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Chris
02-07-2012, 09:01 AM
Yesterday we saw in Economics is Fun, Part 1: Value (http://thepoliticalforums.com/threads/1879-Economics-is-Fun-Part-1-Value) that value is subjective. Today we look at price. What are prices? Where do they come from?


http://www.youtube.com/watch?feature=player_embedded&v=PwTUpONzfFw

Conley
02-07-2012, 09:23 AM
:laugh: That guy seems to really enjoy making this series. I wonder if there was a second bottle of wine on his desk before the start of filming?

Great example of the two kings who reacted to the famine in separate ways. I never really thought of free market versus price controls in that manner but it makes sense. It's a good argument for the drug pricing conversation we were having over at FFA.

MMC
02-07-2012, 12:01 PM
Nothing about economics is fun! :angry:

Chris
02-07-2012, 02:50 PM
This guy is doing his best and getting better at it.

I'd say instead nothing about the economy is fun! :angry:

Conley
02-07-2012, 02:51 PM
This little guy is awesome and anyone who disagrees is wrong! :angry:

Mister D
02-07-2012, 02:54 PM
Economics bores me to tears. I have to agree with you, MMC. :grin:

Conley
02-07-2012, 02:55 PM
Economics bores me to tears. I have to agree with you, MMC. :grin:

If either of you had watched the video you might have learned something! :angry:

Mister D
02-07-2012, 02:58 PM
To each his own! :angry:

Conley
02-07-2012, 03:00 PM
:laugh: I think :angry: is my favorite smiley. Anyhow, enough silliness, this thread is about ECONOMICS. :angry:

MMC
02-07-2012, 03:03 PM
This guy is doing his best and getting better at it.

I'd say instead nothing about the economy is fun! :angry:


:laugh: Now there is an absolute truth! Especially when controlled by Democrats! :angry:

MMC
02-07-2012, 03:06 PM
This little guy is awesome and anyone who disagrees is wrong! :angry:

:cussing: I was fond of the cussing smiley but for some reason he lost the cussin. :laugh:

MMC
02-07-2012, 03:07 PM
:laugh: I think :angry: is my favorite smiley. Anyhow, enough silliness, this thread is about ECONOMICS. :angry:

Or is it because that smiley is easier to get to than the other smiles.....huh? :rollseyes: :grin:

Peter1469
02-07-2012, 06:04 PM
These videos should be required in school.

Peter1469
02-07-2012, 06:04 PM
To my friends who said that economics is boring- yes some of it is (look at what Krugman won the Nobel for); but a lot of it is everyday life.

Conley
02-07-2012, 06:10 PM
To my friends who said that economics is boring- yes some of it is (look at what Krugman won the Nobel for); but a lot of it is everyday life.

An educated mind is an empowered mind. Fools betta recognize!

MMC
02-07-2012, 06:14 PM
To my friends who said that economics is boring- yes some of it is (look at what Krugman won the Nobel for); but a lot of it is everyday life.

Did you see his article this weekend telling all to not get so hyped up about the alleged job numbers that shows improvement? Wonder where they hid all those Sears jobs from the 120 stores they are closing nationwide? Several newspapers folded so about another 5k out of work to. Up an coming Barnes and Noble.

Europe is going into recession. Think this won't affect our economy? The only ones that won't be are the Germans. Greece will be in recession for the next decade no matter what they do. Portugal to follow.

Heya Pete are you familiar with Porter Stansbury?

Peter1469
02-07-2012, 06:37 PM
Did you see his article this weekend telling all to not get so hyped up about the alleged job numbers that shows improvement? Wonder where they hid all those Sears jobs from the 120 stores they are closing nationwide? Several newspapers folded so about another 5k out of work to. Up an coming Barnes and Noble.

Europe is going into recession. Think this won't affect our economy? The only ones that won't be are the Germans. Greece will be in recession for the next decade no matter what they do. Portugal to follow.

Heya Pete are you familiar with Porter Stansbury?

Are you referring to the survivalist? I have read his stuff occasionally.

About the job numbers- yes they are negative, not positive. What happened was that about 240K jobs were created but more jobs were eliminated from the market and more people gave up looking for work. We need about 160K jobs per month just to stay flat; About 360K jobs per month for 36 months would bring us back to 6% unemployment, assuming the job participation rate remained flat.

Greece in reality has already defaulted. Once people catch on there will be a domino effect that will cause a liquidity crisis like what we saw in 2008, only bigger. It will effect all of Europe and it will affect the US. I imagine that international drug cartels will keep the banks afloat as they did last time. Gotta keep the drug money moving through the dry cleaners!

The basic problem in the west is over leverage of debt. That debt will be deleveraged in an orderly manner or in a disorderly manner. No way around it (except of a "game changer" such as the discover of "free energy").

Peter1469
02-07-2012, 06:38 PM
So where I used effect in one place and affect in the other; which is grammatically correct?

MMC
02-07-2012, 06:42 PM
Yeah.....seems thats all they are concerned about it whether it is in an orderly manner. But really how far out can they go selling debt over 30 yrs. Then they act like the ECB and IMF will be their life line. Which didnt count on a few of those African nations running to the IMF for the bailout as well.

Egypt is one in particular and so to the Ivory Coast. Course there will be Libya and Tunisia to come. Oh well I am sure Soros was helping with that game plan in Davos last week.

Chris
02-07-2012, 07:22 PM
These videos should be required in school.
He just started these so once we catch up, I'll present to good lookers talking economics!!

Mister D
02-07-2012, 07:42 PM
To my friends who said that economics is boring- yes some of it is (look at what Krugman won the Nobel for); but a lot of it is everyday life.

No doubt. Believe me, I recognize it's importance. It's often mind numbing for me. I also find it difficult to understand at times perhaps because I'm not giving the necessary effort. I'll never forget reading Hew Strachan's To Arms:1914. It's a 1000 pages and he had a chapter devoted primarily to the economics of war and how they applied out the outbreak of the First World War. I struggled through it though because I knew it was important.

Peter1469
02-07-2012, 08:05 PM
Yeah.....seems thats all they are concerned about it whether it is in an orderly manner. But really how far out can they go selling debt over 30 yrs. Then they act like the ECB and IMF will be their life line. Which didnt count on a few of those African nations running to the IMF for the bailout as well.

Egypt is one in particular and so to the Ivory Coast. Course there will be Libya and Tunisia to come. Oh well I am sure Soros was helping with that game plan in Davos last week.

The life lines / bailouts only add to the debt problem. Not an answer- kicking the can down the road.