Dear Professor Moss,
Thanks for your graceful guidance. I now wish that the thread title =
should be changed, because the metaphor is making me a boy as bad as I =
am not. I wish the title to become 'Nine lives of unintended =
consequences'. I do not know if it is against the convention to change =
the thread title. Unless there is objection in a week, I propose to =
change the thread title.
Here is how Wassily Leontief introduced realism to me: "Well Mohammad, =
should we now talk about a vulgar matter?" The problem is that some =
people have the vulgar aim of getting useful knowledge from a science, =
which can give them power through practical applications. But of course =
there are those who seek entertainment, trying to satisfy curiosity. =
Those who seek power are ready to endure the boredom of vulgar details. =
I am the vulgar one. I have nothing against refined tastes. Indeed, I =
also get excited by the neat models. In case you enjoy a metaphor, let =
us say that high theory is like the beauty queen wearing sparkling =
jewels, whereas a vulgar man like me worries about the ground she walks =
on. By all means, let her walk in beauty; but please allow me to check =
if the ground she graces with her great feet holds.
My plan is to examine <descriptive completeness> in a specific setting. =
Adam Smith's idea of unintended consequence is the starting point, which =
I plan to study in nine tracks of later developments. The gist of what I =
wish to present is this: the assertion that the butcher pursues =
self-interest and does not intend the benefit the customer gets from =
consuming meat is only half the story. The other half is that the =
customer intends to get the benefit and pays for the meat. I want to =
argue that the missing half of the story was never told, specifically =
concerning (1) how the butcher and his customer reached an agreement on =
how much meat to deliver against what price; and (2) with what could the =
customer pay the butcher. My contention is that if the full story could =
be told at the outset, neither micro nor macroeconomics would be needed, =
because economics would be unified. And if the full story is told =
formally, we do end up with an economics in which micro is the same as =
macro, and theory of trade is the theory of money.
If you still like the metaphor of the beauty queen, I am =
saying that she has been limping on one leg, which is beautiful. But if =
she could walk on two, she would be more beautiful.
Mohammad Gani
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