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[quote] To take indifference curves - and the notion of indifference itself - as anything more than imaginary constructions requires assuming that utility is cardinal. [/quote] Strictly speaking I'm not sure the concept of indifference employed in indifference curves could be accepted in the praxeological framework, since actual indifference is
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[quote] That's what economics is about, or is supposed to be about. How to predict the future. How to attain a definite end. Which is why I asked earlier for a link to a single correct prediction [or even a prediction that was incorrect, something], that mankind has gotten from all those phony models, directly or indirectly. [/quote] Come to think
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Well my post above was not specific to answering your remarks about game theoretic attempts to model price formation. To make a short comment, there are a few reasons i'm not enthusiastic about them. They first of all typically employ agent based "rationality" and information awareness to an extent that has been observed (and the conclusions
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[quote]But the larger question that still remains is why other regions lagged so far behind in taking advantage of the immense benefits made available by these technological changes. Clearly, there were infrastructural as well as cultural deficits and impediments that made adoption of European/UK/American technology and economic systems slow and painful
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Student, I see what you're saying but part of my point was that the issues of imperfect competition models are directly related to those difficulties exposed by the above literature and analytical problems associated with the perfect competition model since the former share the same logical structure but only differ in starting assumptions and essentially
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[quote]Who cares about the technical stuff nobody reads anyway?[/quote] This is an opinion I've suspected for a while people within this "movement" unfortunately hold, but you're the first person I've seen explicitly express it Dave. Indeed, I think the problems with neoclassical economics are precisely of this nature, though the
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Something that has puzzled me for a long while about the above explanation is the focus on selective pressures in cold climates. (Relatively) Cold climates do offer certain challenges not found in other areas humans have settled, but tropical regions themselves while perhaps being more dense with food sources, also offer a greater density of threats
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[quote]Could you elaborate why you think CRS is the only assumption that makes sense? I mean, from a short-run perspective (where at least one input is fixed), I don't see how you could avoid DRS in at least some circumstances.[/quote] Well, in a rather fundamental sense, every act of (physical) production is one of transformation from one form
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I'm curious as to why you're posting this. Secondly, absent the remarks about aggregate demand, I'm not sure about why the above indicates someone necessarily becoming a non-Austrian as opposed to a "Keynesian" (or even a Hayekian as opposed to a Misesian). Can you explain, or have you observed the above steps in people who have
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Yeah I was referring to "news" in the sense I think it's been brought up here and elsewhere before, but no matter. Fair point on Hicks, apologies for the overstatement. He is referring more generally to these types of starting assumptions(like dMU, dMRS) in that starting section as appearing like "rabbit out o the hat" assumptions