You are all Economic Illiterates

It's come to my attention most of you Sup Forumsfags don't know any economics. Like none at all.

So let's make this a learning thread how about? Here I'll start (pic related).

Read some books niggers.

Other urls found in this thread:

libgen.io/book/index.php?md5=B09D959B500A90569DD48BD5081541CB
youtube.com/watch?v=44E6ujRLchs&t=1721s
econ.nyu.edu/dept/courses/gately/OPEC Incentives for Faster Output Growth.pdf
telegraph.co.uk/finance/comment/10390981/Time-to-stop-this-pretence-economics-is-not-science.html
twitter.com/SFWRedditGifs

Got this in the mail yesterday.

It wasn't always like this.

Sup Forums used to have a much larger ancap/libertarian base

The picture that destroyed the Austrian economic clut

I just wish people
I here would stop being pro-protectionism.

One note about this one, he goes on about how luddites were stupid because machinery created far more jobs than were destroyed. The thing to remember is that modern automation is a different animal entirely from the industrial revolution. There, machines were supplanting repetitive or menial labor, but they still required it to operate. Ultimately, machines will be able to do everything a human does, including the design, manufacture, and maintenance of new machines.

Not really relevant yet, but I've seen this argument brought up by people who have read Hazlitt (not that it's unique to him) in the context of job loss due to automation.

On topic, pic related is my favorite book on the fiat jew.

History and facts (something Austrians don't like) show protectionism works

Some autistic mental model says protectionism doesn't work

Whoop-da-woo, what a tough choice

Protectionism has non-economic effects. If the purpose is to increase employment, at least in the short to medium run, and enjoy all the benefits associated with it (like more familial stability, lower reliance on social programs, less crime, etc.), then protectionism "works". It is of course economically detrimental, but TANSTAAFL.

The best solution would be full deregulation, the elimination of dem programs, and to shoot anyone who commits crime as a result. But the free market approach will result in bloodshed, and that's hardly a point you can win an election on.

>an african intellectual
Empirical facts support praxeological principles.

Economics is virtually all nonsense. It's useful to understand though because a lot of people believe it's useful.

Knowing someone believes in economics makes them incredibly easy to manipulate

It works IF there is local industry and the people in a country are productive and knowledgeable.

Just look at Import Substitution Industrialization to see why protectionism fucked over latin America. It was basically protectionism but they bought all the equipment for their factories from US or Europe and so when shit broke they had to buy a whole new machine because they didn't have the knowledge to fix it. Fucked a lot of economies up.

No one's going to read shit if you don't provide a link, you dumb nigger.

libgen.io/book/index.php?md5=B09D959B500A90569DD48BD5081541CB

>tfw master's degree in econometrics

doesnt mean shit here people are gonna parrot their faulty reasoning and claim its fact

>just build your own roads

ancap genocide when?

>Economics is virtually all nonsense
Just because you don't understand it, doesn't mean it's nonsense.

How do i turn a homoskedastic error structure eqn to a hetero one?

I know enough about economics to tell you that nobody knows a single fucking thing when they're talking about economics.

You actually have no clue what you're talking about

Things the Austrian autistic mental model doesn't take into account:
>borders
>races
>cultures
>foreign threats
>wars
>you have to win elections
>riots
>being industrialized is also a matter of national security

I am no Keynesian

>I am not an Austrian, so let me tell you what austrianism is
Ok, no.

youtube.com/watch?v=44E6ujRLchs&t=1721s

I hold a degree in economic from #16 program in USA.
Yaron Brook taught me all I know.
You can wipe your ass with phd econ from princeton.
proof?
where were the 1000 phd econ at fed in 2007?
FAIL
end fed
de regulate
ayn rand was right about everything

Show me one of the models where any of those factors is considered

>I hold a degree in economic from #16 program in USA.
no u dont

Yes, only Austrians have access to the truth of Austrianism and everything else for that matter

Why would you do that? You want them to be homoskedastic or either way your deviations will be biased and you won't know if the p-values are telling you the truth.

If you meant the other way around just type ", r" in Stata or do "rlm" in R.

>Final year of economics degree here
>got best marks in intermidiate macro and micro, applied econometrics, stats, quantitative methods and central banking and interest rates courses
Should I do honors or find a job as soon as i get out of shilltown?

I'm just fucking with you, I did it ages ago.

But seriously is Eviews still being used at masters level?

