• Astroturfed@lemmy.world
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    1 year ago

    Every economist had ideas that don’t work in practice. It’s not a reason to discount all of their work and theory.

    • Peaty
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      1 year ago

      Im not saying discount all their theory though. Neoclassical economics took the stuff that works from guys like Marx and Smith and dropped the stuff that was incorrect.

      Suggesting we should bring more of Marx back in would mean adopting more of the stuff we know is invalid or incorrect in Marx’s case.

      • Astroturfed@lemmy.world
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        1 year ago

        I guess that interpretation is valid if you think neoclassical economics is successful and working.

        • Peaty
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          1 year ago

          If’s a method of explaining the way resources are allocated. It isn’t supposed to “work” and anyone suggesting it should has no idea what economics is.