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Old 12-11-2011, 10:23 PM   #106
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Re: Paul Krugman.

fly flying itt
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Old 12-12-2011, 12:35 AM   #107
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Re: Paul Krugman.

I was more than shocked when I stumbled in this thread and saw a certain poster attack someone's character viciously without any evidence.
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Old 12-12-2011, 12:41 AM   #108
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Re: Paul Krugman.

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Originally Posted by FlyWf View Post
The economics books I read are very light on amusing cartoons, and they don't make it fun or accessible. Because it's not.
“If you can't explain it simply, you don't understand it well enough”
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Old 12-12-2011, 01:58 AM   #109
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Re: Paul Krugman.

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“If you can't explain it simply, you don't understand it well enough”
Is that why people fall for the BS that they do?

By the way, I think there's a difference between *explaining* something to someone, and *teaching* that same thing to someone.

Or I could just take your Einstein quote and raise you a Feynman quote:

"If I could explain it to the average person, I wouldn't have been worth the Nobel Prize."
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Old 12-12-2011, 02:29 AM   #110
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Re: Paul Krugman.


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Old 12-12-2011, 02:59 AM   #111
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Re: Paul Krugman.

Do you really think that Peter Schiff and other time cube economics types were the only ones that predicted the crisis?
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Old 12-12-2011, 03:03 AM   #112
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Re: Paul Krugman.

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Old 12-12-2011, 03:10 AM   #113
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Re: Paul Krugman.

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Originally Posted by jackaaron View Post
But that still means demand has increased (if the lower prices attract buyers that is), causing the need for more labor.

If I have an ice cream shop and lower my prices and people buy more, well demand has increased, and if I can't fill that demand I have to hire.

I could lower prices and people NOT buy more, and I wouldn't hire more people.

Meaning lowering my prices, while it might make my product more attractive is not the actual reason hiring goes on. The increased demand causes the new hires (provided I can't meet that demand with my current staff).
Here's a quick tutorial on supply and demand I googled:
http://www.investopedia.com/universi...#axzz1gIm5Gg00

When you lower prices and people buy more, it's not technically an increase in demand, because the demand was always there. X people were willing to buy the product at 5$, 3*X people are willing to buy it at 3$.


The point is that you are essentially correct in your thinking, but you're not using the economics definition of demand.
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Old 12-12-2011, 03:21 AM   #114
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Re: Paul Krugman.

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Originally Posted by sledghammer View Post
Here's a quick tutorial on supply and demand I googled:
http://www.investopedia.com/universi...#axzz1gIm5Gg00

When you lower prices and people buy more, it's not technically an increase in demand, because the demand was always there. X people were willing to buy the product at 5$, 3*X people are willing to buy it at 3$.


The point is that you are essentially correct in your thinking, but you're not using the economics definition of demand.
Yeah--demand refers to the set of points on a price-quantity graph. In other words, given any price, the demand (or demand curve or demand schedule) will give you the quantity demanded. As you lower the price, you get a different point on the demand curve. At that lower price, you'll have (usually) a higher *quantity demanded*.
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Old 12-12-2011, 10:41 AM   #115
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Re: Paul Krugman.

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Originally Posted by joeyDizzle View Post
I was more than shocked when I stumbled in this thread and saw a certain poster attack someone's character viciously without any evidence.
Yeah, but they always attack Krugman's character without any evidence.
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Old 12-12-2011, 11:12 AM   #116
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Re: Paul Krugman.

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Originally Posted by PoBoy321 View Post
Because destroying jobs where productivity that is too low is actually good, because when private equity investors come in and buy out a company, make layoffs, then sometimes sell that company to investors in private equity, take the company public, put the equity of the companies they buy in their portfolio of businesses (what Buffet has done a lot) for a profit, the investors that are selling their equity stakes make a profit and after paying taxes on their profits make their individual economic decisions. Fact.
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Old 12-12-2011, 06:50 PM   #117
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Re: Paul Krugman.

Quote:
Originally Posted by sledghammer View Post
Here's a quick tutorial on supply and demand I googled:
http://www.investopedia.com/universi...#axzz1gIm5Gg00

When you lower prices and people buy more, it's not technically an increase in demand, because the demand was always there. X people were willing to buy the product at 5$, 3*X people are willing to buy it at 3$.


The point is that you are essentially correct in your thinking, but you're not using the economics definition of demand.
You're assuming real world firms actually try to maximize demand and have MR=MC. Never happens. As a business you make more profit on less product .
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Old 12-12-2011, 07:02 PM   #118
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Re: Paul Krugman.

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Originally Posted by Jonaspublius View Post
You're assuming real world firms actually try to maximize demand and have MR=MC. Never happens. As a business you make more profit on less product .
wat?
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Old 12-12-2011, 07:36 PM   #119
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Re: Paul Krugman.

Companies never try to find the point at which they sell the most products they can and still make an economic profit. No real world company will ever cut its margins that dangerously low.
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Old 12-12-2011, 07:47 PM   #120
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Re: Paul Krugman.

Quote:
Originally Posted by Jonaspublius View Post
You're assuming real world firms actually try to maximize demand and have MR=MC. Never happens. As a business you make more profit on less product .

Companies never try to find the point at which they sell the most products they can and still make an economic profit. No real world company will ever cut its margins that dangerously low.
que?
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