NOTICE
- Never take seriously and DO NOT TRUST THE FOLLOWING
- "Austrian Economics" in this post might share nothing with historical Austrian Economics
Least of Hilbert Space
- space of superposed harmonics with different phases
History (too partial and biased)
- Menger(father): originator, one of the marginal revolutionists
- Böhm-Bawerk: "wavy" view of economic reality
- Wieser: imputation (= decomposition of wealth)
- Mises(Lutwig): (Sorry, I know nothing about him)
- Hayek: "pure" capital theory and business cycle
- Schumpeter: rotation of capital and innovators' roles
- Menger(son): Brouwer's student, sought axiomatics for economics
- Morgenstern: collaborator of von Neumann and coauthor of TGEB
Possible Formalism
- enterprises and national economies as fields
- business cycles and prices as wave functions
- portfolio as state vector
- term structures as spectra
- capital and social wealth as functional, which could be decomposable
- quantities of bonds, or elements of the state vector, should be chosen for maximizing certain wealth functional (fixed point theorems assure that)
- risk and danger as hypothetical extremely long-term (infrared) bond with somewhat uncertain remaining duration (wave length) and quantity, which insurance companies might need to cover their contracts
- inflation rate, or "mean" return as curvature on timeline
TODO
- define equilibrium interest rates and explain economic meaning of eigenvalue
- complete explaination of economic meaning of FPTs in relation to Austrian understanding of "equilibria"
- treat consumption and surplus, not as depreciation of laborers' capital
- show similarity and difference to historical Austrian Economics
- show similarity and difference to pre-crisis mainstream macroeconomics
- show similarity and difference to modern finance
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