全 8 件のコメント

[–]a_s_h_e_nA stable currency, like bitcoin 1ポイント2ポイント  (1子コメント)

I'm looking to learn about healthcare in the United Kingdom - how much is spent, what taxes fund it, quality of services provided, how has it evolved etc. Obviousy HCE3 is the person to ask but I don't know his current username (/u/HealthcareEconomist3 still?) and obviously I'd like to hear from anyone else as well.

What I'm really looking for is the data, but lit would be helpful as well. Super broad I know, but I currently know far too little.

[–]say_wot_againThe one true Noah Smith 0ポイント1ポイント  (0子コメント)

/u/he3-1

But he took his winter sabbatical from reddit and only came back briefly for the TPP aftermath, so I don't know if you'll be able to ask him.

[–]wshanahana slightly less shitty libertarian 1ポイント2ポイント  (1子コメント)

[–]say_wot_againThe one true Noah Smith 0ポイント1ポイント  (0子コメント)

Simple. We prax it out.

[–]CatFortuneにゃんぱす! | Only understands simple explanations 3ポイント4ポイント  (3子コメント)

I hear so many incorrect opinions on the internet and in real life, and while mostly I’d like to leave them alone, I would at least like to be able to regurgitate the basic line of reasoning for why what they just said was bullshit. Maybe you can help me. I’m going to list some issues that I come across, and if you could just give me the brief point-by-point argument for why the right argument is correct, I would appreciate. Don’t worry about details, terms, links, complex explanations. and certainly not data; I can look that up. I’m just looking for something I can copy down and drill in my head. Think index cards, with big writing even. If you’re sitting on some brief explanations for things I haven’t mentioned, feel free to bring it up.

Here are some things I’d like quick, practical explanations for:

  1. Why Glass Steagull is not a panacea/Why it didn’t cause the financial crisis

  2. Why the lump of labor fallacy is wrong

  3. Why cheap labor across seas isn’t as bad for those workers

  4. Why low skilled and/or skilled immigration is good for domestic workers. If this is only true under a particular plan or immigration status, feel free to name names, but you don’t have to lay out your immigration plan

  5. Why infrastructure spending is so hard to direct effectively. If there is a simple solution to this, feel free to mention it. Otherwise, just the phenomena is fine.

  6. Why trade negotiations have to be secretive

  7. As I understand, a carbon tax creates disincentives to use carbon and incentivizes alternative fuel investment, while subsidies and tax credits are second best because you’re not sure what could succeed, and you might distort the market. If that’s not correct or there is a better argument, let me know

  8. I know there isn’t a consensus about what the minimum wage should be, other than maybe it should be higher. A simple explanation of the factors that go into what makes a justifiable minimum wage would be helpful. This was explained to me before, but I forgot it. I’ll copy it down this time

  9. I understand some people believe the wage gap is either exaggerated or an outright myth. A simple explanation of why people think this would help

  10. Why we currently should/shouldn’t generally cut spending more than we should cut taxes

  11. Why high frequency taxes are a good/bad idea

That turned out to be a lot, but just grab one or two.

Seriously, you don’t have to write paragraphs. If you feel the basic argument can’t be explained in a few sentences just forget about it. Again, don’t feel like you have to dumb down or explain your terms. I plan to use good comments here as reference, so I can just look them up.

[–]deckerparkes 0ポイント1ポイント  (0子コメント)

Frances Coppola has a great article on Glass-Steagall. I will do a poor attempt at summarizing it:

  • Most of the institutions that are associated with the problems in 08 wouldn't have been subject to it anyway (Lehman Brothers and Merill Lynch were both standalone investment banks, AIG is an insurance company, Fannie and Freddie are GSEs)

  • It was more wholesale money markets than deposits that were relied on to fund these ventures

  • Forcing banks to divest their investment banks wouldn't suddenly make them disappear - they're still in the financial system and can pose a systemic risk.

http://www.pragcap.com/glass-steagall-is-dead-get-over-it/

[–]say_wot_againThe one true Noah Smith 0ポイント1ポイント  (1子コメント)

1) Why Glass Steagull is not a panacea/Why it didn’t cause the financial crisis

Most of the major institutions that failed, like Lehman, AIG, Fannie and Freddie, or Countrywide, wouldn't have been affected by Glass Steagall in the first place.

2) Why the lump of labor fallacy is wrong

People want lots of things, so there will always be demand for more products and services and thus for the labor necessary to provide them.

3) Why cheap labor across seas isn’t as bad for those workers

Sweatshop labor, shitty though it may be, is often better than the alternatives that exist for those workers at the time.

4) Why low skilled and/or skilled immigration is good for domestic workers. If this is only true under a particular plan or immigration status, feel free to name names, but you don’t have to lay out your immigration plan

Low skilled the jury is still out. High skilled provide valuable labor that we need and don't supply enough of domestically; they also tend to be more entrepreneurial than average and thus can provide new services, products, and opportunities that didn't exist before.

5) Why infrastructure spending is so hard to direct effectively. If there is a simple solution to this, feel free to mention it. Otherwise, just the phenomena is fine.

Government bureaucrats don't have strong incentives to make sure infrastructure spending is done efficiently but DO have strong incentives to let infrastructure spending enrich their friends.

6) Why trade negotiations have to be secretive

While being negotiated, letting trade agreements be public lets lobbyists have open season to influence the public or the negotiators to get terms friendly to them. After being negotiated, trade agreements should absolutely not be secretive, nor are they in practice.

7) As I understand, a carbon tax creates disincentives to use carbon and incentivizes alternative fuel investment, while subsidies and tax credits are second best because you’re not sure what could succeed, and you might distort the market. If that’s not correct or there is a better argument, let me know

That's about right.

8) I know there isn’t a consensus about what the minimum wage should be, other than maybe it should be higher. A simple explanation of the factors that go into what makes a justifiable minimum wage would be helpful. This was explained to me before, but I forgot it. I’ll copy it down this time

Since workers greatly outnumber firms and are usually not organized, firms have some monopoly power when buying labor and can thus pay workers less than their productivity and employ fewer workers than is efficient. (If you've taken a formal economics course, this is the same situation as monopolistic competition, only from the demand side rather than the supply side.) A good minimum wage adjusts for this, a bad minimum wage goes way above the productivity of minimum wage workers and thus makes them unemployable.

9) I understand some people believe the wage gap is either exaggerated or an outright myth. A simple explanation of why people think this would help

Women currently get roughly equal pay for equal work. However, various factors (such as societal pressures, latent biases, or the shittiness of parental leave policies) mean that women typically don't have equal access to the highest paying jobs. So the problem isn't equal pay for equal work but rather unequal opportunities for work.

10) Why we currently should/shouldn’t generally cut spending more than we should cut taxes

Not touching this one.

11) Why high frequency taxes are a good/bad idea

Pro: HFTs extract profit from the firms who actually bring information to the market, meaning that they disincentivize research and will in the long run make markets less efficient. Also, at current margins HFT is a zero sum game that doesn't produce extra value but just divides it in new ways, so it's a waste of human and physical capital from society's point of view.

Against: HFTs provide liquidity, which can help prevent panic selling and random crashes. They also help information be reflected in markets faster and thus make markets more efficient.

I side more with pro, although Bernie's proposed tax is absurdly high. Talk to /u/alexhoyer for someone smarter than me on the other side of the issue.

[–]besttrousers 1ポイント2ポイント  (0子コメント)

Broad agreement with the above answers.