Discover and read the best of Twitter Threads about #economics

Most recents (24)

#Ignorance is #Bliss: Economists still don't get #Lockdown #Economics. As long as 60% of economy is in #Lockdown conventional fiscal stimulus has zero effect, 0. So anyone still talking about it, is either dumb, living in cloud cucko land or deliberately trying to fool th public
2/lde #Lockdown means there is no supply or demand in the part of economy (60%) which is shut(lockdown). We cannot buy any non-essential goods.Its not a matter of lack of money or desire. There is no way you, i or anyone can buy any non-essential G&S when producers can't sell it.
3/lde Conventional Fiscal stimulius Will Become relevant only after we transition from Lockdown to "normalcy". It's only during transition that we will know if there is lack of demand in which sectors & a fiscal stimulius package can be devised & ready before end of transition
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#Economics has lost its way and made the study both impotent and of lacking relevance. It is easy to see how and why if we first recognize that proper economic thinking takes place two steps beyond the apparent. Non-economists typically take none of these steps. Modern economics
has lost the ability to go beyond the first step. This can, I think, be explained by its increasing adoption and reliance on mathematical and equilibrium models, which typically disallow the second step. What are the steps? They involve going beyond what is directly observed to
uncover, first, the immediate or atemporal tradeoff and, second, the temporal dimension of the tradeoff in an overall process. Bastiat famously distinguished good and bad economists by their ability (and inability, respectively) to see the 'unseen'. What he meant by this is that
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Science News - Other Sciences: Mathematics, Social Sciences, Archaeology, Fossils
#archaeology #mathematics #fossils #science #economics
New findings suggest laws of nature 'downright weird,' not as constant as previously thought…
#laws #weird #nature
The Federal Reserve's Coronavirus Crisis Actions, Explained (Part 6) - Notes on the Crises…
#FederalReserve #actions #explained
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I think it would be a good time to remind everyone, where economic prosperity of nations arise.

So, a (long) thread to economic success, for nations.

I guess the easiest way to start this, is to describe what does NOT work.

First lesson is depicted here. 👇 1/21
What the experience of Japan, with her handling of the early 1990's financial crisis, taught us, is that you NEVER EVER enact a national bailout of banks and corporations.

It's the surest way to prolonged economic malaise.

Japan "fixed" this, with massive increase in debt. 2/
What we need to understand is that productivity growth is everything that matters, economically.

In simplified terms, it's a process that increases the productivity of a human worker thus increasing his wage and making products cheaper.

This is driven by technological... 3/
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"If we continue this #jingoism, when #Bitcoin surpasses #fiatmoney, for a large section of #peoples, it will just be one kind of currency they didn't understand replaced by another #currency they don't understand. Was that what #Satoshi would've wanted?"

- @nonnis_luciano

On that note, @d_xone brings to you 10 #Bitcoin proponents that take the pains to explain what goes on behind the curtain in true #feynman style.

Do you follow them all? If not, what are you waiting for?


At #10 is @Bitcoin - Clocking in at 1M #followers, this takes the #10 spot. Been advocating #BTC and exposing shills longer than everybody else, @Bitcoin is the real #OG. When it comes to bitcoin #maximalism, this one takes the cake.

Latest Tweet:
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A retrospective, model-based analysis of a fatal dose-finding trial. [THREAD] 1/
@arxiv The trial in question came to my attention 1.5 years ago, thanks (as is so often the case) to @Lymphomation: 2/
@arxiv @Lymphomation As you see in the thread linked above, my immediate response was in terms of the #PrecautionaryCoherence principle, explained in the quick video below: 3/
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Here’s what one kind of objection to state expansion looks like. From World War II.

Thread, on why crisis-led state-building isn’t… so bad.
In 1943, as soldiers died in combat all over the world, some Canadians were ticked off at having to fill out questionnaires.
Why so many questionnaires? Wartime information needs. Post-war economic planning. Without data, the state was flying blind. Finance observers called Canada’s lack of GDP stats in 1943 our “statistical sin of omission.”
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Yesterday I sat in on an excellent (booked out) #economics webinar with expert input from Dr Carolina Alves, Prof Stephen Kinsella and Dr. Catriona Cahill examining the impact of #COVID19 on UK and IRE.


Here are my notes!
Short sharp shocks: It's important to separate the 'scenarios' from the 'forecasts'. The first is narrative-based! We are assuming a short, sharp shock. Short - (a quarter); sharp (as seen in unemployment figures); and a shock - this wasn't predicted.
One key differentiator in this crisis is that there is no one entity to blame. Not bad banks, or bondholders. We really are all in this together.
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This is the type of info consume - rational talk from doctors, scientists & healthcare professionals. We don't have to be cultists. Rather, we can continue to think and revise our preferences and recommendations.

"A #COVID19 Reality Check," with @ZDoggMD
America's rationed healthcare system is the culprit behind our #COVID19 crash - and both DEMS and the GOP chose it for us. I love @ZDoggMD, because he tells the truth - without notes, from his heart.

