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Worstall’s Malignant Lump

…claim is but one version of a complex of claims, some of which contradict each other. I addressed this perplexing proliferation of claims in my contribution to Working Time: International…

I Confess, Graunt Didn’t Invent Economics…

…economics. He did invent the science of population statistics, though, and thus laid the foundation for modern social sciences. As for Graunt’s contribution relative to Petty’s, Walter Wilcox aptly summed…

Nine Spades Are a Lump of Leets

…its contribution to output at the margin, i.e. its marginal productivity. The supply of the factor being determined by the disutility associated with its use. Now Sraffa was able to…