Re: Re: Re: Re: Re: Re: Re: RE: pop quiz time
Who is Perelman? Gene Michael Perelman wrote: Robinson is the name of the person who misspelled Robertson in my last note. On Sat, May 11, 2002 at 07:25:29PM -0700, Ian Murray wrote: Who's Robinson? Ian - Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Saturday, May 11, 2002 6:57 PM Subject: [PEN-L:25907] Re: Re: Re: Re: RE: pop quiz time Robinson was a very important student, then colleague, then opponent of Keynes. On Sat, May 11, 2002 at 06:45:06PM -0700, Ian Murray wrote: - Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Friday, May 10, 2002 6:19 PM Subject: [PEN-L:25875] Re: Re: RE: pop quiz time Presley is also the world's expert on the economics of Dennis Robertson. === Who is Dennis Robertson? Ian -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED] -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
Re: Re: Re: RE: pop quiz time
- Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Friday, May 10, 2002 6:19 PM Subject: [PEN-L:25875] Re: Re: RE: pop quiz time Presley is also the world's expert on the economics of Dennis Robertson. === Who is Dennis Robertson? Ian
Re: Re: Re: Re: RE: pop quiz time
Robinson was a very important student, then colleague, then opponent of Keynes. On Sat, May 11, 2002 at 06:45:06PM -0700, Ian Murray wrote: - Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Friday, May 10, 2002 6:19 PM Subject: [PEN-L:25875] Re: Re: RE: pop quiz time Presley is also the world's expert on the economics of Dennis Robertson. === Who is Dennis Robertson? Ian -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
Re: Re: Re: Re: Re: RE: pop quiz time
Who's Robinson? Ian - Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Saturday, May 11, 2002 6:57 PM Subject: [PEN-L:25907] Re: Re: Re: Re: RE: pop quiz time Robinson was a very important student, then colleague, then opponent of Keynes. On Sat, May 11, 2002 at 06:45:06PM -0700, Ian Murray wrote: - Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Friday, May 10, 2002 6:19 PM Subject: [PEN-L:25875] Re: Re: RE: pop quiz time Presley is also the world's expert on the economics of Dennis Robertson. === Who is Dennis Robertson? Ian -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
Re: Re: Re: Re: Re: Re: RE: pop quiz time
Robinson is the name of the person who misspelled Robertson in my last note. On Sat, May 11, 2002 at 07:25:29PM -0700, Ian Murray wrote: Who's Robinson? Ian - Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Saturday, May 11, 2002 6:57 PM Subject: [PEN-L:25907] Re: Re: Re: Re: RE: pop quiz time Robinson was a very important student, then colleague, then opponent of Keynes. On Sat, May 11, 2002 at 06:45:06PM -0700, Ian Murray wrote: - Original Message - From: Michael Perelman [EMAIL PROTECTED] To: [EMAIL PROTECTED] Sent: Friday, May 10, 2002 6:19 PM Subject: [PEN-L:25875] Re: Re: RE: pop quiz time Presley is also the world's expert on the economics of Dennis Robertson. === Who is Dennis Robertson? Ian -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED] -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
Re: pop quiz time
It sounds like Keynes, except he would have criticized (neo)classical economics rather than mainstream economists; the latter phrasing sounds more recent. For what it's worth, mainstream theory suggests another possible explanation for positive interest rates besides time (and possibly risk) preference, although it is not one that is typically emphasized: interest represents a scarcity rent for capital. This latter explanation is both plausible and consistent with the now much-reinforced empirical finding of interest-inelastic savings. Gil [who said it?] ...confusion forces practical economists to explain the determination of interest by opportunity cost reasoning - a particular rate of interest being set by the 'pure' rate yielded by the riskless government bonds, with inflation, risk, and administrative cost premia added. But there is no watertight justification for the perpetual existence of this 'pure' rate. Interest exists because it is there; it is still held up by its own theoretical bootstraps. The failure of mainstream economics to explain adequately the existence of interest betrays the fact that it is merely a theoretical concept with no true basis in reality. It is a figment of our collective imaginations.
Re: pop quiz time
I think I said that one day after drinking eight cups of tea. Gene Ian Murray wrote: [who said it?] ...confusion forces practical economists to explain the determination of interest by opportunity cost reasoning - a particular rate of interest being set by the 'pure' rate yielded by the riskless government bonds, with inflation, risk, and administrative cost premia added. But there is no watertight justification for the perpetual existence of this 'pure' rate. Interest exists because it is there; it is still held up by its own theoretical bootstraps. The failure of mainstream economics to explain adequately the existence of interest betrays the fact that it is merely a theoretical concept with no true basis in reality. It is a figment of our collective imaginations.
RE: pop quiz time
sounds like Joan Robinson. [who said it?] ...confusion forces practical economists to explain the determination of interest by opportunity cost reasoning - a particular rate of interest being set by the 'pure' rate yielded by the riskless government bonds, with inflation, risk, and administrative cost premia added. But there is no watertight justification for the perpetual existence of this 'pure' rate. Interest exists because it is there; it is still held up by its own theoretical bootstraps. The failure of mainstream economics to explain adequately the existence of interest betrays the fact that it is merely a theoretical concept with no true basis in reality. It is a figment of our collective imaginations.
RE: pop quiz time
Hicks? -Original Message- From: Ian Murray [mailto:[EMAIL PROTECTED]] Sent: Friday, May 10, 2002 4:00 PM To: [EMAIL PROTECTED] Subject: [PEN-L:25863] pop quiz time [who said it?] ...confusion forces practical economists to explain the determination of interest by opportunity cost reasoning - a particular rate of interest being set by the 'pure' rate yielded by the riskless government bonds, with inflation, risk, and administrative cost premia added. But there is no watertight justification for the perpetual existence of this 'pure' rate. Interest exists because it is there; it is still held up by its own theoretical bootstraps. The failure of mainstream economics to explain adequately the existence of interest betrays the fact that it is merely a theoretical concept with no true basis in reality. It is a figment of our collective imaginations.
Re: RE: pop quiz time
Envelope says it's Paul Mills and John R Presley from Islamic Finance: Theory and Practice; St Martins Press, 1999, p. 14. Mills is/was at HM Treasury UK Presley is/was Econ. Prof. Univ. of Loughborough and Chief Economic Adviser The Saudi British Bank. As I noted after 9-11 the issue of usury deeply divides the elites and the 'middle' and working classes in the ME, esp. in SA since the inroads made by capitalist financial practices post WWII. The critique seems readily appropriable and capable of deepening in the service of an elaboration of insitutional alternatives to usury Ian
Re: RE: pop quiz time
Ian writes: Envelope says it's Paul Mills and John R Presley from Islamic Finance:Theory and Practice; St Martins Press, 1999, p. 14. Damn. I am wrong again. I thought it was Gene who said that and was planning to ask him whether that tea he drank was Long Island Ice Tea. Best, Sabri
Re: Re: RE: pop quiz time
Presley is also the world's expert on the economics of Dennis Robertson. Ian Murray wrote: Envelope says it's Paul Mills and John R Presley from Islamic Finance: Theory and Practice; St Martins Press, 1999, p. 14. Mills is/was at HM Treasury UK Presley is/was Econ. Prof. Univ. of Loughborough and Chief Economic Adviser The Saudi British Bank. As I noted after 9-11 the issue of usury deeply divides the elites and the 'middle' and working classes in the ME, esp. in SA since the inroads made by capitalist financial practices post WWII. The critique seems readily appropriable and capable of deepening in the service of an elaboration of insitutional alternatives to usury Ian -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901
