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  1. #121
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by uumlau View Post
    The purpose of capital has always been to leverage labor, enabling people to do more than before. That is to say, investment in capital is always an investment in technology. I'm surprised that you would suggest that technological change isn't "clearly connected" to capital. It's intrinsic: entire sectors of the economy are devoted to investing in technological change. If technological change is exogenous to the models, then the models mean nothing. Perhaps the Austrian school is correct.

    And that, @ygolo, is why Hayek doesn't get taught in the classroom.
    Of course I agree with most of your points. I don't understand your condescending tone, I was just trying to make "theoretical" point. Many models are agnostic towards technological change simply because it's not something that economics can easily explain, and if they tried to they would be even more "wrong". You're using your own definition of "capital" here, which is looser than what is usually intended in "formal" models; in this case yes, of course you need capital in order to improve your technology, otherwise you would not be able to implement any solution.

    As for the competing examples, that's rather juvenile. If you'd like to come to me with a criticism of Stiglitz's criticism, I'd be more interested, if I'm not already too tired of this.
    Von Mises proved (axiomatically) that economic calculation can never be implemented in planned economy, because bureucrats cannot determine the scarcity of a given good. You might want to check it out, it's a very compelling argument; the article is "Economic Calculation in the Socialist Commonwealth".
    ENTj 7-3-8 sx/sp

  2. #122
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by Marmie Dearest View Post
    I like the videos. Apparently they were designed for people like me...
    Even though Hayek is portrayed as the victor both times?
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  3. #123
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by Magic Poriferan View Post
    Does any idea of long-term, self-induced stability on the part of markets have legitimacy in a world where markets are subject to externalities?
    "Externalities" is the new left-wing buzzword. It's annoying as shit to read over and over. What exactly do you mean?
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  4. #124
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    Quote Originally Posted by pure_mercury View Post
    "Externalities" is the new left-wing buzzword. It's annoying as shit to read over and over. What exactly do you mean?
    I have to say, I was confused by the term's ambiguity (at least by his usage).

    I wasn't sure whether he was referring to exogenous shocks to the economy, negative/positive externalities (pollution, et al), or some odd combination of the two.

    The two concepts don't really fit together well, so their combination into one doesn't really make much sense...

    And, frankly, it sounds more like he's referring to exogenous shocks than negative/positive externalities.

    But, if that's the case, why he wouldn't just say (exogenous) shocks, perils, dangers, or the like?

    Saying "externalities" for (exogenous) shocks creates confusion, since externalities is already used in economics regarding negative/positive externalities.

    I have been hearing the term being thrown around a lot, though; I think most recently by Geithner.

  5. #125
    Dreaming the life onemoretime's Avatar
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    Quote Originally Posted by pure_mercury View Post
    You can't teach what you haven't learned yourself.
    They don't learn Austrian economics for the same reason evolutionary biologists don't learn the ins and outs of creationism.

  6. #126
    Habitual Fi LineStepper JocktheMotie's Avatar
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    I hear an echo.



  7. #127
    morose bourgeoisie
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    Quote Originally Posted by JocktheMotie View Post
    I hear an echo.
    That's what happens when two INTJs occupy the same space at the same time.

  8. #128
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    Quote Originally Posted by nebbykoo View Post
    That's what happens when two INTJs occupy the same space at the same time.
    Talk about not getting it...

  9. #129
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    Quote Originally Posted by pure_mercury View Post
    Even though Hayek is portrayed as the victor both times?
    Yes because the videos are entertaining and informative and allow me to see things from a different perspective. Contrary to belief I'm not obsessed with winning, or offended by something that would give a different perspective...I simply have very strong values.

    As for externalities:

    Externalities can cause market failure if the price mechanism does not take into account the full social costs and social benefits of production and consumption.
    An example of external costs created by not weighing social costs/benefits are the extra costs caused by environmental pollution.

    Essentially it means you aren't looking at the big picture.

  10. #130
    Habitual Fi LineStepper JocktheMotie's Avatar
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    Quote Originally Posted by nebbykoo View Post
    That's what happens when two INTJs occupy the same space at the same time.
    What's the view like from down there?



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