greater productivity.
Fred Foldvary
Santa Clara University
than zero, there being no free alternative, why
would the lot owner not charge a positive price?
Fred Foldvary
--- Ricardo Gambirasio [EMAIL PROTECTED] wrote:
I fail to see what's so special about parking.
Parking as such is indeed not a special case.
It only illustrates the general case.
also in software,
I don't see how software, etc., are similar.
With software, shoes, etc., I pay for actual use
?
Fred Foldvary
fountains have no charge. Lots of services
are priced at zero.
Fred Foldvary
when the lot is full?
Fred Foldvary
to an allocation with prices.
No, that is not a correct inference.
Is the marginal consumer the last to get a
space, or the first to be turned away?
It is the next one to get a space. Nobody gets turned
away, because when the lot is full, there is a
positive price.
Fred Foldvary
be culpable.
Today, everybody expects the cavalry that trots to the
rescue to be governmental.
Fred Foldvary
slaughters, Rwanda
genocide, etc.
Fred Foldvary
Are you saying that there's a
real cycle of real estate
that takes 18 years from (from peak to peak or from
peak to trough?)?
David
That is the usual cycle, although there are
exceptions.
That
seems different from your initial contention that
the current bubble has been
caused by
If the real estate cycle is based on government
expansion of money,
David
It is based on that and also on fiscal policy and the
inherent nature of real estate rentals and
construction.
why has it been the
same under three or four
different monetary systems?
It does not matter much to the
If government has caused a real estate price
bubble by artificially
lowering interest rates, how can it have an 18-year
cycle,
David
Because real estate construction takes years, and
recovery from a downturn takes years.
An exception is an inflationary boom that is not a
real economic
? No freedom is lost.
It is not immoral, since there is no coercion.
One situation where this question comes up is in designing 401k plans.
What exactly is the moral issue?
Fred Foldvary
public as in public sector.
Collective goods can be provided by private firms or by government.
Solved publicly is ambiguous because it can mean solved by a group or
solved by government officials.
Fred Foldvary
goods are facts to which economists apply theory like any
phenomenon.
There is nothing inherently good or bad about public goods.
Fred Foldvary
green space, as do land trusts and
proprietary communities such as Walt Disney World.
See my book * Public Goods and Private Communities *,
chapters on Arden Village, the Reston Association and Walt Disney World.
Fred Foldvary
Fraud is not part of the market.
Fred Foldvary
--- Ron Baty [EMAIL PROTECTED] wrote:
Fraud should not be part of the market but always has been and will
likely continue to be part of any realistic market
A pure market consists of voluntary economic acts, and theft, including
fraud, has
that there is magic,
e.g. Santa Claus and the tooth fairy. If parents would keep it real with
children, children would be less likely to belive in getting something for
nothing or something beyond the possibility frontier.
Fred Foldvary
Fred Foldvary Wrote:
The Fed buys bond and in effect pays with a check.
john hull [EMAIL PROTECTED] wrote:
To buy back bonds, it must have sold them at
some time in the past.
No. The Fed does not buy the bonds back. They buy bonds in the market,
just as any buyer would. If you buy bonds
it,
and whether onecan removeit in replying.
Fred Foldvary
and less happy.
What data makes it seem so?
What do list members think of this?
Where's the evidence?
If people are too affluent, could they give some
of their money away and become happier?
This is in fact what many of them do.
Fred Foldvary
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go hand in hand.
David Levenstam
Success in what? Many high-IQ persons do not have wealth as their highest
goal. Also, chance falls equally on the high and low IQs.
Fred Foldvary
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more borrowing, other things
equal, but with higher inflation and greater business uncertatainty, other
things may not be equal.
Fred Foldvary
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of housing, which then requires a bigger credit. The credit reduces tax
revenue, and so for a given budget, other taxes get increased, so the
result is further distortion of prices and a greater excess burden on the
economy. This treats the symptom rather than cure the cause.