"Stay away from healthcare if you want to live a long and healthy life." ~ZDogg
This isn't about Doctors NOT KNOWING good medicine - it's about a system that prevents MD's from practicing good medicine. #PublicHealth is a concept that was hidden and lost under #PredatoryCapitalism, exposing the fundamental flaws America's corrupted healthcare infrastructure.
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This is something I've planned to do for a long time. There are wide-spread misconceptions on #centralbanks that need to be set straight.

So, a (long) thread on why Central bankers are not "superheroes".

Let's start with a cheerful poll. 😊 1/26
#Fed #ECB #economics
It seems that majority of my followers are both insightful and wise 👍.

The results also lead to the conclusion, which I now try to elaborate a bit more. 2/
@Amdalleq @CNBCJulianna @KellyCNBC @DiMartinoBooth @KatriKulmuni @bondstrategist @BradHuston
First, few words on QE.

The purchases of assets in QE-programs are done through commercial banks.

Banks buy the securities from other banks, investors and households and the central bank credits the reserve balances to the accounts of banks to balance their balance sheet. 3/
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Follow this thread for coverage of our SFI Flash Workshop re: #COVID19, "After the First Wave," organized by @mikha_ehl, Cris Moore, & @svscarpino — with presentations by @meyerslab, @Caroline_OF_B, @rajivatbarnard, @glenweyl, & @sdelvall.

More info:…
Some background from Lauren Ancel Meyers @meyerslab about the #epidemiology modeling community's efforts to produce #pandemic projections for the @CDC — first about #influenza and then, suddenly and with the models incomplete, pivoting to #COVID19:
Aggregate data from travel in and out of #Wuhan in early 2020. To infer the pace of the #epidemic, @meyerslab and colleagues used info on timing & location from first cases in other areas, travel volume to/from Wuhan, and gave an early doubling rate for #COVID19:
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1/16 So where was I going with #mining block models in my previous thread? I can now show you how we use them to optimise for open pit mining and approximate a good UG mine plan as well. To begin, the decision to go open pit or UG very much depends on the shape & size of the ore
2/16 body, and the decision is usually intuitive. Sometimes a combination of OP & UG methods makes more sense. Consider the following theoretical block model representing a rich, vertical ore body. Assume this is a 2D environment, not a 3D one, with coloured units of value.
3/16 Now with our avatar safely removed w/o any major social justice fallout, we can get on with the open pit mining. 😉 Let's assume that the cost of mining is 1 unit, processing cost 0, what would the value be mining the 1st level by Open Pit methods?
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Turns out that this radio show/podcast of ours has a deep back catalogue of episodes that could double as lessons for remote classes! We’ve got history segments, social studies segments, even some material for English lit... So, teachers & parents: gather ‘round for a *thread*
Our 5-part series on poverty examines and debunks myths about self-sufficiency and virtue. Is America a land of opportunity? How do we understand will power and work ethic? Ben Franklin shows up. Great for history and civics classes.…
If you're looking for material on US core principles and founding documents, check out @OTMBrooke's conversation with historian Jill Lepore about "These Truths."
Key quote: "Our Republic does not pre-exist newspapers." !!!!!…
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3 perspectives to evaluate solutions to a problem:

#problemsolving #thoughtexperiment
Case 1: commuters complain of long waits for trains

- Use technology to increase speed of trains
- Use economics to increase the number of trains
- Use psychology to display the wait time for the next train
Case 2: shoppers complain of high prices

- Use technology to improve products
- Use economics to reduce input costs
- Use psychology to offer discounts on list price
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A few words of Amazon & their CEO "donating" to climate change. Let's be clear on this, when Amazon don't pay tax they are defunding the state, defunding society. Society is in fact subsidizing them. So when they "donate" money to a cause it is in part out money. #FBPE
And it is our money that is being directed by a CEO of a big US corporation. Why is this significant? Because in a functioning democracy we as a society decide how our tax money is directed by electing governments that decide on spending. 2/
So normally.. society decides through the democratic process how it cares for and supports society, for example, providing welfare, supporting culture, sport, building roads etc. However we are moving to a malfunctioning democracy whereby business decides. 3/
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@SalmanSoz @aniljothomas @narendramodi It's the inevitability of the Algebra of exponential growth.

At any given growth rate the absolute increase in any fixed period (say a 5 year period) will be greater than in the previous period).

The Prime Minister must not take credit for algebra.

