Epstein Secrets

lage surrounded on all sides by fire, of afterwards when you discover there isn't a tree standing for twenty miles in any direction. In this light, Cooper's suggestion that central banks should aim for a pattern of small business cycles is eminently sensible. Simply reducing leverage and excess liquidi

mp/econophysics/abstracts.html Clementi F, Gallegati M, 2005. Power law tails in the Italian personal income distribution. Physics A 350, 427-438. Cooper G, 2008. The origin of financial crises: Central banks, credit bubbles and the efficient market fallacy. London: Harriman House. Corbett _I, Jenkinso

lots of boundary conditions, may be simple enough to be tractable to a traditional statistical mechanical analysis on the lines of Dewar, or indeed Champernowne. Before moving into further discussion I would first like to follow the maths through a little more. I would like to do two things. Firstly I would

as 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, has proved of l

he details of income and wealth distributions have rarely been studied in mainstream theoretical economics, a notable and important exception being Champernowne. Champernowne was a highly gifted mathematician who was diverted into economics, he was the first person to bring a statistical mechanical approach

ciers, people such as Pettis, Shiller, Smithers, Cooper, Pepper & Oliver have then made insightful attemp

ater in economics, this area has attracted physicists and statistical mathematicians and engineers in significant numbers since at least the work of Champernowne. The reason is simple; to a statistical physicist, economics is obviously a multi-body phenomenon. It is messy. There are millions of agents in a t