Richard Murphy says:
February 17 2016 at 1:39 pm
Markets as defined by micro economists have never worked
It is not humanly possible to deliver their model
That some microeconomists are a bit over enthusiastic, as I am myself, about the glories of market interactions is obviously true. But that all are entirely wrong? That no one single microeconomist has managed to ever describe how real world markets work?
Not even Gary Becker on why second wives might appear? Not even the sourcing of the bacon and eggs for Ritchie’s breakfast?
Sadly I know what is happening here. Let’s say you’re convinced by Steve Keen’s analysis (TLDR version, oligopolistic competition is closer to reality than Econ 101 free markets) you might then say that the standard microeconomic model is not true in all circumstances, even in many or most. But you would have to say that Steve Keen’s doing microeconomics there and thus if he is right then a microeconomist is getting the structure of markets right. Ritchie is entirely leaping over that and insisting that even those producing the critique which he agrees with are wrong. Because, essentially, he’s an idiot.