FOO Law and Economics

Friday, January 9, 2009

Primer on financial crises and the Philippine economy

Quick take: We're not in a financial crisis, but we're not safe. Even with the best prescription, there is a risk of stagflation.

See my article in the Philippine Daily Tribune on January 9, 2009.

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1 comment:

Orlando Roncesvalles said...

Rationality works for the long run, and most times. But manias, bubbles, panics,and crises have inherent elements of irrationality. The trick is to be amongst the sane in the land of the insane. An informative movie is "The King of Hearts" which ran for years in Cambridge, Massachusetts.

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Economics as Zen

The market is like a post-impressionist painting.. The close view is no more real than the far view.. That is all.
-- Deirdre McCloskey

Ponzi units ... make position by selling out positions.
-- Hyman Minsky

Words ought to be a little wild, for they are the assaults of thoughts on the unthinking.
-- John Maynard Keynes

The wish is father to the thought.. What it means is that the wish is the father of faith.
-- Ludwig von Mises

T. S. Eliot wrote about the bottoms of trousers worn rolled

Having long toiled within a behemoth, I have since decamped to a quiet bay, at times on a single outrigger. I contemplate how social order and the economy interact. And what it's all about.

I've come to realize, painfully, that opportunity cost shatters the lenses of artificial privilege and self-delusion -- either you can or can't, whatever be the object. Why? Because opportunity cost is the next best thing.

Contemplation works.

-- Orlando Roncesvalles