Bitcoiners & I are focused on the danger of two related DC printing presses:

I) One that prints money directed by the Federal Reserve.

II) One that prints the CPI at the @BLS_gov which *forces* billions of dollars in wealth transfers and which can disguise the printing of fiat.
We don’t always agree. I’ve no idea how Satoshi took aim at I) above. And I don’t yet know how to explain the importance of gauge theory to Gold (physical Gauge Theory), Prices/Quantities (abelian GT), Trade (non-abelian GT) and Utility (infinite dim GT):
economics.uchicago.edu/sites/economic…
But we’ve been working together behind the scenes. I so appreciate @Breedlove22 coming to Chicago to witness what I hope will be the beginning of an attack on abuses of perhaps the second most dangerous printing press in Washington as inflation heats up.

Thanks #Bitcoiners: LFG.
Lastly when we trade with nations that have a different currency from ours, how can we measure inflation of both separate currencies relative to two baskets (imports & exports) without artificially assuming the law of one price?

We *must* innovate here:

economics.uchicago.edu/sites/economic…
Bitcoiners, open minded economists & math/physics folks: we have a serious problem navigating world markets using indicators that currently rely on *preposterous* assumptions (homotheticity, law of one price, stable tastes, etc) Economics needs more eyeballs on it from outside.🙏

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More from @EricRWeinstein

18 Nov
For F’s sake. The federal government has totally breached its tacit understanding with our US STEM community. We’re not your domestic help. Thank god someone is stepping in. Maybe @elonmusk will build an SSC replacement. I am frustrated that these people don’t do MORE in STEM.
How about giving America’s own scientists and engineers the massive sticky gooey portion of the pie they have built for everyone else? Instead we deny them the ability to commercialize discoveries at the same time as we breach the spirit of the “Endless Frontier” agreement.
You’re a senator @BernieSanders. I voted for you once.

Even Soviets didn’t target their own scientists. How about we pay our labor rather than calling it “training” & calling our workers, “workers” rather than “students”? Oddly, you aren’t even a socialist standing for workers.
Read 7 tweets
17 Nov
People always say "Why don't you do something about our institutions." And, as soon as you do, there starts a cycle of interpersonal drama that no one wants.

I have nothing to do w/ the University of Austin, but I think it's a great idea. And I am happy to say that I support it.
I also commend @AndrewYang for starting a political party. All of these hopeful ideas are challenged because no one in the internet age wants to answer the barbs: "Wow. You thought that would work???"

Starting new institutions is tough. I support @bariweiss & @AndrewYang trying.
And I would be happy to say to all the super savvy cool kids who know that this won't work: Andrew and Bari are the ones in arena. Not you.

It's easy to step away. It's a hell of a lot harder to believe in something that isn't a start-up business or an NFT right now.

Good luck!
Read 8 tweets
15 Nov
The @UChi_Economics department has also made a draft available of the proposed non-Abelian extension of intertemporal comparison theory to bi-lateral trade specifically when trading partners *cannot* agree on prices:

economics.uchicago.edu/sites/economic…
A novel feature here going from 1 to 2 pricing systems means moving from values in the Reals, to indices valued in non trivial matrix groups like GL(2,R). This necessitates use of a Dyson series using time ordered products and a specific reworking of Divisia-like integrands.
We have yet to find this anywhere in the Economics literature. If you know of any close relationships to standard theory we would like to include the reference. But as yet, as an outsider making a good faith effort, I haven’t seen these formulae anywhere. Thanks!
Read 4 tweets
8 Nov
You mean field. Economics is actually all about fields: field operators & field theory.

Technically, inflation is classically like a Wilson Loop observable on path spaces. But economists have historically denigrated path-dependent approaches (e.g. 'cycling problems', 'drift').🤷
You have no idea how crazy econ got to make us all the same so that what we're saying can be ignored. Seriously, think about asserting that all folks have the same tastes & that they can never change so that economists can use 'Stable preferences...relentlessly & unflinchingly'.
You will see in the inflation literature various bizarre tendencies to introduce 'homogenous' or 'homothetic' utility functions and to hold these functions fixed. Ultimately it fell to 2 giants to claim that taste is universal. That way, rich/poor, you/me all have common utility.
Read 8 tweets
6 Nov
Great news, given that *every* tick of your BLS CPI forces billions of dollars to change hands.

"The concept of the cost-of-living index guides the CPI measurement objective and is the standard by which any bias in the CPI is defined."

I found this on @BLS_gov site. Is it true?
I cannot find any place where the preference maps needed to construct a Laspeyres Konus COL index are gleaned through revealed preference. I will go so far as to say that this is bait & switch. There is a CLAIM of a COL framework, but no one is constructing anything of the kind.
Q1: Where exactly do I find the ordinal indifference maps constructed by BLS for a 'Representative Consumer' used to find substitution bias in fixed basket Mechanical approximations to a welfare Cost-Of-Living framework based on a Konus economic index of intertemporal welfare?
Read 6 tweets
6 Nov
Saw media making fun of people who get any medical advice from @joerogan.

Here’s what I heard from Joe: “I’m saying this because I love you brother: lose the fat. Now.” And I took Dr. Joe’s advice.

He didn’t say “weight”. He said *fat*. Can our public health officials do that?
I think we have to understand that people are also looking to Joe as a pass-through for concierge medicine. If you have brilliant Uber-rich people in your life you hear a lot about medicine you can’t afford. Whole body work ups. Multi day examinations. Lots of medical gear.
As such, I always try to listen in on what these people are getting for their families with all that money. I believe many people aren’t asking Joe per se. They assume “Joe has top concierge care. What are his physicians telling him that my doctor can’t afford to say?”
Read 5 tweets

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