Dirigisme

Dirigisme is an economic term designating an economy where the government exerts strong directive influence. While the term has occasionally been applied to centrally planned economies, where the government effectively controls production and allocation of resources (in particular, to certain socialist economies where the national government owns the means of production), it originally had neither […]

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Theory of Reflexivity

“I must state at the outset that I am in fundamental disagreement with the prevailing wisdom. The generally accepted theory is that financial markets tend towards equilibrium, and on the whole, discount the future correctly. I operate using a different theory, according to which financial markets cannot possibly discount the future correctly because they do […]

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