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The models used in economic theory, though necessarily abstract, should be consistent with the nature of decision … suggested as the appropriate building block for further developing dynamic economic theory …
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Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that: (1) this strategy is potentially misleading; (2) that the stock-flow...
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