Epstein Secrets

ma and others. Throughout this paper comparisons are made to the work of Ian Wright who describes simulated economic models in two notable papers [Wright 2005, 2009]. Wright's models are significantly different to my own, most notably in not involving a financial sector. Also, unlike the present pape

nomists. These ideas include recent research in market microstructure, liquidity, post-Keynesian pricing theory as well as the work of Foley, Keen, Smithers, Shiller, Cooper, Pettis, Pepper & Oliver, Mehrling, Lyons and others. Neoclassical economics, while forming an intellectually beautiful framework,

n the company model to prevent the introduction of severe cycling in the model output. Directly comparing my own macroeconomic models with those of Wright is not straightforward. My own models include a financial sector which is clearly more realistic, as Wright acknowledges in the Social Architecture

classical economics becomes a much more powerful theoretical method than neoclassicism. The economic historians such as Reinhart & Rogoff, Shiller, Smithers, Harrison, Napier and Bernholz have the advantage of the long sweep of history to prevent them from accepting high- faluting theory that disagrees w

ution becomes possible. Moving to a different issue, an element that is missing from this model, and indeed all my models, is that of unemployment. Wright's models are superior in this regard, and may shed light on this dynamic. Equation (4.7e), and a Maxwell-Boltzmann distribution, especially an offs

model. This then becomes much more significant at the level of the whole stockmarket, especially in the light of the extensive work by Shiller and Smithers regarding the long-term valuation of stock markets. This work is very well summed up in 'Wall Street Revalued' [Smithers 2009]. The central thesis