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  • Re: The Myth of Economic Bubbles

    [quote user="Neoclassical"] I am only assuming a trial-and-error process filtered by a selective process. You seem to be asserting that entrepreneurs can be tricked systematically; that removes any evolutionary adaptation.[/quote] Oy...I don't know why I try. When entrepreneurs are tricked systematically that means that they're being
    Posted to Economics Questions (Forum) by edward_1313 on Wed, Aug 18 2010
  • Re: The Myth of Economic Bubbles

    [quote user="neoclassical"]I don't attribute omniscience to any businessman[/quote] But in a sense, you really are! You just don't realize it. [quote user="neoclassical"]Once again, as a complex adaptive system, one cannot forget adaptation: learning not to make "malinvestments" due to a "lowered short-term
    Posted to Economics Questions (Forum) by edward_1313 on Wed, Aug 18 2010
  • Re: The Myth of Economic Bubbles

    [quote user="neoclassical"]This is where rational expectations, only casually (not as the hyperliteral version you attempt to pin on me), comes into play: we have economic incentives to rationally accrue information and employ accurate expectations,; such expectations would learn from previous mistakes, especially all systematic disruptions
    Posted to Economics Questions (Forum) by edward_1313 on Wed, Aug 18 2010
  • Re: The Myth of Economic Bubbles

    [quote user="Neoclassical"]Why is the common Austrian criticism something like, "I will assume you simply have no idea what I am talking about, look how smart I am"?[/quote] Sorry, but what else should I think after a comment like: [quote user="Neoclassical"]Or you can try more irrelevant arguments centered upon entomology
    Posted to Economics Questions (Forum) by edward_1313 on Wed, Aug 18 2010
  • Re: The Myth of Economic Bubbles

    Do you really fail to see the similarity? Would it please you more if I sketched a quick theory for the high and consequent depression that a person experiences when taking certain drugs. The essential process that's taking place among the inter-connected neurons is in fact very similar to the nature of a business cycle. The mimicking and feedback
    Posted to Economics Questions (Forum) by edward_1313 on Wed, Aug 18 2010
  • Re: The Myth of Economic Bubbles

    [quote user="Neoclassical"]edward_1313, I believe your chief complaint is that the models I use are simplifications. So are all models, including Austrian ones.[/quote] Oy...It's not simplifications in general. It's simplification of the precise aspects that would be necessary for modeling a cycle. Take a look at Hayek's Individualism
    Posted to Economics Questions (Forum) by edward_1313 on Wed, Aug 18 2010
  • Re: The Myth of Economic Bubbles

    [quote user="neoclassical"]It still makes no sense to me, or any rational expectationist of any degree, why entrepreneurs would always funnel money into enterprises that were doomed to fail. If Austrians know this "truth," then incentivized actors would also.[/quote] This is why I'm not convinced you have a good grasp of the
    Posted to Economics Questions (Forum) by edward_1313 on Tue, Aug 17 2010
  • Re: The Myth of Economic Bubbles

    [quote user="neoclassical"]If Austrians know this "truth," then incentivized actors would also.[/quote] Not at all. The Austrians do not propose that fluctuations operate according to a precise mathematical model. They simply formulate the 'principal' of the phenomena. These two are very distinct things. In the former, it
    Posted to Economics Questions (Forum) by edward_1313 on Tue, Aug 17 2010
  • Re: The Myth of Economic Bubbles

    [quote user="neoclassical"] For instance, if Robinson Crusoe was blessed with a sea storm bringing large schools of fish to his shore, then that would be an exogenous productivity shock (i.e., a boom); conversely, if a large tidal wave destroyed vegetation he produced, that would be an exogenously-created "bust."[/quote] I am well
    Posted to Economics Questions (Forum) by edward_1313 on Tue, Aug 17 2010
  • Re: The Myth of Economic Bubbles

    One more point, because I think I see the angle you're taking with your comment. Your claim is that if the interverner is endogenous than the agents can perceive the intervention and hence negate it's effects. I thought my post indirectly addressed this but maybe I should be clearer. First though, I think your conflating "consciousness"
    Posted to Economics Questions (Forum) by edward_1313 on Mon, Aug 16 2010
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