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INFRAMARGINAL ECONOMICS: AN OUTSIDER'S VIEW
Author(s) -
DIXON PETER B.
Publication year - 2006
Publication title -
economic papers: a journal of applied economics and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.245
H-Index - 19
eISSN - 1759-3441
pISSN - 0812-0439
DOI - 10.1111/j.1759-3441.2006.tb00394.x
Subject(s) - work (physics) , economics , value (mathematics) , positive economics , neoclassical economics , field (mathematics) , division of labour , computer science , market economy , mathematics , mechanical engineering , machine learning , pure mathematics , engineering
My impressions of inframarginal economics are: • It is best interpreted as providing underlying support for marginal economics. • Inframarginalists take as self‐evident that division of labour and specialisation economies are paramount in economic progress. To justify this, inframarginalists need to develop the empirical side of their field. • Inframarginalists make insufficient use of computers. They specify stylised models, omitting many real‐world phenomena that are routinely included in models computed for applied work. Inframarginalists seem wedded to analytical solutions. • Inframarginalists write papers mainly for inframarginalists. They need to demonstrate the value of their work by making it relevant to others.