Showing posts with label Miles Kimball. Show all posts
Showing posts with label Miles Kimball. Show all posts

Friday, July 26, 2013

Matias Vernengo — The meaning of short and long-term and the natural rate



Good (Post Keynesian, i.e., post capital debates) explanation of "the natural rate of interest," as well as "long run" and "short run."

Naked Keynesianism
The meaning of short and long-term and the natural rate
Matias Vernengo | Associate Professor of Economics, University of Utah

Saturday, December 29, 2012

Miles Kimball — Steven Pinker on How the Free Market Makes Us Uneasy

As far as I can see, this takes Market Pricing out of the realm of human nature, and there seem to be no naturally developing thoughts or emotions tailored to it.
Confessions of a Supply-Side Liberal
Steven Pinker on How the Free Market Makes Us Uneasy
Miles Kimball | Professor of Economics and Survey Research at the University of Michigan

People inherently know that there is a difference between price and value, although most economists presume that they are the same. Price discovery in markets is based on the assumption that price is identical with value. 

If that were true, Consumer Reports would not exist, for example. Markets are not equipped to discover actual value, only perceived value, and as all successful sellers realize, perception can be manipulated. In fact, that is what the field of advertising & marketing is essentially about — cognitive bias.