Quantum Mechanics: Harbinger of a Non-Commutative Probability Theory?

In this paper we discuss the relevance of the algebraic approach to quantum phenomena first introduced by von Neumann before he confessed to Birkoff that he no longer believed in Hilbert space. This approach is more general and allows us to see the structure of quantum processes in terms of non-commutative probability theory, a non-Boolean structure of the implicate order which contains Boolean sub-structures which accommodates the explicate classical world. We move away from mechanical `waves' and `particles' and take as basic what Bohm called a {\em structure process}. This enables us to learn new lessons that can have a wider application in the way we think of structures in language and thought itself.Comment: 20 pages, one figure. Invited pape

Locked-in and Sticky Textbooks: Mainstream Teaching of the Money Supply Process

Current macro-economic textbooks provide a fatally misleading description of the money supply process in modern economies. Over the past 20 years Post Keynesian authors have established conclusively that despite strictly-enforced cash reserve requirements, changes in the supply of bank deposits are not determined exogenously by central bank open market operations, but are endogenously determined by changes in bank borrowers’ demand for credit. Nevertheless the vast majority of undergraduate macroeconomic textbooks continue to teach the high-powered-base “money-multiplier” paradigm that the supply of money is exogenously determined by the central bank. Few texts recognize that interest rate targeting renders the high-powered base endogenous. This paper summarizes the extent mainstream macroeconomic textbooks are “locked in” and “sticky,” and fail both in the teaching of monetary policy and in proper scientific discourse.macroeconomic textbooks, money supply, endogenous money paradigm, EMP, Post Keynesian economics, paradigm shift

Poems

Poems include: Babel and Noah by Basil J. Raymon

THE END

Poem by Basil J. Raymond

Kitchen Chair at St. Lo

Poem by Basil J. Raymond