In any case, Joan Robinson is widely viewed as perhaps the founder of the movement, varied and eclectic as it is today, or at least the godmother and main inspiration of the movement. I made some comments on this there, withpgl picking up on this for some further discussion. Rumor has it that she came closest to receiving the Nobel Prize in 1975, the year Kantorovich and Koopmans got it for linear programming (which created a major stink among mathematicians who said that at a minimum George Dantzig should have shared it). Barkley: We After-Keynesians are a small group, in number if not in spirit. As in the 1930s, the accepted wisdom of the economists has failed. The funny thing about the Cobb-Douglas production function is that Cobb and Douglas invented it to fit the stylized fact from the early 20th century had fixed shares of labor and capital income in the US, a function that would explain this if the US were an optimizing micro firm. Luis,Not a simple matter, and I confess that I have read only a little of what Joan Robinson wrote about China, which was pretty extensive, whereas Milton Friedman wrote very little about the Pinochet regime. We’ve had 30+ years of slow growth and are nearly 10 years into a depression. DOI link for The Joan Robinson Legacy. This book provides a comprehensive study of her life and work, examining her role in the making of The … It’s time we started accepting some new wisdom. Dr. Robinson's coined the term that progressives should not is one possible explanation why the Econ 101ers model of labor markets does not fit the empirical data. While it continued to grow for some time after that, the South began to catch up, surpassed it in the early 1970s, and, of course, today is far ahead of the now seriously impoverished North, although it has been able to produce nuclear weapons. Jo Ann Robinson organized a city bus boycott by African Americans in Montgomery, Alabama, in 1955 that changed the course of civil rights in America. … (Even 100 pennies are not a dollar---they dont accept pennies many places, due to friction or transaction costs, or prejudice). It has long been known and does not involve any overturning of all economics. The Joan Robinson Legacy. The first time I ever met Samuelson (in the early 70s) I gave him a hard time about this issue, and he just completely agreed with her and said that capital must be modeled as being heterogeneous. Which makes it a pity that she can be dismissed out of hand solely based on her admittedly problematic support for the economic experiments in China and North Korea. I don’t remember much about it, except that I liked it. After awhile, they change their mind, and say they invented the idea of utility and semantics. Egmont has come over from Economistsview with this rant. In 1937 she wrote her influential essay on “Beggar thy neighbour policies,” which made the concept associated with competitive devaluations widely known, although the term had appeared before previously, used once by Adam Smith and also by a British economist named Gower in 1932. Over a week ago Joan Robinson came up in connection with the ongoing controversy over Gerald Friedman’s analysis of Bernie Sanders’s economic plan. R Brian Arthur's 'path dependence' model used the same math used in synergetics (Haken, Weidleich), as did E O Wilson in Genes Mind and Culture. You cant sum individual cobbs-douglas or other utility functions and get another one except in the one case cited. I do not know if she was thought of as a possible third for them or a replacement for them, perhaps with Piero Sraffa sharing, who also never got one while arguably deserving it, who could have shared it credibly with Leontief in 1973 for input-ouput analysis. This comment has been removed by the author. It is not a big deal. The gigantic heap of peer-reviewed incoherent and inconsistent models is what Feynman called cargo cult science (Wikipedia). During the 1950s the North Koreans had successfully followed a Stalin-style command centrally planned forced industrialization, which had resulted in impressive results by 1964. Read "The Joan Robinson Legacy" by Ingrid H. Rima available from Rakuten Kobo. She spends quite a bit of it going on about the issue of monopoly power and its importance. I referred in an EconoSpeak Post to Piketty 's `` pages of shame '' about this topic. says Robinson... Preface to his 1936 General Theory this packaging 'sells ' unify this with statistical mechanics ; one paper is there. Thanked by Keynes himself in the room dead….. ” Solow- perhaps in the case. Long been known and does not involve any overturning of all economics a great of. F and Chile acknowledge Sraffa for capital-reversing fyi, Stephanie moved from the Budget Cttee the... 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