Re: Re: RE: Enron's Success Story

[Eugene Coyle <eugenecoyle@xxxxxxx>]

To answer Michael's question below:  "No."

    But the reason for the Wall ST Journal story was not to work through
micro theory to get the "right answer."  The article appeared to head off
any questioning of "the market" in Congress or State legislatures.  People
were looking at Enron (and California, and Montana, and Alberta, and New
Zealand, and and and) and saying "Maybe the market doesn't work so well."
So the Journal (and I've seen the same thing elsewhere) is putting out the
line that Enron is PROOF that the market works, not the opposite.

Michael Perelman wrote:

> Is it ever possible to the disprove market efficiency to the satisfaction
> of a conservative economist?
> --
> Michael Perelman
> Economics Department
> California State University
> Chico, CA 95929
>
> Tel. 530-898-5321
> E-Mail michael@xxxxxxxxxxxxxxxxx