Thursday, April 7, 2011

foley on path dependent market motion

dunc's a careful guy and a wonderland type too
this paper worries the thermo-util axis pretty hard
but he [produces the essential result
there's nothing remotely like a  one product one price rule in  actual  market driving
   and there's no way to form a unique and robust social welfare function
   in anything remotely like a realistic exchange system

this adds fill to the skeptical blitz or relative blitz that has over run the samuelson paradigm

yes paul's best work and his heart  remained with keynes and macro management
but did he press hard enough in the 70's and 80's ???

at any rate his foundations that choild prodigy magnum o
  has long since  drifted  off the continent of the dismal science
   like a calved ice berg
and as for fellow in law kenny straight arrow
he's the  old toothless eskimo  floating away on that   calf 

what does it profit you to be a socialist and never get past fixed point proofs
and the red queens deck of cards

going down with the  ss rigorous proof   ??

err melting away toward  the  equator  ??

i wonder at 90 is he  too out of it to notice
his waste ???

not that the younger of the older generations  has much to crow about

take my main man
 cousin it
joe   lamb chop  stiglitz
   progressive poli econ  happy sad sack

why the guy's  stared into the teeth  of so many  genteel neck tied audiences
and said basically the same damn thing to em  so many times
he's become like that  cement pancho they used to have at  taco bell drive thru

" welcome too dah bell  ladieeese and yentelmennnss todays espechals are ... so jew want to order  now ??
   den yust speeek into my mouwwwth "