quant speculators: nyt

G*rd*n gcf at panix.com
Thu Jul 23 06:55:06 PDT 1998

> This talk of perceptions and so forth reminds me of something - this might sound a little strange, but
> has anyone here read Tom Clancy's "Debt of Honor?" There's a beautiful passage (for Clancy)
> about economies being a matter of faith. They work because we believe they will.

Up to a point. If economies don't produce food, however, people will eventually starve. One of the peculiar things about economics is that it has one foot in the physical world, the world of material objects, and another in the mental world of perception and evaluation. I've found this predicament comes out very clearly in discussions of the Labor Theory of Value.


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