ted? Where would the supply-side effect
come from?
Fred Foldvary
soline is all refined with
Japan, 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
nto Austria
and Czechia. So the colonization of the US by Britain and
the creation of the USA may have indeed caused a large net
loss for the British by contributing to the cause of World
War II.
Fred Foldvary
having a highest-valued hand
but also by bluffing, making others believe that one has it. The
card-player as enterpreneur is successful if he knows the market, i.e. the
playing styles of the others and the likely supplies (hands) and demands
(likely bets).
Fred Foldvary
n 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
tion is that this
is a different 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
rs get a
volume discount.
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.)
for this type 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
me for everyone, it
> > becomes more and more difficult to make more
> > people happy."
That's unwarranted.
Beauty fades and is only one of many factors in the production function for
happiness.
Fred Foldvary
sponses to complaints, allow for different
size cans, etc. Monopolistic competition could then persist. What does
the flyer say?
Fred Foldvary
ted the best rebuttal to Wittman?
> 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).
ly random, any person having an equal chance
of being picked.
Fred Foldvary
of the rows. A
sequential selection is then not random because the questions themselves
have a sequence and the early questions can set the agenda for the latter
questions.
Fred Foldvary
> A friend of mine noticed that men tend to carry rather large
> amounts of change in their pockets compare to women.
> Any economic explanation of why this is?
> -fabio
It seems to me we need more data to warrant the premise, than just "a
friend of mine noticed".
Fred Foldvary
> 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
ult has helped eliminate future budget deficits, especially since the
government will not easily be able to borrow funds after T1. If the
central bank is forced to buy government debt after T1, then it is not an
independent central bank, but in effect a branch of the treasury department
issuing fiat currency.
Fred Foldvary
well be correlated with lower crime rates. Vermont in the US
has the most liberty in self-defense and low crime rates relative to other
states.
Fred Foldvary
therlands 2
> United Kingdom 1
These data are incomplete.
Let's put Switzerland and Israel, in and use the data for all firearms.
Both have high rates of arms, and low crime.
Fred Foldvary
cars than to have many separate engines if the
cars are all going to the same place at the same time,
and the steel rails and wheels
provide less friction and more efficient transit than rubber and road.
Fred Foldvary
about a few dollars difference in the price of the paint when he
is paying $20+ per hour for labor.
Fred Foldvary
Why, if financial markets are efficient, do some closed-end mutual funds
sell at a discount from the market value of the securities (stocks, bonds,
etc.) owned by the fund?
Fred Foldvary
> If everybody gets equally to what he produces, there still might be some
> redistribution for the top downwards due to charity.
> Krist van Besien
But there is also income from land rent, which is independent of what one
produces with labor.
Fred Foldvary
and East Indian civilizations?
This "finding" seems to be a historical concidence stemming from Europe
having firearms and conquering the tropics.
Fred Foldvary
ut if you expand 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
nomic Freedom of the World indicates that policy is
the dominant variable in economic growth; Singapore and Hong Kong rate
high even though they are in the tropics or nearby.
Fred Foldvary
this is the famous prisoner's dilemma
> nobody invests 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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_
u could also force 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)
sured to collect on that if the building burns down.
> The big
> question is : Does the land lord like to have idle land?
If he does, fine; let him pay for that consumption.
Fred Foldvary
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amount 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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t the best course to
attempt to integrate the warranted theory from all schools to create
a universalist school?
Fred Foldvary
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the prisoners' paradox not disappear when the game is on-going
and the participants may communicate? Why would a trade association
with mutual benefits not work?
Fred Foldvary
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provements from the real-estate property tax, taxing only the land
value. It does not seem to me that there have been any ill effects
there or other cities that exempt improvements.
Fred Foldvary
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quot;.
No, because land is not capital.
Fred Foldvary
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e!!!The difference makes the difference.
> Alexander Guerrero
I don't understand what difference you are referring to.
Fred Foldvary
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be based some of the current Austrian 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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--- [EMAIL PROTECTED] wrote:
> who is spence?
Michael Spence is at Stanford University.
>From the Nobel press release:
Michael Spence identified an important form of adjustment by individual
market participants, where the better informed take costly actions in an
attempt to improve on their mar
> 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 Pu
> 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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Fred Foldvary
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FYI:
CALL FOR PAPERS
4th ANNUAL CONFERENCE OF THE ASSOCIATION OF HETERODOX ECONOMICS
9-10 JULY 2002 Dublin, Republic of Ireland
All economists are encouraged to come together and hear a
diversity of papers on topics not well represented in mainstream
economics. Papers from a plurality of pers
;
> answer to this?
