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Featherless Bipeds's avatar

For anyone interested, here is AJR's reply to Albouy's critique: https://www.nber.org/system/files/working_papers/w16966/w16966.pdf

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Jordan Hunter's avatar

Interesting post. My critique of WNF is that a better version was written about 239 years earlier by Adam Smith. Of course, people who haven’t actually read Wealth of Nations think Smith just says free markets are why nations are rich. But I read Smith as pointing to institutions, not just trade and specialization (which are certainly part of the equation, but not the whole deal).

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