> Trying to Catch WorldCom's Mirage
> SETH SCHIESEL
>
> This NY Times article suggests that AT&T's downfall was that
managment
> felt compelled to match WorldCon's success.
>
=====================
Veblen's emulatory "arms race."
----------------------
it's also a case of adverse selection a problem that inflicts markets when they don't fit the H*yekian ideal: when there's imperfect and asymmetric information (as there usually is), the competitors that can get away with bad behavior to make a bigger profit not only dominate the market directly but induce other companies to do the same.
somehow this stuff is hidden away in the back of introductory econ. books, but it does show up in Mishkin's money & banking text (despite its monetarist leanings).
JD
- [PEN-L:27413] Re: Dollar to fall by 1/3, (continued)
- [PEN-L:27413] Re: Dollar to fall by 1/3, Doug Henwood Sun 30 Jun 2002, 18:38 GMT
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- [PEN-L:27407] RE: Re: unbelievable, Devine, James Sun 30 Jun 2002, 15:43 GMT
- [PEN-L:27405] unbelievable, michael perelman Sun 30 Jun 2002, 04:25 GMT
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