[From Bill Williams 10 February 2004 2:20 AM CST]
The more I read, and re-read, Professor Bruun's dissertation the
more I like it. She states:
"This paradox is not caused by an inconsistency in Keynes, but
by the fact that we are dealing with the individual entrepreneur's
motivation for producing on the one hand, and a macro relation
on the other. " (p. 64.)
Profits, in the aggregate, are of course zero. But, entrepreneurs
produce with the end in view of obtaining a profit. It is the problem
of bridging this gap between the micro and the macro worlds that
makes Keynes' thesis so difficult to understand. I don't plan to make
the effort required to check to see if her program is correct, but as
far as I can tell she understands macro economic theory quite well.
Why since Professor Bruun already has what amounts to a Test Bed
running, but with rule based agents, don't you collaborate with her and
replace the rule based agents with control theory based agents.
This, it seems to me might save a lot of time.
Rick doesn't seem to understand that what he is doing doesn't have
anything at all to do with modelling.
But, I think Rick has demonstrated that he doesn't understand the first
thing about modelling when he set up his program to control economic
relationships so that the two sides of an identity were conotrolled so that
they would be equal to each other. This is of course is an acomplishment
of such subtle profundity that it boggles the mind.
Bill Williams