Old School Econ Versus Modern Financial Economics

OK kids, I am working on something that touches on the Sraffa-Hayek debate. (You know, the one you spent 3 classes on in grade school, right after the Boston Massacre.) Sraffa said matter-of-factly that in (long-run, steady-state) equilibrium, the spot and forward price is the same for all commodities, and that the “natural” or own-rate […]

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