Neoclassical Explanations For Discrimination
Neoclassical labor economists explain the existence and persistence of discrimination based on tastes for discrimination and statistical discrimination theories. While overcrowding model moves away from neoclassical theory, the institutional models are non-neoclassical.
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“Financiers are great mythomaniacs, their explanations and superstitions are those of primitive men; the world is a jungle to them. They perceive acutely that they are at the dawn of economic history.”
—Christina Stead (1902–1983)
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