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I haz thouts 'bout economics... wut?

YYW
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8/27/2012 12:59:55 AM
Posted: 4 years ago
On a thread in another column, of the three responses I got to a post I made, not a single one seemed to understand what I said. My question then becomes: where do you all learn about economics? Do you read books by Stephen Colbert? Listen to Youtube? Where?
Tsar of DDO
Contra
Posts: 3,941
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8/27/2012 10:31:13 AM
Posted: 4 years ago
I tested out of an economics class.

I'd recommend "Naked Economics" By Charles Wheelan. I am reading it right now, but it is pretty good and informing. It is mostly simple reading, and has no complicated jargon.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
LaissezFaire
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8/27/2012 10:40:32 AM
Posted: 4 years ago
Blogs, articles, books, youtube.
Should we subsidize education?
http://www.debate.org...

http://mises.org...

http://lewrockwell.com...

http://antiwar.com...

: At 6/22/2011 6:57:23 PM, el-badgero wrote:
: i didn't like [Obama]. he was the only black dude in moneygall yet he claimed to be home. obvious liar is obvious liar. i bet him and bin laden are bumfvcking right now.
TheBossToss
Posts: 154
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8/28/2012 7:05:41 PM
Posted: 4 years ago
At 8/27/2012 4:50:18 PM, YYW wrote:
All very interesting responses, indeed.

Reading, Wikipedia, online readings, debating (you guys are much smarter than me, and reading your debates helps me learn a lot).
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Pro hasn't upheld his BOP. He forfeited last round. I did stuff.
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That was real intellectual property theft. They used her idea for their own profit and fame. When I pirate, I am usually downloading textbooks that I cannot afford to purchase on my own and that I do not want my parents to spend money on.
-royalpaladin
NixonianVolkswagen
Posts: 481
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8/29/2012 4:10:25 AM
Posted: 4 years ago
I'm Paul Krugman.
"There is an almost universal tendency, perhaps an inborn tendency, to suspect the good faith of a man who holds opinions that differ from our own opinions."

- Karl "Spartacus" Popper
Logic_on_rails
Posts: 2,445
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8/29/2012 4:20:37 AM
Posted: 4 years ago
At first, after reading some debates on DDO and various activities which give one a layman's introduction to a field, I read 'Lessons for the young economist' as a proper introduction. Following a book with bias, I decided to read 2 economic textbooks (they actually are very good quality books; the best textbooks my school has for any social science by far) in my spare time.

Following that there's a continuous reading of things like newspapers (particularly Ross Gittins) and debates, which contribute to views being formed. Probably the most recent change to my economic thinking is an increased emphasis on using economics in conjunction with various other disciplines.

Where do most people learn about economics? They don't...
"Tis not in mortals to command success
But we"ll do more, Sempronius, we"ll deserve it
sadolite
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8/29/2012 6:50:19 PM
Posted: 4 years ago
I run a part time small business and have a full time job. I see what govt does and then see if it makes things better and easier to do business or worse and harder to do business. If it makes things worse then the economic policy sucks aZZ. Things are harder and more regulated so business sucks right now. IE: The current economic policies suck aZZ.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Contra
Posts: 3,941
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8/29/2012 7:19:13 PM
Posted: 4 years ago
At 8/29/2012 4:10:25 AM, NixonianVolkswagen wrote:
I'm Paul Krugman.

That'd be cool if it were true.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
Wallstreetatheist
Posts: 7,132
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8/29/2012 10:06:04 PM
Posted: 4 years ago
At 8/29/2012 7:19:13 PM, Contra wrote:
At 8/29/2012 4:10:25 AM, NixonianVolkswagen wrote:
I'm Paul Krugman.

That'd be cool if it were true.

Yeah, economic fallacies are fun to destroy.

Paul Krugman on the positive effects of 9/11:
"It seems almost in bad taste to talk about dollars and cents after an act of mass murder. Nonetheless, we must ask about the economic aftershocks from Tuesday's horror.

These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack - like the original day of infamy, which brought an end to the Great Depression - could even do some economic good. But there are already ominous indications that some will see this tragedy not as an occasion for true national unity, but as an opportunity for political profiteering.

So the direct economic impact of the attacks will probably not be that bad. And there will, potentially, be two favorable effects.

