Leave a comment
—– look inside —– $5.94 / $20.00
—– look inside —– $4.90 / $8.00
—– look inside —– $15.99
—– look inside —– $5.99 / 12.99
—– look inside —– $5.93 / $12.99
—– look inside —– $4.97 / $9.90
—— Ugarteche, Puyana and Madi ——
Gerson Lima / Maria Alejandra Madi
Edward Fullbrook and Jamie Morgan
————— Michael Hudson ————–
Maria Alejandra Madi / Jack Reardon
————- Edward Fullbrook ————-
—————— Steve Keen —————–
————— Richard Smith —————
————– Gustavo Marques————
– Victor Beker and Beniamino Moro –
————– Lars Pålsson Syll ————-
—————– Stuart Birks —————-
Edward Fullbrook and Jamie Morgan
———— Armando Ochangco ———-
Shimshon Bichler / Jonathan Nitzan
————— Mauro Gallegati ————–
————— Herman Daly —————-
————— Asad Zaman —————
—————– C. T. Kurien —————
————— Robert Locke —————-
Real-World Economics Review Blog 
I do not know why ProfessorJohn Komios believes it is novel to introduce stochastic elements into supply and demand functions. Text books may present supply and demand curves as deterministic for pedagogical reasons but any and all attempts to identify them in practice have assumed they are stochastic. As he says, there are a myriad idiosyncratic reasons why the behaviour of an individual consumer could fluctuate, and simple demand and supply functions do not include all the more systematic variables that might exert an effect anyway. That is not news to anyone.
Moreover his analysis supposes that prices are determined by a supply-demand interaction, including short-run random fluctuations. That might be true in auction markets and will be true of financial asset prices but most prices in a modern economy are not set in that way. Manufacturers, wholesalers and retailers maintain inventories and much random fluctuation in supply and demand is absorbed by those. In response to changing inventories prices may be altered but if costs have not changed the response is more likely to be a change in production. Prices are therefore more stable than his analysis might imply. J.R.Hicks’ old distinction between “flex-price” and “fix-price” markets is apposite.
Apologies for typo. I am referring to the article by Professor Komlos
Dear Asad – Bravo! And thanks again for your courageous efforts (on the side of compassionate sanity, honesty, justice, etc.). I hope that you will seriously consider joining my corporate board of advisors (for my nascent EI Institute) and an embryonic ThinkTank R&D group that may include Thomas Greco Jr., Ellen Brown, Charles Hugh Smith, Noam Chomsky, and myself (among others).
Our mission improbable, should you choose to accept it, is proactively countering (progressively curing) the ecocidal mass-insanity that perpetuates the systemic corruption of economics, politics, governments, and fascistic corporate monopolism.
I look forward to your response. Sincerely, M