nformation, so inertia is to be expected. Optimality is subjective rather
than being based on objective rewards. The reasons for anchoring (being
stuck on certain concepts even though not objectively true or optimal) and
information bias are the subject area of psychology rather than economics.
Fred Foldvary
a table.
The free riding mostly occurs for folks getting one drink and then sitting
for a long time. But as long as tables are available, it doesn't matter.
Much of the business is to-go, anyway. Lap-top users get electricity at
no extra charge, so free-riding has several margins.
Fred Foldvary
, then in the short run, if refineries are running at full capacity,
it seems to me the supply of gasoline is inelastic, if not fixed.
Fred Foldvary
, then it is a different
product, and the demand curve, which is for just one product, does not
slope up.
What about attributes of the product? Isn't that what we really demand?
Yes. So the demand curve is for just one set of characteristics.
Fred Foldvary
good. Try to reduce a price of a good that is familiar and
has been selling at $49 to $48 and see if the quantity demanded declines.
People won't knowingly throw away money unless they enjoy the throwing.
Fred Foldvary
.
Fred Foldvary
On Mon, 9 Oct 2000, fabio guillermo rojas wrote:
Any guesses on the econ nobel prize this year?
-fabio
My guess is that it will be James Heckman and Daniel McFadden.
Fred
(Of course it was easy to guess after the awards were announced.)
of periodic redistribution?
I'd appreciate a reference for this land redistribution in Russia.
Fred Foldvary
What are the big unsolved puzzles of economic empirical research?
-fabio
How much is the total land rent of the United States or any other country,
and how much would that rent be if all taxes having an excess burden were
eliminated?
Fred Foldvary
tman?
Etch
Charles Rowley and Michelle Vachris reubutted Wittman in their chapter on
"The Virginia school of political economy" in Beyond Neoclassical
Economics, ed. Fred Foldvary (Edward Elgar Publishing, 1996).
Anybody know where I might find a time series index of the aggregate value
of property in the United States?
Eric Crampton
Try the Balance Sheets for the US Economy, Federal Reserve Board.
Fred Foldvary
in the US
has the most liberty in self-defense and low crime rates relative to other
states.
Fred Foldvary
dollars difference in the price of the paint when he
is paying $20+ per hour for labor.
Fred Foldvary
civilizations?
This "finding" seems to be a historical concidence stemming from Europe
having firearms and conquering the tropics.
Fred Foldvary
the area to the
tropics, there were civilizations in India, Cambodia, Bali, Central
America, Zimbabwe, and elsewhere, with remains in stone today.
What is the source for the statement that the Aztecs had a lower standard
of living than the Spanish?
Fred Foldvary
is
the dominant variable in economic growth; Singapore and Hong Kong rate
high even though they are in the tropics or nearby.
Fred Foldvary
and the neighborhood continues its downward
spiral.
The dilemma is solved by contractual agreements, such as the
covenants of the residential association.
Fred Foldvary
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growth by taxing leisure, but that would distort
choices and lead to less overall economic benefits.
See the book Land and Taxation as well as Land Value Taxation
Around the World (Vol 59 (5) supplement, 2000), American Journal of
Economics and Sociology).
Fred Foldvary
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the land lord like to have idle land?
If he does, fine; let him pay for that consumption.
Fred Foldvary
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is subtracted from the prevailing market prices in that
neighborhood to estimate the land value.
and what kind of land you are talking about
All land.
Fred Foldvary
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.
Fred Foldvary
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ones because these are the major
free-market ones that currently exist and that could create the basis for the
new movement. This would not just be a new wineskin but a new vintage of wine.
Fred Foldvary
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Stiglitz would have liked to get the prize for the Modigliani-Miller
theorem but that one was already taken.
Alex
Stiglitz also helped develop the Henry-George Theorem.
Joseph Stiglitz, 1977, The Theory of Local Public Goods,
in Economics of Public Services.
Fred Foldvary
=
[EMAIL
public choice view on / explanation of (the
development of) the welfare state.
Have you seen:
Richard Wagner, To Promote the General Welfare, 1989.
Fred Foldvary
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of sugar
beet farms?
Fred Foldvary
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with the means towards goals than on why folks
have the goals that they do. We presume the means involve economizing, and
then there is really no need to inquire personally beyond that; Max(U) given
constraints C does the job, perhaps too abstractly.
Fred Foldvary
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might think it is the fault of the photographer.
Fred Foldvary
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technology, but as one who has done
computer programming, it seems to me that the simple solution is to require a
field in the email headers that would be set to 1 if the email fits the legal
definition of spam and 0 otherwise.
Software could then easily handle the spam.
Fred Foldvary
=
[EMAIL
decrease the volume.
Fred Foldvary
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you wish to eliminate all criminal codes?
Fred Foldvary
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experience.
Fred Foldvary
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of the expenses; most
folks will just go along with reasonable price changes. So often, in such
cases, we really don't know the final price.
