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Ask BadEconomics: Midweek Discussion Thread, 19 August 2015 (self.badeconomics)

AutoModerator[M] が 投稿 - stickied post

Welcome to the midweek discussion thread

Where you can ask any questions you have for the subscribers. Ever wonder if our team of pompous economists will mock you for an idea you've had about markets and the economy? Wondering if you are able to prax the answer?

"Is XXX bad economics?"

And also chat about any bad (or good) economic events. Remember to use the NP posts and whatnot.

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トップ新着論争中古い順Q&A

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

Kocherlakota has come out against a rate hike.

The U.S. inflation outlook thus provides no justification for policy tightening at this juncture. Given that outlook, the FOMC should ease, not tighten, monetary policy by, for example, buying more long-term assets or by reducing the interest rate that it pays on excess reserves held by banks. Along these lines, the board of directors of the Minneapolis Fed has for the past few months been recommending a reduction in the interest rate that the Federal Reserve charges banks for discount window loans.

Brings a tear to my eye. How far we've come!

[–]say_wot_againConfirmed for Google bigwig 1ポイント2ポイント  (1子コメント)

Indeed. On a related note, can someone remind me the theoretical justification for neo-Fisherism? Not the hurr durr here's the equation approach the way Rowe outlooks, but the one that Williamson, at least, thought made sense?

[–]MoneyChurchDickey-Fuller? I hardly know her! 0ポイント1ポイント  (0子コメント)

John Cochrane has a post that doesn't really answer your question, but is sort of relevant.

[–]TychoTiberiusKeynes never died, he just changed his name to Satoshi. 3ポイント4ポイント  (1子コメント)

So there's another CMV thread about humans being horses.

https://www.reddit.com/r/changemyview/comments/3hkh5j/cmv_human_labor_will_become_as_redundant_as_horse/

Can someone explain this to me in a more concise way. I understand that because of comparative advantage humans will never be completely replaced by robots and there will always be jobs where customers prefer humans to render service. But, theoretically, couldn't we create enough specific robots to the point where all jobs for which there is no preference for human interaction are automated? I feel like I'm just missing some piece of the puzzle as to why that's not likely.

[–]CALL_ME_ISHMAEBYFee-fi-fo-Friedman 0ポイント1ポイント  (0子コメント)

I think the accepted answer is that some jobs will be lost but labor supply is fluid and people will move into other sectors.

[–]Jericho_Hill 1ポイント2ポイント  (1子コメント)

Damn. I was trying to lead a revolt.

GET IT TOGETHER OR I WILL BE BACK WITH PITCHFORKS

[–]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)

The mods are trying distract us from the real problems.

[–]wyman856I think, therefore I am a horse 1ポイント2ポイント  (0子コメント)

Does anyone know what has been up with the lack of content recently from IGM? From what I can tell, they have historically had 1-3 posts/polls a month, but they still haven't had any update since July 4th.

I really look forward to those...

[–]UltSomnia 1ポイント2ポイント  (2子コメント)

  1. Humans act.

  2. Taking math classes is an act.

  3. Anyone else taken real analysis or differential equations before? I'm taking part 1 of both this semester and wondering if you guys have any thoughts. I know some people say they're hard but people complain about taking precalc here so I don't know

[–]PonderayFollows an AR(1) process 2ポイント3ポイント  (1子コメント)

Diff eq shouldn't be much different then your calc classes. Analysis will require a ton of work and will make you feel like you know nothing about math.

[–]_Rory_T.K. Whitaker's Ghost 0ポイント1ポイント  (0子コメント)

When ever an American mentions a mathematics course they're taking my first reaction is "What the hell is that" then I Google it and discover I've covered it. This is the pain of having maths classes integrated with your course.

[–]CutlasssI am the Lord your Gold 1ポイント2ポイント  (4子コメント)

R1?

[–]say_wot_againConfirmed for Google bigwig 0ポイント1ポイント  (3子コメント)

Not sure why ocamlmycaml deleted xorchids' comment to kick off the /r/economics sticky. Yes, she's annoying, but that was actually some funny, quality trolling for once.

[–]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)

That comment (which I didn't see) was not deleted by the mods.

[–]CutlasssI am the Lord your Gold 0ポイント1ポイント  (1子コメント)

I didn't see it.

[–]say_wot_againConfirmed for Google bigwig 0ポイント1ポイント  (0子コメント)

She had the first comment there: "RI?"

Ocamlmycaml responded by quoting the actual rule 1 from the /r/economics sidebar.

She then responded "Removed for violation of Rule {large number in Roman numerals}"

He responded "There are five rules; you can see them all on the sidebar."

It was delightful.

[–]urnbabyurnNeoPanglossian 0ポイント1ポイント  (3子コメント)

IT WORKED!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Also, I'm first muthafuckers

[–]Homeboy_JesusCogito ergo sum equus 1ポイント2ポイント  (2子コメント)

Not quite :D

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

fuck...

[–]Homeboy_JesusCogito ergo sum equus 0ポイント1ポイント  (0子コメント)

You'll get 'em next time tiger

[–]prillin101Fiat currency has a 27 year lifespan 0ポイント1ポイント  (2子コメント)

I've actually been wondering this for a while, is it still possible to be socialist while having a free market? Like, you just make every company a workers commune but have a free market?

I don't think this is a good idea, but I was just thinking and was curious about what necessarily IS socialism, is it when workers own the means of production AND decide prices or only when they own the means of production?

[–]fmn13"How can our predictions be real if our models aren't real?" 1ポイント2ポイント  (0子コメント)

Isn't that the definition of anarchism? Considering that socialists come in as many varieties and tastes as wine, if you look hard enough, you're bound to find a sect within Our Lord Marx's gospel that fits within your preferred ideology.

So, taking the intellectually lazy route, I guess it depends on which socialism you want.

[–]weezer3989 0ポイント1ポイント  (0子コメント)

Market socialism is a thing (Yugoslavia instituted a variety of market socialist policies), and some flavors of anarchism (anarcho-syndicalism Springs to mind) would work fine with markets to a greater or lesser extent.

[–]irondeepbicycleI got 99 problems but technological unemployment ain't one 0ポイント1ポイント  (0子コメント)

Just a sticky to appease the masses and distract us from JH's sticky campaign.

[–]Homeboy_JesusCogito ergo sum equus 0ポイント1ポイント  (2子コメント)

I guess the benevolent central planner saw fit to bless us with another sticky.

Praise be unto it.

[–]say_wot_againConfirmed for Google bigwig 0ポイント1ポイント  (1子コメント)

Praise Helix urnbabyurn!

[–]grevemoeskrHumans are horses! 0ポイント1ポイント  (0子コメント)

Praise him