Re: 2007 Nobel-Economics winners warned us "situations in which markets work and others in which they don't"
- From: mg <mgkelson@xxxxxxxxx>
- Date: Tue, 14 Oct 2008 08:17:28 -0700 (PDT)
On Oct 13, 6:21 pm, Florida <demeter547op...@xxxxxxxxx> wrote:
The mess that Greenspan made:
The Nobel Prize and the "super-conduit"
Monday, October 15, 2007
There is more than a bit of irony in the announcement of the Nobel
Prize in economics within a day or so of the announcement that major
U.S. banks plan to set up a "super-conduit" fund to flush all the bad
mortgage debt out of the system.
The Associated Press reports:
Americans Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson won
the Nobel prize in economics on Monday for developing a theory that
helps explain situations in which markets work and others in which
they don't.
The three researchers "laid the foundations of mechanism design
theory," which plays a central role in contemporary economics and
political science, the Royal Swedish Academy of Sciences said.
...
Both right-wing and left-wing extremists believe their ideology will
always work. All you have to do is give it enough time. When it fails,
their response is to point fingers and make excuses. With capitalism,
there are situations when it not only works, but it works so well it
will knock your socks off. However, there are also some situations
when it doesn't work and those are the situations when the government
has a legitimate role in protecting the consumer with regulation.
.
- Prev by Date: Re: Oh Dear, More Bad News for Republicans: Liberal Wins Nobel Economics Prize
- Next by Date: Re: My favorite yard sign
- Previous by thread: Re: 2007 Nobel-Economics winners warned us "situations in which markets work and others in which they don't"
- Next by thread: The bailouts, where'll the money come from?
- Index(es):
Relevant Pages
|
