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" ... Again consider what the prediction is. If low end wages rise then we expect there to be less low end labour being employed. That's the standard and orthodox economic prediction at least, it is the heterodox who are saying something different. And with their greater claim comes their need for greater evidence. And that evidence we have so far from Seattle and now San Diego doesn't seem to be supporting their case. We expect a rise in the minimum wage to cut restaurant employment compared to the no wage rise scenario. That seems to be happening--score two so far for conventional labour economics then. ... "
" ... Around my little neck of the woods quite the little scandal has been the way that liberal and progressive protestors interrupted the proceedings of the AEA, the American Economic Association. The point they wanted to make is that neoclassical economics isn't all there is to the subject of economics and thus rather more of that other stuff should be taken into consideration when the subject is taught. There's a number of possible responses to this of course. I particularly recall the walkout from Greg Mankiw's first year introductory course at Harvard. The students complained that there wasn't enough Keynes in that first semester and there really ought to be more. They not knowing enough economics to realise that the first semester was microeconomics and Keynes would come up (and it's right there in the syllabus) in the second semester when macroeconomics was the object of study. That is, as should be obvious, when students run around protesting we might not want to pay them much mind. By definition they don't know what they're talking about: that's why they're students, d'ye see, they're there in order to learn what is what. Another possible response is to insist that of course they're correct and most of what we think we know is correct in economics should no no longer be taught so as to leave room for the various heterodox approaches. ... "
" ... Republican economic policy is surprisingly heterodox when we broaden our view from the last 40 years to include the party’s long history since its founding in 1854. ... "