I just finished a draft of paper regarding the exclusion of the concept of power in economic theory.
Any comments will be appreciated.
I liked the the bits about Volker, and game laws in England. This should be read more widely. Where do you plan to send it?
Thank you very much. I will work with it some more and then pubish it, but I do not know where yet.
Very nice Michael!I liked the explanation of Greenspan's duplicitness.In my own experience an allegoric image of banker power took the form of a 'negotiation' for modification of a small business loan conducted by a man who was legally blind and hard of hearing even with enormous aids. As he only had a remit to demand payment, now, and his voice was in working order, he was quite suited to his job.-- ml
Whether a strong president could not have pulled of a Scandanavian remedy is an open question. What is not at question is whether it would work better than what the government did.
A very accessible paper - easily understood by the intelligent layman. And a thought provoking piece. I will have to see what effect it has on my investor husband who reads Barrons and realmoney.com. You have some good anecdotal evidence to back up your points. The paper seems to make the case that there are many obvious holes in classical economics - ones that behavioral economics should be able to point out as well.
Tell your husband that my October 1, 2007 book predicted that the economy would fall apart just as the stock market was peaking. He does not have to read the business press to learn about business.
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Read over your paper...here's my response...The Dialectic of Unintended Consequences.
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