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.
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 don鈥檛 always agree. I鈥檝e no idea how Satoshi took aim at I) above. And I don鈥檛 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 we鈥檝e 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.馃檹
#bitcoin #Crypto #nft #Blockchain #Decentralization #DeFi #web3 #inflation #cpi #Trade #gaugetheory
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