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I would also point out that the whole concept of "cost" is difficult to use in the context. Remember one person's cost (an accounting concept) is always another person's income. The real question is "cost" for WHOM!
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Yes, people don't understand what economic growth means, including economists. In fact its meaning is so fuzzy that I think we should find a better concept to replace it.
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"Contemporary computer science seeks to overcome Polanyi’s paradox by building machines that learn from human examples, thus inferring the rules that we tacitly apply but do not explicitly understand" So ... the argument is that we need not worry so much about the problem of the substitution of machines for labour, but they working on making sure we will need to worry about it in the future? That is reassuring for those of us over 50, but no so reassuring if we have children.
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Why would anybody take anything written in an opinion piece for the Washington Post seriously? Especially by Donald Luskin!
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pgl - but a monetarist would tell you that (ignoring supply side effects for the moment - and remember to a monetarist demand side effects mostly dominate - monetary policy can always offset fiscal policy changes).
Toggle Commented Sep 14, 2014 on 'Taxes and Growth' at Economist's View
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So the result was completely unsurprising? (Besides being what any monetarist worth the name would have told you anyway.) Of course one could go to a restaurant with Laffer and come up with extreme cases where the conclusion doesn't hold - but not at the margin.
Toggle Commented Sep 13, 2014 on 'Taxes and Growth' at Economist's View
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Second Best, why don't you concentrate on replying exclusively to realpc, then we can all have a good laugh and stop beating our heads against a brick wall?
Toggle Commented Sep 13, 2014 on Paul Krugman: The Inflation Cult at Economist's View
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PGL - thanks for this - this has always been one of my bugbears and it is hard to get any progressives to agree with me. P.S. It is not the only distortion in the tax system regarding interest rates as everybody should be aware.
Toggle Commented Sep 13, 2014 on Paul Krugman: The Inflation Cult at Economist's View
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But to fair proving ultimate individual responsibility for the actions of a company in court may not always be easy.
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Why are the two systems all or nothing alternatives. We already have a complex mix of systems. Gradually phasing some out and replacing them with a basic income, is not unfeasable - or at least wouldn't be in a functional democracy that is capable of rational reform. The real problem is that the US has not got a functional democracy, so I think max here is missing his real point - the highest priority is reform of the US democracy.
Toggle Commented Sep 13, 2014 on 'In Defense of Social Insurance' at Economist's View
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Well if it is worthless we can take it away from you then?
Toggle Commented Sep 13, 2014 on 'In Defense of Social Insurance' at Economist's View
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"We all know if they were prosecuted they would all go to jail." Who is the "they" here. Isn't that really the issue? A public company maybe in legal fiction a person, but it can't sit in jail.
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"The money that was added by QE has not started circulating, it is still hiding in the banks." And when it starts circulating, can't interest rates be raised? "And drastically inflating the US money supply can devalue the US dollar relative to other currencies." Why is this a bad thing. "No one can predict the future reliably so why is Krugman so confident that he is an infallible oracle?" Show me where he implies he is? (Unlike some of his opponents who definitely do claim to know the future.)
Toggle Commented Sep 12, 2014 on Paul Krugman: The Inflation Cult at Economist's View
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P.S. For some reason the link for reply doesn't work on another PC. I meant to add that this article questions the appropriateness of the equilibrium paradigm in the current circumstances and suggests that a System Dynamics approach is called for.
Toggle Commented Sep 10, 2014 on Links for 9-08-14 at Economist's View
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P.S. Of course it is Wolfgang Münchau not Walter. I guess I was confusing him with the ex Deutsche Bank economist Norbert Walter.
Toggle Commented Sep 8, 2014 on Links for 9-08-14 at Economist's View
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The real problem for the Scots is that North Sea oil is running out.
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I wonder if anybody follows Walter Münchau in the FT. I haven't seen a link to an english version of this: http://www.spiegel.de/wirtschaft/wolfgang-muenchau-ueber-fehler-in-prognosen-der-oekonomen-a-986405.html has it been published. I think it should be interesting to people here.
Toggle Commented Sep 8, 2014 on Links for 9-08-14 at Economist's View
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They should look at median wages. For most people that is more important (and perhaps a more realistic measure) than GDP or GDP/capita.
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So what is the answer? I followed the link and still don't know what conclusion they come to (they wimped out). Pretty thin stuff.
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I sort of wonder who the WSJ editorial page is aimed at. They have to be both rich and stupid. Surely that isn't a massive market.
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Well yes, I worked that one myself. It doesn't speak much for the intelligence of the those reading the WSJ editorial that they can't.
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Um Fred are you trying to support Mr Ridley or show how idiotic he is?
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This is a test, I just set up a new e-mail account to use for typepad. By the way, I think it should be pointed out that "helicopter money" is another way of saying fiscal policy.
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I wonder where you find managers experienced in planetary crises? =)
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Figures, I think one of the great divides is between substance over form people and form over substance people. I think you have just made a vote.
Toggle Commented May 30, 2014 on 'Don't Raise Rates' at Economist's View
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