Michael,
What's the citation for Summers' Pennzoil takeover study? I watched
that from a distance.
Gene
On Apr 27, 2009, at 7:58 PM, michael perelman wrote:
When Summers was an economist, he did interesting work -- comparing
financial economics to ketchup economics &
for example,
Summers, Lawrence H. and Victoria P. Summers. 1989. "When Financial
Markets Work too Well: A Cautious Case for a Securities Transactions
Tax." Journal of Financial Services Research, 3: 2 and 3 (December):
pp. 261-86.
He did an interesting study of the Penzoil takeover.
Max Sawicky wrote:
This is interesting:
http://baselinescenario.com/2009/04/27/larry-summers-new-model/
Especially this:
"Growth in the 1990s and more recently was based too much on finance
(this appears to be a relatively new thought for Summers). The high
and rising share of finance in corporate profits “should have been a
warning”. The next expansion should be based less on asset bubbles
and more on investment in key public services. The financial
regulatory system “in fundamental respects has been a failure”.
There
have been too many serious crises in the past 20 years . . . " --
Larry Summers, three days ago.
Re: Johnson's argument, I conclude structural adjustment is how the
head gorilla keeps the others fetching its bananas.
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Michael Perelman
Economics Department
California State University
Chico, CA
95929
530 898 5321
fax 530 898 59haelperelman.wordpress.com
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