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Originally Posted by roachboy
a "market" is not an object, nor is it a system
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True, but the term "market" is used in the context of grouping "objects" or participants within a "system".
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--it's a cluster of relations. as such, a market doesn't "tend" toward anything, doesn't "seek" anything.
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However, market participants do "trend" toward certain things. Market participants show historic tendencies regarding what they "trend" to. For example there are clear patterns in the relationships between corporate earnings yields and treasury securities yeilds. When there is excessive deviations in these relationships, there are corrections. The problem with predicting these changes is a short-term problem not a long-term one.
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your position on this is metaphysics, a religious assumption, a matter of faith, nothing more.
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Let's not leave out luck.
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stock market fluctuations refer to themselves.
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Not to the objects traded in the stock market. At some point real value is revealed.
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that it's been an article of faith for some time that they refer to the broader economy has been of a piece with the more debilitating assumption that what matters is the movement of capital and not the relations of market-oriented activity to other forms of social life---like production, say.
it's this entire way of seeing the world, ace--everything about your position--that's in serious trouble in the transition we're moving through.
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Are you a "market" participant, or are your views based upon theory?