What certain institutions does Science lack that markets have?
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John-Charles Bradbury, Ph.D.
Department of Economics
The University of the South
735 University Ave.
Sewanee, TN 37383 -1000
Phone: (931) 598-1721
Fax: (931) 598-1145
E-mail: [EMAIL PROTECTED]
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The institutions of property, prices and profit and loss are at best
approximated in science --- we have at best attenuated property rights,
etc. The coin of the realm in science is pretige and reputation. It
is not necessarily a cash nexus, though of course some drug research
etc. does
Actually, I am not making (or trying to make) an argument, I am simply
interested in responses from this list given the range of ideologies. I
agree wholly with previous statements made on this list that Austrian
economics has made large contributions to economics. My question deals more
with
Hello? If the history of the twentieth century is not an undeniable
argument against the hypothesis that the market for social science is
not efficient then what is?
Alex
--
Dr. Alexander Tabarrok
Vice President and Director of Research
The Independent Institute
100 Swan Way
Oakland, CA,
What do you mean by the history of the 20th century being an argument for
efficiency?
Keynesianism --- 1930-1980 --- pretty good run.
Market socialism --- 1936-1985 --- pretty good run.
Market failure theory, with a benevolent despot --- 1920s -- 1960s ---
pretty good run.
I am confused. Do
Yes, I was refering to the Boulding article you mention -- perhaps we read
it differently.
Second, I think there are several reasons why Austrians have
difficulities --- some self-induced, others as a consequence of other
issues. Public choice scholars should realize that for a long period of
Don't you think there is a difference between efficiency in the
intellectual arena and truth? I think that intellectual
institutions are fairly good at allocating resources to
efficiently produce normal science - ie, science that
refines and explores a given view of the world.
Truth may require
Sorry, double negatives confuse me. I mean of course that the history of
the twentieth century (Marxist-Leinism, communism, fascism etc.) is an
argument against the efficiency of the market in social science.
alex
Alex Tabarrok wrote:
Hello? If the history of the twentieth century is not an