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BadEconomics Discussion Thread, 17 October 2015 (self.badeconomics)

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[–]complexsystemschills in kiwi irc #badeconomics all day 0ポイント1ポイント  (0子コメント)

I hate word. I hate making tables in word. And anyone who requires this of their students needs to stop.

[–]Classically_Liberal2Reactionary Shill 0ポイント1ポイント  (0子コメント)

So it seems the great badecon debate is not going to happen. Such a shame.

[–]shunt31Not yet a computer science bigwig 1ポイント2ポイント  (0子コメント)

What's the current state of the evidence on the lower bound - does it exist, and if it does, is it at zero? I ask because of this.

[–]polscimsoc 3ポイント4ポイント  (4子コメント)

It's happening again

https://www.reddit.com/r/Economics/comments/3p3voe/economics_has_a_replication_problem_believe_it_or/

[–]UltSomnia 4ポイント5ポイント  (3子コメント)

Well, at least posting that article doesn't have a replication problem.

[–]polscimsoc 1ポイント2ポイント  (2子コメント)

Neither does posting about people posting that article.

[–]MoneyChurchChairman of the Kennywood Park Central Bank 0ポイント1ポイント  (1子コメント)

Why does the Fed pay interest on required reserves? If they're required to hold those reserves, it shouldn't affect the decision to lend, right?

[–]p0m"I had a (Keynesian, I guess) economics professor" 0ポイント1ポイント  (0子コメント)

Required reserves are essentially a "tax" that comes in the form of the opportunity cost of using those reserves. Like every other tax, it distorts incentives.* Interest on required reserves is a way to compensate for this opportunity cost and thus reduce distortions.

* There are a lot of costs to required reserves but the most obvious distortion in incentives is that it encourages more small banks than is otherwise optimal because the first few million in reserves are exempt from reserve requirements. This was especially a problem in the late 70s/early 80s. If you want to see more on the specifics of reserve requirements, read up on Regulation D under the Board of Governors.

[–]CatFortuneにゃんぱす! | Only understands simple explanations 0ポイント1ポイント  (4子コメント)

The other day I asked you to consider what your economic positions would be if you were an uneducated working class person. It went badly because no one really understood what I was trying to ask but that’s okay. I think it will go much better this time with this question:

You are a working class person with no education, but you have all your current knowledge of economics. What kind of jobs do you pursue? You can use all the know how you want, but you can’t seek an education unless you pay for it yourself (You have no current money), and even though you are an economics savant, you don’t have the degree to prove it so strictly speaking it’s worthless. But you know a lot about how the economic system works and maybe you can get ahead. What do?

[–]bob625 0ポイント1ポイント  (0子コメント)

Am I allowed to take financial aid to go to a state school?

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

Let's say I'm early 20s with no formal college but with my current economics knowledge.

I think the easiest route would be to go into politics. Volunteer for a campaign that has high probability of success. Impress the right people. Latch on to a mentor. Work my way up the food chain using my economics savant knowledge. Get my super-rich mentor to pay my way through a top-tier college, which he'll get me in to because he'll be a major donor. Start earning credentials. Become Doug Stamper.

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

but you can’t seek an education unless you pay for it yourself (You have no current money)

Does not compute. As long as I'm under 30 and Danish, education is free and comes with an liveable allowance

So here is what I'd do: Go to an education advisor (is that the right word), ask how to get into an education, figure out which education that I'm most interested in that I'm qualified for right now and get that education

[–]somegurkWhy doesn't modern medicine use more leaches? 0ポイント1ポイント  (0子コメント)

Eh your a bit shit out of look to be honest, practical skills that you learn studying economics are data or analysis related but the chances of you getting a job utilizing that without a degree are low. I could go to university in my home country without much money so that would be where I go, study maths and programming, continue my current research to demonstrate econ know how (or at least what I can without access to data which I probably wouldn't have) -> a good masters program -> be a great phd candidate with econ/maths/programming knowledge.