Economic Question.

[The Lone Liberal]

Milton Friedman, recipient of the 1976 Nobel Memorial Prize for economic science has had an influence upon the last three decades. His economic theories have championed the free market and the lassie-faire economy.

Looking at the main points of his risk aversion theory:

“After the axiomatization of the expected utility hypothesis by John von Neumann and Oskar Morgenstern (1944), economists began immediately seeing the potential applications of expected utility to economic issues like portfolio choice, insurance, etc. These simple applications tended to use simple models where outcomes were expressed as a single commodity, "wealth", thus the set of outcomes X, became merely the real line, R. As a result, a "lottery" is now conceived as a random variable z taking values in R. Consequently, preferences over lotteries can be thought of as preferences over alternative probability distributions”


Now the question:

Lets say that back in the 50’s that Friedman and Jake LaMatta were matched for twelve-rounds in the Garden. Do you think

[greatauntoftriplets]

1. Heard Friedman speak at a college graduation years ago.

Not mine. That was worse.

All I can say is: :puke: :boring:

[MAlibdem]

2. brilliant guy...but

over reliance on monetary policy creates false economic conditions, imo. so you get crazy shit like jobless economic growth based on productivity but with no new businesses being created...

pass the keynes please

[mobuto]

3. He's not brilliant

Friedman's brilliant arguments all fall apart when you refuse to believe, as he does, that market realities adjust instantaneously with changing conditions.