In a chart.
@SalmanSoz @aniljothomas @narendramodi For example if you start at GDP = 0.2Trillion (I.e, 200 billion); AND grow steadily at say 8%, - giving a doubling time of 9 years. If this is sustained you reach
1 .2 Trn in 27 years
2.4 trillion in the next 9 years
4.8 trillion in the next 9 years.
@SalmanSoz @aniljothomas @narendramodi That means The absolute arithmetical increase in GDP was
1 Trn in first 27 years
1.2 in next 9 years
2.4 in next 9 years.
Only an ignoramus in simple school algebra, or a fraud, or both would claim that the performance was best in the final 9-year period. It was 8% throughout.
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Lets talk about John Maynard #Keynes and his #Passion for #Art...
John Maynard #Keynes is perhaps most famous for his 1936 Magnum Opus, The General #Theory of #Employment, #Interest, and #Money in which he argued for a more active role of #FiscalPolicy in #Macroeconomic management...
It is hardly disputable that #Keynes' work, and his subsequent roles during the #BrettonWoods era marked a significant intellectual shift in the way we have come to understand #Economics as a discipline...
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Let us talk about the #FED #FOMC's 1st #MonetaryPolicy meeting of 2020. Specifically, let us talk about the puzzle that is a flatter #PhillipsCurve...
The #FederalOpenMarketCommittee (#FOMC) of the #FederalReserveBank (#FED) of the #US concluded its 1st meeting of 2020 on the 29th January 2020. As expected, the FED did not change rates but left the #KeyPolicyRate, the #FederalFundsRate (#FFR) in the 1.5%-1.75% range...
Indeed, if one considers the #FED #Dotplot of December 2019, the decision to keep rates unchanged would not come as a surprise. What I wanted to focus on today is some key passages in the statement, highlighted in yellow in the screenshot below...its all #PhillipsCurve...
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Great read in @nytimes by @NathanielRich, focusing on the decisive decade when humankind first came to a broad understanding of the causes and dangers of #climatechange.

#ClimateEmergency #climateaction #climate…
"More carbon has been released into the atmosphere since the final day of the #Noordwijk conference, Nov. 7, 1989, than in the entire history of civilization preceding it."
"By the end of the 21st century, scientists predict that Switzerland could face a temperature increase of five degrees Fahrenheit because of climate change; by then, a majority of central #Switzerland’s glaciers will have disappeared."
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The realm of #politics is to coordinate solutions beyond what decentralized actors and organizations can themselves achieve. This is done through the power of #thestate (coercion). Thus, the scope and use for politics as a means is strictly limited to where it is the better
solution for society and its constituents. This means the boundary of the proper use of politics and the state is identified by what can (and will) be coordinated through decentralized means. In other words, the boundary of politics is composed by our understanding for the
mechanisms behind spontaneous orders and their emergence. Chief among them is the price mechanism and economic calculation. In other words, the 'other side' of politics, which suggests where and to what extent the powers of the state should and can be used, is #economics and,
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#THREAD: As 2019 is coming to an end, how do we evaluate China's economic transformation in the past ten years? And how to view the prospects for China's economic growth in the next ten years? #economics
In a recent article, economist Gao Shanwen made a detailed comparison and analysis of China’s economic transformation in the context of the transformation of East Asian economies:…
In the past eight years, China's overall performance was close to Japan, South Korea and Taiwan within similar period in terms of economic growth rate, urbanization, exports and manufacturing competitiveness.
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Ranking 2019 (In Spanish) | Hilo sobre los 5 mejores artículos divulgativos de economía (de 3 mujeres y 2 hombres) que he leído este 2019 (#estoessubjetivo).

Todos muy interesantes y de los que se puede aprender muchas cosas #econtwitter #economics #economía #divulgacion [1/n]
Nº5. "Paul Volcker, nueve décadas contra la inflación", escrito por @MartaDomnguezJ1 en @Letras_Libres

Excelente resumen de la vida de Paul Volcker, que falleció este año. Si diera clase de macro, sería un texto obligatorio para su lectura. [2/n]…
@MartaDomnguezJ1 @Letras_Libres Nº 4. "Anatomía de la economía: de los flujos circulares a las matrices de contabilidad social", de Pablo Cervera Ferri y @JavierFerri1 en @nadaesgratis

Un viaje a través de casi 400 años de historia (no sólo económica). [3/n]…
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I live in a duplex in Mississauga. Let's say I have the funds to install solar on my house, or replace my high-efficiency natural-gas furnace, or replace my 2105 Corolla with an EV. What would be the best carbon bang for my $? #ClimateChange #onpoli #economics #carbonfootprint
Maybe @andrew_leach might have some idea?
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What people believe they know about the economy is typically exactly the opposite. (So no, it's not only your banker's investment advice.) It is the great power of #economics to point out how the world actually works. For instance, that already incurred costs are sunk, that costs
are a choice on the way to value, that capital is valued for its contribution to consumer satisfaction, that competition is a form of cooperation, that true cost is in fact value (specifically, the value forgone), etc. The apparent intuitive force of simple observation not only
lead people astray, but compels them to reject economics. Perhaps this is why we talk of an "economic way of thinking," which releases the mind from making all these simple and costly errors--and reveals the true nature of the world. I recently encountered another example of how
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