The neoclassical theory of economic growth is an example of Murphy’s law: everything that could go wrong did go wrong.

Blair Fix

I’ve written a lot on this blog about the absurdity of marginal productivity theory. But I haven’t said much about the other pillar of mainstream economics: neoclassical growth theory. Today I’ll break that silence. Neoclassical growth theory is a textbook example of Murphy’s law. Everything that could go wrong with the theory
<em>
 did
</em>
go wrong.

Messaggi di Rogue Scholar

Economic Growth Theory … Bah Humbug!