Available Now! (click cover)

America's Counter-Revolution
The Constitution Revisited

From the back cover:

This book challenges the assumption that the Constitution was a landmark in the struggle for liberty. Instead, Sheldon Richman argues, it was the product of a counter-revolution, a setback for the radicalism represented by America’s break with the British empire. Drawing on careful, credible historical scholarship and contemporary political analysis, Richman suggests that this counter-revolution was the work of conservatives who sought a nation of “power, consequence, and grandeur.” America’s Counter-Revolution makes a persuasive case that the Constitution was a victory not for liberty but for the agendas and interests of a militaristic, aristocratic, privilege-seeking ruling class.

Thursday, April 29, 2010

Markets and Correction of Error

If money can be made bucking market trends (shorting, etc.), people will have an incentive to uncover, correct, and limit the damage from errors in the market.

Corollary: Restrictions on shorting, etc., lock in error and magnify the damage.

Isn’t it funny that those who try to make hay out of the imperfection of markets are most enthusiastic about measures that would exacerbate the imperfections?

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