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Jacques René Giguère
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JC: or more properly markets protected from the Euro-Asiatic landmass by very wide oceans.
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And in "Capitalism and freedom", after explaining why the gold standard was bad, Friedman added (from memory) "Restoring the gold standard would benefit the Soviet Union and South Africa,the two countries whose political regimes are the most abhorrent to the United States" Hayek would have concurred on the Soviets but on South Africa? South Africa that his friend and admirer Thatcher refused to sanction? Morally, Friedman was in a galaxy far far away from Hayek.
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Nick: and what if it was to speed with which you change the rate and not the rate itself that is now the operative variable? Years ago, I had a computer with both a joystick (you change the position of the mouse to change the position of the cursor) and a now-discontinued Felix (the changing position changed the speed of the moving cursor). Just the thoughts of a humble IO guy here to learn...
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Credibility? In your Mazda, what is more credible and reassuring to your passengers? A commitment to stay the course come what may or a promise to veer if a truck come in your lane? As a prophet once said:"When facts change, I change my mind.And you sir?"
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Lorenzo: once again,thanks. As I sometimes acknowledge, I am an humble IO guy. I come on monetary thread to get a lot of knowledge and, I hope, a bit of wisdom. I gained a lot in the last few hours. As Walpole said "Life is a tragedy for those who feel and a comedy for those who think"... The French seems to have been AWOL on economic thinking since the days of Say, Bastiat and Cournot. Even in the '60, De Gaulle was making long speeches about gold, a great military tactician and stategist, a brilliant politician caught in a "ne supra crepidam" hell. As for the Germans, you just gave us some insights. This being said. Mundell was in favor of the euro. Seemingly because he was also a hard-money type and a social conservative who enjoyed the idea that a neo-gold standard would let the working class suffer the downward adjustments while the anti-inflation clauses of the pact would take care of any improving wage situation. Optimism? Well, polito-bureaucrats had seen French-German enmity disappear, the Cold war blocs vanished and, almost within their living memory,seen France complete its economic unity and what where at the time seemingly impossible feats, the creation of a somewhat workable Italy and a (maybe too much) well-functionning Germany out of thin air. Could we fault them for optimism? What will be history's judgment a century hence, remembering that Germany very nearly broke up in 1918-19?
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Yep, pad (or the non self fonctionning version , already available in Orwell's time, the book) gave us back time from the drudgery of driving the oxcart. But each time I choose to drive along the St-Laurent, I see I am still unsatiated of the river and mountain view. As for the rest, we invented the hobby, aconcept so weird few of our ancestors would have understood let alone conceive. And we have invented tourism. And medieval fairs. And reenactors...
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Lorenzo: as I say to my admiring students, If I seem to know everything, it's because I learn everything. So mucho thanks for the link. Which begs the question: what made them lose their proficiency?
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Already, for routine tasks,automated aircraft piloting is safer than human. Except when unprogrammed emergencies occur, when you need fast imagination. At least for now, no computer can outwit the Robert Piché http://en.wikipedia.org/wiki/Robert_Pich%C3%A9 and the Chessley Sullenberger http://en.wikipedia.org/wiki/Sullenberger " But why do those same Marxists seem to want force us all to take the bus, or train, driven by the friendly and safe government driver?" When perfect communism has been achieved and all the means of production are in the hands of the proles, we'll all share in driving our communal buses. And the rest of the time we'll play bus-driving games, enjoying the meta.
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DVP Victim: driving 700 km on the QC-138 along the St-Laurent North Shore at night in winter is a high-skill avocation (which, when I am not in the mood, I eschew for a quiet 90 minutes boring airplane ride).
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Nick: my old eyes again . One day everyone will be as old as I am and this blog will be a paradise of cross-talk...
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Nick:"It is still very unusual." And that's the point. Since 1884, the British discussed and understood the limits of the system, just where you can go, when to intervene before it is too late so you don't need to break the rules and so on. Something the BCE didn't do and the Franco-Germans don't even begin to understand. In the end, Texans are right: better be judged by twelve than carried by six.
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Lorenzo:"(There is no basis in English law whatsoever for executive suspension of a statutory provision, but folks apparently just let it go through to the keeper." During the debate on the recharter of the Bank, Peel said something about ,IIR approximately,"patriotic men doing what is right for the country." This is legislator's intent and at the time carried weight (more than today). He was merely rephrasing the old roman principle of "salus populi suprema lex esto".
