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Ep. 1177: Two Trend Following Minds with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
The Wildness of Economics
Economists have been dismissing attempts to introduce a little more wildness in the description of economic systems and financial markets, says DKT. Why is economics not able to capture these big swings? It's very strange because the models are constructed to be intrinsically stable. And what's interesting is that when you remove a few of these rational assumptions and introduce market imperfections, then it's very easy to find situations where the rational equilibrium economy,. even if it still exists, is actually unstable. This is what we would call a crisis.
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