[PEN-L:2441] Re: Economies of sc

["Peter.Dorman" <23215MGR@xxxxxxx>]

Re Baumol, contestable markets, and ATT: I read an article in the NEW YORK
TIMES several years ago that listed prominent economists who were on retainer
at ATT and received large amounts of money.  The quid pro quo included both
testimony in the antitrust case and friendly research.  Baumol was on the
list, but so was Ken Arrow.  Both, I recall, received hundreds of thousands of
dollars.

What we need is a well-documented history of the purchasing of economists by
business in the U.S. and its effect on the direction of economic theory.

Peter Dorman