12 January 2008 at 3:26 pm Peter Klein
| Peter Klein |
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Combining Transaction Cost Economics and the Property Rights Approach Podcast: Munger on Coase on the Firm
Joe Mahoney | 14 January 2008 at 9:54 am
Conversation can be heard in the halls of the American Economic Association concerning the “puzzle” of why labor markets are typically efficient and yet not very efficient for academic economists. It may be amusing to some that it does not occur to the economist participants to the conversation (or at least is not spoken) that in all walks of life labor markets may not be so efficient.
I hope the lad in the picture above does not take the “blackboard economics” map of the world provided by Catbert to be the world itself. There is still plenty of room for “free will” and entrepreneurial imagination.
srp | 14 January 2008 at 5:43 pm
1) The market for academic economists is indeed very efficient, notwithstanding the anecdotes and impressions of a tiny hallway sample of economists.
2) The market for academic economists is dominated by a hiring population of poorly monitored nonprofit institutions with a wide range of objectives and stakeholders, rather than the profit-maximizers firms for which the standard theory was created.
Joe Mahoney | 14 January 2008 at 9:08 pm
Any suggestions out there on how to empirically test these alternatives?
market (in)efficiencies « orgtheory.net | 18 January 2008 at 10:49 am
[…] was struck by a comment Joe Mahoney made in this post at O&M. Conversation can be heard in the halls of the American Economic Association concerning […]
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