Re: Heterodoxers are crackpots

["Dr. Bruce McFarling" <ecbm@xxxxxxxxxxxxxxxxxxx>]

"John M. Legge" <jlegge@xxxxxxxxxxxxxx> wrote
on Wed, 04 Sep 2002 06:04:21 +1000:

> Bruce cited an entrepreneur investing now in a new product

> with a  view to earning profits in fifteen year's time, and

> I am not aware of any market in which contracts for future
> delivery of such products at such a time lapse are traded.

And yet, entrepreneurs engage in such investments, in

productive assets and research and development, all the time.

In the real world, of course, there are no perfectly informed

futures markets for them to refer to in order to gain the
correct expected market return on that investment.  Yet
in perfectly respectable orthodox theories, there are
a complete array of spot and future markets for anyone
to find any such information that they are interested in.