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Strategies & Market Trends : ahhaha's ahs -- Ignore unavailable to you. Want to Upgrade?

To: gpowell who wrote (654)	12/21/2000 3:59:11 PM
From: ahhaha	Read Replies (1) \| Respond to of 24758

Nothing wrong with Wicksell. The problem is all in the embedded assumption found in these comments: Massachusetts Institute of Technology's Paul Samuelson, for example, says Mr. Wicksell's ideas are no better than targeting an unemployment or growth rate because the right levels for all three can be known only after the fact. Notice that Samuelson looks for a way to calculate the right and true rate of interest to optimize economy. This is pretense to knowledge. It can't be done. If Wicksell says it can or if Greenspan acts as though it can, they're both wrong, if only for the reason Samuelson mentions: the a posteriori nature of targeting. One must measure and then target. This act contravenes the market, the invisible hand of god in which none of these scientismists believe. They can't trust the free market and so they must calculate. As long as this ignorance is the dominant factor in economic philosophy there will be no justification for long term investment. You have to get in and then get out before these experts discover yet another crash by their calculation, tinkering, and fine-tuning. Otherwise, we'd be wasting all that intellect, all those smart guys who are paid whether you get cleaned or not. They are great and you are a slob.