michael, don't forget your old teacher Stolper using the insight of chaos maths to provide theoretical bases for a restricted form of interventionist public policy. "The Theoretical bases of economic policy: the Schumpeterian perspective" J Evolutionary Economics (1991)1: 189-205. The analysis of multiple equilibria in a dynamic setting, the possibility of suboptimal outcomes as a result of feedback, the scope for intervention in fashioning the system's outcomes--all this seems interesting, but Stolper follows his master into irrationality when he suggests that the movement from recession to depression is essentially caused by bad govt policies.
Thomas Seay wrote:
> --- Michael Perelman <michael at ecst.csuchico.edu>
> wrote:
> > The Hayek crowd has pushed hardest in this
> > direction
>
> I was aware that some of the more libertarian
> economists were interested in Chaos, that's why
> I asked about leftist economists.
>
> I have not yet read any of the link sthat some of the
> people have been kind enough to send in response to
> my question but, Michael, what are your thoughts on
> the matter?
>
> -Thomas
>
> --- Michael Perelman <michael at ecst.csuchico.edu>
> wrote:
> > The Hayek crowd has pushed hardest in this
> > direction, arguing that the
> > spontaneous order of markets is the appropriate
> > response to chaos, since
> > planning is virtually impossible in the face of
> > chaos.
> > --
> > Michael Perelman
> > Economics Department
> > California State University
> > Chico, CA 95929
> >
> > Tel. 530-898-5321
> > E-Mail michael at ecst.csuchico.edu
>
> =====
> "The tradition of all the dead generations
> weighs like a nightmare on the brain of the living"
>
> -Karl Marx
>
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--
Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901