An Intriguing Paradox Of The 1990s Is

For Better Or Worse, Us Keynesianism Was So Far Ahead Of Where It Started. I Am A Cafeteria Keynesian. You Know What A Cafeteria Catholic Is?

Second, They [those Who Disagree With Market Efficiency] Always Claim They Know A Man, A Bank, Or A Fund That Does Do Better. Alas, Anecdotes Are Not Science. And Once Wharton School Dissertations Seek To Quantify The Performers, These Have A Tendency To Evaporate Into The Air - Or, At Least, Into Statistically Insignificant T-statistics.

The Failure Of Market Catallactics In No Way Denies The Following Truth: Given Sufficient Knowledge The Optimal Decisions Can Always Be Found By Scanning Over All The Attainable States Of The World And Selecting The One Which According To The Postulated Ethical Welfare Function Is Best. The Solution 'exists'; The Problem Is How To 'find' It.

Contrary To What Many Skeptics Had Earlier Believed, The Soviet Economy Is Proof That A Socialist Command Economy Can Function And Even Thrive.

Sooner Or Later The Internet Will Become Profitable. It's An Old Story Played Before By Canals, Railroads And Automobiles.