Why were resources expunged from neo-classical economics?Quicklink submitted by Scott Baker Permalink
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|Something strange happened to economics about a century ago. In moving from classical to neo-classical economics -- the dominant academic school today -- economists expunged land -- or natural resources. Neo-classical value theory -- based on marginalism and subjective valuation-still makes a great deal of sense. Expunging natural resources from the way economists think about the world does not - Martin Wolf, Financial Times|
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