tag:blogger.com,1999:blog-6893967451469431092.post1035729844087829345..comments2016-03-24T21:27:43.386-07:00Comments on The Body Politick: Bernie Sanders, Social Democracy, and Economic Growth - Part IAnonymoushttp://www.blogger.com/profile/01598548231114671761noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6893967451469431092.post-70748728719028679702016-03-24T21:27:43.386-07:002016-03-24T21:27:43.386-07:00Great analysis. Economics since the 1980s never ma...Great analysis. Economics since the 1980s never made any sense from a business or accounting point of view. (Accounting should be to economics as free body diagrams are to physics.) There is talk of growth as some abstract, not as a combination of increasing wages, revenues, taxes and profits. Equilibrium economics, as Joan Robinson pointed out, bizarrely ignores the passage of time. It is also bizarrely stateless as if people, knowledge, money, materiel, capital can have no effect on dynamics. I often get the impression that quantum physics is much more concrete than economics as it is practiced.<br /><br />P.S. Arguing that Verdoorn-Kaldor’s Law is circular is like arguing that compound interest is circular. Surely mainstream economists haven't sunk that far.Kaleberghttps://www.blogger.com/profile/05283840743310507878noreply@blogger.com