tag:blogger.com,1999:blog-7225373.post6189104324057879073..comments2024-02-29T03:34:23.190-05:00Comments on Who Were the Sea Peoples?: What Is Scott Sumner Thinking Here?gcallahhttp://www.blogger.com/profile/10065877215969589482noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7225373.post-62691529536032700172016-03-19T02:36:37.449-04:002016-03-19T02:36:37.449-04:00At no stage did I claim that they didn't exist...At no stage did I claim that they didn't exist, I said they are only "obvious" in retrospect, which is not very helpful.Lorenzohttps://www.blogger.com/profile/00305933404442191098noreply@blogger.comtag:blogger.com,1999:blog-7225373.post-87654631280652869892016-03-15T16:35:56.752-04:002016-03-15T16:35:56.752-04:00Lorenzo, I gave no less than THREE theories of how...Lorenzo, I gave no less than THREE theories of how bubbles might occur, and how each would relate to potential bubble spotters, and you just ignored all three, and gave an tautological definition that bubbles can't exist... which tautological definition I already noted in my post!gcallahhttps://www.blogger.com/profile/10065877215969589482noreply@blogger.comtag:blogger.com,1999:blog-7225373.post-33871498548175849002016-03-15T01:30:27.674-04:002016-03-15T01:30:27.674-04:00What do you mean by "bubble"? If one si...What do you mean by "bubble"? If one simply means asset market prices can be unstable, no one claims that they cannot be. If one means that prices rose and fell dramatically, then the question arises whether this was reliably knowable in advance. If a price turning point was reliably knowable in advance, then people would not buy at a price where it was understood said assets would shortly be worth significantly less. Which means (1) bubbles occur due to unknown turning point points and (2) they can only be reliably discerned after the fact. This makes them a fairly useless concept.<br /><br />What makes asset prices unstable? is an interesting question. Almost anything about "bubbles", not so much.Lorenzohttps://www.blogger.com/profile/00305933404442191098noreply@blogger.com