Loading ...
Sorry, an error occurred while loading the content.

RE: [Behavioral-Finance] Facts and Counterfactuals in Economic Law

Expand Messages
  • Bob Bronson
    Thanx for the reference, but Jörg Guido Hülsmann s reasoning leaves a lot to be desired. It appears that he tries too hard to bring too much certitude to
    Message 1 of 3 , Jan 21, 2004
    View Source
    • 0 Attachment
      Thanx for the reference, but Jörg Guido Hülsmann's
      reasoning leaves a lot to be desired.  It appears that
      he tries too hard to bring too much certitude to the
      black and white notions that he expresses, rather
      than delving into the all-important grey areas
       
      Thus, he makes many statements with which it's
      easy to challenge, if not completely disagree.  For
      example, on page 65, he says, "The macro-economist
      implicitly assumes that individual members of the
      society he models do not make choices, and that
      human behavior can be fully explained in terms of
      circumstances of action."
       
      Perhaps he knows some, or even many, macro-
      economists that would agree with what he claims
      they assume, or intrinsically believe, but assuredly
      we are merely one of many engaged in that field
      that do not assume or believe what he says at all. 
       
      In fact, I don't know of any macro-economist that 
      would agree with his claims, so I will ask him, by
      way of copying him in on my comments, if he is
      willing to support his claim with the names of any
      macro-economist who believes that about himself
      or herself, or other hard evidence that support his
      over-reaching claim.
       
      I won't comment any further on his paper until he
      responds -- other than to note that false premises
      can only lead to accidentally accurate conclusions.
       
      Bob Bronson
      Bronson Capital Markets Research
       
      P.S.  By the way, we give great weight to Austrian
      Economics in our various capital markets forecasting
      models, and we regularly find much value in most
      of the work from the Ludwig von Mises Institute.
       
       

      Jörg Guido Hülsmann

      Professor Hülsmann is Senior Fellow of the Ludwig von Mises Institute. He earned his PhD in economics at the Technical University of Berlin and a Habilitation degree at the University of Dauphine of Paris. He is the author of Kritik der Dominanztheorie (Critique of F. Perroux's Theory of Dominant Economies) and of Logik der Währungskonkurrenz (The Logic of Currency Competition), and has translated several renowned economic books into German. Dr. Hülsmann has written many articles in English, French, and German and is a contributor to such journals as The Quarterly Journal of Austrian Economics, Review of Austrian Economics, and Journal of Libertarian Studies. He is currently working on a full biography of the life and work of Ludwig von Mises. You can reach him at jgh@....

       

       

       

       


      From: Maestrade [mailto:maestrader@...]
      Sent: Wednesday, January 21, 2004 8:18 PM
      To: Behavioral-Finance@yahoogroups.com
      Subject: [Behavioral-Finance] Facts and Counterfactuals in Economic Law

      .....The reason is the existence of choice. A man who finds himself twice
      in exactly the same situation might choose to do X the first time and
      Y the second time. There is no law that can fully explain his choice in
      terms of the mere circumstances of his action. (Notice that this problem
      is more fundamental than the difficulty of setting up laboratory experiments
      to study human behaviour. Even if we could create adequate
      laboratory conditions to control for the innumerable circumstances of
      action, we could not control choice. And, as a consequence, the experiment
      could not help us to determine the impact of any condition on
      human behaviour.)..........Hülsmann – Facts and Counterfactuals in Economic Law


      you may unsubscribe by sending an email to

      Behavioral-Finance-unsubscribe@yahoogroups.com




      Yahoo! Groups Links

    • Maestrade
      Thank you Bob for your input. I have read your details which I find fascinating. I am awaiting Dr. Hülsmann s reaction. I have these questions ; 1.. what do
      Message 2 of 3 , Jan 23, 2004
      View Source
      • 0 Attachment
        Thank you Bob for your input.
        I have read your details which I find fascinating.
        I am awaiting Dr. Hülsmann's reaction.
         
        I have these questions ;
        1. what do you call "macro-economy" from your perspective
        2. refering to macro-economists making market predictions (in France we name them "Conjoncturistes" ), how do they derive their reasoning from if not from macro-economic theories ?
        Fred Rabeman
        ----- Original Message -----
        Sent: Thursday, January 22, 2004 1:14 AM
        Subject: RE: [Behavioral-Finance] Facts and Counterfactuals in Economic Law

        Thanx for the reference, but Jörg Guido Hülsmann's
        reasoning leaves a lot to be desired.  It appears that
        he tries too hard to bring too much certitude to the
        black and white notions that he expresses, rather
        than delving into the all-important grey areas
         
        Thus, he makes many statements with which it's
        easy to challenge, if not completely disagree.  For
        example, on page 65, he says, "The macro-economist
        implicitly assumes that individual members of the
        society he models do not make choices, and that
        human behavior can be fully explained in terms of
        circumstances of action."
         
        Perhaps he knows some, or even many, macro-
        economists that would agree with what he claims
        they assume, or intrinsically believe, but assuredly
        we are merely one of many engaged in that field
        that do not assume or believe what he says at all. 
         
        In fact, I don't know of any macro-economist that 
        would agree with his claims, so I will ask him, by
        way of copying him in on my comments, if he is
        willing to support his claim with the names of any
        macro-economist who believes that about himself
        or herself, or other hard evidence that support his
        over-reaching claim.
         
        I won't comment any further on his paper until he
        responds -- other than to note that false premises
        can only lead to accidentally accurate conclusions.
         
        Bob Bronson
        Bronson Capital Markets Research
         
        P.S.  By the way, we give great weight to Austrian
        Economics in our various capital markets forecasting
        models, and we regularly find much value in most
        of the work from the Ludwig von Mises Institute.
         
         

        Jörg Guido Hülsmann

        Professor Hülsmann is Senior Fellow of the Ludwig von Mises Institute. He earned his PhD in economics at the Technical University of Berlin and a Habilitation degree at the University of Dauphine of Paris. He is the author of Kritik der Dominanztheorie (Critique of F. Perroux's Theory of Dominant Economies) and of Logik der Währungskonkurrenz (The Logic of Currency Competition), and has translated several renowned economic books into German. Dr. Hülsmann has written many articles in English, French, and German and is a contributor to such journals as The Quarterly Journal of Austrian Economics, Review of Austrian Economics, and Journal of Libertarian Studies. He is currently working on a full biography of the life and work of Ludwig von Mises. You can reach him at jgh@....

         

         

         

         


        From: Maestrade [mailto:maestrader@...]
        Sent: Wednesday, January 21, 2004 8:18 PM
        To: Behavioral-Finance@yahoogroups.com
        Subject: [Behavioral-Finance] Facts and Counterfactuals in Economic Law

        .....The reason is the existence of choice. A man who finds himself twice
        in exactly the same situation might choose to do X the first time and
        Y the second time. There is no law that can fully explain his choice in
        terms of the mere circumstances of his action. (Notice that this problem
        is more fundamental than the difficulty of setting up laboratory experiments
        to study human behaviour. Even if we could create adequate
        laboratory conditions to control for the innumerable circumstances of
        action, we could not control choice. And, as a consequence, the experiment
        could not help us to determine the impact of any condition on
        human behaviour.)..........Hülsmann – Facts and Counterfactuals in Economic Law


        you may unsubscribe by sending an email to

        Behavioral-Finance-unsubscribe@yahoogroups.com




        Yahoo! Groups Links



        you may unsubscribe by sending an email to

        Behavioral-Finance-unsubscribe@yahoogroups.com




        Yahoo! Groups Links

      Your message has been successfully submitted and would be delivered to recipients shortly.