tag:blogger.com,1999:blog-2098432983500045934.post6090192803791115735..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: I'm not YellenThe Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2098432983500045934.post-35028038061650547802011-08-02T08:05:25.984-04:002011-08-02T08:05:25.984-04:00Art -
Love the cynicism.
After a week away, I...Art -<br /><br />Love the cynicism.<br /><br />After a week away, I'm way out of touch. <br /><br />Rational expectations has always struck me as a singularly foolish and naive assumption. Yet it is a cornerstone of modern economic thought. <br /><br /><i>individual behavior is affected by a reliance on nominal frames of reference and by considerations such as fairness, envy, social status, and social norms.</i><br /><br />They forgot the big ones: greed and fear.<br /><br />Cheers!<br />JzBJazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-38026842700503055592011-08-02T05:43:23.668-04:002011-08-02T05:43:23.668-04:00In an endnote following her statement, Yellen does...In an endnote following her statement, Yellen does say: "I am deeply indebted to staff in the Economic Research Department of the Federal Reserve Bank of San Francisco..."<br /><br />I'm not counting that as use of the word "debt."The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com