One Dozen Findings

1.  Supply and demand are neoclassical models. 

2.  Labor is hired until its VMP no longer exceeds its wage rate. 

3.  Not all behavior is rational.

4.  People may act in groups rather than independently.

5.  Societies may not believe in the importance of free market principles. 

6.  Full and relevant information is not always widely available.

7. Data is dirty; it does not come in neat little bundles.

8.  Static models may not tell you as much about the real world as dynamic models may.

9.  Some of these statements may be true.  The truth generally encompasses more than one side of an argument.
 

10.  Neoclassical economics produces precisely calculated results.

11.  Neoclassical econ makes (1) profs scientific, and (2) students happy!

12.  I've enjoyed meeting you!  The real world, and the old world are interesting places to work in and to study.

Thank you for inviting me to speak about …

The Demand Curve for Labor:
Neoclassical Theory and Its Critics  

Tom Meyer