Reimu
@EconReimu
Followers
2K
Following
5K
Media
246
Statuses
1K
An economist in training. Take it easy!
Gensokyo
Joined April 2023
"Prices are determined by demand." "What about the rôle of supply?" "Yes, prices are determined by demand."
4
10
173
We’re gonna take Hayek so seriously, you may even get tired of taking him seriously. And you’ll say, “Please, please. We’re taking him too seriously. It’s too much.” And I’ll say, “No it isn’t. We have to keep taking Hayek seriously. We have to take him more seriously!”
3
18
105
Empirical evidence against Hayekian "spontaneous order"
"I don’t know if there is any organized libertarian movement in Italy, but there’s nothing organized in Italy anyway." -F.A. Hayek (1984). From a interview with James U. Blanchard III, "Exclusive Interview with F.A. Hayek" (Cato Institute).
3
0
42
Not to be confused with Operation Norwood where the CIA slowly causes male pattern baldness in its enemies
Operation Northwoods, a proposed plan by the US Department of Defense in 1962, suggested staging false flag operations, including bombing attacks in Florida, and blaming them on Cuba to justify an invasion. This proposal was presented to President JFK but was ultimately rejected.
0
2
35
this is the same guy who claimed to be the greatest lover in vienna, fyi
"The first thing a man will do for his ideals is lie." -Joseph Schumpeter
6
2
63
Production increases the stock of the good → decreases the marginal utility to owners (i.e., the marginal unit is lower on their value scales) → decreases the minimum price at which they are willing to sell each additional unit → increases the quantity supplied given a price.
1
0
16
Good ECON 101 question: Use the Law of Diminishing Marginal Utility to explain why an increase in production shifts the supply curve to the right.
5
1
31
“All landowners are willing to sell all of their land regardless of the price!”
1
3
32
The Wikipedia entry for “Land Value Tax” doesn’t understand why supply curves slope upwards.
7
3
68
What’s interesting is that Aristotle’s critique of usury actually claims that money is not barren and that money may beget money, but that it’s against its telos. It’s more coherent than the typical line that money is a “barren metal,” which confuses impossibility and immorality.
Aristotle explains why usury is the must hated, dishonorable, and unnatural way to gain wealth
1
4
28
If this is how he types, it’s no wonder he publishes so infrequently.
13
23
185
We live in a society where Grok is the only person who will take Hayek seriously 😔
If I went to Stanford, MIT, Chicago, Princeton, Berkeley or Harvard there is not a single professor I could talk to about the science and philosophy of Hayek which transformed the world—but I can discuss Hayek's science and ideas with @grok, Gemini, and ChatGPT. It's a new world.
2
2
40
On the word 'econometrics': "It has been coined by analogy with Biometrics, statistical biology […] The term is exposed to objection on philological grounds: it ought to be either Ecometrics or Economometrics." -Joseph Schumpeter, 'History of Economic Analysis' (1954), p. 209.
1
11
46