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« Sumner, Murphy, Richman, and Cantillon Effects | Main | The Function of Market Agitation »


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As Hayek would put it, Bill Woolsey's and Scott Sumner's magical instant expectational coordination via the EMH or Rational Expectations assumes away the very problem of to be explained.

It's a form of begging the question -- the whole problem of macroeconomic coordination it so explain how coordinational expectations across plans works and fails to work Sumner and Woolsey.

Here's the question begging argument of Sumner and Woolsey:

The magic of the market works .. via magic.


Don't forget the biggest beneficiaries--the farmers in Northern India

Certainly those selling guar gum in 2011, those buying their farm in 2011 might have a different take on just how beneficial things were for them.

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