Date: Sun, 25 Aug 1996 21:39:05 -0400 (EDT)
From: Justin Schwartz <jschwart-AT-freenet.columbus.oh.us>
Subject: Re: *Marx, Hayek, and Utopia*




In re magginalism being a "conservative" reaction: I remind listers once
more that Walras in particular had no arrachment to capitalism per se; was
supportive of cooperatives, and observed from his point of view, in a
remark taken up by Wicksteed that it it made no difference if capital
hired labor or vice versa. All that said I think that the hegemony of
neoclassical economics has been conservatizing and the explanatory power
of marginalism is vastly overstated outside the very short run. The
General Equilibrium Theorem, for example, is an exercise in pure.
unadulkterated utopianism that should be of interest only to pure
mathematicians. It has no interesting implications for social science. --jks




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