economics

economics dropout

[economics @isomorphecon]

Do not FUCKING present the results of a simulation model as fact.

[security guard using work printer @isomorphisms]

Do not present the results of a simulation model as fact.

[economics @isomorphecon]

I would be curious if any economics professors have close personal friends with low-wage jobs.

[Porter Stansberry @porterstansb]

Because the accounting treatment (remember the "held to maturity" election on the bonds?) ignores the losses, they do not count against the bank's book value or its profitability. The CEO's stock grants covering 2020, 2021, and 2022 — the exact three years the bonds were bought and then collapsed — paid out at 89%, 100%, and 100% of target. The reported three-year average book value growth for those periods was 10.44%, 11.09%, and 11.41%. Anything above 8.5% paid full freight. Never mind the billion dollar losses, they don't count!

[Tigerflow @tigerfl0w]

A hedge fund manager put a jar of 1,776 jelly beans in front of a room at Google and proved in two rounds why most investors will always lose money. for free.

His name is Joel Greenblatt. Gotham Capital. 50% a year for a decade. he asked the room to guess how many jelly beans were in the jar.

First round: everyone wrote their guess silently. no talking. no looking around. the average was 1,771. five off. almost perfect.

Second round: people said their guesses out loud. heard each other. adjusted. the average collapsed to 850. same room. same jar. the only thing that changed was influence.

He told the room: the second guess is the stock market. everyone knows what they just read in the paper. what the guy next to them said. what they saw in the news. the cold independent guess was better. that is not how the market works. but that is where the opportunity is.

Then he showed 20 years of data. the cheapest 20% of stocks averaged 38% a year. the most expensive averaged the least. the strategy is simple. the reason it still works is that people are still crazy. and they always will be.

55 minutes. one jar. still free.

[economics @isomorphecon]

There may indeed be researchers selflessly and self-critically pursuing true answers to important questions that benefit us all, but I wouldn't know about them from the Rijksbank Prize committee.

[economics @isomorphecon]

These million-dollar prizes are supposed to draw attention to quasi-saintly persons who give up personal reward for the good of mankind.

Besides some obvious problems, the Rijksbank Prize has more of a flavor of a Hollywood red-carpet Who's Who.

[economics @isomorphecon]

@DAcemogluMIT Welcome to the 21st century. The 99% hate the 1%, which includes you. Your papers are pseudoscientific garbage.

[economics @isomorphecon]

If you want to know why economists are seen as "not a real adult"—adult life is full of things like this that don't fit your pattern.

Your authority comes from (1) lying to children for money (2) the world bank (3) the federal reserve (4) banks, not from being right

[economics @isomorphecon]

Mr Appliance, a home appliance repair business, does offer incentive pay.

But the incentive pay is not for doing the work correctly. It's to turn every repair technician into a salesman who pushes more and more stuff that people don't need.

[economics @isomorphecon]

Let me know how theorems are helpful here anytime, you guys.

[security guard using work printer @isomorphisms]

I used to ask Amazon pickers how many dollars of product they touched per hour.

A common (I think reasonable) answer was $100,000 of product picked, per person, per hour.

[security guard using work printer @isomorphisms]

Fair Labor Standards Act of 1938: Maximum Struggle for a Minimum Wage

Jonathan Grossman
https://t.co/3nuKNTtfsu

Washington, DC (Foggy Bottom) • 1978

[security guard using work printer @isomorphisms]

How Amazon deceives:
• a $24 item doubles in price
• but because they spike the price even more (raise to $67 before dropping to $48),
• they get to say it's discounted—relative to an invented price it might have never sold at

[security guard using work printer @isomorphisms]

"Everyone wants to spend time with their baby after they have a baby. That's not a reason to have off on work."

—said to a mother of a two-week-old infant. United States of America, late 2010’s / early 2020’s

[security guard using work printer @isomorphisms]

The first thing he says is never to negotiate when you absolutely have to take the deal.

Applied to labor: not needing the next N days of wages would send seismic waves through every price on Earth.

[economics @isomorphecon]

@AngusBylsma Maybe he admires himself in that mirror as well.

[midpricedog @midpricedog]

Seems like it’s way easier to get funded by YC as an institutional finance adjacent startup due to the lack of people in the decision making seat that have a grasp of what is and isn’t total bullshit

[security guard using work printer @isomorphisms]

I think I might … vibe-code a compiler?

[security guard using work printer @isomorphisms]

It's possible I am just bad at writing Haskell, but when I write `tail -5` and `ghc -Odph` (highest optimisation level I know) haskell tail is 100 times slower than GNU tail. https://t.co/nkirCD8mA2

[security guard using work printer @isomorphisms]

*Every* programming action eventually reduces to system calls (https://t.co/r8RETg88Ru). If monads, factories, objects, or any other language construct helps you and the compiler|interpreter communicate better, step on your own (or colleagues') feet less, great.