Fortunately, to become correlated—in Treynor’s case, the the mechanism whereby a large number of warning about the thickness of the jar and the air error-prone judgments are pooled to achieve space at the top—can undermine the functioning a more accurate “consensus is not confined to of markets. [...] The capitalized value The imperative to leapfrog Russia in the space of that machine would approximate the enter- race and the development of military technology prise value of all the firms in the world. [...] In a multiperiod model standing of the beneficial role of long-term bonds incorporating technological change, the higher is consistent with Alexander Hamilton’s 1790 pre- the rate of innovation and the more diverse the sentation of the benefits of a well-funded public types of innovation, the better the functioning of debt and with Robert Mundell’s understanding of markets. [...] 02 15 the United States in 1790; it had vast potential of occasional and particular speculation, all the wealth in the form of land, but the chaotic con- money applied to it is so much diverted from the dition of post-Revolutionary capital markets had more useful channels of circulation, for which the destroyed the present value of that asset. [...] ardently wishes to see it incorporated, as a fun- damental maxim, in the system of public credit This decrease, in the value of lands, ought, in a of the United States, that the creation of debt great measure, to be attributed to the scarcity should always be accompanied with the means of money.
- Pages
- 18
- Published in
- United States of America
