Subject: Share the View -- on Economic Weather and Searching Your Skivvies
From: "Bloomberg View -- Tobin Harshaw" <[email-masked]>
To: <[email-masked]>
Date: Mon, 9 Apr 2012 09:00:16 +0000

_Share the View_ -- _Bloomberg View _

A Quick Look at Bloomberg News's Opinion Section for April 9,  2012

"Almost five years after a financial crash nearly thrust the world into
depression, a peculiar paradigm still dominates economic thought," writes
View columnist Mark Buchanan. "Known as the neoclassical school, it aims to
give Adam Smith’s notion of the invisible hand its mathematical form.
It asserts that markets naturally seek an equilibrium that harnesses
individual self interest to allocate investment capital in an optimal way.
Even if that perfectly efficient ideal is never reached, the logic goes,
markets work better insofar as they approach it."  Let me guess -- it's not
only "peculiar," but wrong, right? "Anyone who thinks our recent financial
travails would have discredited this vision is underestimating the mental
inertia of theoretical economics," answers Buchanan, who, as a theoretical
physicist, knows a thing or two about inertia. "To this day, the Federal
Reserve and the European Central Bank go right on making plans using
so-called general equilibrium models of the economy. In these
models, financial firms don’t exist, asset bubbles are inconceivable
and there’s no such thing as an international market in derivatives."
([2]Link.)
  Links:
    2. http://bloom.bg/HsINqX

Also, the View editors have thoughts on how building a better toilet can
save lives in the developing world ([3]link).
William D. Cohan explains that an FDA for financial instruments would stifle
Wall Street innovation. ([4]Link.)
Noah Feldman feels a Supreme Court decision on strip searches is a symptom
of the death of privacy. ([5]Link.)
Steven Greenhut reports on California's high-speed rail
boondoggle.  ([6]Link.)
And Tim Judah demonstrates that all is not disastrous in Bosnia.  ([7]Link.)
  Links:
    3. http://bloom.bg/I807lR
    4. http://bloom.bg/HBrUpP
    5. http://bloom.bg/HqmRO5
    6. http://bloom.bg/HzavC8
    7. http://bloom.bg/HzdTMC

To see if you share the View, go to [8]www.bloomberg.com/view.
And check out our editors' blog, [9]The Ticker.
Follow us on Twitter @bloombergview.
Follow me on Twitter @tobinharshaw.
Like us on Facebook, if indeed you like us at all.
  Links:
    8. http://www.bloomberg.com/view
    9. http://www.bloomberg.com/view/the-ticker

For more information, or to be deleted from this mailing list, either call
Tobin Harshaw at +1-212-205-0367 or email me at [email-masked].
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[email-masked].

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