See also David Spencer's The Political Economy of Work for a great analysis
of the disappearance of work from neoclassical economics ("opportunity
cost").On Mon, May 7, 2012 at 11:32 AM, michael perelman < [email protected]> wrote: > A core element of neoclassical economics was to emphasize transactions > rather than work, workers, or working conditions. The idea was that > the justification of the system was the utility enjoyed by consumers. > All considerations of work, workers or working conditions were to be > swept aside. Production is relevant only insofar as serves to satisfy > consumer needs. > > Macroeconomics was expected to depend upon this neoclassical micro > foundation. Nonetheless, macroeconomics centered on demand is > rejected by all good austerians. Instead, the current fad is to > emphasize supply-side economics. Trading the social safety net > encourages hard work. Tax cuts ensure more employment. > > Over and above the self-destructive consequences of austerity, the > recent wave of austerian nonsense has the unintended consequence of > contradicting the intellectual foundation of neoliberal economics. > > > -- > Michael Perelman > Economics Department > California State University > Chico, CA > 95929 > > 530 898 5321 > fax 530 898 5901 > http://michaelperelman.wordpress.com > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Cheers, Tom Walker (Sandwichman)
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