Re: [Pen-l] Duesenberry

[Jim Devine <jdevine03@xxxxxxxxx>]

that's right. In economics, the axioms take precedent over reality.

Sandwichman wrote:
> 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.
-- 
Jim Devine / "If heart-aches were commercials, we'd all be on TV." -- John Prine
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