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... like New Keynesian is to Keynesian or New Classical is to Classical ...

... after enough examples, at Tennessee we decided that "New" is an acronym for "No Effing Way". "New Institional" is No Effing Way Institutional, "New Keynesian" is No Effing Way Keynesian, "New Classical" is No Effing Way Classical.

The frustrating thing about the New Institutional approach is that they have an analytical toolkit that could be used to consider questions beyond the limit of what traditional marginalist economics can talk about ... but they refrain from doing so in order to remain in contact with traditional marginalist economics.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed Sep 24th, 2008 at 12:07:22 AM EST
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