George Akerlof & Joseph E. Stiglitz “Let a hundred ideas blossom in economics” Shanghai Daily 28 October 2009*1
最近ジョージ・ソロスがハンガリー・ブダペストの中央ヨーロッパ大学にINET=Initiatives for New Economic Thinkingを設立したことに因む文章。
Econimics has generated a wealth of ideas, many of which argue that markets are not necessarily either efficient or stable, or that the economy, and our society, is not well described by the standard models of competitive equilibrium used by a majority of economists.
Behavioral economics, for example, emphasizes that market participants often act in ways that cannot easily be reconciled with rationality.
Similarly, modern information economics shows that even if markets are competitive, they are almost never efficient when information is imperfect or asymmetric (some people know something that others do not, as in the recent financial debacle) – that is, always.
A long line of research has shown that even using the model of the so-called “rational expectations” school of economics, markets might not behave stably, and that there can be price bubbles.
The crisis has, indeed, provided ample evidence that investors are far from rational; but the flaws in the rational expectations line of reasoning – hidden assumptions such as that all investors have the same information – had been exposed well before the crisis.
については、http://d.hatena.ne.jp/sumita-m/20071011/1192121439 http://d.hatena.ne.jp/sumita-m/20080126/1201358249 http://d.hatena.ne.jp/sumita-m/20080410/1207758032 http://d.hatena.ne.jp/sumita-m/20090323/1237832980