FREAK CITY REVIEW

The political voice of GENERATION X.

About Me

Name: NERDMANN
Location: Green Bay, Wisconsin, United States

Not much new around here.

View my complete profile

Previous Posts

  • U.S. Tightens Missile Shield Encirclement Of China...
  • Borrow and Spend Economics to Pay for Borrowing an...
  • 93% Of Icelanders Reject "Icesave" Bill In Histori...
  • Gary Gorton On The Shadow Banking System Run, And ...
  • Sovereign CDS Ban On Deck; Next Up: Any EURXXX Sho...
  • Chossudovsky: Will US-NATO Start World War III by ...
  • Renewed Battle for the Falkland Islands Suits the ...
  • Soros is bashing the Euro to help USD temporarily ...
  • German ProSieben TV Channel Finds 500 Gram Tungste...
  • War Council Convened In Damascus Past Friday To Pr...

Powered by Blogger

Sunday, March 07, 2010

Joe Stiglitz Slaps The Invisible Hand

"The theories that said that markets work perfectly were all based on very simplistic models of perfect competition and perfect information. My own work we show that the reason that when there is asymmetric information, the reason that the invisible hand often seemed invisible, was that it wasn't there. And I don't think today anybody would claim that the pursuit of self-interest by bankers, which is sometimes called greed [don't tell the screenplay writer for Wall Street] has led to the well-being of all of society. And yet this was the central notion taught in almost every graduate school in the country."

posted by NERDMANN @ 3:54 PM 

0 Comments:

Post a Comment

<< Home