Fred Foldvary
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[EMAIL
demanded for loans exceeds the
quantity of loanable funds from savings, so this scarcity drives up the
rate just as with other prices.
Fred Foldvary
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If you measure wages in desk calculators instead of dollars, I'm sure
they've gone up substantially! ;-)
--Robert
And if you measure wages in units of a real-estate price index, they have
gone down substantially!
Fred Foldvary
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?
Sampo Syreeni, aka decoy - mailto:[EMAIL PROTECTED], tel:+358-50-5756111
That does not explain it, because many folks would save SOME of their
income even if the interest rate were zero.
Fred Foldvary
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come close to.
Fred Foldvary
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hours
exchange with dollars or euros. They are trading an hour of labor for a
pound of carrots regardless of the exchange rates with fiat money.
Fred Foldvary
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--- Sampo Syreeni [EMAIL PROTECTED] wrote:
On 2003-10-30, Fred Foldvary uttered:
So basically this is a response to credit constraints.
Another reason people may be inclined to use local currencies is that the
narrow circulation and informal accounting usually associated with them
make
maturity, then yes, you will have a profit if
the inflation rate has not risen to offset the after-tax gain. If the
interest you pay on your borrowed funds is tax-deductible but the interest
you receive is not taxable, so much the better.
Fred Foldvary
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are not crying.
Fred Foldvary
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.
Fred Foldvary
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. Also, the price of gold was depressed for so long that
once demand rose, others took note and bought.
Fred Foldvary
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also agrees not to sell the book. It would be like a covenant
that goes with the book.
Fred Foldvary
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rent their
premises would get no surplus from being employers.
Fred Foldvary
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farmer
gets a horse, but that is to achieve, rather than rise above, subsistence.
Fred Foldvary
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--- [EMAIL PROTECTED] wrote:
I'd wager
$10 that Davis will be recalled--and then win reelection.
David
Does the recall law permit the incumbent to be on the ballot for the new
governor if he loses the recall?
Fred
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for the Democrats would be for Davis to win the recall
election, thus they are avoiding providing an attractive Democrat
alternative.
Fred Foldvary
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Schwartzeneger will not run, so Riordan, a Republican 2002 primary-election
candidate, will run, and is most likely to win the plurality race.
Negative ads knocked him off the general election in 2002, but will not
work so easily this time.
What's the predicted outcome?
Fabio
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[EMAIL
i think there is a at least partial contradiction between the hypothesis
of diminishing marginal return of income and the hypothesis that people
care about consuming more than their neighbors or about earning more than
their neighbors (Frank: Luxury Fever). If the latter is true than the
or extra leisure.
Fred Foldvary
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in index funds.
Fred Foldvary
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with the intelligence to choose not to
have children when the cost and risk are high.
Fred Foldvary
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redistribution
2) command economy
3) government ownership
4) worker cooperatives; worker ownership of capital
5) forced collectivism
Fred Foldvary
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, indeed to pre-historical tribal
practice and belief?
Fred Foldvary
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or not?
Does this take into account that workers may migrate or change their
commute destination?
Also, if labor has a fixed supply, does this include the premium for human
capital?
Fred Foldvary
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, what year does it take effect, and why is the time
element involved?
Fred Foldvary
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the insurance company has laid down this policy or whether
the employer is subsidizing the extra children.
Fred Foldvary
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, just as shareholders of a corporation
may delegate to proxies.
Fred Foldvary
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is exactly the same.
Fred Foldvary
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child is born, one
should borrow enough money to create a fund that will pay for all the
child's expenses until his age of maturity, rather than pay for the child's
expenses every year out of one's income. Yet nobody does this!
Fred Foldvary
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[EMAIL PROTECTED]
excellent case could be made for either requiring the spectrum to be used
for anything *but* television (best), or making television a government
monopoly:
~Alypius
That reflects your personal preferences, but what is the moral
justification for imposing your anti-TV personal values?
