Debunking the Chair’s “error” claim (an infidel defends his use of quotation marks around the word “equilibrium”)

Balancing on my Hobie “Peter Pan Slug” long board as sets of ocean waves  passed under me at Narragansett Beach in Rhode Island last week, my thoughts naturally turned to the idea of equilibrium — equilibrium with Nature. There I was — balancing while sitting on my surf board, balancing while paddling to catch waves,…Continue reading Debunking the Chair’s “error” claim (an infidel defends his use of quotation marks around the word “equilibrium”)

New institutionalism — fairytales passing as economic science?

The late Cambridge economist, Joan Robinson, once made the sociologically astute comment: “The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”  I used to share this with all my students and have a discussion about it as…Continue reading New institutionalism — fairytales passing as economic science?