Lars P. Syll

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In general the price system does not reveal all the information about “the true value” of the risky asset … The only way informed traders can earn a return on their activity of information gathering, is if they can use their information to take positions in the market which are “better” than the positions of uninformed traders. “Efficient Markets” theorists have claimed that “at any time prices fully reflect all available information” … If this were so then informed traders...

[embedded content] For Tora and David — with whom, when they were just little kids, yours truly spent hours and hours watching this​ series back at​ the beginning of the 90’s. You were my heroes then. You still are.

‘This man is gold’ .[embedded content]

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MMT and the pandemic inflation So what is the MMT solution to dealing with inflation ex post—i.e. once the problem is here? There isn’t one. And I’d suggest running fast and far from anyone who offers you a quick and easy prescription for dealing with any and all inflation. Mainstream economists, of course, offer just such a solution. The Federal Reserve will fix it! After all, it’s already their job (dual mandate), and they can act quickly and...

Debating the value of randomization In Social Science and Medicine (December 2017), Angus Deaton & Nancy Cartwright argue that RCTs do not have any warranted special status. They are, simply, far from being the ‘gold standard’ they are usually portrayed as: Randomized Controlled Trials (RCTs) are increasingly popular in the social sciences, not only in medicine. We argue that the lay public, and sometimes researchers, put too much trust in RCTs over...

An MMT perspective on the public debt problem One of the most effective ways of clearing up this most serious of all semantic confusions is to point out that private debt differs from national debt in being external. It is owed by one person to others. That is what makes it burdensome. Because it is interpersonal the proper analogy is not to national debt but to international debt…. But this does not hold for national debt which is owed by the nation to...

Nils van der Poel .[embedded content]