Mind(t)

Philosophy & business as an f(t) | Eternal knowledge over news | Economic Discovery | Redesigns of the fractal of reality | frmr @UChicago

[Mind(t) @mindsovertime]

The idea that the infinite fractal of reality can be reduced to a dozen numbers is one of the core flaws of early 21st century thought.

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@ChrisRamsey60 Does a loading dock make sense for a 1500sq ft contractor garage?

[Mind(t) @mindsovertime]

@Insane_Econ Becker is what you get when you take economics to the limit with zero philosophy (and ethics).

When you reduce a person to "human capital," you end up believing people are simply X + Y = Z.

[Mind(t) @mindsovertime]

Believing things just because other people believe them is never a reason. At best, it's a starting point for logical deconstruction and empirical verification.

[Mind(t) @mindsovertime]

@MartinShkreli @baym Lyme related neuropathy is no joke. We need to stop downplaying it.

[Mind(t) @mindsovertime]

@GeorgeSelgin @JohnHCochrane Regarding MV = Py, has it been proven that the dynamic & multivariate economy is reducible these 4 variables?
Should M not be disaggregated?
Does P not get set by millions of bizs and indivs in a decentralized process, with few of those actors even looking at V or M2 numbers?

[Mind(t) @mindsovertime]

@GeorgeSelgin @JohnHCochrane Because energy costs affects the chained transport costs (i.e. transaction costs) of the overwhelming majority of goods, globally? Is oil not VAT-like in that sense?

High wheat "only" means high input costs for a segment of goods.

[Mind(t) @mindsovertime]

@GeorgeSelgin @JohnHCochrane With respect, total adherence to static variable analysis and the lack of interest for what plays out in the real economy is why the economics profession continues its decline in public credibility. Sound logic != truth. Truth must be empirically ascertained.

[Mind(t) @mindsovertime]

@MrExaminer Yes to the bottom half of your post. However, credit is money. When bank issues a loan, it literally instantiates $400,000 into the account! The money isn't transferred. It is an executed act of credit creation, expanding the money supply.

Read papers by @scientificecon

[Mind(t) @mindsovertime]

@GeorgeSelgin @JohnHCochrane JC is still holding on to CB policy as deterministic of inflation, the EU held rates at 0% between 2014-2022 and ran deficits, 8y experiment barely budged growth & inflation.

"Effective" M is driven by bank lending, and what that bank credit is for (C vs I vs existing A).

[Mind(t) @mindsovertime]

@GeorgeSelgin @JohnHCochrane I agree w/ your posts in principle. Adding that the assumption that V and P remain static given a general, ongoing, oil-driven increase in transaction costs is improbable.

An energy supply shock cannot be equated to one of, say, a poor harvest of Turkish hazelnuts.

[Mind(t) @mindsovertime]

@JohnHCochrane @GeorgeSelgin Velocity can also go down.

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@TristenPalori This is last call to buy a new car that isn't irrevocably hooked up to the Borg.

[Mind(t) @mindsovertime]

@InvestingCanons Ah yes the unknown uknowns.

Ignorance is the default state into which we are all born, and must work to overcome. "Experts" are no exception.

[Mind(t) @mindsovertime]

1795: after much skepticism about anecdotal evidence, the Royal Navy began standard citrus rations to warships to prevent scurvy.

1912: Vitamin C was discovered.

Lesson: The solution to a problem can exist and be empirically derived, before it is fully understood.

[Mind(t) @mindsovertime]

@dylan522p TI or Ambiq are basically the only American options.

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@JohnHCochrane 10,000 "homes" but they only have electricity for maybe a third of the day.... The level itself is not remotely the same.

[Mind(t) @mindsovertime]

Remember what Munger said about just buy good stuff below the 200 week moving average....

[Mind(t) @mindsovertime]

@vintagemapstore Italy is now grandparent

[Mind(t) @mindsovertime]

There is something to be said for compounding, and for some careers it is essential.

But life is nonlinear. One week of the right output can outperform years of work.