Comments on: UPDATED: the Economist as Grown Up http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/ Wed, 15 Feb 2012 13:59:50 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: rbell http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39924 rbell Thu, 15 Oct 2009 01:22:19 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39924 Economics is fairly simple. The price is where supply equals demand. This law is as natural as an apple falling from a tree. You can't stop it from falling but you can prevent the apple from hitting the ground. Hence you can control price by decreasing the supply. How do you do that? Regulation, banning new oil exploration and oil wells. The supply is artificially decreased. The price goes up. You can also decrease the price by decreasing demand. How do you do that? Government increases taxes taking money out of the hands of the consumer. It also increases the price by adding a sales tax which increases the final cost to the consumer. What is the common equation? Government. I know you thought I was going to say monopoly. You have had Economics 101. But what they did not tell you in school was that the government is the biggest monopoly of all. It has the same effect as a monopoly. However you can regulate a business monopoly, you can't regulate the government. In the old days government officials were bought and paid for by big business. Now they are bought and paid for by other big governments. I know you think I am crazy. Then tell me why Hillary Clinton just opened up our nuclear arsenal to Russian inspectors. Was she protecting our national security? or was she trying to be the next President? Obama got almost a billion dollars in campaign contributions, but from where? You won't see the answer on 60 minutes. Economics is fairly simple. The price is where supply equals demand. This law is as natural as an apple falling from a tree. You can’t stop it from falling but you can prevent the apple from hitting the ground. Hence you can control price by decreasing the supply. How do you do that? Regulation, banning new oil exploration and oil wells. The supply is artificially decreased. The price goes up. You can also decrease the price by decreasing demand. How do you do that? Government increases taxes taking money out of the hands of the consumer. It also increases the price by adding a sales tax which increases the final cost to the consumer.

What is the common equation? Government. I know you thought I was going to say monopoly. You have had Economics 101. But what they did not tell you in school was that the government is the biggest monopoly of all. It has the same effect as a monopoly. However you can regulate a business monopoly, you can’t regulate the government.

In the old days government officials were bought and paid for by big business. Now they are bought and paid for by other big governments. I know you think I am crazy. Then tell me why Hillary Clinton just opened up our nuclear arsenal to Russian inspectors. Was she protecting our national security? or was she trying to be the next President? Obama got almost a billion dollars in campaign contributions, but from where? You won’t see the answer on 60 minutes.

]]> By: Baltimore Adult Entertainment: UPDATED: the Economist as Grown Up | Information On Baltimore Escorts. http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39439 Baltimore Adult Entertainment: UPDATED: the Economist as Grown Up | Information On Baltimore Escorts. Tue, 13 Oct 2009 23:38:48 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39439 [...] See the full article from “Pajamas Media (blog)” [...] [...] See the full article from “Pajamas Media (blog)” [...]

]]> By: Gaffe Prices http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39353 Gaffe Prices Tue, 13 Oct 2009 16:56:43 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39353 <i>"Professor Bhagwati also offers a salutary corrective to the glib contention that, powerful though markets may be, they tend to “corrupt” or at least undermine traditional societal values</i>". “After two and a half centuries of this fascinating debate,” he writes, <blockquote>I have to say that my own sympathies lie with those who have found markets, on balance, to be on the side of the angels. But I should also add that I find the specific notion that markets corrupt our morals, and determine our ethical destiny, to be a vulgar quasi-Marxist notion about as convincing as that other vulgar notion that ownership of the means of production is critical to our economic destiny. The idea that working with and within markets fuels our pursuit of self-interest, greed, avarice, and self-love, in ascending orders of moral turpitude, is surely at variance with what we know about ourselves.</blockquote> We've found, to our horror, that the <i>Chicago style</i> marxism is an hybrid of the above: These goons believe that the most important element in controlling the means of production is the control of the means of <i>corruption</i>. “Professor Bhagwati also offers a salutary corrective to the glib contention that, powerful though markets may be, they tend to “corrupt” or at least undermine traditional societal values“. “After two and a half centuries of this fascinating debate,” he writes,

I have to say that my own sympathies lie with those who have found markets, on balance, to be on the side of the angels. But I should also add that I find the specific notion that markets corrupt our morals, and determine our ethical destiny, to be a vulgar quasi-Marxist notion about as convincing as that other vulgar notion that ownership of the means of production is critical to our economic destiny. The idea that working with and within markets fuels our pursuit of self-interest, greed, avarice, and self-love, in ascending orders of moral turpitude, is surely at variance with what we know about ourselves.

We’ve found, to our horror, that the Chicago style marxism is an hybrid of the above: These goons believe that the most important element in controlling the means of production is the control of the means of corruption.

]]> By: Gaffe Prices http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39351 Gaffe Prices Tue, 13 Oct 2009 16:26:51 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39351 Maybe Capitalism is the one thing that overcomes language barriers; Lord knows this crony version of endless bureaucracy turns it into a one way street where only the entrenched intersts of the bureaucracy either perpetuating itself or else expanding is the rule. 0bama is the king who has commanded the rebuilding of the Tower of Babel. Maybe Capitalism is the one thing that overcomes language barriers; Lord knows this crony version of endless bureaucracy turns it into a one way street where only the entrenched intersts of the bureaucracy either perpetuating itself or else expanding is the rule. 0bama is the king who has commanded the rebuilding of the Tower of Babel.

]]> By: Howard http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39335 Howard Tue, 13 Oct 2009 14:52:07 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39335 "The Untied (sic) States of America". A typo, or a particularly appropriate comment on our current situation? “The Untied (sic) States of America”. A typo, or a particularly appropriate comment on our current situation?

