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The author at The American Mind in a related article titled Economics Links–05.12.08 writes:
COMMENTS (5 to date)
Bill Stepp writes:
"Why I am not an Austrian Economist"? Posted May 11, 2008 5:16 PM
Peter Chicago writes:
Frankly, I do not see anything novel in the shortcomings you point out. And regarding your first two points for research avenues many neoclassicals are working on it. Overcoming the so-called shortcomings by improving its tools. Posted May 11, 2008 5:21 PM
fundamentalist writes:
I think the research plan is excellent! But I would emphasize Kling's point that for it to work, mainstream econ needs to relax the assumptions about knowledge and equilibrium. Also, mainstream econ needs to develop a better understanding of capital as well as incorporate better info on the effects of the money supply. A couple of years ago the San Francisco Fed had a good research article in which they concluded that oil shocks do not cause prince inflation, but are instead a symptom of monetary policy. That's a good start. The paper is available on their web site. On development econ, I don't see how they will improve much on Bauer. Posted May 12, 2008 11:30 AM
Mr. Econotarian writes:
I agree that the work by Douglass North needs to be further examined and expanded. It seems to indicate not so much a "poverty trap" as a "cultural trap" that holds countries in poverty. Posted May 12, 2008 1:42 PM
Mehul writes:
Can you please explain what exactly you mean by local knowledge as to why transparency is a false goal? Posted June 1, 2008 3:42 PM
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