First, the driving force behind the economic slowdown has been a plunge in business investment. Now, all of a sudden, we need some new office buildings. As I've already indicated, the destruction isn't big compared with the economy, but rebuilding will generate at least some increase in business spending."
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Wallstreetatheist
Posts: 7,132
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8/29/2012 10:11:10 PM
Posted: 4 years ago
At 8/27/2012 12:59:55 AM, YYW wrote:
On a thread in another column, of the three responses I got to a post I made, not a single one seemed to understand what I said. My question then becomes: where do you all learn about economics? Do you read books by Stephen Colbert? Listen to Youtube? Where?

Perhaps stating your ideas with most clarity and cogency is in order. If 3 people don't understand what you're saying, maybe it's time to reevaluate what you are saying.

In response to your question, I read books, journals, and articles on economics, finance, and investing; I listen to lectures and series on YouTube, Mises, and in person; I'm friends with major economists on facebook, and I ask them for recommendations on reading material and ask various questions about markets.
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Primal Diet. Lifting. Reading. Psychedelics. Cold-Approach Pickup. Music.
16kadams
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8/29/2012 10:15:13 PM
Posted: 4 years ago
Youtube, I will soon read a book... I am not that into economics yet... And google in general.
https://www.youtube.com...
https://rekonomics.wordpress.com...
"A trend is a trend, but the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?" -- Alec Cairncross
NixonianVolkswagen
Posts: 481
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8/30/2012 5:42:57 AM
Posted: 4 years ago
At 8/29/2012 10:06:04 PM, Wallstreetatheist wrote:
At 8/29/2012 7:19:13 PM, Contra wrote:
At 8/29/2012 4:10:25 AM, NixonianVolkswagen wrote:
I'm Paul Krugman.

That'd be cool if it were true.

Yeah, economic fallacies are fun to destroy.

Paul Krugman on the positive effects of 9/11:
"It seems almost in bad taste to talk about dollars and cents after an act of mass murder. Nonetheless, we must ask about the economic aftershocks from Tuesday's horror.

These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack - like the original day of infamy, which brought an end to the Great Depression - could even do some economic good. But there are already ominous indications that some will see this tragedy not as an occasion for true national unity, but as an opportunity for political profiteering.

So the direct economic impact of the attacks will probably not be that bad. And there will, potentially, be two favorable effects.

First, the driving force behind the economic slowdown has been a plunge in business investment. Now, all of a sudden, we need some new office buildings. As I've already indicated, the destruction isn't big compared with the economy, but rebuilding will generate at least some increase in business spending."

The single pair of tracks in the sand are when Bastiat was carrying you.
"There is an almost universal tendency, perhaps an inborn tendency, to suspect the good faith of a man who holds opinions that differ from our own opinions."

- Karl "Spartacus" Popper
Wallstreetatheist
Posts: 7,132
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8/30/2012 11:00:46 AM
Posted: 4 years ago
At 8/30/2012 5:42:57 AM, NixonianVolkswagen wrote:
At 8/29/2012 10:06:04 PM, Wallstreetatheist wrote:
At 8/29/2012 7:19:13 PM, Contra wrote:
At 8/29/2012 4:10:25 AM, NixonianVolkswagen wrote:
I'm Paul Krugman.

That'd be cool if it were true.

Yeah, economic fallacies are fun to destroy.

Paul Krugman on the positive effects of 9/11:
"It seems almost in bad taste to talk about dollars and cents after an act of mass murder. Nonetheless, we must ask about the economic aftershocks from Tuesday's horror.

These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack - like the original day of infamy, which brought an end to the Great Depression - could even do some economic good. But there are already ominous indications that some will see this tragedy not as an occasion for true national unity, but as an opportunity for political profiteering.

So the direct economic impact of the attacks will probably not be that bad. And there will, potentially, be two favorable effects.

First, the driving force behind the economic slowdown has been a plunge in business investment. Now, all of a sudden, we need some new office buildings. As I've already indicated, the destruction isn't big compared with the economy, but rebuilding will generate at least some increase in business spending."

The single pair of tracks in the sand are when Bastiat was carrying you.

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Wallstreetatheist
Posts: 7,132
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8/30/2012 11:01:23 AM
Posted: 4 years ago
At 8/29/2012 10:06:04 PM, Wallstreetatheist wrote:
At 8/29/2012 7:19:13 PM, Contra wrote:
At 8/29/2012 4:10:25 AM, NixonianVolkswagen wrote:
I'm Paul Krugman.

That'd be cool if it were true.

Yeah, economic fallacies are fun to destroy.

Paul Krugman on the positive effects of 9/11:
"It seems almost in bad taste to talk about dollars and cents after an act of mass murder. Nonetheless, we must ask about the economic aftershocks from Tuesday's horror.

