tag:blogger.com,1999:blog-6245381193993153721.post8384515584567898234..comments2024-03-17T00:23:24.896-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: M. E. Brady’s Critique of Post KeynesianismLord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-6245381193993153721.post-51811629927025028302013-08-05T04:32:43.036-07:002013-08-05T04:32:43.036-07:00I say the MEB papers are well articulate and promo...I say the MEB papers are well articulate and promote a very reasonable position regarding the partial predictably of the economy.<br /><br />I don't see that the Post Keynesian "consensus" idea of strong uncertainty in the economy , in this case the USA economy, is more articulate and reasonable.<br /><br />What MEB gave to us is a theoretical framework that goes back to Keynes , to something that was just intuition.<br />Paulo Pereirahttps://www.blogger.com/profile/00271195516904899129noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-31615148367290041082013-08-02T11:04:32.456-07:002013-08-02T11:04:32.456-07:00But you cannot actually articulate how it is appli...But you cannot actually articulate how it is applied?<br /><br />And you think that this is a reasonable position to take and that we should all just believe what you're saying?Philip Pilkingtonhttp://fixingtheeconomists.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-28913756081427399882013-08-02T07:06:53.776-07:002013-08-02T07:06:53.776-07:00Yes, the theory behind the system (black box) is b...Yes, the theory behind the system (black box) is based on the partial predictably, intervals of probability, of the economy and of the stock market, as stated by MEB.<br /><br />Paulo Pereirahttps://www.blogger.com/profile/00271195516904899129noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-41352617352147996592013-08-02T04:32:43.335-07:002013-08-02T04:32:43.335-07:00So basically you're saying that what you'r...So basically you're saying that what you're doing is impossible to explain? You're presenting me with a black box and your own stock market calls and I'm supposed to believe that MEB's theory is driving these calls?<br /><br />Yeah, I'm not going to buy that. And I don't think any other critical thinking person will either.Philip Pilkingtonhttp://fixingtheeconomists.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-14029520143723757272013-08-01T08:57:17.072-07:002013-08-01T08:57:17.072-07:00I told you already that the thesis (the economy is...I told you already that the thesis (the economy is partially ergodic) is used to beat the stock market over many years.<br /><br />You can look at the economy of the US and see that is not very unstable.<br /><br />Sorry but I cannot give you more details, only the buy and sell orders to confirm if the system works.<br /><br />In any case the PK idea that the economy is very unpredictable is not based in "hard" science , as far as I know .Paulo Pereirahttps://www.blogger.com/profile/00271195516904899129noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-52461076654611144452013-08-01T06:07:30.634-07:002013-08-01T06:07:30.634-07:00Give me a concrete example of how it applied then....Give me a concrete example of how it applied then. And run through the math.Philip Pilkingtonhttp://fixingtheeconomists.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-79859331190656892252013-08-01T00:07:09.430-07:002013-08-01T00:07:09.430-07:00It is not a computer fórmula because it relies on ...It is not a computer fórmula because it relies on intervals of probabilities, but it is a system for decision making.<br /><br />Also it is based on the idea that the economie is absent for strong exogenous shocks , predictable. Paulo Pereirahttps://www.blogger.com/profile/00271195516904899129noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-25202525459204221362013-07-31T07:14:49.710-07:002013-07-31T07:14:49.710-07:00But as we discussed you cannot set up a formula fo...But as we discussed you cannot set up a formula for making decisions that, for example, I can pick up and use. What you're talking about is relying on your own judgement to make decisions. That's no good because we cannot test what effects MEB's ideas are having and what effects your own savvy is having.<br /><br />In order to test MEB's ideas we need a series of equations that anyone can pick up and apply to decisions in real time. In lieu of this, I don't believe that MEB has found what he has claimed to find and I believe he is vastly exaggerating his claims.Philip Pilkingtonhttp://fixingtheeconomists.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-85729137623005547792013-07-30T08:56:56.965-07:002013-07-30T08:56:56.965-07:00Dear Mr.Philip Pilkington,
If you add MEB thesis ...Dear Mr.Philip Pilkington,<br /><br />If you add MEB thesis then you can conclude that is possible to set-up a system that can beat the stock market over a long term period.<br /><br />I use a system that is based on MEB thesis, and has beaten the stock market over a long term period.<br /><br />The stock market is the S&P500 index.Paulo Pereirahttps://www.blogger.com/profile/00271195516904899129noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-87443746993878940182013-07-30T03:58:12.197-07:002013-07-30T03:58:12.197-07:00(1) Don't know. Might be true. But nothing to ...(1) Don't know. Might be true. But nothing to do with Post-Keynesianism. This is a history of thought issue.<br /><br />(2) Not true. The people Brady focuses on -- Davidson and Shackle -- use different terminology to discuss decision-making. This is more coherent because they recognise that terms like "partially ergodic" are highly misleading.<br /><br />http://www.face.ufmg.br/novaeconomia/sumarios/v12n2/Crocco.pdf<br /><br />(3) This is Brady's big nonsense claim. The idea that if you read it closely enough you'll find microfoundations in the General Theory.<br /><br />The idea here is that the decision-making theory in the ToP can be used as microfoundations. This is complete garbage. You cannot understand microeconomic behavior using Brady's interpretation of Keynes' decision-making theory. If Brady can then he should be able to make concrete calls on financial markets. If not, he is talking rubbish.<br /><br />On that front, I still have no response from him to my challenge (although someone else responded but misinterpreted the challenge again indicating to me that no one is really clear on what implications Brady's so-called discoveries have).<br /><br />http://fixingtheeconomists.wordpress.com/2013/07/17/a-challenge-to-michael-emmet-brady/Philip Pilkingtonhttp://fixingtheeconomists.wordpress.com/noreply@blogger.com