Discover and read the best of Twitter Threads about #Economics

Most recents (24)

Today we spent a chilly day out in the uMkhomazi catchment in the south of Kwa-Zulu Natal with a group of stakeholders who are mutually concerned about water security in the catchment #Water #SharedBenefits #SharedRisks
Why this catchment?
1. The Mkhomazi River is the 3rd largest river in KZN, with major infrastructure projects on the horizon #Water #InfrastructureDevelopment
2. It's identified as possible solution to long term water deficits in uMngeni catchment #WaterDemand #InfrastructureDevelopment
Read 25 tweets
1) Today marks the 30th anniversary of the start of the #VelvetRevolution. Although I didn’t realize it at the time, this moment triggered a chain of events that would indirectly affect me in a myriad of ways. This #story is a bit rambling, but please hear me out…
2) First, let’s back things up to 3/31/90 - the final day of the #NHL regular season. I listened to the @penguins v. @BuffaloSabres on @KDKA 1020, as usual. But this was no ordinary game.
3) The #Pens needed a tie or win to advance to the playoffs. Also, #MarioLemieux was back in action for the first time in months. The stakes were high. I was 14 years old. This game meant the world to me. .
Read 23 tweets
Today's Applied Complexity Symposium begins with a panel on Computation and Complex Economies, feat. Rob Axtell, Joshua Epstein, @C4COMPUTATION, Blake LeBaron, John Miller, & @MelMitchell1

(Follow this thread for live coverage all day...)

#complexsystems #economics
4 Principles of Collective #Computation:

1 Ground truth (objective reality)
2 Effective ground truth (what we agree on, whether or not it is accurate)
3 #Information can be collectively encoded in #networks
4 Outputs are a product of collective dynamics

@C4COMPUTATION right now
"I think #economics really needs to adopt a generative framework with agent-based models of cognitively plausible software people...[and] we don't choose to fear."

- SFI'S Joshua Epstein (@GeorgeMasonU) on modeling emotions at today's ACtioN symposium:
Santafe.edu/action
Read 44 tweets
SFI President David Krakauer introduces our annual board of trustees symposium on New #Complexity #Economics - follow this thread for live coverage of talks by @EricBeinhocker @AKStanger @ole_b_peters @JacksonmMatt @cmoncap & W. Brian Arthur today...
"I think we have to be aware that we're not just discussing financial systems. We are discussing the future of the stability of the planet."

- David Krakauer
on #Complexity #Economics
"What is the #economy? I would argue that it doesn't exist in the physical world. It is a product of our #imagination. It is made out of #ideas. It does have an effect on the physical world. But the imagined order that we have is not succeeding."

- @EricBeinhocker
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Very cool special issue #OEconomia on how economists speak, debate, and persuade the general audience. Wide range of examples, and even more to come in Part II!
And let’s not forget about this great "Book reviews" section of the journal (coordinated by Jean Bacelli, @Cyril_Hedoin, @mvsbach and Magdalena Malecka and, from now on, @AGoutsmedt). In this issue :
1/ @RossEmmett's review of David Colander and Craig Freedman’s “Where Economics Went Wrong: Chicago’s Abandonment of Classical Liberalism” (@PrincetonUPress): journals.openedition.org/oeconomia/5412
Read 7 tweets
There is a lot of confusion about the concept of good in #economics. While thinking of goods as products (or services) is an easy shorthand, it doesn't quite capture economic reality. And it induces logical mistakes and outright errors. Economics is not primarily about physical
reality, but about the use of it from the perspective of human wants. In other words, it matters little whether a thing is a thing. What matters is if that thing can be used toward some valued end, and then if this use is an economizing use. In other words, what makes a good a
good is not the physical thing itself, but the value we find in it because it is serviceable toward some valued end. There are plenty of things that are not goods, because they are either not scarce (so we do not need to economize them) or not useful. Oil was an utterly useless
Read 21 tweets
Is #economics a #science? Not as it is colloquially defined ("uses The Scientific Method"), and the same is true for all social sciences. Proper economics is best understood as a way of thinking, an understanding for the fundamental logic of social phenomena. Its job is not, as
natural sciences are designed, to predict and support engineering, but to uncover the true processes and mechanisms behind the phenomena we see and think (often mistakenly) we understand. This is what economics has done since the very beginning, and why it was both the queen of
the social sciences and the 'dismal' science. It was the 'queen' because of its power in explaining social and economic processes and mechanisms as emergent from individual behavior: the (inter)actions of persons. For example, economics explains the significance of market prices
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1/n
Reverberations of #PLF2019 ringing in my ears, this ideas-packed edition, curated by @KanchanGupta and @ARanganathan72, is easily the best #LitFest I've attended.
That it is located in the land of Sri Aurobindo, @integralyog, gives it the Force of #nationalism.

