Richard Werner
speaker
4,694 appearances
9 recordings
3 series
first heard Jul 2025
last heard 22 May
Richard Werner’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 8 in all, peaking in Apr 2026 with 6.
Appearances
That's what economics becomes.
And the trick is this, that once you have these assumptions, then you can show that in equilibrium, demand equals supply, prices move to give us equilibrium.
It's prices that dominate, never look at quantities.
And this is what's being pushed.
I mean, modern economics is equilibrium economics.
And the irony is there is no equilibrium.
That's made up.
Because this scenario is so hypothetical.
What is the probability of having equilibrium?
You need at least eight assumptions to hold at the same time.
But each assumption has a probability of probably less than 1% of being true.
But let's say for sake of argument, each assumption like perfect information, complete markets, you know, zero transaction cost.
If each assumption had a probability of being...
More likely to be true than not, more than 50%, 55%, okay?
But you've got eight of these assumptions.
They all need to be true at the same time to get equilibrium.
What is the probability of getting equilibrium when each assumption is more likely to be true than not, 55%?
Well, it's 0.55, 55% to the power of eight.
You need all of them to hold at the same time, conditional probability.
So while they love to use logic and math,
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