In a message dated 97-10-16 20:40:23 EDT, you write: << Yep, I got tired of the same all-too-easy and all-too-predictable dismissal of the old guy as having been right about so-and-so but, as we now know from the superior vantage point of economic theory in this advanced age, wrong about these other, let's face it, far more important matters. >> Here's 2 true stories from the 60's and 70's: When Ross Thomson was taking his Ph.D. at Yale in the early 70's, he told me how profs wouldn't use the word "capitalism" in class. Anwar Shaikh also related a story how when he was taking micro with Gary Becker at Columbia, Becker was catching a lot of flak from the grad students. Finally, at one point Becker suggested that while micro theory might not be useful for understanding "actually existing" capitalism, perfect competition would likely approximate the system under communism! (see that the 60's did to people!) Jason
