By Polly Cleveland, on July 26th, 2014% Many individuals helped construct neoclassical economics, often with financial support from the robber barons and their successors. I will focus on two: in the United States, John Bates Clark (1847-1938), and in Europe, Vilfredo Pareto (1848 to 1923). . . . → Read More: Piketty’s Model of Inequality and Growth in Historical Context, Pt 2
By Polly Cleveland, on July 26th, 2014% In Thomas Piketty’s doomsday model, slowing of growth in the twenty-first century will cause an inexorable increase in inequality. Piketty is not the first to propose a grand model of inequality and growth. To get some perspective on his model, let’s see what the “classical” economists had to say (Part I), and how the “neoclassical” economists responded (Part II). . . . → Read More: Piketty’s Model of Inequality and Growth in Historical Context, Pt 1
By Polly Cleveland, on July 26th, 2014% Spring 1999. “Professor Cui, this mouse didn’t get cancer. Should I get rid of him?” “There must have been a mistake,” said Cui, “Inject him again.” Two weeks later, still no cancer. “Try again with a higher dose!” Still no cancer. No cancer even at a million times the lethal dose. Cui decided to breed the mutant mouse. . . . → Read More: The Mouse That Wouldn’t Die: How a Lack of Public Funding Holds Back a Promising Cancer Treatment
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