Monday, July 22, 2013

models that might suggest real market systems have fast restoration of equilibrium is a quest for legitimacy

equilibrium  pricing rewards factors   on an objectively unimpeachable nash  basis
the urgency of this quest was clarified back in the 1890's by p h wicksteed


why the quest ?

 to blot out the infernal residue problem
    the unearned  portion of firm net revenues
otherwise only guarded by" an armory of paradoxes
that can not be understood because they are not true
that  everyone uses as weapons
while  no one grasps  them as principles "