17 Mar 2005 zhaoway   » (Master)

today's good laugh from wikipedia general equlibrium:

... Some critics of general equilibrium modeling contend that much research in these models constitutes exercises in pure matheamtics with no connection to actual economies. "There are endeavors that now pass for the most desirable kind of economic contributions although they are just plain mathematical exercises, not only without any economic substance but also without any mathematical value" (Nicholas Georgescu-Roegen 1979). Georescu-Roegen cites as an example a paper that assumed more traders than there are points on a real line.

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