Business Cycles and Equilibrium

Ünlü iktisatçı Fischer Black'in kitabının önsözünden. (Önsözün hepsini okumak isteyen google book'dan bakabilir.)

Tutumluluk  Inovasyon örnekleri  Türev Konu Anlatımı  EFT Nedir  Olasılık nedir    Ekonomi Nedir  Hisse Yorumları  Bilinçli Tüketici

"Since the late 1960's I have been working on theories that depend on the idea that economic and financial markets in continual equilibrium. Equilibrium means there are no opportunities to make abnormal profits; more generally, it means that there are no easy ways for people to shift positions in a way that makes everyone better off.
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More recently I have come to believe that speculative prices contain "noise" introduced bye those who trade on mistaken beliefs. ... I think this will change the character of business cycles to some degree, perhaps making the fluctuations larger than they might otherwise be. But I don't think it creates an opportunity for the government to improve welfare in some sense.
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If my views are correct, there is very little the government should do to influence the economy. Monetary and exchange rate policies accomplish almost nothing and fiscal policies are unimportant in causing or changing business cycles."

1 Yorum Var.:

Unknown dedi ki...

Bosuna mi basmis Amerika 2 trilyon dolari o zaman? Keske Bernanke de okusaymis onsozu. Car cur etmemis olurdu o kadar parayi :)