Dissident economists fight to be heard

Les Schaffer schaffer at optonline.net
Mon Jan 20 08:13:24 MST 2003


later in the article it says:

> "I'd put its maturity at the same level as physics before Newton,"
> he scoffs. "And possibly before Galileo."

i'd take exception to the implication here.

Galileo did some GREAT work on the fundamentals of physics,
particularly sorting out notions of velocity and acceleration, and the
action of gravity on objects. he did some amazing experiments, a few
very inventive for his time.

if i found one econ text that explained the "law" of supply and demand
at a similar fundamental/empirical level to taht of Galileo, i'd be
shocked. why, for example, do so many (all?) econ textbooks display
phony supply/demand or frontier curves like these from Baumol and
Binder:

  http://folks.astrian.net/godzilla/supply_demand.jpg

  http://folks.astrian.net/godzilla/frontiers.jpg

i think Galileo would have rolled his eyes at the "data" in those
curves.

i am reading Mirowski's book "Machine Dreams: Economics Becomes a
Cyborg Science" (listed in biblio in this article). I __highly__
recommend it. Thanks to Michael Perelman for promoting it.

les schaffer


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