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Standing on the toes of pygmies:

  • Keen, Steve

Modern economic theory does not provide a sound foundation on which to build econophysics. Pivotal concepts like utility maximization, perfect competition, and diminishing marginal productivity are empirically and logically flawed. Physicists should not use any of these in econophysics, and should be wary of many other models accepted by economists.

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File URL: http://www.sciencedirect.com/science/article/pii/S0378437102018514
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Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

Volume (Year): 324 (2003)
Issue (Month): 1 ()
Pages: 108-116

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Handle: RePEc:eee:phsmap:v:324:y:2003:i:1:p:108-116
Contact details of provider: Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

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  1. Mas-Colell, Andreu, 1983. "Walrasian equilibria as limits of noncooperative equilibria. Part I: Mixed strategies," Journal of Economic Theory, Elsevier, vol. 30(1), pages 153-170, June.
  2. Novshek, William., 1983. "Perfectly Competitive Markets as the Limits of Cournot Markets," Working Papers 499, California Institute of Technology, Division of the Humanities and Social Sciences.
  3. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
  4. Paul Downward & Frederic Lee, 2001. "Post Keynesian Pricing Theory "Reconfirmed"? A Critical Review of "Asking about Prices"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(3), pages 465-483, April.
  5. Sippel, Reinhard, 1997. "An Experiment on the Pure Theory of Consumer's Behaviour," Economic Journal, Royal Economic Society, vol. 107(444), pages 1431-44, September.
  6. William Novshek, 1980. "Cournot Equilibrium with Free Entry," Review of Economic Studies, Oxford University Press, vol. 47(3), pages 473-486.
  7. David F. Midgley & Robert E. Marks & Lee C. Cooper, 1997. "Breeding Competitive Strategies," Management Science, INFORMS, vol. 43(3), pages 257-275, March.
  8. Craig Freedman, 1998. "No End to Means: George Stigler's Profit Motive," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 20(4), pages 621-648, July.
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