An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Tuesday, July 18, 2017
Erica Klarreich — In Game Theory, No Clear Path to Equilibrium
In dynamics the system orbits an equilibrium point with varying degrees of elliptical orbit, and some of the perturbations may move the system to orbit a different equilibrium point.
This kinda conflicts with that distribution simulation Neil posted up last week where only a few ended up with most of the munnie...
ReplyDeleteUnless you look at it as "the rich get richer" is a form of "equilibrium"...
Also it ignores the macro condition as surplus... it's a conditional probability where the condition is surplus...
Like the oil price was very high and then North America increased output by 6M bpd ... and lowered their offer price...
ReplyDeleteRig counts at all time highs at $45 as producers keep tapping into the surplus...
We throw away half of our food...
ReplyDeleteThere is a glut of *everything*.
ReplyDeleteThere's no conflict.
ReplyDeleteIn dynamics the system orbits an equilibrium point with varying degrees of elliptical orbit, and some of the perturbations may move the system to orbit a different equilibrium point.