A thread...
2/n
#PLF2019 is not a Left-wing #LitFest. But it isn't Right-wing either.
When I heard the various sessions, I knew that more than all other platforms of debate and discourse, it is here that India is articulating its Indian intellectual traditions.
3/n
But what is Indian? Why strike out and create a new category at #PLF2019?
Because, the Indian mind...
1. Cannot be captured and constrained into a single Left-Right box.
2. Is all-embracing, all-respectful.
3. Goes beyond toleration and epitomises acceptance.
Read 8 tweets
With brand new epilogue: Dear Greta.

#climate #climatechange ideafaktory.com/cannibal/
#ClimateChange thread

The most sober & pragmatic analysis I've seen is from Citi, showing the benefits of clean solutions outweigh costs.

But that's the business side.

Sadly, the political rhetoric is now unhinged, exaggerated, irresponsible hysteria.

theguardian.com/environment/cl…
1) Greta says "people are dying". Not exactly. Deaths from natural disasters have plummeted over past 100 years.

2) Greta says capitalism is the problem when its driven down pollution by subbing gas for oil/coal, driven innovation lowering solar, wind, battery & other alt costs.
Read 26 tweets
*THE WAGES OF THE IGNORANT*

They increased VAT from 5% to 7.2 % e no reach , now they come put charges on your money saved in the banks such as - 2% charges on Savings, 3% Charges on withdrawal and other existing charges like Monthly charges, SMS, transfer charges, ATM
maintenance, etc wey no reach again, Watch out for the next policy while you do that my brother and sister the ignorant will always pay to the wise unless he becomes informed.
You may not know that these financial institutions are in accord to drain you.

It's time to take
yourself and generation out of this bondage and the time is now.

*How can I do that?*
*What should I do ?*
*Are those one of your questions?*

_Well let me tell you for *FREE* , start by investing in assets that has tax advantages so you don't continue to work while the
Read 6 tweets
"You don't see radio changing gradually and suddenly become radar. #Darwin's theory doesn't work for #technology, and we have to make a new observation."

- W Brian Arthur at SFI today

#evolution #innovation #invention
"Novel technologies are constructed from existing technologies. These offer themselves as components for the construction of further technologies."

- W Brian Arthur at SFI today

#evolution #innovation #invention #technology #engineering #design
Unlike the two-parent #inheritance typical to (but not ubiquitous among) #complex organisms, #technology inherits features from n parents - a "vast ancestral #network" more like horizontal gene transfer networks in #bacteria.

W Brian Arthur on sumulating #invention on a chip:
Read 18 tweets
Thread on some thoughts on @ewarren's plan to demand poor countries meet labor & environmental standards to trade with the US & on @Noahpinion's critique.

1) Yes, Clinton-era free trade agreements caused a multi-decade job bleed from the US, especially in manufacturing
2) Free trade generally benefits lower cost providers. Therefore, a net positive for emerging nations.

