For now we see through a glass, darkly; but then face to face: now I know in part; but then shall I know even as also I am known. ~ The Apostle Paul (1 Corinthians 13:12). Beginning in the 1930’s, academic economists who were critics of free market economics came up with a new theory. It was sometimes called the theory of monopolistic competition (E. H. Chamberlin). It was also called the theory of imperfect competition (Joan Robinson). Both theories were critical of capitalism because capitalism’s actual performance did not match the critics’ theory of equilibrium, which in turn relied … Continue reading Whipple’s Conundrum and Dirty Windows