• UnderpantsWeevil@lemmy.world
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    7 days ago

    Economist: UR WRONG, GDP GO UP

    There’s a guy I love, named Richard D. Wolff, who loves to joke about how colleges insist on having an Economics School and a Business School, when these should theoretically be the same field of study. Then he’ll bring up a few anecdotes over professors from the respective schools arguing over this or that point of orthodoxy.

    My favorite is “The Economic Calculation Problem”, a thing that Chicago School Economists swear by, but which executives at vertically integrated firms like Exxon, Walmart, and Amazon defy on a daily basis. There’s a great book called “The People’s Republic of Walmart” that suggests a lot of the underlying computational problems of economics have been resolved within these mega-corps, using the same theories and policies once practiced by Soviet-Era states.

    That’s the real divide between Macro In-Theory and In-Practice. One is functionally just state propaganda, while the other is the hard math of balancing a global supply of finite resources and labor while generating consistently larger surpluses.

    • CancerMancer@sh.itjust.works
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      6 days ago

      There’s a great book called “The People’s Republic of Walmart” that suggests a lot of the underlying computational problems of economics have been resolved within these mega-corps, using the same theories and policies once practiced by Soviet-Era states.

      Sounds interesting. Chicago school being wrong yet again would hardly be surprising but it still sounds like an interesting read.