Fred Foldvary
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to stop-loss?
Was stop-loss in the contract in the past, when those now subject to that
policy enlisted?
If the stop-loss policy was not in effect, and if the contract did not
provide for this policy, then yes, it acts as a draft.
Fred Foldvary
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at business locations.
The market solution would be electronic parking meters that flexibly charge
just enough to avoid congestion at any time of day or night.
Fred Foldvary
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the space
during those times.
Fred Foldvary
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are not willing, don't
park there. Continuously high rates become a signal to provide more parking.
Fred Foldvary
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The real problem is not how to get money out of politics but how to get
politics out of money.
Alex
For my analysis of how to do this, see Recalculating Consent at:
http://www.gmu.edu/jbc/fest/files/foldvary.htm
Fred Foldvary
=
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the learning into the category of urgent, so it
gets done.
Fred Foldvary
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economies poor. See
http://www.freetheworld.com
Fred Foldvary
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, but we
don't see these in the market today.
Fred Foldvary
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.
Investors Business Daily, for example, features articles on it.
It is probably not complete nonsense, but for the non-professional investor,
he best stick with Modern Portfolio Theory and not time the market.
Fred Foldvary
=
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be held
or others bought until the downturn, with no margin calls.
Fred Foldvary
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such articles nonsense.
Entropy says a closed system will dissipate into unavailable energy.
But the earth is not a closed system. It keeps getting solar energy, and
therefore the biomass and economic activity can increase indefinitely, so
long as the sun continues to shine.
Fred Foldvary
words, the entropy measures the complexity or variety of the random
variable that underlies a process.
Fred Foldvary
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serve as a signal of knowledge, and also reveal the grade differential
relative to test results. That, of course, is why such exams are not being
implemented.
Fred Foldvary
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that
applications of a science can advance even if the science does not.
Fred Foldvary
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, then it shows the degree and grades are still a sufficient
criterion.
Fred Foldvary
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, without a welfare state.
Fred Foldvary
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saved implies the mixed economy we have always had.
Fred Foldvary
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and about the means to ends. Economic rationality also does not judge
beliefs. Hence, one may be out of touch with reality yet be economically
rational.
Fred Foldvary
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may have finite limits, but is the number of idea finite?
Jason
There are ultimate physical limits on the speed of data processing, but I
don't see why there are any limits on computer programs, and thus no limit to
software technology, even given hardware constraints.
Fred Foldvary
=
[EMAIL
are working at home? They will need a video camera.
Anyone ever estimated the size of the deadweight loss from the
income tax distortion?
The book The Losses of Nations, estimates the US loss conservatively at over
$1 trillion per year from all taxes.
Fred Foldvary
=
[EMAIL PROTECTED
is implicitly paid to the bank in the form of profits.
Although it's voluntary, it's certainly missing
something important.
No, it is just a different institutional structure for obtaining the interest
or shifting who receives it.
Fred Foldvary
=
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that there will be less growth at rate lower than 20.
Why is the optimal tax burden not less than 20?
Fred Foldvary
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for growth
is a marginal tax rate of zero.
Fred Foldvary
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increase in
intervention during the 60s and 70s retarded growth. There were some tax
cuts after that had a positive supply-side effect.
Fred Foldvary
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probably be high if
the owner instructed customers only but is out of the premises, so it would
be a matter of how high the bribe would be in order for the supervisor to
overturn the instructions.
Fred Foldvary
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in
itself and is perpetuated by cultural memes which are themselves the end.
The question is whether the top economic journals do publish the most
useful and innovative research and insights, or whether an academic culture
has developed that self-perpetuates an illusion.
Fred Foldvary
and development
The main concept to be appreciated in economics is the implicit reality that
lies beneath the superficial appearance of economic activity.
Fred Foldvary
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Fred Foldvary wrote:
Has any economist in this forum ever offered money to persons ahead of
him to advance in a queue?
I would do it if I thought other people wouldn't assume I was crazy or
grifting. The problem is other people don't understand economics.
Prof. Bryan Caplan
into its account with the regional Federal
Reserve Bank. The FED bank covers the check by increasing the private bank's
reserves (deposits). That is how the FED explands money out of nothing.
Fred Foldvary
Fred Foldvary
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Do
just from mere
experience in interaction, since some never learn cooperation.
Fred Foldvary
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exercised recorded as an expense to the
shareholders?
Fred Foldvary
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. This is
generally found by behavioral economists.
Ie, why do people accept lower returns just for the privilige of
picking the stocks themselves?
Besides being overconfident, they enjoy the picking and owning, and some like
the thrill of risk.
Fred Foldvary
=
[EMAIL PROTECTED
What is the best overall, relatively comprehensive (i.e. not just an intro
to the basic principles) book arguing for free trade/globalization?
