“The direct effect of a bursting bubble on measured output is zero. Nor, by the way, is a fall in asset prices counted as a decline in the capital stock, which is in principle measured in physical terms.” – Paul Krugman
While an understanding of the market order is a necessary condition for the understanding of our civilization, one has to possess much knowledge of other aspects of civilization in order to comprehend what the market does. — F. A. Hayek
Scary is the only word for his genius; I often imagine he has a hard time finding hats that fit.
On a more serious note, how does I get’s me one of them Nobeel prizes? I’s can count past 100 w/o fingers OR toes.
I have a special place in my heart for this “former Enron adviser”-type genius.
LIVE FREE OR DIE!