]]> By: Poor Citizen http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39334 Poor Citizen Tue, 13 Oct 2009 14:49:18 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39334 I agree. Capitalism is certainly not dead. Its just that every dozen or two years it fails, thats all. Is it because of greed? Too much surplus? Too much free money? Deficits? Who knows, but the trick, as a political party is not to get stuck in power when it melts. Republicans, historically, have had absolutely no luck on this, however, the dems too have had their share of "gettin caught." The good news for Republicans after their last economic debacle and subsequent financial calamity is that Americans, historically also suffer from short memories. Plus, with all the wars and other programs that need to be addressed people are distracted. And the Democrats will improve services and help their victims and the poor. So will conservatives and free marketeers ever return to power? My guess is...of course they will. I agree. Capitalism is certainly not dead. Its just that every dozen or two years it fails, thats all. Is it because of greed? Too much surplus? Too much free money? Deficits? Who knows, but the trick, as a political party is not to get stuck in power when it melts. Republicans, historically, have had absolutely no luck on this, however, the dems too have had their share of “gettin caught.” The good news for Republicans after their last economic debacle and subsequent financial calamity is that Americans, historically also suffer from short memories. Plus, with all the wars and other programs that need to be addressed people are distracted. And the Democrats will improve services and help their victims and the poor. So will conservatives and free marketeers ever return to power? My guess is…of course they will.

]]> By: uburoisc http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39331 uburoisc Tue, 13 Oct 2009 14:33:45 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39331 The markets were (and are) terribly distorted by large corporations, especially financial firms, who manipulate the political structure to ensure their own success and to keep out any rivals. They capture the regulators at all levels, and use taxpayer funds as a backstop to their bad investments. This has nothing to do with capitalism, which insists on failure and bankruptcy as a remedy for bad decisions. The problem is, governemnt harnessed its high spending and profligate ways to the false engine of financial tricks and massive over-leverage in the financial sector and now they are both toast. It's only natural they they would now band together to protect one another and force everyone else to foot the bill that is now due (and will continue to be due for decades thanks to the magic of exponents). The markets were (and are) terribly distorted by large corporations, especially financial firms, who manipulate the political structure to ensure their own success and to keep out any rivals. They capture the regulators at all levels, and use taxpayer funds as a backstop to their bad investments. This has nothing to do with capitalism, which insists on failure and bankruptcy as a remedy for bad decisions. The problem is, governemnt harnessed its high spending and profligate ways to the false engine of financial tricks and massive over-leverage in the financial sector and now they are both toast. It’s only natural they they would now band together to protect one another and force everyone else to foot the bill that is now due (and will continue to be due for decades thanks to the magic of exponents).

]]> By: Bohemond http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39323 Bohemond Tue, 13 Oct 2009 13:40:51 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39323 Not that Krugman's Nobel on the basis of an obscure 35-year-old paper had *anything* to do with his being Obama's campaign economic advisor..... Not that Krugman’s Nobel on the basis of an obscure 35-year-old paper had *anything* to do with his being Obama’s campaign economic advisor…..

]]> By: BackwardsBoy http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39320 BackwardsBoy Tue, 13 Oct 2009 12:21:14 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39320 When a government decides to meddle in a free-market economy, the one and only result is a contraction of growth. I've witnessed first-hand the destructive policies of well-meaning but economically illiterate politicians. After a lifetime of prosperity in the manufacturing arena, I was laid off within one week of the signing of NAFTA by Blii Clinton. Employment for me since has been spotty at best. I've lost count of the number of machine shops I've worked that are no longer in business. What used to be a stable industry became more and more volatile until there are hardly any shops left. The few that remain are on life-support. At a time in my life when I should be looking forward to a comfortable retirement, I find myself on the brink of homelessness and destitution thanks to a government that actively chose to eliminate a large sector of our economy for no good reason. The skills that I spent a lifetime mastering are no longer valued. Today, the Obama administration is busy demonizing capitalism, pointing to business as the devil and doing their very best to insure that our nation has a greatly reduced standard of living. This is a clear effort to fundamentally change our system (for the worse) that, despite a few bad players, has done more to elevate the human condition than any other in history. When a government decides to meddle in a free-market economy, the one and only result is a contraction of growth. I’ve witnessed first-hand the destructive policies of well-meaning but economically illiterate politicians.

After a lifetime of prosperity in the manufacturing arena, I was laid off within one week of the signing of NAFTA by Blii Clinton. Employment for me since has been spotty at best. I’ve lost count of the number of machine shops I’ve worked that are no longer in business. What used to be a stable industry became more and more volatile until there are hardly any shops left. The few that remain are on life-support. At a time in my life when I should be looking forward to a comfortable retirement, I find myself on the brink of homelessness and destitution thanks to a government that actively chose to eliminate a large sector of our economy for no good reason. The skills that I spent a lifetime mastering are no longer valued.
Today, the Obama administration is busy demonizing capitalism, pointing to business as the devil and doing their very best to insure that our nation has a greatly reduced standard of living. This is a clear effort to fundamentally change our system (for the worse) that, despite a few bad players, has done more to elevate the human condition than any other in history.

]]> By: Pajamas Media » Finally, The Economist As Grownup http://pjmedia.com/rogerkimball/2009/10/12/finally-the-economist-as-grown-up/#comment-39310 Pajamas Media » Finally, The Economist As Grownup Tue, 13 Oct 2009 08:57:56 +0000 http://pajamasmedia.com/rogerkimball/?p=1658#comment-39310 [...] Read the entire piece here. [...] [...] Read the entire piece here. [...]

]]>