Image: Hockett with Ken Arrow at the World Bank, 2016
Real Arrow Securities for All
Ken Arrow and Maurice Allais famously developed the Theory of Incomplete Markets in the late 1940s, provacatively suggesting that welfare-optimal intertemporal equilibria might be secured by a market sufficiently rich in contingent claims. While the conception of optimality with which they operated was vacuuous, as shown in several of the 'High Theory' papers assembled in the Module of that name at this site, It is nevertheless helpful, indeed a justice gain, to construct markets for trading risks that at present cannot be laid-off. These papers, written while Hockett was completing doctoral work with Yale's Robert Shiller, show how to develop derivative financial instruments for ordinary people rather than big Wall Street investment houses.
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Columns, OpEds, Occasional Journalism
I'm no Marx or Keynes, but like them I do try to accompany most of my scholarly, policy advocacy, and legislative work with more accessible journalistic companion pieces. Here are some of my regular columns for Forbes, The Hill, FT, and Huffington Post, along with other occasional journalism.
The Green New Deal
The Green New Deal initiative begun in 2018 marked the beginning of a return to ambitious public-private coordination in the cause of rebuilding the American economy along more just, productive, and sustainable lines. Hockett worked with Rep. Ocasio-Cortez and her team from the start on the GND Resolution introduced to Congress in early 2019, then on the initiative's finance plan as well as much follow-up legislation found in the 'Legislation' Module of this site.
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