Although efficient markets people still go around saying there is a "mountain" of evidence supporting their hypothesis, the truth of the matter is that it's a very old mountain that's now eroding rapidly into the sea.
Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.ha-joon chang
The enemy aggressor is always pursuing a course of larceny, murder, rapine and barbarism. We are always moving forward with high mission, a destiny imposed by the Deity to regenerate our victims while incidentally capturing their markets, to civilise savage and senile and paranoid peoples while blundering accidentally into their oil wells.
Let the rabbit of free enterprise out of its velveteen bag and too many people would have to be fired, too much idiocy exposed to the light of judgment or ridicule, too much vanity sacrificed to the fires of efficiency. Such a catastrophe obviously would threaten the American way of life, to say nothing of the belief in free markets.lewis h. lapham
The Obama administration's agenda of maximizing dependency involves political favoritism cloaked in the raiment of "economic planning" and "social justice" that somehow produce results superior to what markets produce when freedom allows merit to manifest itself, and incompetence to fail. The administration's central activity – the political allocation of wealth and opportunity – is not merely susceptible to corruption, it is corruption.”George Will
The virtue of female slaves is wholly at the mercy of irresponsible tyrants, and women are bought and sold in our slave markets, to gratify the brutal lust of those who bear the name of Christians.sarah grimké
Either you believe in markets, or you believe in government.lawrence kudlow
The question is: why are there markets of food at all?raj patel
Other job markets may lay claim to the title, but astronomy is actually the world's oldest profession.phil plait
The premise of neo-conservatives is that markets left to their own devices will produce the best possible result, and that political interference is not required. This defies the human reality that people are not commodities, and simply refuse to behave as if they were.bob rae
With uncertainty in oil markets, a buildup of speculative pressures and the large U.S. current account deficit, there is a real possibility that Paulson's crisis-management skills will be tested.lawrence summers
The situation in a number of countries reminds one that it's still a risky world out there in the emerging markets.lawrence summers
While the Marxist faith in central planning is now confined to a few dingy sects, a quasi-religious belief in free markets continues to shape the policies of governments. Many writers have pointed to the havoc and ruin that have accompanied the imposition of free markets across the world. Whether in Africa, Asia, Latin America or post-communist Europe, policies of wholesale privatisation and structural adjustment have led to declining economic activity and social dislocation on a massive scale.john n. gray
The populist rant about greedy banks that is being loudly ventilated in Congress is a distraction from the true causes of the crisis. The dire condition of America's financial markets is the result of American banks operating in a free-for-all environment that these same American legislators created. It is America's political class that, by embracing the dangerously simplistic ideology of deregulation, has responsibility for the present mess.john n. gray
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.nouriel roubini
They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets for instance, whenever information is imperfect, which is to say always.joseph e. stiglitz
I disagree with the followers of Marx and those of Adam Smith: the reason free markets work is because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or "incentives" for skill.nassim nicholas taleb
Trusting souls who accept economic assurances that markets are efficient are unlikely to fare any better this time when the Bull gives way to the Bear.
markets are interested in profits and profits only; service, quality, and general affluence are different functions altogether. The universal, democratic prosperity that Americans now look back to with such nostalgia was achieved only by a colossal reigning in of markets, by the gargantuan effort of mass, popular organizations like labor unions and of the people themselves, working through a series of democratically elected governments not daunted by the myths of the market.
Why should self-interested companies be permitted to shift the balance of fundamental liberties, risking free expression, free markets, scientific progress, consumer rights, societal stability, and the end of physical and informational want? Because somebody might be able to steal a song? That seems a rather flimsy excuse.
International specialization and division of labor requires institutions and organizations to safeguard property rights across international boundaries so that capital markets as well as other kinds of exchange can take place with credible commitment on the part of the players.
If stability and efficiency required that there existed markets that extended infinitely far into the future and these markets clearly did not exist what assurance do we have of the stability and efficiency of the capitalist system?
Linear Programming is a generalization of Linear Algebra. It is capable of handling a variety of problems, ranging from ?nding schedules for airlines or movies in a theater to distributing oil from re?neries to markets. The reason for this great versatility is the ease at which constraints can be incorporated into the model.
markets are social organizations, structured and regulated by more or less well-defined social rule systems.
markets can remain irrational longer than you can remain solvent.