this is from a book review prior to the credit crisis of 08
"Most embarrassingly,attempts to formalize theWalrasian tâtonnement process
have led precisely to complex nonlinear dynamics in which prices are, unlike in observable economies,generically chaotic."
"Throughout much of the world, the pitched ideological and political battles between
Right and Left over economic policy are a thing of the past. On the Left, there is no
serious movement for the abolition of private property or even the nationalization
of basic industries. Unionionism is increasingly confined to the government sector,
and socialist policy is espoused only in a couple of oil-rich countries. Liberal
Keynesianism is dead in an era where conservatives are prone to run deficits and
liberals to piously admonish such policy as reckless and short-sighted. On the
Right, the notion that the state should be limited to protecting private property is
maintained, against all evidence, only by a radical fringe"
