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Ask BadEconomics: Midweek Discussion Thread, 16 September 2015 (self.badeconomics)

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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

[–]WearyTunes 2ポイント3ポイント  (0子コメント)

Any opinions on the recent WsJ article about the price of Sanders' program and the responses?

It seems like WsJ was being a bit unfair but I honestly can't tell if the people contradicting them are doing any better.

[–]CatFortuneにゃんぱす! 2ポイント3ポイント  (0子コメント)

Publishers put this in the corner of the pages for my Econ 101 textbook. This class will be legit.

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

What did Hayek get right? Where did Hayek went wrong?

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

Who's got the skinny on PQE?

[–]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)

I tried to go to other subreddits to get more economic views and the lack of links to reputable sources makes me sad so I have to come back here.

Speaking of which can someone link HE3 excellent breakdown of Sanders bad econ that he made a few months ago, I've lost the link and I'm surrounded by people feeling the bern.

[–]irwin08STAGFLATION IS COMING, BUY GOLD NOW!!1! 0ポイント1ポイント  (0子コメント)

Question 1: So I've been looking into the Great Depression lately and I keep seeing this sources say that "overproduction" was a major cause. That just doesn't seem right too me. Basically they say stuff was overproduced so prices fell and those industries that overproduces suffered, but wouldn't that be a relatively short adjustment as unprofitable firms left the market to other industries and prices rose until the market was in equilibrium again? If prices were declining everywhere wouldn't that be the fault of the Fed and not "overproduction"? So is overproduction a legitimate explanation for at least part of the Depression?

Question 2 I am picking up "The Great Contraction" - Friedman/Schwartz soon and am pretty excited. Is there anything I should pay particular attention to when reading it? Also is there any outdated info in it that I should be aware of. Oh and should I supplement it with any other papers or books?

[–]Melab -1ポイント0ポイント  (4子コメント)

I keep on hearing about the supposed greatness of the Case theorem from some people. They tell me that issues lije pollution or whatever can be negotiated "on the market". I'm at a loss by the apparent stupidity of this argument. Are these people forgetting the contention that one shouldn't have to negotiate with polluters to get them to stop? Seems like a terribly confused normative argument (not the theorem).

[–]Polisskolan2 2ポイント3ポイント  (3子コメント)

The Coase theorem is not a normative argument.

[–]Melab 0ポイント1ポイント  (2子コメント)

Of course. I am talking about the people who imply that negotiating with polluters is a solution.

[–]say_wot_againConfirmed for Google bigwig 2ポイント3ポイント  (0子コメント)

We do not negotiate with terrorists polluters.

Given that a LOT of things create pollution and you're unlikely to get pollution to stop altogether, what do you have against the idea of negotiating with polluters?

[–]Polisskolan2 1ポイント2ポイント  (0子コメント)

I don't think that's a very appealing solution either. The only thing the theorem says is that the resulting allocation is efficient. In general, economic results are not enough to support a political position. You need to throw some political values/philosophy into the mix too. Which is why it always annoys me to see people talking about whether some policy is good or bad economics. It depends on what you want to achieve, and what you should achieve is outside the domain of economics.