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Jacques René Giguère
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Thanks Nick. I am not that old (on the blog that is,having comme after you losing it...). The analogy really holds as all frequent fliers know that "Hell is Atlanta-Hartsfield but to get there you have to go through Chicago-O'Hare".
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Oliver: as an Industrial Organisation guy (and physicist thinking of electrical network equilibrium), your idea of hub and spoke is interesting. Might we have the opinion of some highway engineer who knows about contamination of traffic patterns through interchanges?
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But usually youcut costs by deferring maintenance. No visible effect at first but you live on your fat. One day you wake up in a derelict world and the wall just fall.
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Erratum: "students who shift between schools...)
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KD:leasing building? Classes are not offices or stores. The guy building them want a long-term contract. It would work if there is a finite knowable quantity of students who shit between schools and a different one lease the building each year. Airlines face the same problem: they either buy (and resell , there is a brisk market, sometimes in used planes), they dry lease (plane only for various periods of times) or they wet lease (crew and fuel and maintenance included, a favorite of serious 3rd world airlines. In the end, someone holds the bag and want to be compensated.In the end, it is an accounting or regulatory problem, not an economic one. Industrial organisation (I/O) deal with that. So sorry, no can do.
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We have in effect a self imposed corralito. https://en.wikipedia.org/wiki/Corralito Since we now longer use cash, we can't have the same problems as Argentina had in the early '00s. But then there are 4 kinds of countries... https://mostlyeconomics.wordpress.com/2014/02/20/there-are-four-kinds-of-countries-in-the-world-developed-countries-undeveloped-countries-japan-and-argentina/
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Duncan's problem is the same faced by almost every other modern business: airline can,t quickly adjust the numbers of planes or pilots. Costly and long to build-train. No one knows the number of passengers next month, let alone five years from now. As Bill Gates is supposed to have said that his balance sheet show the number of desk in Microdoft building but the reality is that 99% of my assets walk out each evening to go home for supper. (E si non e vero, e bene trovato). When deans talk about running a university like a business, they are not that totally wrong. Or maybe, it is modern business who now are confronted with Duncan's problem:large specialized human capital, unconvertible buildings, unknowable future customers. Just look at what happened when the Soviet Union collapsed.
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Humble I/O guy joins: Nick :"Alpha paper is real physical stuff, that even kids understand. That might make it salient." How long? My father, who founded a Caisse Populaire (a kind of credit union for those outside franco QC) once told me that,in the 50's, when warned that their checking account was overdrawn, people wrote a check and deposited it. Even the most uncultured would not do that today. My little nephews seem to have a rather good grasp of what's behind a debit card. (The 5 year-old once told me that "a credit card is to pay for things and get into debt." And he knew what a debt was. Implications for LT stability of monetary-banking policy? Is the cat condemned to chase its tail?
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Tapen: the "real market" on Brexit got it so right. Keep me on Team Bedwetting till the fat lady had sung in November...
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To a Trump voter, the question is not "How dare he insult a hero's family?" but "What traitor accepted a muslim in the Army?" Be afraid,be very afraid.
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Anecdotes aren't singulars for data but still. I am a fan of warships and I visit everyone I can when there visits. European sailors are noticeably taller than americans. Unless you argue that OS (Ordinary Seaman) OR-2 is an unusually prestige job in Germany compared to the US that it attract upper-class men... I have heard reports that European men (esp. Dutch, Germans and Scandinavians complain that north american hotel bed are too short. On photographs from WWII, it's easy to differentiate men from officers, especially in british troops, as well as distinguishing Americans, Canadians and Australians from various europeans. In his memoirs,French fighter ace Pierre Clostermann, himself from a high socio-economic background (his father was an ambassador) often reffered to his Canadian and Australian colleagues height, which he never mentionned for the Brits. And just try to find a good italian silk ties. Today ties are simply too long but fit just right when Italian men wear them.
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Eric: monetary instruments are also immediately redeemable in goods and services, the ultimate definition of liquidity.
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rsj: " It has nothing to do with lending the keys out when you are in Paris." In fact, given the strenght of the reaction, AirBnB might eventually makes very difficult to lend keys to your parents and friends. How do neighbors and authorities diffentiate sharing from outright renting?
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We are Canadians, eh?
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I teach macro at very basic level to people who won't become economists, a level suitable from a humble IO guy. I never tell them that recession are about Investment. Saving in a monetary world yes but not I. Collect your blogs in a book. You could time it with Stephen's "Columns written from an airport departure lounge". It would make a nice one-two punch from the best bloggers-colomnists in town. If it's not simple end-of-term doldrum, take it seriously.
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Even if you are not a wage earner as such, business person or surgeon, moving implies finding a new client base and getting a new life. Is it worth a few tax points? Only the really wealthy, a good lot of them not being wealth creator tied down to a place, go the MF way.
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One interesting thing about the Everyday sexism project is that the canadian site is in english only. Francophone women won't be heard...
Tom : whether the Reichbank had or not lent to the Weimar gov't in fall 1923 was immaterial. The Franco-Belgian occupation of the Ruhr and the reaction to it made an economic catastrophe inevitable. But that story later provided a good cover for the elite ultimate responsibility in bringing He-Who-Must-Not-Be-Named to power.
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Nick: sort of. But haven't seem so much agonising as to make such musings basic to deadly debates...
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"That depends whether you consider future taxes to be a government financial asset. It's not listed "on the books" (it's an "off-balance sheet asset"), but if you ignore it most governments are insolvent." So would private businesses. Bonds are not secured by assets (worthless if the business goes bust) but by shared hopes of future revenues. And nobody even think about thinking whether Ricardian equivalence applies or not. Humble IO guy hopes he is not too OT...
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Nick: You're right. My old memory is now clicking back to the time I was a student in Blighty. Seems that in self-preservation my brain had blocked all souvenirs of British universities cafeterias. Back to monetary theory.
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Thanks Nick for giving me the only topic on this thread where I can meaningfully contribute but please do not confuse ketchup and tomato sauce. You can't put sauce on a hamburger nor make spaghetti sauce with ketchup...
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To make a comparison, when QC instituted the Régime d'Assurance Parentale (Parental leave) they used the Régie des Rentes machinery but the financing was different and there was no commingling of the two programs. To mix the two, as Oscar would say , is more than a misfortune, it's mistake.
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Eri: beside part or parcels of urban highways,not only did we build the Seaway but the Trans-Canada highway plus plenty of interurban "interstates", a world expo on an "invented island" with its own song http://archives.radio-canada.ca/art_de_vivre/celebrations/clips/201/ https://www.youtube.com/watch?v=DPZKHI8K1YE (peppy version by Donald Lautrec) or a pensive one by Renée Claude https://www.youtube.com/watch?v=mlDuxsLfmLY and enough mega-dams that even more songs were written about them...and survive to this day (a Leonard Cohen cover of "La Manic" in 2012) https://www.youtube.com/watch?v=ra_QM0aV-FQ unless you prefer the original by Georges Dor https://www.youtube.com/watch?v=DZnwNmR1pUQ I lived and grew in that era and the last thing I remember is a lack of faith in the future. I saw schools and even universities built by the day... Hey, a good number of us even try to build a new country...
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You can read here http://www.quebecurbain.qc.ca/2010/08/30/le-reseau-demesure-dautoroutes-inachevees-de-quebec/ the abomination that was in store for Québec City. We escaped some of the worst but La Vieille Capitale still has more freeway per capita than Los Angeles and even New York...
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