>Only very weak neoclassicals "define efficiency as what the market does
>and then miraculously deduce that the market is efficient."
>
>I have many students entering my classes these days who have been
>bombarded with the western -- and now eastern -- medibarage that
>markets always do the efficient thing who are capable of this kind
>of simple methodlogical error. But few trained neoclassical economists
>make a mistake quite this elementary.
No, the mistake they made -- as did most of us on PEN_L, including myself,
was in learning neo-classical economics in the first place. We learned it,
along with them. And then we learned and embraced the critiques. But our
minds are still screwed up by what we learned. And we spend a lot of time
talking about what NC is and how to fix it and/or how to rebut it.
When you think of the EFFICIENCY of teaching a year or a semester
of neo-classical micro in order to give the students what "the Profession"
says they NEED and at the same time trying to show how empty it is, the
efficiency of PEN-L academics is certainly questionable.
