That's economics' second-biggest flaw. Its biggest flaw is its habit of assuming away coercion (in politics, foreign affairs and trade, immigration, law, crime, etc.) and security and yet pretending that its results are universal or readily applicable in coercive situations.https://twitter.com/EconTalker/status/1098641809608269824 …
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But economists very seldo improve their models in these very obvious ways. They have, generally speaking, simply removed the massive amounts of coercion and security that exist in the real world outside of their purview of thinking.
The failure of economics to handle coercion perhaps reaches its epitomy and nadir in the Coase Theorem, which I critique in this two-part analysis: https://unenumerated.blogspot.com/2008/05/coase-theorem-is-false-contracts-depend.html … https://unenumerated.blogspot.com/2009/09/coase-theorem-in-action.html …
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the railroad held the right to torch the farmers fields his barn and kidnap his children. My god, nick the feels are real. This is what happens in civil courts in this very decade. oh elo what have you done
Thanks. Twitter will use this to make your timeline better. UndoUndo
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