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Weekend Sticky (self.badeconomics)

wumbotarianI want to be the Walrasian Auctioneer when I grow up[M] が 投稿 - stickied post

Here's a sticky for the weekend. Let's try not to do 200+ comments in under 24 hours this time.

Go outside. Drink some coffee at a cafe and talk with friends. Eat a baguette. Just go to France, I guess.

MetaCog wanted to do an R1 competition. So do that here I guess.

PM me your Polynesian pygmy anteaters.

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[–]CatFortune 3ポイント4ポイント  (1子コメント)

How cool would it be if we did a demographics survey? I love filling out surveys. Plus, I have a theory that every single person who comes to this subreddit is a dude.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 2ポイント3ポイント  (0子コメント)

I did too, but I found out recently we have a gril among us.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 2ポイント3ポイント  (1子コメント)

Since /u/Integralds didn't do a paper/drink/music for Friday night, I give you this picture I saw on Facebook.

[–]CatFortune 0ポイント1ポイント  (0子コメント)

Here are some memes from my friend's Facebook. I only started looking at economics things on Reddit because she doesn't stop with this TPP stuff.

[–]IntegraldsI am the rep agent AMA 2ポイント3ポイント  (4子コメント)

I'll do music and a paper today, /u/wumbotarian!

The song is G-Beat in honor of the third season of Symphogear.

The paper is an oldie but goodie: Romer and Romer, "What Ends Recessions?" Read it, and read Cochrane's comments. For some reason, Cochrane was the discussant for basically every Romer and Romer paper from 1989 to 2004.

[–]CatFortune 0ポイント1ポイント  (3子コメント)

Is this the kind of show I'd be lost if I started watching the third season? They only have the last two episodes on Crunchyroll.

[–]IntegraldsI am the rep agent AMA 1ポイント2ポイント  (0子コメント)

You'd be doing yourself a disservice by not watching the first two seasons; they're all sorts of fun.

That said, you'll be a little confused but could probably dive into the third season without too much difficulty.

[–]IntegraldsI am the rep agent AMA 1ポイント2ポイント  (1子コメント)

Please refer to this chart.

[–]CatFortune 0ポイント1ポイント  (0子コメント)

I can watch season one on Funimation's streaming service, and the first two episodes of season three on Crunchyroll. No idea where to find season two. :[

[–]Meta-Cognition"Neoclassical Bernankean shill" 1ポイント2ポイント  (2子コメント)

Guys, you absolutely have to read this blog post by some lefty called Another Angry Voice from up north in England. Preparation: in a lot of his posts, he compares "neoliberals" to Nazis. Anyway, the post is on speculation and how the current economy "isn't really capitalist".

http://anotherangryvoice.blogspot.co.uk/2015/07/the-delusion-that-modern-economy-is.html

Tagging /u/Wumbotarian, /u/besttrousers and /u/Integralds just because I think they'd appreciate it the most.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 0ポイント1ポイント  (0子コメント)

Anyone who thinks that the modern economy is a capitalist one is simply betraying the fact that they either have a faulty understanding of the modern economy, or that they're unfamiliar with the actual definition of capitalism (perhaps using the word as a loose synonym for distinct concepts like "business" or "trade").

I don't know what the "actual definition" is. I always just think about it as the owners of capital being the marginal claimant on production.

[–]PopularWarfareDarth Economicus 0ポイント1ポイント  (0子コメント)

The evidence he provides is not really relevant to his conclusion. Just because speculation is allegedly rampant does not mean the mode of production has changed. Most of the marxist literature i have read simply calls this "finance capitalism." Which is actually the REAL last stage of capitalism. Like foreal this time guys.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 1ポイント2ポイント  (0子コメント)

From Krugman's latest column:

Many economists used to think of the labor market as being pretty much like the market for anything else, with the prices of different kinds of labor — that is, wage rates — fully determined by supply and demand. So if wages for many workers have stagnated or declined, it must be because demand for their services is falling.

In particular, the conventional wisdom attributed rising inequality to technological change, which was raising the demand for highly educated workers while devaluing blue-collar work. And there was nothing much policy could do to change the trend, other than aiding low-wage workers via subsidies like the earned-income tax credit.

You still see commentators who haven’t kept up invoking this story as if it were obviously true. But the case for “skill-biased technological change” as the main driver of wage stagnation has largely fallen apart. Most notably, high levels of education have offered no guarantee of rising incomes — for example, wages of recent college graduates, adjusted for inflation, have been flat for 15 years.

Anyone know what he is talking about here? My understanding was the SBTC was still the dominant force according to most labor economists (and Piketty!), with some suggesting MW and tax policy also play a a limited role. I think of Card and Dinardo 2002 and Autor, Katz, Kearney 2008 summarizing the different approaches. How has this literature shifted in the last 7 years?

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 0ポイント1ポイント  (3子コメント)

So I got a bunch of comments on the /r/economics sticky thread.

What if we did it on alternate days as /r/badeconomics? Could that help resolve the too many comments crisis we are experiencing?