>Show me one of the models where any of those factors is considered
economis tend to focus on a single industry and how it effects the world market .
econ.nyu.edu/dept/courses/gately/OPEC Incentives for Faster Output Growth.pdf
for example the effect of Opec on increasing output growth of oil

This is a great point. To this great point I add that you have nothing to say about Islam until you read Stephen Coughlin's book Catastrophic Failure.

You clearly don't know shit about Austrianism.
Read Man, Economy and State.
Read Failure of the New Economics.
Read the Theory of Money and Credit.
Gain a basic understanding of Austrianism then get back to me.

Yes it is. Can't say that I like it. R > all else imo.

Mostly Dynare for DSGE Macro and Stata for metrics. I haven't used Eviews since the Box Jenkins section of TS metrics.

i've actually read most of rothbard/s books, end the fed, mises's human action, ron paul's end the fed. and i still think that empiric reasoning is superior to pure thought-reasoning because it allows you to 1. set your hypothesis and 2. make your predictions about the real world.

you need to read up on human nature then

i'd think of countries as vehicles
sometimes you need to throttle up (loosen up to spur growth)
sometimes you need to throttle down (protect own people and industries at the expense of growth)

Yeah that explains all the leftypol threads in here

>Should I do honors or find a job as soon as i get out of shilltown?

Stay in school as long as you can, it's where the sweetest pussy is at

Yeah, Sup Forums is pretty boring these days. I remember having actual arguments that didn't devolve into memes within 2 posts. I'd say the average age of posters has dropped significantly.

I read this shit for econ class.

Shit book

Empiricism in economics forces you to make vast assumptions. It's not scientific at all.

not at berkeley

you still have sensible discussio n on /biz/ sometimes

Yes, we are aware that all of the things written in those books is autistic bullshit.

Got this and a Great Courses lecture series in a 2 for 1 deal on Audible this month. I haven't had time to deal with them, though. Been listening to Jordan Peterson's Maps of Meaning 2017 instead, even though he's a worthless canadan.

Ha-Joon Chang is the real red pill of economics

Still the odd thread with decent discussion.

Congrats on 20 trilion debt murican

I cbf with Sup Forums in general these days it has become far to popular and well known, so even the most mediocre people come here now and post crap. I really only engage in conversation in private communities now since they have a barrier to entry to keep the plebs out.

Why? Liberals are good for fucking, and its California so it gotta attract hotties from all across the world.

My shitty University only attracts the lowest of the low and a few 5'2 fat ankled chinese girls

>autistic bullshit
Well with critics like you, looks like our whole school of economic thought is over.
Great job you pathetic economic illiterate.

...

Because they are radical liberals, not liberals

Economics in itself is the problem we don't actually need any of this material bullshit. Start a farm raise a family, enjoy the traditions of your people.

Not sure what the gripe with his definition of praxeology is. Did he define it wrong?

Best economics book along with Mirowski's 'More Heat Than Light'. Economics belong to morals, not science.

You're an idiot, there is no way this many humans could exist without the division of labour.

i agree, a bunch of econ illiterate people came on this board in the past few months, i dont mind arguing, but its just too frustrating with people who dont understand basic principles

So we work to make sure a billion slopes and poos can survive?

eCONomics. It's all made-up bullshit. Our money is paper and computer digits, given its value by government decree. It's just one big cult.

This

Why is it up to you or me?

...

Hazlitt was pro gold standard, you rube.

They're the bulk of the earths population, so if works is necessary to keep all these people alive then we're benefiting them.

stop embarrassing yourself, nigger. Austrian cycle theory is just about economic cycles, bubbles and government fags hindering free markets. There are many ancaps who defend the use of borders and immigration bans. Rothbard for instance. Chicago school of libertarian economists are minarchists not ancaps. European austrian economists are deeply rooted in the tradition of classical liberalism and laissez-faire. Not all libertarians are ancaps. And not all ancaps believe in your strawman nigger arguments.

The issue with ISI in latin america had to do with them having a lot of local monopolies, not protectionism.

Your post indicates that you are functionally illiterate.

Utter tripe. Protectionism is like fuel for domestic economoic multipliers.

Keep supporting the systems that want you and your family to die.

Much of my family, and perhaps even myself, would die without the division of labour. The same goes for you and your family.

Unlike you urbanites, we know how to grow our own food and hunt so we'd be able to survive.

