…that the reigning economic ideology from 1980 to 2010 has been the neoliberal belief in unfettered markets, taking power with ‘reaganomics’ and the acceptance of ‘greed is good’ corporatism that…

…were useful since the CDS market is more liquid than the underlying bond markets. It seems to me that this article is demolishes your position. Liquid markets generate a huge…

…are “frozen” and have “seized up.” Roughly none of the claims about general equilibrium with complete markets apply to general equilibrium with incomplete markets. The exceptions are not strange cases,…

…between the goods markets and the asset markets, and their valuations of U.S. production. In short, the existing-asset markets think we’re producing and saving far more than we see being…

…little evidence these markets have that. Just to note one example, one of the most prominent of these ‘markets’ this year has been Peter Thiel’s Polymarket. But Polymarket only takes…

…done a lot to improve market efficiency, by matching buyers with sellers, taking risks to help both side close complex deals, and by opening or expanding commodity markets. On the…

…this by “good behavior.” The conclusion from this section is that one cannot logically argue that markets insist on deficit reduction. Either the markets are rationally unworried about deficits, or…

…who confuses “Pareto efficient” and “efficient” can claim this about markets with rational agents, perfect competition and *complete markets*. It is hard to explain what complete markets would look like,…

…has all the wealth. Perfect markets concentrate wealth. It’s their nature. But at some point, market-generated wealth concentration strangles those very markets (compared to markets with broader distributions of wealth)….

…the date. The financial markets will now begin anticipating the impact of the reduction in the Fed’s asset holdings. The origins of the increase in the Fed’s holdings of Treasury bonds…