October 11, 2009
Britain's Central Planning Death Panels
October 11, 2009
Free Market M.D.
October 11, 2009
Economies of Scale in Compliance
October 11, 2009
Balan's Challenge
October 10, 2009
The Pleasure of Telling Others What to Do
October 10, 2009
Gonick the Great - and How He Could Have Been Greater
October 9, 2009
More Scott Sumner
October 9, 2009
Not From The Onion
October 9, 2009
Thoughts on a Second Stimulus
12 months is a short period of time.
I did a scan of the Journal of Econometrics for the latest research one the conditions of equilibria in a square integrable aggregate economic model. I think we will soon have a theoretical result of some importance.
My prediction:
Some economist, somewhere, will prove that in any integrable aggregate economic model of the types we deal with, the following is true.
Any agent model that assigns the agent the ability to estimate the aggregate economic yield will have no equilibrium points.
In other words, if we all try to outperform the aggregate population, the economy will be unstable.
The latest reference to this possibility was in a 2007 paper, sorry I keep bad notes.