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Wednesday, April 23, 2014


The person who can holler the loudest without knowing what he is hollering about. Mark Twain

Tuesday, April 15, 2014

counterpart surveillance

It is akin to the idea of Perfect Information - which is typically foundational idea in classical economics. The idea is that all players in an economy will have perfect information and act on rational expectations. The reality is that this doesn't exist in reality and that informational asymmetry is the rule of the day. Were there perfect information, counterparts to agreements would not enter into irrational contracts. Joseph Stiglitz is known as the guy who proved that this micro foundation of macroeconomics doesn't exist in reality. Here is the paper:

Monday, April 07, 2014


Prohibition is an affront to the whole history of mankind. Winston Churchill


It is difficult to free fools from the chains they revere. Voltaire

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