Fred
, then the amount of funds today equals the present value.
Some charities have an urgent need at the present, such as earthquake aid
or feeeding people in a famine. If one gives later, it would be too late.
Fred Foldvary
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for the
highest and best social use of the spectrum.
Fred Foldvary
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opportunity to provide a
comprehensive Guide to Charities that would list them and their expenses.
Fred Foldvary
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(with permission) and
puts them in a vase one already has, in the general American culture, who
would likely think that this is a thoughtful gift because of the personal
effort, and who would likely think the giver was being cheap?
a) mother
b) wife
c) exclusive girlfriend
d) non-exclusive girlfriend
Fred
--- john hull [EMAIL PROTECTED] wrote:
Is an organism that routinely fails to optimize
evolutionarily viable?
Human beings, for example?
Fred Foldvary
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to me that paranoia is a belief, not a behavior. It can lead to
particular behaviors, but paranoia by itself is not sufficient to cause any
particular behavior.
Fred Foldvary
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--- Grey Thomas [EMAIL PROTECTED] wrote:
First off, if macro is at all close to a science,
there should be near unanimity, among macro experts,
Is there unanimity among anthropologists and biologists and physicists and
medical researchers?
Fred Foldvary
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[EMAIL PROTECTED]
before the Sept. 11 shock?
Fred Foldvary
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and long-run effect along with the immediate and local effect. Tell the
journalists to keep it real. Economics discovers and analyzes the
implicit realities.
Fred Foldvary
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this run with the
land or with the farmer?
Fred Foldvary
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chance of disaster than the sure trauma of changing
locations and affiliations.
Fred Foldvary
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, there is plenty of competition in cities.
Maybe not in some rural areas.
Fred Foldvary
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initiation by the monarchies of Germany, Austria,
Turkey, the UK and Russia, fit this?
Fred Foldvary
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.
If the tax is $899,999, this implies that the player was already getting
paid $1 million. The tax will not make the player leave.
Another team will not offer $100,001 because the premise was that the next
best opportunity was $100,000.
Fred Foldvary
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.
In both cases, the player plays for A, so the tax did not affect his
choice.
Fred Foldvary
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above $100,000 being
economic rent,
with a team that offers him $1 million, his net is 100,000+.1*900,000=
$190,000. With a team that offers him $210,000, his net is 100,000 +
.1*110,000 = 111,000. Why would he be indifferent between $190,000
and $111,000?
Fred Foldvary
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--- Eric Crampton [EMAIL PROTECTED] wrote:
On Sat, 18 Jan 2003, Fred Foldvary wrote:
2) The government does not know the economic rent among the basketball
teams, but it does know that the next best opportunity if he does not
play basketball is $100,000. The government taxes the income
amount, and the
funds are used to provide a collective good. Since utility is subjective
and differs among persons, the value of the good would differ among the
persons. Thus there would be an implicit redistribution from those who
don't highly value the good to those who do.
Fred Foldvary
--- [EMAIL PROTECTED] wrote:
By neutral I actually thought you mean one that wouldn't prejudice
people's economic behavior.
By that definition I can't imagine any neutral tax.
Why can you not imagine that a tax on economic rent is neutral?
Fred Foldvary
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.
Fred Foldvary
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too.
Fred Foldvary
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.
Fred Foldvary
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net worth. If the change in net worth is
negative, it gets subtracted from consumption. It is possible for income
to be negative.
Fred Foldvary
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some services, do you then complain
that you paid money and got services?
Fred Foldvary
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--- Susan Hogarth [EMAIL PROTECTED] wrote:
I would tend to agree with
Larry Sechrest here -- viz., there are no neutral taxes. (Sechrest's
position is laid out in his Rand, Anarchy, and Taxes in _The Journal
of Ayn Rand Studies_ 1(2).)
Do any of you agree?