3) There are things we could have done to phase in free trade deals, like boost investment & re-training in other industries, to limit the downsides. But hindsight is 20/20.
4) While ALL consumers benefit from lower prices from free trade & much smaller groups of workers benefit from protectionism, it's the job of a nation's leaders to balance the two. That did not happen here. The digital boom abandoned the analog workers of exported industries.
Read 12 tweets
@c_ehrbar Laugh all you want, I look at every timeframe on everything that I'm concerned with. I chose the 1H timeframe here, and even the 3m too on a facebook post, to serve as a "before" image if/when it plays out as quickly as expected. Then I can make something like this yet again.
@c_ehrbar An example of higher timeframe context that I've been providing... Notice how nicely it bounced from the .886 retracement 125 days after I posted it.

tradingview.com/chart/NDX/ca8z…

#StockMarket $DJI $NDX $SPX $SPY
@c_ehrbar I use that along with my analysis on #bitcoin itself, the individual indices, my "sum of that american indices divided by the price of gold" private chart, and several others to be almost certain of my medium-term scenario playing out, just as I was about #bitcoin goin up from 3k
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A little note about the #LessAndBetter meat message - I'm quite well known for calling this out as unhelpful and actually harmful to developing more sustainable farming systems, but it's not *just* because I sell meat, although that has given me an insight into the effect of such
a destructive message. The problem stems mainly from the vague nature of the message - less than what? better than what? what is better? what is 'meat'?- it's not at all clear, if you take greenhouse gas emissions, for example, cows emit methane so they must be bad, right, so
let's eat chicken instead? But hang on, chicken is the most intensively reared meat available, so how can that be 'better'? Well, maybe we first need to work out what we mean by 'meat' and how things have changed. According to FAO Stat, in the half century to the UK has changed
Read 20 tweets
Keynes was a pedo. Source in footnote. #Economics
Follow me if you like freedom 👌✌️
For further reading on Keynes’s sex life (if you care for god knows why):
keynesatharvard.org/book/Sugar_Key…
Read 4 tweets
What does an economy do? Modern #economics suggests it is about [production] #efficiency, and develops models for assessing the degree to which it is achieved and predicting outcomes assuming it. This is a fundamental misunderstanding that, when scratching on the surface, clearly
is as impossible as it is undesirable. Economy is about #valuecreation: about getting more out of less. Efficiency is backward-looking and lacking of progress, while value creation is future-oriented and aspirational. What I mean by that is that efficiency is about tinkering with
processes and mechanisms that already exist, with the goal of making them run faster, smoother, and with less waste. It is about #management, about reducing costs and cutting overhead. But one cannot cut costs unless there is already an established process ssrn.com/abstract=30582…
Read 14 tweets
John Maynard #Keynes was born on June 5, 1883, and died too early. Here's a few thoughts on why I keep circling back to him, & why his work forces 2 rethink the way we do & teach #economics, esp. #micro. I am sure this (partial) thread will upset someone: apologies in advance. 1/
#Keynes understood that #macroeconomics is about emergent properties: aggregate outcomes that don't make sense 2 the individuals populating the economy. The logic, e.g., of the #IncomeExpenditure model is that an economy can coordinate along any point on the 45-degree line.. 2/
and that, accordingly, we should expect economies to operate with slack. Then you have the #ParadoxofThrift and all that. He also talked about the #ParadoxofCosts when he discusses redistribution to lower income people who have higher propensity to consume... 3/
Read 14 tweets
#FoodTech 🥘
Thread about #DarkKitchens

(1) Dark kitchens are delivery-only kitchens
German article ktchnrebel.com/de/dark-kitche…
(2) in #London 🇬🇧 or #India 🇮🇳
English article livemint.com/companies/star…
(3) operated by Delivery Services 🚴‍♂️such as @Deliveroo @UberEats #supper @JustEatUK ...
Read 14 tweets
»#YuriBezmenov may well go down in history as a #saint by the #survivors of the generations to come.

