Intelligentsia in power - by Branko Milanovic
Neoclassical economics is a silly religion.
Bukharin muster[s] enough sarcasm to make fun of Böhm-Bawerk and the Austrians; thus (p. 41), in a remarkable passage, he lists Böhm-Bawerk’s and Menger’s favorite examples with which to explain pricing in a capitalist economy: “the inhabitant of the forest primeval”, “dwellers in an oasis”, “an isolated farmer”, “shipwrecked people”, “people in a besieged town” and my favorite, “short-sighted individual on an isolated island.”
branko2f7.substack.com/p/intel…
Intelligentsia in power
On Bukharin's critique of the Austrian school and John Bates ClarkBranko Milanovic (Global Inequality and More 3.0)
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in reply to Emmanuel Florac • • •