At 12:15 PM -0700 on 4/27/02, [EMAIL PROTECTED] wrote:
> People who think like economists or libertarians will conclude > that markets tend to stability, because humans will analyze > fluctuations, attempt to predict them, and then take precautionary > action to protect themselves, which will have the affect of > smoothing the fluctuation, unless prevented by forceful state > action as in the 1930s. > > Those who think like ecologists or totalitarians will conclude > markets are unstable, because they think that humans lack the > wisdom to anticipate the future. Except if they're, paradoxically, "Austrian" economists, like Hayek, or von Mises, who reject "scientism" and, oddly enough, equilbrium theory. ;-). Cheers, RAH -- ----------------- R. A. Hettinga <mailto: [EMAIL PROTECTED]> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
