Epstein Secrets

,WILLIAM L CARBONARA,KATHLEEN BOEHM,RICCARDO SCHAUER,TIFFANY WHEELER,DENNIS J

THOMAS E FIEVE,DR RONALD MORGARIDGE,MARVIN MURRAY,JOHN T CLUB COLETTE D

and, in fact to my embarrassment, it became clear that the models were modelling the economics of the classical economists; the economics of Smith, Ricardo, Marx, von Neumann (unmodified) and Sraffa. With hindsight this turned out to be a consequence of the second of the two original models I had propo

o produce a simple Lotka-Volterra macroeconomic model. This basic model generates endogenous boom and bust business cycles of the sort described by Minsky and Austrian economists. From this model an exact formula for the Bowley ratio; the ratio of returns to labour to total returns, is derived. This f

e value. The physiocrats were also correct in their belief that land can provide value, in its role in capturing the sun's rays. Where Smith, Marx, Ricardo, Sraffa etc were correct was in their belief that value is an inherent quantity, embodied in the goods and services in the economy. However, as was

ge payments to rents. The macroeconomic models in section 4 above suggest that liquidity can be formed endogenously, in exactly the way proposed by Minsky. This suggests that, just as central banks are expected to control changes in the money supply caused by fractional reserve banking, it seems appro