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BadEconomics Discussion Thread, 11 September 2015 (self.badeconomics)

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[–]Litmus2336Keynesian from Austria 6ポイント7ポイント  (2子コメント)

I'm still trying to come up with a system in which negative income tax would be able to exist with open borders without denying immigrants access to the system for x amount of years. Still no clue how they can coexist without odd restrictions but it like to think of a way.

I'm also trying to decide if we should just abolish tax deductions other than a few things like kids. Anything else seems to exploitable or regressive.

[–]commentsrusBring maymayday back! 3ポイント4ポイント  (0子コメント)

Eliminate taxes and government. Checkmate!

[–]CutlasssI am the Lord your Gold 2ポイント3ポイント  (0子コメント)

I'm also trying to decide if we should just abolish tax deductions other than a few things like kids. Anything else seems to exploitable or regressive.

Yes. All those tax deductions really screw up the system, both on the economic and the political end.

[–]pimphandofthrawn 4ポイント5ポイント  (4子コメント)

Thoughts on Merkel's 800,000 refugee plan? Where do you all see the Eurozone in 5 years? I'm betting eastern Europe and the UK will just ignore the quotas and the EU will lurch to its next crisis in 9 months or so.

[–]Llan79 3ポイント4ポイント  (0子コメント)

The UK isn't involved in the quota plan. It's taking 20,000 over 5 years, but it's taking them from camps in Lebanon.

[–]wumbotarianmodeled as if Noah Smith was a can opener 1ポイント2ポイント  (1子コメント)

I'm betting eastern Europe and the UK will just ignore the quotas and the EU will lurch to its next crisis in 9 months or so.

Why?

[–]ivansmlhotshot with a theory 4ポイント5ポイント  (0子コメント)

I'm betting eastern Europe and the UK will just ignore the quotas

Don't know about UK, but eastern Europe will likely fold as soon as western countries become serious about their threat of limiting transfers to new member states. What's a few thousand refugees compared to the continuing option of suckling billions from the motherly tits of Structural and Cohesion Fund? No choice at all (especially for the local oligarchs that politicians really listen to).

Well, maybe except for Hungary and Orban. That guy seems genuinely intent on going full 19th-century retard and bringing the whole country with him.

[–]alexhoyerI used to bullseye Keynesians in my T-16 0ポイント1ポイント  (0子コメント)

Part of me just can't see the point of all the wealth the West has accumulated if we can't share it with those in need. Nevermind that the refugees would probably be a net positive for European economies, even if that weren't true, I would still recommend admitting all of them.

[–]usrname42There is no God but Keynes, and Krugman is his prophet 2ポイント3ポイント  (28子コメント)

There's a test on how politically biased you are here (focused on the US). I'd expect people on here to get lower scores than most (as in the score for how biased you are, not the score for how many questions you get right). What do you get?

Edit: I got 12/18, 2.78% bias.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 2ポイント3ポイント  (3子コメント)

In total, you correctly answered 14/18 (77.78%) of the political knowledge questions. 80% of people correctly answer between 4 and 9 questions; 6 is the average. Your score is higher than 99% of test takers.

On a scale of 0-100%, your total political bias was 5.56%. Your score suggests you are less biased than about 75% of other test takers. 50% of people get a score between 23% and 58%. The average score is 40.82%.

Report

[–]wumbotarianmodeled as if Noah Smith was a can opener 2ポイント3ポイント  (2子コメント)

In total, you correctly answered 13/18 (72.22%) of the political knowledge questions. 80% of people correctly answer between 4 and 9 questions; 6 is the average. Your score is higher than 99% of test takers.

...

You correctly answered:

0 out of 2 crime questions

7 out of 8 economy questions

5 out of 6 environment questions

1 out of 2 immigration questions

Got the market cap question wrong, emissions question wrong, death penalty is shrug.jpg, conceal carry is shrug.gif (I figured reduces, but I am not even sure how many crimes are committed by people with conceal carry licenses), and I figured the US wasn't the top destination by a landslide but apparently it is.

On a scale of 0-100%, your total political bias was 0%.

EAT IT BESTY!!!! Proof. Also report.

[–]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)

EAT IT BESTY!!!!

Nooooo <dies>

[–]bdubs91Maestro Today and Maestro Forever 0ポイント1ポイント  (0子コメント)

I think we had similar scores. I only screenshot-ed my political biasedness being 0%.

[–]Llan79 2ポイント3ポイント  (4子コメント)

10/18. I was surprised that US carbon dioxide emissions are so much higher per capita than EU countries.

[–]CutlasssI am the Lord your Gold 1ポイント2ポイント  (3子コメント)

Why? Seems obvious it would be.

[–]say_wot_againConfirmed for Google bigwig 2ポイント3ポイント  (2子コメント)

Sure, but twice seemed...a bit much, especially given that per capita emissions have declined in recent decades. I think the inclusion of some of the poorer EU members might have played a role.

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

My guess - I bet urban (US) and urban (EU) and rural (US) and rural (EU) have similar emissions. It's mostly Europe's higher urbanization rates.