Yes. Your sample is most likely too small to warrant a general conclusion that
more want to take economics.
Also, data alone cannot create a hypothesis. You also need to apply some
theory.
Fred Foldvary
=
[EMAIL PROTECTED]
_
some laws, but not all,
and probably not most. Most folks are not concerned about adoption law
unless they themselves are going to adopt, and it is not a high priority in
elections.
Fred Foldvary
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a higher price for sugar and subsidies for the owners of sugar
beet farms?
Fred Foldvary
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g, is that
economics is more concerned 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 Foldv
be as good as with a negative,
and folks might think it is the fault of the photographer.
Fred Foldvary
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c expertise on email 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 spa
have the
field set as non-spam, that would decrease the volume.
Fred Foldvary
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if we had
no such laws?
If so, do you wish to eliminate all criminal codes?
Fred Foldvary
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gets a lot less spam, in
my experience.
Fred Foldvary
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aid some 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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e
enlistee may be subject 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
=
the night at residences and the day 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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d pay for, the highest bidders getting the space
during those times.
Fred Foldvary
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riods of time. High rates
imply that is what folks are willing to pay. If you are not willing, don't
park there. Continuously high rates become a signal to provide more parking.
Fred Foldvary
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symptoms without changing the cause of the problem.
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
===
, taking a class puts the learning into the category of urgent, so it
gets done.
Fred Foldvary
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trade but domestic interventions that keep economies poor. See
http://www.freetheworld.com
Fred Foldvary
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e to make cars that deteriorate in one year, but we
don't see these in the market today.
Fred Foldvary
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ng a major trend.
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
=
ons could be held
or others bought until the downturn, with no margin calls.
Fred Foldvary
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ess it itself declares 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
y the receipt of a symbol. In
other words, the entropy measures the complexity or variety of the random
variable that underlies a process."
Fred Foldvary
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something 6 billion years in the future?
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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gy. Generally, it seems to me that
applications of a science can advance even if the science does not.
Fred Foldvary
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hey are considered for hiring?
If few do, then it shows the degree and grades are still a sufficient
criterion.
Fred Foldvary
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ong way to reducing poverty, without a welfare state.
Fred Foldvary
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ies a pure market or close to it.
2) "been saved" implies the mixed economy we have always had.
Fred Foldvary
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--- Anton Sherwood <[EMAIL PROTECTED]> wrote:
> Would social unrest increase if the market were, for once, left alone?
No. Leaving the market alone implies reducing marginal tax rates to zero.
Wages would be higher and unemployment lower.
Fred Foldvary
=
[EMAIL
ut consistency of ends
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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fo? Certain
> ideas 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 cons
if they are working for wages
> at that moment.
And if you 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 tr
ket, we need to differentiate a pure market from a
market skewed by intervention.
Fred Foldvary
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partner in an enterprise instead of loaning it funds,
then the interest 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
environment survive
would also be infinite.
Fred Foldvary
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s 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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ales, hence the 20% would not apply. The optimal rate for growth
is a marginal tax rate of zero.
Fred Foldvary
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s it.
We had a spurt of innovation during the 1990s boom. A large 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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D
0s. But there has been growth since 1982, so fiat
money as such may impede but does not substantially halt growth.
Fred Foldvary
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price would 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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the fruit becomes an end 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-perpetua
he business cycle
12. Economic growth 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
nd his
bank then deposits the FED check 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 Fol
onscious and
sophisticated in human relations. It does not always happen just from mere
experience in interaction, since some never learn cooperation.
Fred Foldvary
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or options exercised recorded as an expense to the
shareholders?
Fred Foldvary
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abilities. 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
=
[
> 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
reet Journal that exchange-traded funds 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 mak
s replace firms from
time to time.
Fred Foldvary
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", then it would be silly. I don't know if that's
the case today.
Fred Foldvary
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tamps served as currency, and they could easily do so
again.
Fred Foldvary
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typical American agree, 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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armers
contribute funds to candidates if the representatives would vote for the
subsidy anyway?
Fred Foldvary
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ed with coffee
drinkers makes it more attractive (it must be really good), so in a way the
table rent seekers too contribute, just not in cash. Likewise a full
restaurant may increase the to-go demand. I think this is deja-vu.
Fred Foldvary
=
[E
clearly stating
that auditing firms also do consulting with the same firm. Since such
legalized deception inevitably leads to this kind of grand larceny, the
median voter must now be very happy that he got his wish.
Fred Foldvary
=
[EMAIL PROTECTED
e, is now antipathetic towards the corporate
evil doers, and hence sympathetic towards reform. Only in such cases can the
moneyed interests be overcome.
Fred Foldvary
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