Stable Tastes
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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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