[–]basilectThe Fed is printing too much salt. 0ポイント1ポイント  (0子コメント)

I bet urban consumption is higher, especially if cities like Houston count as urban. Or suburbs.

[–]Litmus2336Keynesian from Austria 2ポイント3ポイント  (1子コメント)

  1. Humans act purposefully

  2. I did poorly on that test

  3. I purposely did poorly on that test

  4. Keynesians lie to preserve their voodoo economic theory

  5. I purposely did poorly on that test to spite the evil Keynesians

QED This test is a Keynesian lie, prax on and don't let LAMEsians tell you that stimulus actually works or that foreign aid doesn't hurt us. Rand Paul 2016

[–]EveRommelDAY TUK UR JOBZ, didn't want it anyways, already replaced 0ポイント1ポイント  (0子コメント)

You forgot the hyperinflation

[–]ThereIsReallyNoPunNot-so-dismal scientist 0ポイント1ポイント  (0子コメント)

11/18 (95th percentile)

11.11% biased

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

14/18 (99th percentile)

0% bias

[–]Kelsig 0ポイント1ポイント  (0子コメント)

I got 15/18 even though I'm incredibly biased...lol

[–]lionmoosebaddemography 0ポイント1ポイント  (2子コメント)

10/18 (that's OK for a non-American right?).

0% bias, which left me BLUE.

[–]bdubs91Maestro Today and Maestro Forever 0ポイント1ポイント  (1子コメント)

is 10/18 with 0% bias BLUE or just UE?

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

If you can make a pun from UE be my guest

[–]Polisskolan2 0ポイント1ポイント  (0子コメント)

13/18

0% bias

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

In total, you correctly answered 13/18 (72.22%) of the political knowledge questions. 80% of people correctly answer between 4 and 9 questions; 6 is the average. Your score is higher than 99% of test takers.

On a scale of 0-100%, your total political bias was 5.56%. Your score suggests you are less biased than about 75% of other test takers. 50% of people get a score between 23% and 58%. The average score is 40.82%.

I'll need to read that link on the death penalty, but there are some seminal papers showing a strong link. I guess there's more to it. I still oppose the DP...

[–]Litmus2336Keynesian from Austria 0ポイント1ポイント  (0子コメント)

50%. I'm disappointed in myself but I'm also 85th percentile which is scary.

I'll just hide behind the "I'm only 18" excuse.

[–]CatFortuneにゃんぱす! 0ポイント1ポイント  (0子コメント)

9/18, 16.67%

Also, my economics scores were the lowest. Sorry guys!

[–]EveRommelDAY TUK UR JOBZ, didn't want it anyways, already replaced 0ポイント1ポイント  (0子コメント)

You correctly answered: •0 out of 2 crime questions

•6 out of 8 economy questions

•5 out of 6 environment questions

•2 out of 2 immigration questions

In total, you correctly answered 13/18 (72.22%) of the political knowledge questions

On a scale of 0-100%, your total political bias was 11.11%.

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

In total, you correctly answered 15/18 (83.33%) of the political knowledge questions. 80% of people correctly answer between 4 and 9 questions; 6 is the average. Your score is higher than 99% of test takers.

On a scale of 0-100%, your total political bias was 2.78%. Your score suggests you are less biased than about 75% of other test takers. 50% of people get a score between 23% and 58%. The average score is 40.82%.

I messed up on:

  • By how many percentage points did renewable energy’s share of US electrical generation grow from 2009 through 2013? (correct answer: 2%; my guess 1%)

  • How many of the world’s five biggest public corporations (by market capitalization) were American in 2014? (correct answer: 5 out of 5; my answer, 3 out of 5. Couldn't remember where the Japanese and Chinese giants stood in the rankings. Should have had more faith in 'Murica.)

  • Does the death penalty decrease homicide rates? (Correct answer: we don't know as of yet; my answer: no.)

I got the social mobility one right mainly due to Greg Clark's recent book.

[–]SubotanEcon-senpai~~ 0ポイント1ポイント  (1子コメント)

Those last two were the ones I got stuck on too - I put 1 in 5 and don't know.

[–]Llan79 0ポイント1ポイント  (0子コメント)

I guessed since it was by market cap that Sinopec wouldn't be up there, but I thought either Shell or BP would be in the top 5. I thought it would be Apple, Exxon, Berkshire Hathaway, General Electric and then Shell/BP.

[–]SubotanEcon-senpai~~ 0ポイント1ポイント  (0子コメント)

16/18, 25% bias

Suck it lads, reality has a Blairite, moderately centre-left yet electable and principled bias.

[–]bdubs91Maestro Today and Maestro Forever 0ポイント1ポイント  (0子コメント)

0% biased. I messed up on foreign aid, I thought it was 2%. Apparently it's less?

I was also wrong on the 5 out of 5 companies being American and a few others. I think I got in the top 90% of knowledge with 0% biased. I only took a screen shot of 0% biased, so I could be wrong.

