In spite of the importance of value to the development of sound economic theory a lot of people […]
Before I move on to describe market exchanges in a bit more depth I would like to summarize […]
An exchange reveals the relative preferences on the people involved in the exchange.
If individuals provide the source of economic value, how do we measure it?
Think about the source of economic value. Don’t we need to know the source of value before we can clearly understand market activity?
Can the Fed actually control interest rates? And, does the fed funds rate actually have a significant influence on broader market interest rates?
The Fed funds rate is zero because banks don’t have a need for reserves. Fed action has not changed that.
(Flocks of birds) have a lot to teach us about the behavior of markets and other complex living systems, e.g. individual humans, neighborhoods, markets and a flock of birds.