John Jernigan
One of the best books arguing for free trade remains the classic by Henry
George, Protection or Free Trade.
Fred Foldvary
=
[EMAIL
are a
better deal than index mutual funds if you have $30,000. If you are able
to accumulate $30,000 in cash every month, then mutual funds don't make
sense.
Why would index mutual funds not make sense?
Fred Foldvary
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Do
time to time.
Fred Foldvary
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don't know if that's
the case today.
Fred Foldvary
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, and they could easily do so
again.
Fred Foldvary
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, for example, that it is good
policy to spend billions on farm subsidies, or are they just ignorant and
apathetic?
Fred Foldvary
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contribute funds to candidates if the representatives would vote for the
subsidy anyway?
Fred Foldvary
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sympathetic towards reform. Only in such cases can the
moneyed interests be overcome.
Fred Foldvary
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, and some are just lucky.
Fred Foldvary
=
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.
My wife agrees with my hypothesis. She says such a thing #34;is just not
done.#34;
Admittedly, this is a small sample, but it seems to be that the experiment
would have a similar result if repeated.
Fred Foldvary
=
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have the incentive to provide
honest auditing if it had to pay the insured customers for any fraud.
Fred Foldvary
=
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these have the lowest costs, and active picking seldom performs
better.
Fred Foldvary
=
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for investment in more capital goods, this is a
positive rather than zero-sum game for society. So one could differentiate
zero-sum from positive-sum savings.
Fred Foldvary
=
[EMAIL PROTECTED]
to specific history, but still posterior to experience,
however general.
Most of textbook microeconomics is a priori.
For example, when deriving the law of demand, do they justify this with data?
Fred Foldvary
=
[EMAIL PROTECTED]
influence, and there would be little
change in government spending.
Fred Foldvary
=
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statements are compatible.
In society there are minorities with little power and other minorities with
much power. For example, a country could have a ruling elite with much
wealth and power, and also despised minorities with little power.
Fred Foldvary
=
[EMAIL PROTECTED]
in the
pursuit of ends, namely economizing or optimizing.
Fred Foldvary
=
[EMAIL PROTECTED]
effect on households
is the greatest of these, since what matters is MV, not money holdings at
some moment in time. With lower prices, the flow of income MV buys more
stuff, and that should swamp the interest rate effect.
If Keynesians are correct, I'd be interested in an explanation.
Fred Foldvary
in the
explanation of why my argument is not.
Fred Foldvary
=
[EMAIL PROTECTED]
governance. Presumably you do not disagree with the
central aim of Georgism, free trade.
Fred Foldvary
=
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income.
Fred Foldvary
=
[EMAIL PROTECTED]
to the owner is offset by a liability for the rest of
society, since the next buyer will have to give up more assets to acquire the
appreciated asset.
Fred Foldvary
=
[EMAIL PROTECTED]
; the taxation of land value is just a means. Hence, a move to a pure
market would fulfil most of the Georgist ends.
Fred Foldvary
=
[EMAIL PROTECTED]
as well to the state level?
I don't see why not.
Fred Foldvary
=
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not learned the lesson,
as it is building a horrendously huge dam that may well later dwarf the
European troubles, especially as there may be construction flaws. Some of
these project are not even affordable by governments, and the World Bank has
supplied the funds.
Fred Foldvary
=
[EMAIL
not the demand revelation method remedy the problem?
It makes those who change the outcome pay the social cost.
(See Tideman and Tullock, 1976, A New and Superior Process for Making Social
Choices, Journal of Political Economy 84 (6) December.)
Fred Foldvary
=
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policies that maximize it, so the evidence
is that there are other goals and preferences that have higher priority for
the policy makers.
Fred Foldvary
=
[EMAIL PROTECTED]
the sound of the
candidate's name, so there are odd reasons why people vote in any system.
Fred Foldvary
=
[EMAIL PROTECTED]
as needed,
OK, but federated implies unified. Ultimate authority is decentralized, as
the lower units may secede, but the militias are unified into a federated
whole that then can indeed provide continent-wide defense.
Fred Foldvary
=
[EMAIL PROTECTED]
.
Fred Foldvary
=
[EMAIL PROTECTED]
the social cost (Clarke
tax) are known, (3) the utility derived from expression and wining does not
count.
Fred Foldvary
=
[EMAIL PROTECTED]
of the public good.
Fred Foldvary
=
[EMAIL PROTECTED]
.
Daniel Klein has called this the not worth knowing better problem, which
may be a clearer label.
Fred Foldvary
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to expression.
Fred Foldvary
=
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voting yes or no.
Fred Foldvary
=
[EMAIL PROTECTED]
--- Eric Crampton [EMAIL PROTECTED] wrote:
I don't see why the total social cost would differ from the
total private costs.
Specify that I get $5 worth of expressive benefits
from voting $5,000,000 for project A rather than project B. Specify also
that I will not be decisive, and that
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