For those of you who desire government centrally controlled economies

[BlueK]

Originally Posted by BarbaraGordon

That's not even a sentence, Archaea. Everybody is what?

Anyway, I'm way out of my element and just fooling around. I really do have grave concerns about the impact of globalization on the lower half of the American workforce.

But I know nothing about economic theory and I was having some fun. (I thought the oil in China would be the giveaway there but I guess not.)

I really believe a basic ECON class needs to be required in college. It was hugely beneficial to me and deals with something everyone applies every day. It's more the study of choices than money.

[ChinoCoug]

Originally Posted by BlueK

I really believe a basic ECON class needs to be required in college. It was hugely beneficial to me and deals with something everyone applies every day. It's more the study of choices than money.

Amen! Politicians need to be required to take it too.

[ChinoCoug]

Originally Posted by BlueK

The Great Depression was greatly exacerbated by the passage of the Hawley Smoot tariff, which I believe was the highest tariff in American History. There were many other causes of the Depression, but being hyper-protectionist during a slowdown or stoppage of the economy is one of the dumbest possible things to do. Especially unfortunate was that it was applied to agricultural goods which meant higher food prices during a time when people were going hungry.

Social safety net <> Protectionism

Trade does not make everyone better off. There are winners and losers in trade. All trade theory says is the that the net gains are positive. Nothing about distribution. If you're making the good that your country doesn't have the comparative advantage in, you're gonna lose. And the losses are not just transitional.

Because of globalization, the median wage has been stagnant. Most of the gains accrued have been at the top.

Of course, economists prefer to compensate the losers instead of protect. That is why we need social safety nets. We need to make the tax system more progressive in order to stem the tide of protectionism.

[SoCalCoug]

Originally Posted by BlueK

I really believe a basic ECON class needs to be required in college. It was hugely beneficial to me and deals with something everyone applies every day. It's more the study of choices than money.

If I had it to do again, I would take an economics class.

[SoCalCoug]

I actually made it through college with taking only one semester of math (I think it was only trigonometry, too).

[BarbaraGordon]

Originally Posted by BlueK

I really believe a basic ECON class needs to be required in college. It was hugely beneficial to me and deals with something everyone applies every day. It's more the study of choices than money.

I took micro, not macro.

[Archaea]

Originally Posted by SoCalCoug

I actually made it through college with taking only one semester of math (I think it was only trigonometry, too).

I liked macr econ, I didn't like micro, where one is doing a bunch of math equilibriums. I figured I'd let other people do the hard stuff and try the stuff which is just fancy philosophy. Macro all the way baby.

What you didn't do unit circles, vectors, linear algebra or other fun stuff? What did you do while I was wasting my time earning 160 credits?

[BarbaraGordon]

Originally Posted by Archaea

I liked macr econ, I didn't like micro, where one is doing a bunch of math equilibriums. I figured I'd let other people do the hard stuff and try the stuff which is just fancy philosophy.

Nonono. Who cares about theory when you can find an excuse for more partial differentiation?

[BlueK]

Originally Posted by ChinoCoug

Social safety net <> Protectionism

Trade does not make everyone better off. There are winners and losers in trade. All trade theory says is the that the net gains are positive. Nothing about distribution. If you're making the good that your country doesn't have the comparative advantage in, you're gonna lose. And the losses are not just transitional.

Because of globalization, the median wage has been stagnant. Most of the gains accrued have been at the top.

Of course, economists prefer to compensate the losers instead of protect. That is why we need social safety nets. We need to make the tax system more progressive in order to stem the tide of protectionism.

true. social safety net is a separate issue. I'm just pointing out that the tariff passed at the beginning of the great depression made it a lot worse. I am very libertarian, but I have nothing against doing something to temporarily help those displaced by changes in the economy hurt by free trade. That's much better for everyone than protectionism.

[ChinoCoug]

Originally Posted by BarbaraGordon

Nonono. Who cares about theory when you can find an excuse for more partial differentiation?

in economics even theory is quantified