro! In my education it was never presented this succinct.
The Walrasian model is a model of the stock exchange, unrealistic, yes. Thats not reality, agreed. But, does the stock exchange work? How far away from the stock exchange are real markets?
As if utility maximization, profit maximization and „passive, all knowing, perfect agents“( passive?) does rule out all the conflicts he is talking about. Conflicts are ubiquitious, parents and children, dog owner and dog, the old and the young, men and women etc, etc. So what? Is he dreaming of a world without any conflicts? Ridiculous.
Great critique of Say's law and general equilibrium.
The different debates and 'attacks' between Classicals, Keynes and 'Keynesian' economists were presented very clearly. It's like a neat summary of early macro! In my education it was never presented this succinct.
43:00 Keynes
The Walrasian model is a model of the stock exchange, unrealistic, yes. Thats not reality, agreed. But, does the stock exchange work? How far away from the stock exchange are real markets?
48:40 Firms produce in advance of demand.
The followers of Mises say that Herbert Hoover assembled employers and implored them not to lower wage rates.
51:00 Net rate of return
As if utility maximization, profit maximization and „passive, all knowing, perfect agents“( passive?) does rule out all the conflicts he is talking about. Conflicts are ubiquitious, parents and children, dog owner and dog, the old and the young, men and women etc, etc. So what? Is he dreaming of a world without any conflicts? Ridiculous.