Re: [Pen-l] FYI: Skidelsky on Keynes

[Carrol Cox <cbcox@xxxxxxxxx>]

Michael Perelman wrote:
> 
> Asset prices can convey information, but they can also convey misinformation. These
> prices can be correct.  Even a stopped clock gives the right time a couple times a
> day. The problem is the inability to identify when the price is correct and when it
> is not.
[clip[> 
> On Wed, Dec 17, 2008 at 11:22:19AM -0500, Doug Henwood wrote: [clip]
> >
> > They can sometimes, ****whatever "right" means****

Isn't Doug's qualification key. The "right price" of assets is
determined by factors that have nothign to do with the asset itself???
The concept is pretty meaningless.

Carrol

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