“On the Inherent Instability of Apple Computer Products” by Bill Gates.
“On the Inherent Instability of Microsoft Computer Products” by Steve Jobs.
“On the Inherent Instability of Ford Automobiles” by co-authors from Chrysler, General Motors, and Toyota.
“On the Inherent Instability of Chrysler, General Motors, and Toyota Automobiles” by the Ford Motor Company.
“On the Inherent Instability of Private Money” by Daniel Sanches, Federal Reserve Bank of Philadelphia (No relation to the Mises Institute’s Danny Sanchez).
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This paper is an excellent example of the most highly respected papers in modern economics.
The language is such that even the most simple concept cannot be understood by a normally intelligent person. Only those who have been trained in the use, and misuse, of the language can understand what is being said.
The paper is extremely boring and expands what could be said in a few sentences into paragraphs or pages.
There is a plethora of “Sudoku” in the paper. There are formulae and variables and calculations enough to make the most ardent econometrician have tears of joy in his eyes. You could spend hours just digging through all of the numbers and symbols and still you could come up with more. Who needs the Sudoku published in the morning paper when you can simply enjoy youself with meaningless econometrics?
And finally the conclusion is based on the assumptions made in the paper and has nothing to do with the real world. There is virtually no analysis of how well the various systems have fulfilled the objective set out in the paper. Even a cursory study of the US federal reserve system tells one that over a 90% depreciation in its lifetime is not evidence of success.
So I congratulate Mr. Sanches on a job well done. He should see his career shoot to the stars. He is exactly what the government prognosticators are looking for.