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Re: [Pen-l] Duesenberry



Except it ISN'T "a striking reversal of the usual pattern" in economics.

On Fri, May 8, 2009 at 6:14 AM, Jim Devine <jdevine03@xxxxxxxxx> wrote:
an interesting article, found while googling

New York TIMES / June 9, 2005
The Mysterious Disappearance of James Duesenberry
By ROBERT H. FRANK

This is puzzling because his theory of consumer behavior clearly
outperforms the alternative theories that displaced it in the 1950's -
a striking reversal of the usual pattern in which theories are
displaced by alternatives that better explain the evidence. His
disappearance from modern economics textbooks is an intriguing
cautionary tale in the sociology of knowledge.

--
Sandwichman
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