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Footnotes 1 . This does not imply a “free lunch.” Rather, following changes that have led to instability, new policies–call them “social innovations”–are adopted that diminish risks. See the formal model and discussion in Chapter 2 of my book Betting on Ideas–Wars, Inventions, Inflation (University of Chicago Press, 1985). For a modelling of the impacts of redistributive policies, see Appendix 1 to Chapter 2 of R. Brenner and G. A. Brenner, Gambling and Speculation (Cambridge University Press, 1990). 2 . These questions are posed by Robert Eisner (in How Real is the Federal Deficit? (New York: The Free Press, 1986), p. 47), who suggests that, if the numbers about debt and deficits were accurate, one could have such theories without any regard to the historical context or matters of internal and external social stability in particular. The arguments also suggest that cross‐section and time series analyses may be inappropriate for examining the data, since the numbers would appear in an ahistorical context. 3 . John Maynard Keynes, The General Theory of Employment, Interest, and Money (London: MacMillan, 1936), p. 315. 4 . Ibid., p. 317. 5 . See Keynes (1936, pp. 129–31); italics in original. 6 . For
Journal of Applied Corporate Finance – Wiley
Published: Jun 1, 1994
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