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Let commerce go where it wishes. Economics PhD student GMU, F. A. Hayek fellow at Mercatus.

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@NewmanJ_R @Lord_Keynes3 Prices for goods emerge from millions of consumers and the competition of producers. Each consumer contributes to the prices, even if only by a tiny amount. That's why you don't haggle in stores much. Where there are few buyers, haggling occurs (used goods, cars etc)

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@ant1germain @BobMurphyEcon Why do you think Arrow's theorem holds in markets? For reference: https://t.co/xrKnsb0DAJ

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@DrRichardWerner @BobMurphyEcon I wildly disagree with your "scientific" economics idea. Why do you think history makes economics a "science" (all data is history)? By empirical, do you mean exclusively quant data or do you include qual? If only quant, then A. Smith wasn't an economist?
https://t.co/athFhI8wBA

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@IsaacKing314 @MtgJulian Two things you might find interesting on the topic! Nice post!

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@IsaacKing314 @MtgJulian "Most of the harm in the world is done by good people, and not by accident, lapse, or omission. It is the result of their deliberate actions, long persevered in, which they hold to be motivated by high ideals toward virtuous ends." https://t.co/ADER4W59dj

https://t.co/FxG8ORLD18

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@BobMurphyEcon Of course, I think it's highly unlikely that the income tax could be abolished, and it would most likely come back very quickly. But we can dream!

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@BobMurphyEcon With more money, ppl might spend more. Also, ppl in govt respond to incentives. if the income tax is abolished (a faint hope), they would spend less. The income tax also avoids loss aversion, which the tariffs wouldn't do, therefore it would make it harder to spend so much money

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@BobMurphyEcon If you take the king's shilling, you do the king's bidding.

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@fiat_money @NewmanJ_R Could you elaborate?

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@fiat_money @NewmanJ_R Do mmters deny marginalism?

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@neocentrist @BobMurphyEcon Both approaches are susceptible to political economy (rent seeking/extraction), and they both cause cantillon effects. Again, genuinely asking because I'm curious about other ppls positions, what do you think?

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@neocentrist @BobMurphyEcon Ok so that's what I thought it was. 1 suffers from the same problem the current P targeting does, and 2 suffers from the fact that if the futures market is right, then the fed changes course, which removes the reward to betting correctly. 1/2

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@neocentrist @BobMurphyEcon Can you explain to me how a central bank would target ngdp before the numbers come out? Genuine question.

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@NewmanJ_R 🤦‍♂️

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@RelearningEcon @Critical_Mises @getknowflow Lol, touch grass bud

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@RelearningEcon @Critical_Mises @getknowflow Models are shit in shit out. You've proven nothing. You're not changing anyone's mind here, and your arrogant patronizing tone is certainly only making your position look worse. Is this a discussion to learn from each other and sharpen our positions, or a pissing contest?

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@BobMurphyEcon Austrians include time in their analysis. So the criticism is only applicable to neoclassical econ, which the Austrians already critique, for the time reason and many more.

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@ImpossibleBob @BobMurphyEcon Easier said than done since no theory can account for dark matter, yet. But we certainly can account for most things with quantum mechanics and classical mechanics. Should we throw those away because we don't yet understand dark matter? I think not.

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@ImpossibleBob @BobMurphyEcon Yes, but it's ignorance that we're aware of. That's much better than not knowing there's something missing. Until we figure out what it is, we call it dark matter as a place holder. But we know there needs to be something there (unless our theories are wrong, which is possible)

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@BobMurphyEcon @IsabellaMWeber There's more respect in being consistently wrong than flip flopping with changes in the political climate.

I appreciate your integrity here.

Last note: why is the first (living) economist I hear of who shares my last name HER!!! She's tarnishing the Weber name!