Friday, April 13, 2007
Brad DeLong Presents a Pearl of Wisdom
by Ken Houghton
The whole post, in context, is here, and serves as a cautionary tale.
The classical finance assumptions were never reasonable first-order descriptions of investor behavior; the most that was ever claimed was that they were reasonable first-order descriptions of those components of investor behavior that did not cancel themselves out. [typo corrected; emphasis mine]
The whole post, in context, is here, and serves as a cautionary tale.
Labels: Brad DeLong, Economic History, Economics
