Sunday, January 24, 2016

Jason Smith — The pinball theory of value


I have posted a good deal of Jason Smith's take on the foundations of economics and economic modeling from a physicist's POV. Maybe that's not your thing.

This is about the value and money, which should interest just about everyone here.

Information Transfer Economics
The pinball theory of value
Jason Smith

6 comments:

Random said...

It's good.

BTW, P. Krugman should stick to economics and trade ;) :)

http://www.nytimes.com/2016/01/22/opinion/how-change-happens.html

Matt Franko said...

"money isn't points" Uh-oh!

Matt Franko said...

"money is an algorithm for solving an allocation problem."

Add another one to the pile of the "what is money?!" moron-fest...

Unknown said...

Well that made no sense at all.

And money definitely is a pinball score to many people who can command it. Movie stars are just one case in point.

Random said...

Promote to post please

http://neweconomicperspectives.org/2016/01/wall-street-declares-war-bernie-sanders.html

"Wall Street billionaires are freaking out about the chance that Bernie Sanders could be elected President. Stephen Schwarzman, one of the wealthiest and most odious people in the world, told the Wall Street Journal that one of the three principal causes of the recent global financial trauma was “the market’s” fear that Sanders may be elected President. Schwarzman is infamous for ranting that President Obama’s proposals to end the “carried interest” tax scam that allows private equity billionaires like Schwarzman to pay lower income tax rates that their secretaries was “like when Hitler invaded Poland.”

Schwarzman and Pete Peterson co-founded the private equity firm Blackstone. Peterson leads the effort to destroy the safety net in America. His greatest dream is to privatize Social Security so that Wall Street could increase its revenues by tens of billions of dollars. Blackstone is a major owner of Sea World, and it was in this sphere that Schwarzman went beyond his delusional rants about Hitler and became vile. When an Orca killed its trainer, Schwarzman lied and blamed the death on the trainer, claiming that Sea World “had one safety lapse — interestingly, with a situation where the person involved violated all the safety rules that we had.”"

Tom Hickey said...

Already up.