Sublime

Reading Keynes with his new understanding that Keynes, like himself, was always looking at the world through the lens of banking—the “Wall Street” or “City” view–led Minsky to formulate what he called his “two-price theory of investment”. Contra the quantity theory of money, monetary conditions do not drive the price of output; but they do drive th

One is the neoclassical rational-choice-equilibrium argument that markets automatically come to the Pareto optimal equilibrium for society. This was Ken Arrow and Debreu’s great work. The second is more out of the Hayekian tradition, that markets are efficient at processing distributed information to help coordinate activity in the economy. But bot

James D. Kiras, a student of Colin Gray’s, challenged Gray’s generally optimistic treatment of SOF strategic utility using two case studies of raids from World War II in Special Operations and Strategy (Kiras 2006).

FDR’s hostility was political, not personal. Baker, Raskob, Ritchie, and Smith represented the probusiness wing of the party: a conservative, hard-money tradition dating at least to the era of Grover Cleveland. Roosevelt, standing far to the left, had put together a remarkable coalition of western populists, white southerners, ethnic minorities, an

Typical Steps in Industry Analysis