The Negative Contribution of Radfords Prison Camp Post-Keynesian economist Geoff Harcourt recently wrote in an obituary of the late General Equilibrium pioneer Frank Hahn that: Frank was eventually to say that general equilibriums major contribution was a negative one: to make precise the conditions that had to hold (for what he perceived to be Adam Smiths conjecture that greedy people in a competitive environment could bring about a sort of social optimum) were so special that they robbed general equilibrium of any significant role in descriptive analysis. We might say something similar about Radfords prison camp: it makes the negative contribution of illustrating the sorts of extreme conditions which must hold if the commodity money origination story is to be dressed up in the garb of something that vaguely looks like a documented theory
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