Thursday, January 31, 2013

in light of greenwald stiglitz....the below is wrong

"since Vickrey could intuit the policy result of his general equilibrium metastatic model
—perfect markets working perfectly always lead to the conclusion that government should not intervene—
he had no interest in expanding and formalizing metastatics as modern researchers have done."
d colander
 could  we  lay out a meta static forward projection
   that revealed the  location and size of  the sub optimalities ? 

vickrey warrants

net worth anyone?


Monday, January 28, 2013

What sets the limits to Spontaneous forward market

From complete forward markets to rational expectations and the representative rational agent

are we at the dawn of the age of Leonid Hurwicz :the age of rampant GSMs

government sponsored markerts

they have long been with us

but with the health ecxhange erruption
many more of us will be using them

eventually they will be our principal markets

will one day be
                   to markets
                          what the inter states are to private motor travel

 buying and selling
passed thru mechanism re designs
will put firms in their optimal "place in  social exchange

 existing historically evolved
systems of exchange
 may well move
 from the present jury rig of imposed regulations
 to radical  foundation up  redesign

fantasy ?

for now prolly

.no.... of course it fantasy .....but the creepy crawly move
                                                to overt total market designing  is well underway

carefully planned and fully pre designed markets

market up dates
 in the inter net age
are only limited by the private firms
that participate
"on the other side"

Sunday, January 27, 2013


 this quest  focused neo classicals for nearly   100 years

since then ?

 once fully  unearthed
the requirements of this theoretical  construct's  optimal path
 and its  constant  change in relative  values

the project should have been abandoned

it wasn't and hasn't
the "moral" justification for capitalism still seems to rely on the existence
 of such   best possible though fantastical " dynamic"  states of the system

the yellow brick road of social development capitalist style

Wednesday, January 23, 2013

notes on OR

as expected

we start with pure exchange in this case between periods with a single agent
that lives for ever

adam 1.0

we have training wheel  finite time first of course
starting with two periods
to motivate  choice we have ..yes a utlity function that spits out contextual prefernces

rogue must think of those chess playing  programs

as a marker at the start line i'll set this down

better to dive in media res
posit n profit seeking firms and bordered locations
with initial "endowments" of  natural resources and labor

economics is always and everywhere a historical science

euclidian economics is just for fun and fame

Maurice Obstfeld

Friday, January 11, 2013

graph type of the month : the gruesome cobwed


a splash of cold water in the face of the fiscal bluff

pk :idiocy of liberal elites watch

"It will be a bitter irony if a pretty bad guy(abe), with all the wrong motives, ends up doing the right thing economically, while all the good guys fail because they’re too determined to be, well, good guys. But that’s what happened in the 1930s, too …"

of course i mean pk is the liberal elite gabbering like an idiot here

good guys are setting our macro policy ?

Friday, January 4, 2013

hidden attractors..... toxic paper ?

perfection in bean spilling

Posted on by iMFdirect
David LiptonBy David Lipton

" A rebalancing of global demand toward dynamic markets, including emerging economies, should also help complement all of these efforts."

"The World Is Not Enough

Some pundits today
look at the world in the wake of the financial crisis and predict a future of de-globalization.

 More likely
 just as early auto travel adapted to accidents, we will see globalization continue but with the economic equivalent of speed limits, bumpers, and seat belts.

 In that world, rising standards of living will depend on all economies making the most of their potential, while integrating into the global economy in an orderly way.

Over the next generation or two, the greatest untapped potential to drive global growth comes from the emerging and developing countries.

While we are accustomed to thinking of the development challenge, we need to shift our thinking to the convergence challenge.

 A top priority will be helping emerging and developing countries achieve growth trajectories that produce a sustained convergence of living standards toward rich country levels.

Globalization with convergence will not be easy, as it will mean
 a continuation of the shifting patterns of production and demand that we have seen over the last generation bring rising living standards in emerging economies, but disruption in advanced economies."

trans nat mission revealed in benign sounding hyper abstract

contrived macronautic stymie

"government-issued fiat money will not be perceived as a source of private-sector wealth if the households owning that money are the same households that, first, receive all of the transfers or pay all of the taxes associated with future changes in the money supply and that, second, incur all of the opportunity costs associated with carrying the money stock between all future periods. We are used to the idea of Ricardian Equivalence implying that government debt is not net wealth. Essentially consumers internalise the government’s budget constraint. But that argument applies to outside money as much as government debt. We can replace initial values of debt and money by the discounted future stream of primary surpluses they support"

Thursday, January 3, 2013

why can't pk generalize this :

" an open economy can, in the long run, restore full employment through deflation and internal devaluation; the point, however, is that it involves many years of suffering "

its all ...all..... about comparative dynamics

barry flash back

Obama, da Bomb-ah
For what it's worth... it's already over. Obama is the Dem nominee. Any
fool can see that Mother Clinton is all but embalmed, like that sad Jayne
Mansfield the 16th on the slab down in Florida.
Nope, the race is over, and as often happens, the wiry, intense black dude
took first place. Oby-wan has the black vote swinging behind him, and what
has St Hill got left but the troops of Fort Zion? And there's no
particular reason for them to stick with her, either -- like the Bedouins
they enjoy chasing around the wadis, the Zion cavalry will gallop to the
oasis with the sweetest water. Lose your donors, lose your chance.

I wonder if she'll even wait to be Muskieed (a la '72) and Humphreyed (a
la '60) all at once, in the first spasm of prima-caucal action? Yeah, I
think she prolly will, even if she don't need a beating like that. She'll
charge into it, get the full robo-soak, and probably not take it well
either -- "I guess you'll have mo more Hill-Rod to fuck around with
anymore, will ya, guys?"

She won't take the vice gig. She'll be hoping, with some reason, that the
drawn booth curtain will Al-Smith the dark-skinned chap, and 12 is her
lucky number, anyway.

So who else can veep it? Will the higher wisdom of the party of the
people, the whole people, and nothing like the people go full scramble and
anoint... Pelosi?! Or pull back to Clark?

Oby-Clark looks like the better bet to me -- keep a mean snake-head
cracker lookin' in over Oby's left shoulder, while Wall Street Bobby Rubin
keeps a half nelson on the black guy's signing arm.

And there it is, fellow citizens: our land of mile-wide, inch-deep
symbolic gestures, with this one nomination, can put paid to the black
blood debt. And if the half-African meritoid actually gets Whitehoused to
pilot the invisible earth empire -- well then, the tables will be turned,
and black folks will owe us big-hearted Caucasians a debt they can never
hope to repay.

Posted by Owen Paine on February 28, 2007 11:19 AM

Wednesday, January 2, 2013

serve the people...learn the undefeatable power of popular "support "

seems the red army forgot that after it crossed the vistula

first of a series of goblin gaffs
we  "reality hardened " commie types made
 in pitching " kamp" in old mittel europe

in the kampf  post 45

playing local goliath was ...


 isn't this obvious


saints extoll
litvinov and the path not taken