RE: Re: Question about Microeconomics

["Forstater, Mathew" <ForstaterM@xxxxxxxx>]

I didn't realize that Smith moved to GMU. That is an interesting
development. Kind of solidifies GMU as sort of *the* free market
'heterodox' dept. or alternative mainstream dept, depending on how you
define orthodoxy, etc. They have Buchanan (Public Choice), Vaughan,
Boettke, D. Lavoie et al (Austrian), Walter Williams (is Sowell there
too?): ('classical liberal' Black neocons), and now Smith
(experimental).

Pittsburgh is another school that specializes in experimental.  One
thing, though, experimental doesn't always refute 'rationality',
sometimes it is used to 'prove' it, although it is at bottom assumed.


-----Original Message-----
From: Michael Perelman [mailto:michael@xxxxxxxxxxxxxxxxx]
Sent: Wednesday, July 11, 2001 11:24 AM
To: pen-l@xxxxxxxxxxxxxxxxxxx
>Subject: [PEN-L:14985] Re: Question about Microeconomics


Ellen, the leading experimental economist is probably Vernon Smith, who
many regard as the founder.  He is a neo-classicist who just moved to
George Mason.

Recall that his section in the Journal of Economic Perspectives was
labeled "anomolies," stuff that does not quite fit, but not shocking
enough to create too much discomfort.

Also, to my knowledge, all of the experimental work deals with people as
individuals, already granting too much ground to the right.

On Wed, Jul 11, 2001 at 12:16:04PM -0400, Ellen Frank wrote:
>
> Dear Penners - I have a question for any of you out
> there who keep up with academic microeconomic
> theory, which I do not.
>
> This past weekend, I read The Winner's Curse by
> Thaler.  An interesting book. My main criticism is
> that Thaler failed to draw out even the most
> minimal implications of his discussion for policy
> AND he concluded the book with this mealy-mouthed
> expression of fealty to orthodoxy -- something
> like neo-classical economics is not perfect, but its
> the best we have.....
>
> Thaler cites a ton of research being done by
> experimental economists which is published in
> mainstream journals and taught at "elite" grad
> programs.  So my question is this.   What
> effect (if any) does all this work have on
> mainstream economics?   Has it made a
> dent in the rational consumer armor of
> undergrad intro texts (if so, I haven't seen it)?
> Are there respected mainstream economists
> who do follow through the policy implications
> and publish them and do they get disseminated
> beyond the rarified journals and NBER working
> papers?
>
> Thanks, 	Ellen Frank
>
>
>
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>

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael@xxxxxxxxxxxxxxxxx