Re: Rick Holt and Colander-Garreston

[FAC_BROSSER@xxxxxxxxxxxxxxxx]

     Farmer's book is essentially a review and summary of the
"sunspot" literature on self-fulfilling prophecies.  In my view
it is very relevant.  Different levels of animal spirits can
generate different self-fulfilling outcomes and are interdependent.
     The Colander-Garretsen point is also important.  The multiplicity
of macro equilibria has important implications for micro
agents who must presume (assume?) a macro framework.  A depressing real
world example is the horrendous nonsense going on in various
Eastern European economies right now.  Garretsen in particular is
very aware of this last point.
Barkley Rosser
James Madison University