[–]Baratheon_EconomistEverything is endogenous 0ポイント1ポイント  (0子コメント)

Ooh, this should be fun.

Report.

In total, you correctly answered 15/18 (83.33%) of the political knowledge questions. 80% of people correctly answer between 4 and 9 questions; 6 is the average. Your score is higher than 99% of test takers.

I got the question on concealed carry, intended immigration to the US and top five companies wrong.

Bias is 2.78pc.

[–]ThereIsReallyNoPunNot-so-dismal scientist 2ポイント3ポイント  (4子コメント)

So I have a few random questions.

  • I see almost nothing but praise on BE for NAFTA, and mostly criticism from reddit at large. But both seem to focus on effects to the US labor market. What about the mexican labor market? I've heard people say that it had a disastrous effect on Mexican farmers, because cheap US-subsidized corn flooded into Mexican markets, pricing most mexican corn-farmers out. This, combined with factories poisoning the environment, leads some to say NAFTA has been mostly bad for mexico. Are these accusations accurate? Here is a CEPR paper that makes that conclusion.

  • How does the EITC work? Do earners get a rebate on their taxes once a year? People treat cash from sudden windfalls differently than their permanent income- does that have an effect on the EITC's ability to raise standards of living?

  • Would there be any negative effects of a big increase in low interest (3%, preferably lower) federal student loans? Would this be a desirable policy?

  • I've heard ideas floated around about a tuition rebate, or tax exemption, for students who go on to become teachers. Is this a cost-efficient way of increasing teaching quality? What about just increasing teacher pay at public schools?

[–]wumbotarianmodeled as if Noah Smith was a can opener 2ポイント3ポイント  (3子コメント)

Here is a CEPR[1] paper that makes that conclusion.

I mean, it's the CEPR. Would you like me to link you a Mises.org article about the wonders of free trade? Or, less flippantly, the AEI?

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

CEPR isn't 100% bad. Kinda a mixed bag. Like EPI. AEI (gulp) is selective but not always terrible either. It's just hard to filter, like with CEPR.

Let's see what Brookings says...

[–]wumbotarianmodeled as if Noah Smith was a can opener 1ポイント2ポイント  (0子コメント)

Yeah, does Brookings have anything to say on NAFTA?

[–]JiggyProdigy 0ポイント1ポイント  (0子コメント)

Would you like me to link you a Mises.org article about the wonders of free trade?

Please don't.

[–]SubotanEcon-senpai~~ 1ポイント2ポイント  (1子コメント)

Thoughts on Oren Cass' wage subsidy plan? I love me some working tax credits, and I'm unsure if this plan is all that practical.

See also Vox: http://www.vox.com/2015/8/25/9206571/wage-subsidies-poverty-rubio

[–]wumbotarianmodeled as if Noah Smith was a can opener 2ポイント3ポイント  (0子コメント)

I posted this to /r/economics! I would like to see the EITC be expanded to people without children and single individuals, and the EITC to happen instantly and not every April 15th or whatever.

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

Read the strangest thing this week completely unrelated to economics.

This is not fictional: https://en.m.wikipedia.org/wiki/Man_in_the_iron_mask

[–]HelperBot_ 0ポイント1ポイント  (0子コメント)

Non-Mobile link: https://en.wikipedia.org/wiki/Man_in_the_iron_mask

HelperBot_™ v1.0 /r/HelperBot_ I am a bot. Please message /u/swim1929 with any feedback and/or hate. Counter: 14219

[–]ethyn408 0ポイント1ポイント  (3子コメント)

If you all had a chance to audit a class of Walter Block's, would you do it?

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 2ポイント3ポイント  (0子コメント)

No. Opportunity cost.

[–]commentsrusBring maymayday back! 2ポイント3ポイント  (1子コメント)

Yes. Opportunity cost.

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

According to Greg Clark's dataset on English factor shares, the Industrial Revolution mainly hurt landowners in favor of wage earners. The share of income going to capital was nearly unaffected! I'm not sure whether I buy that.

[–]commentsrusBring maymayday back! 0ポイント1ポイント  (2子コメント)

I thought you guys would be all over that thread in /r/Anarcho_Capitalism asking "why do you disagree with mainstream economics?" seriously, look at it

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 2ポイント3ポイント  (1子コメント)

/u/not_commentsrus seemed to have it covered.

[–]commentsrusBring maymayday back! 0ポイント1ポイント  (0子コメント)

One beautiful person can't do it alone

[–]EveRommelDAY TUK UR JOBZ, didn't want it anyways, already replaced 0ポイント1ポイント  (0子コメント)

So I follow alot of liberal pages on facebook and they are always yelling about how the bankers were never jailed. They fail to specify the actual written crime that they committed. I understand that what they did might have some moral wrongs to it but can anyone supply me with the actual laws they broke?

[–]bdubs91Maestro Today and Maestro Forever 0ポイント1ポイント  (0子コメント)

Anyone know if Ad Coms would find value in taking real analysis too? Is Measure theory used in Ph.d core classes? Assuming someone took real analysis I (first 8 chapters of baby rudin)?