[–]PopularWarfareDarth Economicus 0ポイント1ポイント  (0子コメント)

so is /r/ economics still a cesspool or...

[–]complexsystemsMWG is my homeboy 0ポイント1ポイント  (1子コメント)

Do you think the /r/economics discussion thread generated value? or was it just an outlet for traffic?

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 0ポイント1ポイント  (0子コメント)

I'm not sure.

There were a lot of 'basic questions' that people answered, which is nice. I'm not sure if we'd want to do that all the time, though.

I don't know what you mean by "outlet for traffic".

[–]Meta-Cognition"Neoclassical Bernankean shill" 0ポイント1ポイント  (2子コメント)

I have a question related to a claim made by /u/HealthcareEconomist3 in response to a post I made in the last sticky.

IIRC He said monetary policy should switch to income targeting, with debt level targeting over the long-run. Does anybody know how a central bank could perform such a policy?

[–]colacoca 0ポイント1ポイント  (1子コメント)

The Treasury issues debt, not the Federal Reserve. I presume HE3 knows this so I don't know what HE3 is referring to with debt level targeting.

[–]Meta-Cognition"Neoclassical Bernankean shill" 0ポイント1ポイント  (0子コメント)

I may have simply misread his comment. I was asking about monetary and fiscal policy, and he made the debt comment after he advocated nominal income. So I may have simply confused myself.

Nevertheless, I'm interested in how this regime would work.

[–]jajakes 0ポイント1ポイント  (0子コメント)

I just moved. At my new apartment, the last few days, I have seen a smokey-gray cat walk by my window several times. No visible tags. I wake up this morning to find a black-with-white-paws cat hanging out on my porch, with smokey-gray prancing around nearby. Smokey-gray is skiddish, and black-with-white-paws is very calm. BWWP has kinda messy fur from being outside, but both overall look to be clean and cared for. But still, neither has tags. I put out some water for them, in case they're thirsty, and go out to get lunch and buy some groceries. I decided to buy a couple tins of cat food tuna, just in case they're strays and I need to trap them to take them to a vet. But it's raining when I come home, so I put out a tin of the tuna next to the water dish. Less than two minutes later, a white-with-blue-eyes cat comes by and eats some of the tuna and has a little water. WWBE has a spotless, clean coat. Still no tags.

I think that at least BWWP and WWBE are female, so I can't check to see if they've been neutered. Don't know about SG. They're probably somebody else's outdoor cats, given that they appear to be pretty clean, and that cats don't really like collars. But I do face the woods, and I know that there are a lot of strays out there. If they're strays, I want to take them to a vet to get spayed/neutered (if they aren't already), and hope to find their original owner(s), or maybe adopt one. But I don't want to trap a neighbor's outdoor cat.

From what I've heard, a lot of people don't put collars on their cats, outdoor cats or indoor cats, but just have them microchipped, so they're probably someone else's. But I can't just leave them to roam if they aren't being cared for. Anybody know anything about cats? Any advice?

R1: Something something signalling game. Tag your pets, people.

[–]complexsystemsMWG is my homeboy 0ポイント1ポイント  (0子コメント)

I made a pledge for the week last weekend;

  1. To read through my RSS feed every single day

  2. To post at least one article to /r/economics every day

Ultimately I failed my pledge. I did not post a thread on Thursday, but I posted at least one (and many more) on every other day of the week. I plan on continue it for a second week. Many of the threads don't generate a ton of discussion, but I hope people enjoy them as a deviation from 'we're all going to be horse glue' threads.

Also, wumbo, please stop coming into threads and asking pertinent questions! :<<<<<<

[–]_Muzak_ 0ポイント1ポイント  (4子コメント)

+/u/User_Simulator Integralds

[–]User_Simulator 1ポイント2ポイント  (3子コメント)

David Warsh's lovely book *Knowledge and the extent to which we can really start writing down business cycle models. The world is a god. Ask people to replicate MRW. Nothing else comes to mind immediately, but I'll save it for a similar state that did not have hard data to speak of, so it developed a new discussion sticky!

~ Integralds

Info

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 0ポイント1ポイント  (2子コメント)

Knowledge and the extent to which we can really start writing down business cycle models

I'd read it.

[–]_Muzak_ 0ポイント1ポイント  (1子コメント)

+/u/User_Simulator besttrousers

[–]User_Simulator 0ポイント1ポイント  (0子コメント)

From Snow Crash > When it gets better. > That's because education is currently in the editorial, was introduced by Kahneman and Tversky. It could be attained by adding a third issue, which seems to be zero.

~ besttrousers

Info

[–]Dirk_McAwesomeI am the hypothetical monopolist. AMA 0ポイント1ポイント  (0子コメント)

First!

[–]NewMerril 0ポイント1ポイント  (0子コメント)

Eat a waffle or go to Belgium. I'm told that both are pretty much the same thing.

Suck it Belgium: you're the victim of a bad joke on the Internet and there's nothing you can do about it.