Eubulides wrote:
A couple of years ago I saw Greenspan
on CSPAN mention the words long term equilibrium path... I broke out in
laughter before he finished. As if he could know what the
political-economy-ecology will be like in 2007.
As long as capitalist social relations and political power
Eubulides wrote:
- Original Message -
From: Michael Perelman [EMAIL PROTECTED]
No. No. No. Ask any grad student in economics. The death of a
bazillion
cuts occurs in grad school. Once you return to life, you are a hardened
economist who has invested years in learing that
For example -- I simply cannot conceive of any socialist regime coming
to power (or any anarchist-workers regime) _except_ after titanic
convulsions which more or less destroyed the even temper of life in
America as we know it.
I agree, this is a therapeutic problem that one frequently
I sometimes wonder about how a few economists, exposed to neo-classical
in grad school, are able to break free.
Is it a political preparation of some sort, before grad school?
Something learned at a mother's knee? A disinterest in a career?
One conclusion: People interested in the economy,
Carrol Cox wrote:
Overwhelmingly, the
attraction of left theory in general (or of marxist theory in
particular) is that it appears first to a person as a way of making
sense of activity in which they find themselves caught up. One backs
into left theory as it were rather than walks into it
From the article Ian sent:
Modern Investment Management is subtitled An Equilibrium
Approach. The central premise embedded within Goldman's
analysis is that the economic world is always either at
an equilibrium which reflects all knowledge at that point
or is being inexorably drawn to an
- Original Message -
From: Sabri Oncu [EMAIL PROTECTED]
I find it difficult to believe that Bob Litterman at Goldman Sachs Asset
Management really believes in the above. He is not only very smart but
also very well educated. For example, I don't think, among _many_ other
things, that he
Ian:
Isn't it Robert Lucas' contention that the economy is
always in equilibrium?
I don't know but saying what the author of the article you sent says is
same as saying that any physical motion is in dynamic equilibrium:
For me, the investment world is constantly in equilibrium -
but it is
- Original Message -
From: Sabri Oncu [EMAIL PROTECTED]
A dynamic equilibrium can be a constantly moving, instantaneously
morphing equilibrium but it does not mean that all motions that are
close to it will fluctuate about it. It depends on whether the
equilibrium is stable or not. If
No. No. No. Ask any grad student in economics. The death of a bazillion
cuts occurs in grad school. Once you return to life, you are a hardened
economist who has invested years in learing that stuff. Throwing it away
is a painful confession.
On Sat, Sep 20, 2003 at 08:11:49PM -0700, Eubulides
- Original Message -
From: Michael Perelman [EMAIL PROTECTED]
No. No. No. Ask any grad student in economics. The death of a
bazillion
cuts occurs in grad school. Once you return to life, you are a hardened
economist who has invested years in learing that stuff. Throwing it
away
I got my job in 1971. A 25 year old clone of Michael Perelman would have
a hard time getting a job today, except for the few small liberal arts
colleges that would hire a lefy economist today.
As a result, all of the old lefty programs seem to be becoming more
conventional or extinct, possibly
- Original Message -
From: Michael Perelman [EMAIL PROTECTED]
I got my job in 1971. A 25 year old clone of Michael Perelman would
have
a hard time getting a job today, except for the few small liberal arts
colleges that would hire a lefy economist today.
As a result, all of the
I am too out of touch to say. Some years ago, a survey found great
dissatisfaction among grad students.
On Sat, Sep 20, 2003 at 09:17:56PM -0700, Eubulides wrote:
Ok. But how much of this is due to the pacification of students due the
current education system before they get to grad school
- Original Message -
From: Michael Perelman [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Saturday, September 20, 2003 9:39 PM
Subject: Re: [PEN-L] nostalgia for equilibrium
I am too out of touch to say. Some years ago, a survey found great
dissatisfaction among grad students
Equilibrium in Goldman's equations
Edmond Warner
Saturday September 20, 2003
The Guardian
Goldman Sachs, perhaps the most venerable of investment banks, could never
be accused of doing anything by halves. Now, it has even taken vanity
publishing to a qualitative and quantitative extreme. The
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