They are co-authors of Imperfect Knowledge Economics and Beyond Mechanical Markets.
The idea that central banks should do nothing, even as speculative investors borrow money from banks to bid prices up to unprecedented levels, deserves a stake through the heart.* "Beyond Mechanical Markets: Asset Price Swings, Risk and the Role of the State", by Roman Frydman and Michael Goldberg.
Beyond Mechanical Markets is a serious piece of work that's based on research the pair has been doing for some time; while it's "about" the financial crisis, its core ideas transcend that episode.
One of the great challenges for believers in mechanical markets is what the pair call "long-lasting asset swings" and what we often loosely and promiscuously characterize as bubbles.
Enter Beyond Mechanical Markets: Asset Price Swings, Risk and the Role of the State, a book published earlier this year by two economics professors, New York University's Roman Frydman and the University of New Hampshire's Michael D. Goldberg, that has elicited remarkably little discussion in the U.S. (it's done better in Europe, but that's another story).
Beyond Mechanical Markets is not an economics text heavy with math (the approach of their earlier book on IKE, Imperfect Knowledge Economics: Exchange Rates and Risk, was); it hearkens back to the narrative method of economics that arguably reached its apex with Keynes.
The strategy worked, he said, but by the turn of the 21st century the revival of the luxury mechanical watch market was evident — driven by strong demand in Asia — and Hermès realized that it had to raise its game and go beyond quartz to be taken seriously.
Thanks to its mechanical properties, market size, industrial experience in process design and relatively low cost, the simple, non-impregnated, activated carbon may occupy a niche market in the production of secondary palladium.
FTL Technology has published a new design guide for the Goetze duo-cone mechanical seals marketed by the company.
For processing, drying, and occasionally for fresh market, mechanical motor-driven tree and bush shakers with appropriate catching belts, bins, pallets, and electric lifts reduce harvesting and handling labour.
