On Mon, 25 May 1998 17:02:17 -0400 Peter Norberg wrote:
> From: Peter Norberg <ceepn@xxxxxx>
> Date: Mon, 25 May 1998 17:02:17 -0400
> Subject: Re: reification, agency
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> At 16:59 1998-05-25 +0000, you wrote:
> >In response to Henry and Peter,
> >
> >'There is a THEY who tell people to do things in accordance with
the
> >signals from "the market". "the market" that launches these
signals is,
> >however, not a THEY, but certainly a reification. No THEY starts
the
> >markets and no THEY keeps it going on. Certain THEY use the
market for
> >THEIR purposes.'
> >
> >I'm not sure about these signals. Smoke signals, yes. they mean
what you
> >want them to mean.
> >
> >A strawberry grower once explained to me about market signals.
> >If the market is good, obviously you plant more strawberries -
market
> >says so, by the price-message.
> >
> >If the market is down - you plant more strawberries. Every body
else
> >will pull out, so the price will go up next year.
> >
> >More seriously , refer to an article on the messages of the money
market
> >according to NZgovt experience, written by Jan Whitwell. This
stuff
> >about market signals is unproven. There is no delivery system.
And often
> >there is no translation system. so the govt has to use very crude
> >messages (concealed as market messages), like put up interest
rates on
> >mortgages and (mortgage-paying) people will stop buying stuff
therefore
> >inflation will come down. Put up interest rates on 90-day bills
and
> >businesses will stop borrowing - employment and wages will come
down.
>
> Govt does not by itself choose to raise interest rates. The
mystical,
> impersonal market has a saying as well.
>
> >
> >There is a 'they'. The market is an illusion.
>
> The predominant emittor of market-signals is not govt but the
market itself.
>
>
> >We have not yet cut off
> >the king's head.
> >
> >Cheers,
> >Nesta
> >
>
> Peter Norberg
> http://hem.passagen.se/fosforos/arte24.htm