These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack - like the original day of infamy, which brought an end to the Great Depression - could even do some economic good. But there are already ominous indications that some will see this tragedy not as an occasion for true national unity, but as an opportunity for political profiteering.

So the direct economic impact of the attacks will probably not be that bad. And there will, potentially, be two favorable effects.

First, the driving force behind the economic slowdown has been a plunge in business investment. Now, all of a sudden, we need some new office buildings. As I've already indicated, the destruction isn't big compared with the economy, but rebuilding will generate at least some increase in business spending."

^^^ Can anyone name the above basic economic fallacy?
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Primal Diet. Lifting. Reading. Psychedelics. Cold-Approach Pickup. Music.
YYW
Posts: 36,375
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8/30/2012 11:10:53 AM
Posted: 4 years ago
At 8/29/2012 10:11:10 PM, Wallstreetatheist wrote:
At 8/27/2012 12:59:55 AM, YYW wrote:
On a thread in another column, of the three responses I got to a post I made, not a single one seemed to understand what I said. My question then becomes: where do you all learn about economics? Do you read books by Stephen Colbert? Listen to Youtube? Where?

Perhaps stating your ideas with most clarity and cogency is in order. If 3 people don't understand what you're saying, maybe it's time to reevaluate what you are saying.

In response to your question, I read books, journals, and articles on economics, finance, and investing; I listen to lectures and series on YouTube, Mises, and in person; I'm friends with major economists on facebook, and I ask them for recommendations on reading material and ask various questions about markets.

I'm pretty confident that you understood what I said, although I am equally confident that you interpreted what I said to mean more than it did.
Tsar of DDO
Kinesis
Posts: 3,667
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8/30/2012 11:16:49 AM
Posted: 4 years ago
At 8/30/2012 11:01:23 AM, Wallstreetatheist wrote:
^^^ Can anyone name the above basic economic fallacy?

The broken window fallacy. It's more an argument based on Austrian assumptions than an real 'fallacy' though.
Wallstreetatheist
Posts: 7,132
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8/30/2012 4:55:50 PM
Posted: 4 years ago
At 8/30/2012 11:16:49 AM, Kinesis wrote:
At 8/30/2012 11:01:23 AM, Wallstreetatheist wrote:
^^^ Can anyone name the above basic economic fallacy?

The broken window fallacy. It's more an argument based on Austrian assumptions than an real 'fallacy' though.

Derp. No, it's not. It's basic logic. If you have $50 and a window, then you have to replace your window after it is broken for $50, you have only a window left. It's wealth destruction, pure and simple. The World Trade Center Complex was not at the stage of negative capital value that would require it to be reconstructed. So, destroying it was a net-loss, and a destruction of wealth, not a boon.
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darkkermit
Posts: 11,204
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8/30/2012 5:33:31 PM
Posted: 4 years ago
anybody interesting in stating that paul Kruman is a failure at economics should read this book:

http://www.amazon.com...

and some of his papers and explain how much of failure he is in economics:

http://www.nber.org...

http://books.google.com...
Open borders debate:
http://www.debate.org...
Lordknukle
Posts: 12,788
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8/30/2012 5:33:57 PM
Posted: 4 years ago
At 8/30/2012 4:55:50 PM, Wallstreetatheist wrote:
At 8/30/2012 11:16:49 AM, Kinesis wrote:
At 8/30/2012 11:01:23 AM, Wallstreetatheist wrote:
^^^ Can anyone name the above basic economic fallacy?

The broken window fallacy. It's more an argument based on Austrian assumptions than an real 'fallacy' though.

Derp. No, it's not. It's basic logic. If you have $50 and a window, then you have to replace your window after it is broken for $50, you have only a window left. It's wealth destruction, pure and simple. The World Trade Center Complex was not at the stage of negative capital value that would require it to be reconstructed. So, destroying it was a net-loss, and a destruction of wealth, not a boon.

Except that it generates demand if you need the WTC to be built again.
"Easy is the descent to Avernus, for the door to the Underworld lies upon both day and night. But to retrace your steps and return to the breezes above- that's the task, that's the toil."
NixonianVolkswagen
Posts: 481
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8/30/2012 6:08:42 PM
Posted: 4 years ago
At 8/30/2012 11:00:46 AM, Wallstreetatheist wrote:
At 8/30/2012 5:42:57 AM, NixonianVolkswagen wrote:
At 8/29/2012 10:06:04 PM, Wallstreetatheist wrote:
At 8/29/2012 7:19:13 PM, Contra wrote:
At 8/29/2012 4:10:25 AM, NixonianVolkswagen wrote:
I'm Paul Krugman.