Survive, sure. Hope you enjoy the shittiest standard of living since the 16th century tho.

How will you get ammo and fuel without the division of labour? Do you realise just how little you know how to produce and can produce by yourself?

>modern automation is a different animal entirely from the industrial revolution
>machines will be able to do everything a human does, including the design, manufacture, and maintenance of new machines.
There will always be something that machines cannot do.
It may well be that the entire manufacturing sector will become 100% robotic.
Humans will no longer be required as a manual workforce.

Humans instead will likely find themselves in a situation where 100% of us will require tertiary education and be employed in developing innovation or research of some sort or another.
Maybe arts, entertainment etc

To claim that humans will be 100% obsolete in every field ever is just ridiculous.
It's like claiming that there will be nothing more that needs to be done.
That all human aims have been accomplished.

There is an infinite amount of work, an infinite amount of things to be done.
Human greed and desire for progress are unquenchable.

Back when everything was white, men maintained dominance, and people raised families? The horror what we need is diversity, tvs, and mcdonalds.

Hopefully, we get rid of petroleum and cars sooner rather than later. As for amo, well we need that for now gradually stone and wood based weaponry though iron could be mined in the spare time so long as it's given equally by the community.

I think what he tried but failed to articulate is that economics is not a science, which is true.

Economics is certainly useful though.
Everyone should read the OP's book.

telegraph.co.uk/finance/comment/10390981/Time-to-stop-this-pretence-economics-is-not-science.html

>modern medicine
>modern plumbing
>more efficient communication
>weather reports
>modern building technology for reliable housing
I knew you AnPrims were special ed level but Jesus Christ

The problem with it is that it's just stupid for the country and there's other ways to fix the issue. If only USA invested more into education and higher quality service jobs it'd not suffer as much from all the cheap labor being shipped off but as you know American are really anti-education and can't or won't adapt because they are too prideful.

Protectionism works if you are a weak and vulnerable nation and need to build up a strong internal niché market before you open up to more global players to make sure they won't take you in the ass. USa is already a huge global player so to go protectionist to try and remedy some low class jobs

having studied basic tier micro and macro at ((uni)) it scares me how uneducated Sup Forums is...

says the guy posting on the internet....

how can you be so unironically stupid?

> robot farmers are the future.

>modern medicine
We didn't get sick before we started ingesting toxins also contagious disease is a lot more common due to trade and population density. You created a problem that you solved temporary because bacterial resistance. Nice job.

>modern plumbing

In ancient agriculture societies, excrement was used as mulch, it wasn't until cities that plumbing became a necessity.

>more efficient communication

And what have we done with it? Make memes and gossip about celebrities.

>weather reports

A benefit I will give you.

>modern building technology for reliable housing

So we could sell shit we don't need so that one globalist billionaire can have even bigger houses. Plus take up valuable farming lands and deplete forest resources.

Congrats you have weather reports, the death of white heritage for a bunch of materialistic possessions was worth it because we know the weather

I have a suggestion for you. Become Amish. Stop posting on the communication jew and put your money where your mouth is.

The Amish are too passive for me, they would lay down and die in a push comes to shove situation.
I'm paying for most of the infrastructure that goes into telecommunications through taxes anyway so I might as well use it.

Libido Dominandi is mandatory reading.

Quit your job and stop buying shit = no more taxes. Just make everything you need. There really is no excuse.

I have to pay property taxes to manage enough farm land to support me and other people. Don't be so dense. I do make most of my items if that's what you're implying

I was implying you're being disingenuous.

I mean, to extent of course, but that's because the system is structured in such away and you can get everything taken if you don't follow somewhat in line. That doesn't mean I won't criticize what I see is the destruction it causes.

Been looking for a sophisticated community to discuss economics. Can you name one of them?

>Humans instead will likely find themselves in a situation where 100% of us will require tertiary education and be employed in developing innovation or research of some sort or another.
>Maybe arts, entertainment etc

As if most people can just study art or engineering and be good at it! Most people will be put out of jobs, and a minority will have the high end jobs left. Think noblesse/peasant but way way worse. Normal people will be worth less than livestock.

>To claim that humans will be 100% obsolete in every field ever is just ridiculous.

Nobody ever said that.

bump

That base is still here, just overshadowed by the post-Sup Forumsharbor crowd.

Read that. Into the trash it went.