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A Short Note on a Connection Between Marginalist Economics and Folk Medicine

Wednesday, October 26, 2016 23:16
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by Philip Pilkington

One peculiar aspect of modern marginalist economics is its obsession with equilibrium. I was recently re-listening to an excellent lecture given by Joan Robinson in Stanford in 1974 entitled ‘What is Wrong With Neoclassical Economics?‘. The entire lecture is about the inability of marginalist economics, which is obsessed with equilibrium positions, to deal with historical time.

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