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Fun thing that my union has three different drug plan with various coverages and different level of payment for original and generic drugs and various coverages for singles and families. All negociated by us old geezers...
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Not enough time to comment but enough for a small point of pedantry: Nick is at Carleton. Or as they say in Ottawa "the University". U of Ottawa is the other one. So no Ox-BG-O axis (unless Marc Lavoie joins the fray on their side...)
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Squeaky Wheel: yep. That's what you get when your enrollment target are math majors...
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" In theory, the current employees should be more or less indifferent to that change - it doesn't affect them and may even benefit them (to the extent that they get something for that concession - but there is no union leader alive who accepts that proposal without a bloody fight." Because any union leader,such as your humble servant, know that once you open the concession game on the young ones, the old one will be next.
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Bob: sorry. My old eyes read too fast...
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"but a 15 year-old who loses a job will show up in the employment rate figures." No.Only if he keeps looking,not because he lost it.
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Since we were discussing mostly "employer paid" benefits, I meant none of them ( apart a guarantee of not losing your job and still having a (reduced) salary for the first two years of a medical leave.) Noe we have a compulsory employe paid disability scheme,kicking in atfter the second year. (Cegep professors , however have an administrative understanding that after two years of disability, you can voluntarily resign or stay on the list. We have a case of a member coming back after 11 years of disability. No other "corps d'emploi" in the QC public service has that possibility. They are definitely discharged after 2 years. Our employee-pais compulsory drugs and dental plan is multi-tiered. Almost half a dozen combinations are possible, chosen by the member and modifiable under certain conditions at certain time of the year or modification in family events or employment status change, such as birth of a child or getting tenure. For people of my professionnal rank (economist) private sector is not viewed as a hellhole but as a paradise. Only ousider think of QC public servants as privileged. Usually readers of newspaper articles writen by less qualified but better paid than we are journalists.
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Corrections: "forthrough"; for QC through "made available through Stephen"
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Jeff:to concur with Nick: I told explicitely about a PR target. I also used this concept when studying QC economy vs ON. If in your calculation of UR, you replace the actuel PR with a target, you can get a perceived UR. So, I replace QC PR with ON and I get avery high UR forthrough the 60's instead of the rather low that was reported. It explained the political preoccupation about U in QC , even though it was officially low (about 6 in 1966) because the perceived rate was way above 10%. Today, perceived and official rates are equal,and are equal for both provinces. (And the Gazette had stopped whining that "separatists" had increased U, while in reality, whatever the political party, ER and PR increased faster in QC than ON over the last 50 years, My spreadsheet was made available Stephen a couple of years back during another thread. Hope I am clearer.
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Funny hoe people talk about public sector union member having paid health benefit since I have none. My members however are weel aware that "benefits" and pensions are part of their compensation and come from their overall pay since, during negociations , we have numerous general assemblies where we discuss the mix of compensation.
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Nick: because it is a simplification for mere educationnal purposes.Reality is neither a linear nor a purely step function. Multiply the difference between PR and ER by some function(Econometricians,the Queen wants you!) and you'll get what you really really want (cue the Spice Girls).
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Nick: as a measured variable, Unemployment rate can't go smaller than zero. But U is equal to (Participation ratio-Employment ratio)/Participation ratio. If people have a Participation ratio objective or expectations or some sociologically anchored rate, then a high employment ratio could lead to a perceived "negative" Unemployment rate. We usually call it an "overheating economy" and keeping Unemployment from going "negative" is a more-or-less-official goal of a lot of policy planners.They call it "possibility of upward wage pressures due to too tight a labor market" or something.
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Ukrainian nationalist were objective opponents of Stalin's immoral policies of Russian empire restauration. Koulaks were objective opponents of Stalin's insane economic policies. If Ukrainians had voluntarily submitted to neo-tsarist rule and properous farmers had accepted their ruination, Stalin would probably been happy to be spared the work. If the Great Leap Forward had been accomplished without 50 millions deads, Mao would have been fine with it. But even in Hitler's view of a "Jewish bankers conspiracy based in New York", what exactly was the point of massacring semi-literate third-world level shtetel peasants in the Pale of settlement? None. The killing was the point. That's what make it so much worse. Discussing arithmetic is beside the point.
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