Bhavin Patel

man I don’t even know anymore

[Guy Berger @EconBerger]

Imho the whole “person’s wealth vs small country’s GDP” comparison is probably at least as much about people not understanding what GDP is as about confusing stocks and flows

[Boring_Business @BoringBiz_]

I wish a lot more people understood this incredibly simple concept

[Bhavin Patel @behavinbehavin]

@MisesLover69 @NewmanJ_R Sure but not without costly price adjustments.

[Bentham's Bulldog🔸 @Benthamsbulldog]

It's amazing how far the banning lab meat coalition has made it given that they have no real arguments, and they usually don't even bother pretending to have any.

[Simon Maechling @simonmaechling]

Just 100 years ago: 1 in 3 children died before reaching their fifth birthday.

[Bhavin Patel @behavinbehavin]

@captgouda24 Why is Ostrom in D tier?

[Bhavin Patel @behavinbehavin]

@Absolutemadlado Are they though? Samkhya and Advaita Vedanta seem like complete opposites

[Bhavin Patel @behavinbehavin]

@JaycobYes Congratulations!!

[Francisco Nunes @FranNunesEcon]

We usually repeat that correlation doesn’t imply causation, which is true. But the reverse, causation doesn’t imply correlation, is ALSO true.

Let X~N(0,1) and Y=X^2. In this example, X causes Y.

But the correlation between X and Y is Corr(X,Y)=Corr(X,X^2)=Cov(X,X^2)/(σ_X*σ_(X^2))=(E[X*X^2]-E[X]*E[X^2])/(σ_X*σ_(X^2))=0. Why?👇

The function h(x)=x^3 is odd:

(-x)^3=-x^3

and the distribution is symmetric around 0, f is even:

f(x)=f(-x)

Thus (x^3)*f(x) is odd (odd*even=odd function) and the integral of an odd function over a symmetric interval is 0.

Thus E[X^3]=∫X^3*f(x)dx=0
(the integral is from -♾️ to ♾️)

The same occurs with the function g(x)=x because g(-x)=-x=-g(x) (it’s odd).

So E[X]=∫X*f(x)dx=0
(the integral is again from -♾️ to ♾️)

Thus Corr(X,Y)=0 because Cov(X,X^2)=0.

Thus we have proven that causation DOES NOT IMPLY correlation.

Q. E. D. ▪️

[akhivae @akhivae]

Why aren't the kids playing outside anymore?

Because half the country considers anything other than sitting quietly in your home watching Netflix or playing video games to be third world behaviour.

[Bhavin Patel @behavinbehavin]

Springer has done it again (one of these is not like the other)

[Bhavin Patel @behavinbehavin]

They just publish everything don’t they?

[neocentrist @neocentrist]

yeah i studied non-western economists

amartya sen
banerjee
khoa vu
leontief

[Bentham's Bulldog🔸 @Benthamsbulldog]

Average lab meat criticism.

[KingoftheCoast @kingofthecoastt]

I wish billionaires were the owner-managers of companies that won a market by supplying something new. I also wish they consumed basically none of their wealth, and instead saved at abnormally high rates.

[hamsters🌐🐹 @sigmahamster2]

Was Keynes a Socialist? Not at all. A thread responding to the Mises Institute.🧵

[Bhavin Patel @behavinbehavin]

@Ze0mniKeynes1an @sigmahamster2 @SRamirez68083 @follynomics @HayekianBanker Tbf Hayek did change his views regarding the Great Depression

[Bhavin Patel @behavinbehavin]

@sigmahamster2 @SRamirez68083 @follynomics @HayekianBanker Hayek was NGDP pilled

[PresbyPilgrim 🦭 @PresbyPilgrim]

Wow I looked it up and he actually said this

[Bhavin Patel @behavinbehavin]

Two books anyone who opines on economics should have read.

[Peter McCormack 🏴‍☠️🇬🇧🇮🇪 @PeterMcCormack]

Two books anyone who opines on economics should have read.