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"Social science having to do with the economy is about trying to track the emergent property that arise from the fact that we as a world have decided to organize our extraordinarily productive and diverse 7.3-billion human global division of labour largely through decentralized market exchange, mediated by firms that are islands of hierarchy and bureaucracy swimming in a larger market-oriented albeit government-regulated sea.
It is clear to everyone who tries to do this seriously that figuring out what the emergent properties of this complicated decentralized systems are hinges on the details of the institutions: productive, organizational, and regulatory details matter and matter a lot. There is a very narrow limit to what you can do that is useful by following in the hyper-abstract footprints of David Ricardo. To say anything real, you have to say what’s going on in the industry.
All of you here are the people who understand what the institutional, organizational and regulatory details are, and thus have a chance of accurately determining what the interesting emergent properties are. You are the useful point of the spear. Too many of your colleagues in the social sciences are performing the equivalents of medieval scholastic theology precisely because they lack institutional knowledge of the details. Thus they write about the emergent properties of some other system, but not those of this system that we have here and now."
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