That'd be cool if it were true.

Yeah, economic fallacies are fun to destroy.

Paul Krugman on the positive effects of 9/11:
"It seems almost in bad taste to talk about dollars and cents after an act of mass murder. Nonetheless, we must ask about the economic aftershocks from Tuesday's horror.

These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack - like the original day of infamy, which brought an end to the Great Depression - could even do some economic good. But there are already ominous indications that some will see this tragedy not as an occasion for true national unity, but as an opportunity for political profiteering.

So the direct economic impact of the attacks will probably not be that bad. And there will, potentially, be two favorable effects.

First, the driving force behind the economic slowdown has been a plunge in business investment. Now, all of a sudden, we need some new office buildings. As I've already indicated, the destruction isn't big compared with the economy, but rebuilding will generate at least some increase in business spending."

The single pair of tracks in the sand are when Bastiat was carrying you.

<3 https://sphotos-b.xx.fbcdn.net...

That's beautiful. Can Obama carry my business before it's even founded?
"There is an almost universal tendency, perhaps an inborn tendency, to suspect the good faith of a man who holds opinions that differ from our own opinions."

- Karl "Spartacus" Popper
Kinesis
Posts: 3,667
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8/31/2012 5:11:23 AM
Posted: 4 years ago
At 8/30/2012 4:55:50 PM, Wallstreetatheist wrote:
Derp. No, it's not. It's basic logic.

There's your problem right there then. The real world is complicated. Superimposing simplistic intuitive 'logic' onto real world situations is a recipe for jumping the gun.

If you have $50 and a window, then you have to replace your window after it is broken for $50, you have only a window left. It's wealth destruction, pure and simple.

This example only generalises assuming, among other things, that there isn't a recession. The window maker can't make any windows anyway because demand has dried up. A broken window provides an opportunity to keep him in business and replace an old sucky window with a new one. During a recession there a 'slack' resources that are underutilised; it's those that are being tapped into when the proverbial window is smashed.

The World Trade Center Complex was not at the stage of negative capital value that would require it to be reconstructed. So, destroying it was a net-loss, and a destruction of wealth, not a boon.

This is a strawman. Krugman never claimed the economic benefits of the WTC destruction outweighed the negatives - they obviously don't. What he was pointing out were two offsetting factors that mitigated the losses. Namely, the increased utilisation of resources that weren't being used because of the economic downturn.
Cermank
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8/31/2012 7:24:24 AM
Posted: 4 years ago
It's my major, so I read textbooks. Plus, some library books -I'm going through Capital right now. Plus, mises.org is gold.
NixonianVolkswagen
Posts: 481
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8/31/2012 10:27:07 AM
Posted: 4 years ago
At 8/31/2012 7:24:24 AM, Cermank wrote:
It's my major, so I read textbooks. Plus, some library books -I'm going through Capital right now. Plus, mises.org is gold.

Nice. How long have you been studying it for?
"There is an almost universal tendency, perhaps an inborn tendency, to suspect the good faith of a man who holds opinions that differ from our own opinions."

- Karl "Spartacus" Popper
Cermank
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8/31/2012 10:30:30 AM
Posted: 4 years ago
At 8/31/2012 10:27:07 AM, NixonianVolkswagen wrote:
At 8/31/2012 7:24:24 AM, Cermank wrote:
It's my major, so I read textbooks. Plus, some library books -I'm going through Capital right now. Plus, mises.org is gold.

Nice. How long have you been studying it for?

It's my second year. :)
NixonianVolkswagen
Posts: 481
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9/1/2012 11:04:26 AM
Posted: 4 years ago
At 8/31/2012 10:30:30 AM, Cermank wrote:
At 8/31/2012 10:27:07 AM, NixonianVolkswagen wrote:
At 8/31/2012 7:24:24 AM, Cermank wrote:
It's my major, so I read textbooks. Plus, some library books -I'm going through Capital right now. Plus, mises.org is gold.

Nice. How long have you been studying it for?

It's my second year. :)

Awesome. Are you taking a relevant minor, or is it straight up economics wizardry?
"There is an almost universal tendency, perhaps an inborn tendency, to suspect the good faith of a man who holds opinions that differ from our own opinions."

- Karl "Spartacus" Popper