Re: Newton Lives !More bluntly put!

[Hyman Blumenstock <hystock@xxxxxxxxx>]

To put it more bluntly, Classical Economics is no more than a deadly,
ultra complex cancer afflicting the Body Politic, of many devious
tricks and turns, that the Classical Economist is devoting his time
to nourishing.  The only cure for the Body Politic, if it is ever
to recover, before it is too late, including human misery, crime,
violence up to and including WAR, is for that deadly cancer to be
completely excised from the body.  Then if those sages who maintain
that Classical Economics has any purpose to understanding per se,
let them engage in that occupation as an exercise for the mind,
after the body politic is removed from harm's way.

paul davidson wrote:
>
> At 03:43 PM 3/1/97 -0600, Mason wrote:
> >
> >The point is: scientific theories are correct in certain real
> >environments that really exist.  Some economic theories, I suspect,
> >are not valid in any environment - they are student exercises which
> >acquire a halo and become immortal.
> >
> Yes and the classical theory is applicable to a special case where there is
> no money -- and all production andexchange decisions are made in real terms.
> In such an economy there is never involuntary unemployment -- e.g., within
> the family, in isolated tribes in the Amazon, South seas tribes discussed by
> Margaret Meed, isolated eskimo tribes, in monestaries, nunneries, the army, etc.
>
> So classical economics has applicablitiy -- but unfortunately not to the
> entrepreneuial economy that we live in.
> Paul Davidson
> Holly Chair of Excellence in Political Economy
> University of Tennessee
> 523 SMC, Knoxville, Tennessee 27996-0550
> fax # 423-974-1686; phone # 423-974-4221
> email: pdavidson@xxxxxxx