Yes, yes, the "marginal revolution" was a huge advance in economics, but when Matt Yglesias referred to total factor productivity as phlogiston economics, I think he missed the real target: utility. I'm going to promote some side comments and random points in a couple of previous posts (
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Utility is silly and other observations
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Yes, yes, the "marginal revolution" was a huge advance in economics, but when Matt Yglesias referred to total factor productivity as phlogiston economics, I think he missed the real target: utility. I'm going to promote some side comments and random points in a couple of previous posts (