Stable Tastes
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In fact, joking with @toothfairycyber aside, the "tooth fairy" has far more science behind her than 'stable tastes': http://bit.ly/HaexQ
Arrow's impossibility theorem can be seen as a cohomological obstruction to constructing representative consumers without magical thinking.
Becker's theory of stable homogenous tastes on the other hand is....words fail me...the greatest indictment of peer review. Ever.
Just for a moment...put yourself in my shoes. I have an amazing theory of welfare with evolving tastes and a cult that claims stable tates.
Why stop at stable tastes? Why not declare yourself the last Pasha of Scotland and immune from bigamy laws as a winged son of Zeus?
$500 Challenge: Get me an invited Econ gig at Chicago / Harvard to confront the theory of ordinal welfare with stable homogenous tastes.
Rules are that it has to be in the Econ department on video with Becker present at Chicago or Jorgenson at Harvard.
VaR -> Kayfabe | Coase -> Economics | Stable Tastes -> Kayfabe | Arrow's Theorem -> Economics | Rep. Consumer -> Kayfabe | B. Scholes-> Econ
Bitcoiners & I are focused on the danger of two related DC printing presses:
I) One that prints money directed by the Federal Reserve.
II) One that prints the CPI at the @BLS_gov which *forces* billions of dollars in wealth transfers and which can disguise the printing of fiat.
We donât always agree. Iâve no idea how Satoshi took aim at I) above. And I donât yet know how to explain the importance of gauge theory to Gold (physical Gauge Theory), Prices/Quantities (abelian GT), Trade (non-abelian GT) and Utility (infinite dim GT): https://economics.uchicago.edu/sites/economics.uchicago.edu/files/Welfare_Chicago_Draft.pdf
But weâve been working together behind the scenes. I so appreciate @Breedlove22 coming to Chicago to witness what I hope will be the beginning of an attack on abuses of perhaps the second most dangerous printing press in Washington as inflation heats up.
Thanks #Bitcoiners: LFG.
Lastly when we trade with nations that have a different currency from ours, how can we measure inflation of both separate currencies relative to two baskets (imports & exports) without artificially assuming the law of one price?
We *must* innovate here:
https://economics.uchicago.edu/sites/economics.uchicago.edu/files/Chicago_Trade_Index_Draft.pdf
Bitcoiners, open minded economists & math/physics folks: we have a serious problem navigating world markets using indicators that currently rely on *preposterous* assumptions (homotheticity, law of one price, stable tastes, etc) Economics needs more eyeballs on it from outside.đ
#bitcoin #Crypto #nft #Blockchain #Decentralization #DeFi #web3 #inflation #cpi #Trade #gaugetheory
Related Pages
- Arrow's Impossibility Theorem
- Borjas Rectangle Theory
- Boskin Commission
- CPI
- François Divisia
- Gary Becker
- Gauge Theory
- Gauge Theory of Economics
- George Stigler
- Kayfabe
- Ken Arrow
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