"Joan Robinson's much-awaited textbook in “modern economics” perfectly exemplifies the typical attitude of Cambridge economists to micro-economics. The whole of traditional price theory is covered in one chapter … [some] prices are formed by conventional mark-ups on prime costs, the level of the mark-up itself being left unexplained. Apart from this chapter, the book is doggedly macro-economic in treatment … A striking omission from the book is any mention of the closely related concepts of externalities and public goods, which most economists would nowadays regard as the basic ingredients of “market failure” that has come to be fruitfully applied … to problems of pollution and congestion."
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Columbia University alumniEconomists from the United KingdomPeople from The HagueFellows of the British Academy
Original Language: English
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Sources
The Cambridge Revolution, Success Or Failure? (1974)
https://en.wikiquote.org/wiki/Mark_Blaug
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Mark Blaug
Mark Blaug FBA (3 April 1927 – 18 November 2011) was a Dutch-born British economist.
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