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Yuval Yonay wrote: (where MS=mainstream) "Given the allocation of resource
(financial resources, public attention, prestige and political connections)
between MS economics and all other views and approaches, it is obvious that
the impact of MS economics is much greater than that of others, not because
it is better science but due to this allocation."
This is perhaps a candid admission of the kind of feeling many heterodox
economists might share. I believe however that it is not equally obvious
to many that the mainstream's strength lies in its ability to put its
analysis in crisp and tractable formal models. I have found it impossible
to keep reading long literary discussions on institutional issues that do
not seem to give any clue to tractable concepts.
My point is that without tractable models, the argument is not compelling.
Public attention is hard to draw unless one has a crisp and clear message.
I do not see anybody overthrowing the mainstream without providing formal
models.
Mohammad Gani
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