I disagree on Marx not being a good economist. Apply transaction costs to the labor market (workers will accept less then their worth to limit their time unemployed) and we through orthodox anaylsis are basically forced into a Marxist stance (in the sense that labor is exploited whenever they must search for jobs, which is to say, always).
Marx is way over rated! Karl Marx was never an economist but more like a political philosopher. And he wasn't much good at that either.
ReplyDeleteDanny L. McDaniel
Lafayette, Indiana
I disagree on Marx not being a good economist. Apply transaction costs to the labor market (workers will accept less then their worth to limit their time unemployed) and we through orthodox anaylsis are basically forced into a Marxist stance (in the sense that labor is exploited whenever they must search for jobs, which is to say, always).
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