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Multiple commenters say "The title is a joke" -- but Keen is just reporting the direct implication of the Arrow Debreu theorems which economists regard as found
by jedharris 11y ago
Multiple commenters say "The title is a joke" -- but Keen is just reporting the direct implication of the Arrow Debreu theorems which economists regard as foundational for economic theory (not practice or empirical analysis).
So maybe a literal title would be "Economists prove that Economic Theory says Free Markets are Unnecessary". The joke is on mainstream economic theory.
- bruu_ 11y agoYeah. If you read the article, it is not asserting "Capitalism is Bad", it is saying that the rationality assumption implies that we don't need the market. If everyone was perfectly rational, we would all coordinate without the market.
- sharemywin 11y agoI read it more as you need all knowing agents to make capitalism work which is the same requirement for a command economy.