tag:blogger.com,1999:blog-9612609.post8473040779124596873..comments2023-09-29T06:58:20.125-07:00Comments on Badtux the Snarky Penguin: This guy needs to talk to John CochraneBadTuxhttp://www.blogger.com/profile/01345749557330760251noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-9612609.post-77845892080153941552010-01-07T13:48:10.959-08:002010-01-07T13:48:10.959-08:00Jazz, in the Chicago school bizarro world people d...Jazz, in the Chicago school bizarro world people don't need to eat food. They don't need shelter or clothing either. The Chicago school does not admit human needs, rather, human beings are treated as items in an equation, automatons to be described mathematically. Thus if someone is not working, as far as the Chicago school is concerned, it is because they don't *want* to work, because if they actually wanted to work they would simply drop their per-hour rate until it was low enough that someone would hire them. 5 cents per hour? Surely *someone* would hire an unemployed auto worker if he offered his labor for 5 cents per hour! <br /><br />Of course, you can't eat, or keep a roof over your head, or keep clothing on your back for 5 cents per hour, and thus nobody will actually work for 5 cents per hour or for any other wage so small that they can't meet basic survival needs with it. Rather, they'll find some other way to survive -- such as, say, beheading rich people for cash and personal satisfaction (see: Marie Antoinette). But hey, we're talking reality here, not the bizarro-world fantasyland that the Chicago School economists live in. And reality is overrated, right? Right?!<br /><br />- Badtux the Snarky PenguinBadTuxhttps://www.blogger.com/profile/01345749557330760251noreply@blogger.comtag:blogger.com,1999:blog-9612609.post-591751249917514032010-01-07T13:33:21.240-08:002010-01-07T13:33:21.240-08:00Yeah - the Chicago idea is that people said, "...Yeah - the Chicago idea is that people said, "Fuck work, I'm going to stay home and eat dog food."<br /><br />What tools.<br /><br />Cheers!<br />JzBJazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.comtag:blogger.com,1999:blog-9612609.post-17573272247183824792010-01-07T11:38:31.214-08:002010-01-07T11:38:31.214-08:00My favorite is:
“[Economist] Casey Mulligan has ad...My favorite is:<br />“[Economist] Casey Mulligan has advocated a "Great Vacation" view of the recession, in which the unwillingness of workers to take jobs has played a significant role in driving up the unemployment rate.”Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9612609.post-65118271223952215702010-01-06T19:47:07.814-08:002010-01-06T19:47:07.814-08:00The efficient market theory, rational expectations...The efficient market theory, rational expectations, and modern portfolio theory - the triumvirate of contemporary business finance (i.e. right wing capitalization concepts) has always struck me as being magical thinking adorned with pretty math.<br /><br />Hell, even the law of supply and demand is an idealization that does not account for asset lumpiness, barriers to entry, monopolies, price fixing, cartels, genlemen's agreements, market segmentation, govt regs, or anything else that happens in the real world.<br /><br />In the natural sciences we have, frex, the ideal gas law, but we recognize that there is NO real gas, not even helium, that obeys it. That is a starting point for understanding the molecular interactions that cause the non-compliances.<br /><br />But these silly economic concepts become the cornerstone of government policies. And when things fall apart, it's a failure of reality, not theory.<br /><br />Which is kinda why we're so fucked.<br />JzBJazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.com