DeLong Smackdown Watch: Goldman-Sachs and ABACUS

It's "Have a Cow," Robert...

Robert Waldmann:

Robert's Stochastic thoughts: Brad DeLong clears his throat. I throw a cow. He wrote

The win-win benefits of trading money for money--where are they? It turns out that they are there. There are, actually, four:

Trading money now for money later: people who want to save now and spend later can make win-win trades with people who want to spend now and save later.

Risk: people who are unusually averse...