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I disagree that economists are good at maximizing resource allocation as they largely ignore externalities.
by dqpb 8y ago
I disagree that economists are good at maximizing resource allocation as they largely ignore externalities.
- realitygrill 8y agobut economists invented the term "externalities" and the analysis of such..
- ItsMe000001 8y agoHow good are they, especially with dealing with the unknown unknowns to quote a famous contemporary American philosopher (/s)? Even for the known unknowns, they have to make assumptions to start somewhere. Yes, they create a lot of models for all kinds of stuff, and I'm sure all those models work out well. I must say though that I have doubts about the parent's "they largely ignore externalities", I think that is too negative a claim.