me: > an inside scoop > * > I've heard that the economics department at a local university (which > shall remain nameless) got together at the start of September and > discussed the stock market. By and large, opinion followed the > standard ideological divide among economists. The free market types > (followers of Edward Prescott, etc.) said it was time to buy, since > there was no place to go but up. The more "new Keynesian" types said > it was time to sell. If these people put their money where their > mouths were, the free market types got their comeuppance.
Charles Brown wrote: > Any inside scoop on how free market > types rationalize the stupendously non-free/free > market Wall Street financial capitalist > sector ? My informant tells me that they were all quite confused (including the so-called "new Keynesians"). By the way, this fellow presented a paper to my department which reflected the worst tendencies of economics: it paid major costs (in terms of distorting reality via "simplifying" assumptions) in return for almost no interesting benefits (in terms of empirical insights or predictions). He seemed quite a smart guy who was wasting his intelligence on this stuff. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
