Saturday, January 30, 2010

 

An Oldie But Goodie: Murphy Contrasts the Classical with Modern Theory of Economic Value

This is for the geeks in the crowd... I came across my critique of Kevin Carson [.pdf] for another project, and--like Ralphie from A Christmas Story--was just really impressed with how good my essay was. So if you want to see a straightforward explanation of how the classical economists explained market prices, and why (in my opinion) the modern approach is superior, check it out. The so-called Marginal or Marginalist Revolution was truly an improvement in theoretical economics, analogous to Einstein's special relativity versus Newton's classical laws. In other words, the modern theory is more general, and can handle the classical theory's meat-and-potatoes as a special case.

# posted by Bob Murphy @ 1:18 PM


Comments:
I'm going to have to bury my head in this, seeing as you and Carson are probably my favourite bloggers.
# posted by Blogger Louis B. : January 30, 2010 at 2:58 PM
 
Oh that's interesting. Let me know what you think then. Carson had a reply in that same issue of the JLS, which you should be able to find.
# posted by Blogger Bob Murphy : January 30, 2010 at 3:52 PM
 
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