Friday, December 8, 2017

Not the labor market

Scitt Sumner describes monotonarianism for us:
It seems to me that market monetarism has two components, the market part and the monetarism part. In my view, monetarism is the school of thought that says shifts in the supply and demand for money drive the most important macro phenomena, including key nominal variables like inflation and NGDP growth, as well as business cycle movements in RGDP and unemployment.
Labor market won't index, got no algebra. 

Otherwise, our auto traded pits actually selects the most likely values of NGDP and RGDP, these pits being the natural determiners of the values. But that doesn't make it 'determinable', except by whatever market consensus emerges. Our systems catches, and reacts,  to the first emergence of the monetary aggregate values.

Better to deal with labor intermediaries:

For labor markets, one really wants to create a model of the intermediaries, how are they organized.  Query the head hunters, what do they say and how many of them are busy. In units of uncertainty, the labor market has huge uncertainty. We see this in he wild cyclic swings.

In economics, what people do is the real outcome in the sense we pick our activities privately, it is the thing priced, over all, in a labor value theory.  It is going to be the most secret, the object of curiosity for the singularity.

No comments: