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FarCenter

(19,429 posts)

14. No. The ability to trade on information not known to others is essential to the economy

Reply to WilliamPitt (Reply #12)

Sun Jul 8, 2012, 05:01 PM

Jul 2012

Though you wouldn't know it from reading western economics, since they seemed to ignore centuries of trading by Southern European, Islamic, Indian, and Chinese cultures.

IIRC, not until the 1990s did US economists start to study how information and the associated technological change influenced the dynamic growth and change of the overall economy.

Which means that the classical economics of capitalism, communism, and socialism are pretty much BS.

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Highlight:

Joseph Stiglitz: Jail the Bankers [View all] WilliamPitt Jul 2012 OP

"Next, politicians need to stop spending so much time listening to the financial lobby," It reveals midnight Jul 2012 #1

As I said in another couple of DU posts about this.......... socialist_n_TN Jul 2012 #2

I posted this reply already too on DU but it's too good.. canuckledragger Jul 2012 #4

"I don't call them 'bankers'... alterfurz Jul 2012 #5

EXACTLY Iggy Jul 2012 #27

Privileged knowledge has been a source of wealth since someone discovered how to make flint knives. FarCenter Jul 2012 #3

And you approve? WilliamPitt Jul 2012 #7

Privileged information has pretty much made the basis for Stiglitz' career FarCenter Jul 2012 #9

So that's a yes. WilliamPitt Jul 2012 #10

Whether you or I approve doesn't matter. One has to work with reality as it exists. FarCenter Jul 2012 #11

...or we can work to change 'reality' WilliamPitt Jul 2012 #12

No. The ability to trade on information not known to others is essential to the economy FarCenter Jul 2012 #14

"The ability to trade on information not known to others is essential to the economy" WilliamPitt Jul 2012 #15

. WilliamPitt Jul 2012 #16

.. WilliamPitt Jul 2012 #18

... WilliamPitt Jul 2012 #19

.... WilliamPitt Jul 2012 #21

Punk. WilliamPitt Jul 2012 #22

..... Electric Monk Jul 2012 #26

I Wasn't Aware Iggy Jul 2012 #28

"One has to work with reality as it exists." WilliamPitt Jul 2012 #13

Barkley's manipulations pretty much proved the idiotogy of the Free Market nt Trillo Jul 2012 #6

US Justice Dept signed an agreement with Barclays not to prosecute them Ichingcarpenter Jul 2012 #8

It's A Thing Of Wonder... No ??? WillyT Jul 2012 #17

Where did that document come from? WilliamPitt Jul 2012 #20

WOW!!! Does this prove Obama Admin collusion??!! What the fuck does this mean? riderinthestorm Jul 2012 #23

The source is real Ichingcarpenter Jul 2012 #24

Appendix A and Barclays supplementary information FarCenter Jul 2012 #25

I sincerely believe that these dodgy Banker scandals will continue Constituent Jul 2012 #29