His statements about the global “#communist agenda” offers an opportunity for students of #history, #philosophy and #economics - world wide - to take note of #reality and to
..
.. reflect on the identity of their intellectual enemy, the dynamics of #capitalism in economics, and the role of #violence in politics.

Firstly, what is the “western identity”? From my understanding .. the #western identity has been shaped primarily by what it has resisted:
..
..
namely monarchic #despotism, authoritative #collectivism, and the infringement on the sovereignty of the #individual. You can even say that, to an extent, #Christianity itself followed from an already existing identity (i.e. the #Socratic divination of the individual).

..
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[A THREAD]
Bagaimana cara menabung saham yang benar? Apakah membeli saham yang produknya kita mudah temui? #yuknabungsaham #idx
1. Dengan gencarnya promosi untuk ikut #yuknabungsaham maka makin banyak millenial sekarang yg mulai berinvestasi. Salah satunya juga karena promosi di medsos dengan endorser spt di IG... #idx
2. Tapi tidak sedikit yang bingung setelah akun jadi, mau beli saham apa, lalu jawaban klasik yang sering kita temui adalah "beli saja yang produknya mudah kita temui" #yuknabungsaham #idx
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"#Economics has long been the purview of men; almost all the names in early economic thought were men, with the notable exception of Joan Robinson, a member of John Maynard Keynes’s inner circle of Cambridge economists." - @LipstickEcon americanprogress.org/issues/women/n…
"More recently, women economists have risen to prominence, such as Janet Yellen, the chair of the Federal Reserve." (Trump replaced her with a less qualified man: businessinsider.com/trump-picked-p…)
"Still, women make up only just more than 30 percent of new PhDs in economics and their proportions are lower further up the career ladder: Only 15 percent of full professors in economics are women." businessinsider.com/gender-and-rac…
Read 14 tweets
Economists estimate trump's #TradeWar w/ China has already cost U.S. companies & consumers $19.2 billion.

Now U.S. retailers, to avoid drastic price increases in the U.S., purchase products from Tawain, South Korea, Vietnam, & Mexico (thread)
#economics

reuters.com/article/us-usa…
The trump #TradeWar is making #Vietnam a winner-- as "exports rose 12.4% in the 2nd half of 2018...outpacing the five biggest economies in SE Asia"

And co's like Xuan Hoa Vietnam Joint Stock Co. (furniture) have shifted operations from China to Vietnam.

bloomberg.com/news/articles/…
Tawainese companies are also moving out of China to invest in their home country, making #Tawain a winner in the #TrumpTradeWar

#economics

taiwannews.com.tw/en/news/3679587
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I think we can all agree that food is pretty important for survival.

Climate Change is already impacting food security- it is not a distant, ambiguous concern: 

More than 1 million acres of US cropland ravaged by floods

reut.rs/2Uly0eC

#ClimateActionNow #foodsecurity
Cascading impacts of deadly flooding around the world includes "food supply shocks"
bit.ly/2OVoGZN

"A “whiplash” between very dry periods, followed by very wet periods, is exactly what we can expect from climate change"

#foodsecurity #ClimateChange #agriculture
...North America is not immune - bit.ly/2OVphL1

Already ‘There’s bleeding going on’ in U.S. farm economy, ag lender says, due in part to extreme weather

A prolonged downturn “has impacted farmers of all ages, experience levels and sizes”

#extremeweather #farming #farm
Read 16 tweets
Whether Huawei (or any Chinese firm) really is spying - or planning to - is almost irrelevant. There's always a #platformrisk argument for maintaining control of critical infrastructure - for a country or a company.

See: Surviving Platform Risk ideafaktory.com/platform-risk-…
Cost? Problem is cost to whom? ISP's get to decide our fate, based on their costs, not ours, as citizens or a nation. A realignment is in order.

PS- I don't feel bad dictating to govt-created monopolies what to do.

Read 7 tweets

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