I suppose there *could* be a
a tax on land value and on pollution, plus user fees, why would we
also need a flat tax on income? It seems to me the former would be
sufficient.
Fred Foldvary
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--- [EMAIL PROTECTED] wrote:
I can't imagine any tax that would be neutral
A tax on economic rent is neutral, since by definition, economic rent is
income not necessary in order to put a factor to its most productive use.
Fred Foldvary
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) it forces workers to work extra to pay the tax in order to get some
amount of net income.
Fred Foldvary
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--- [EMAIL PROTECTED] wrote:
A tax on economic rent is neutral, since by definition, economic rent
is income not necessary in order to put a factor to its most
productive use.
Fred Foldvary
I'm not sure if I'm following this, but it sounds like you're saying
that it's okay to tax non
in large elections is
epsilon, I would be very happy to have a voting tax and avoid voting.
I just wonder how many people would pay the price of voting.
Fred Foldvary
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distinction, they referred to
Physiocratic doctrine.
Fred Foldvary
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that against tax
liabilities of dividend income. To achieve neutrality, unrealized gains
should be taxed annually, and then we can forget about capital gains.
That being said, the income tax is inherently unjust, complex, and
burdensome, but that is another story.
Fred Foldvary
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Help please -- is there a good tract on Austrian tax policy, ordering or
ranking various taxes?
Tom Grey
Probably not, but a good book on tax policy and the effects of current
taxes is:
The Losses of Nations, ed. Fred Harrison, 1998, Othila Press,
ISBN 1 901647 15 3
Fred Foldvary
. True, in some of these acts a tax on slaves was
included, but this inclusion, as has been said by this court, was probably
based upon the theory that these were in some respects taxable along with
the land,...
Fred Foldvary
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by the directors and executives. Some believe
that lower marginal tax rates will lead to more investment.
Fred Foldvary
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to rent (cf. John Locke on
taxation). But once a tax on slaves and on buildings is designed as
direct, then so too must be taxes on a horse and carriage or any other
property.
Fred Foldvary
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about the company as it shifts to less debt and more
equity, as well as more investor confidence when the profits are sent to
the shareholders rather than retained by possibly theiving executives.
Fred Foldvary
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it is that the proposal does indeed cut
the tax on capital gains to the extent it is due to retained earnings, as
the attempt is neutrality with repect to paying dividends or not. However,
to truly do capital gains right, it needs to be indexed for inflation.
Fred Foldvary
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--- Francois-Rene Rideau [EMAIL PROTECTED] wrote:
What is the right technical name for what I call accounting cost?
These are often called explicit costs in contrast to implicit costs.
Fred Foldvary
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[EMAIL PROTECTED]
are children able to
understand the concept of interest?
In terms of discounting the future, or what?
At what age do children understand that exchange can make you better off?
When they understand that theft will not.
Fred Foldvary
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, with a credit
for taxes paid at the corporate level. The capital gains tax could then be
eliminated.
Fred Foldvary
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Icerland horrific?
2) It is possible to have a voluntary, non-state we, so there must be
some other necessary distinction.
Fred Foldvary
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are consciously choosing their actions. It seems to
me that the genetic basis for behavior is the same in an infant as in an
adult.
Fred Foldvary
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at 11%.
Fred Foldvary
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If one had a cynical bent one might suggest that the predominance of
stories about the small bubbles in the huge cake batter of the miracle of
modern economic growth stems from a prevalence of statists in the news
media.
David Levenstam
What about the large bubbles?
Fred Foldvary
. For a 50% marginal tax rate, the real wealth return on the DJIA is
only about 2.5%, relative to an untaxed rate of 6.7%. Thus, a high-income
person may be better off in tax-free municipal bonds after having maxed out
his tax-free retirement accounts.
Fred Foldvary
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that provided any advice
to an investor.
Also, since he says the top brains go to America, why is he in Canada?
Fred Foldvary
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[EMAIL PROTECTED]
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