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Just a guy trying to figure a few things out

[For Our Futures @foronionfutures]

HAPPENING NOW in downtown Chicago, outside the Chicago Mercantile Exchange, the historic center of onion futures trading

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@PaulSkallas @timeshifterapp helps automate much of this

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@nikpolale @sequenzy_com 👋🏽

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Big W for Robert and the team. Proud to have come up with him and see many tireless nights writing this text

[Jesús Fernández-Villaverde @JesusFerna7026]

Just delivered at home.

More importantly, in a world with powerful LLMs, the relative importance of understanding economics (as opposed to being able to complete a proof) just went up considerably. An LLM can solve a fixed-point problem faster than most of us. What it cannot do is look at a policy proposal and see the second-order effect, the incidence shift, or the margin that adjusts. That is price theory. No amount of computation will give it to you.

Becker knew this fifty years ago: the power of economics was never in the math. The math was always the servant. The power was in thinking clearly about trade-offs, incentives, relative prices, and equilibrium. LLMs just made the servant very cheap. That makes the master more valuable, not less.

P.D. One still needs to know the math. I am only claiming its relative price changed!

[Jesús Fernández-Villaverde @JesusFerna7026]

Just delivered at home.

More importantly, in a world with powerful LLMs, the relative importance of understanding economics (as opposed to being able to complete a proof) just went up considerably. An LLM can solve a fixed-point problem faster than most of us. What it cannot do is look at a policy proposal and see the second-order effect, the incidence shift, or the margin that adjusts. That is price theory. No amount of computation will give it to you.

Becker knew this fifty years ago: the power of economics was never in the math. The math was always the servant. The power was in thinking clearly about trade-offs, incentives, relative prices, and equilibrium. LLMs just made the servant very cheap. That makes the master more valuable, not less.

P.D. One still needs to know the math. I am only claiming its relative price changed!

[Kalash Jain @kalashjain1]

Wasn’t the solution in the book to destroy the ring?

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@kalashjain1

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@DiplomatSchukow @WallStreetApes That is indeed how many of them work

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@Eric_Erins Andersonville in the winter >>

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@Eric_Erins It’s nice how many windows they don’t have on the side facing the lake

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@rinbcage DM me if you’re serious!

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@tetzelny @Chris_arnade Interesting. I don’t have a great read on how the balance between market and stabilized / subsidized rates balances out. My take from conversations with neighbors in Bushwick is they faced market rate increases in line with everyone else.

But could just be sampling bias.

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Not new, not going away

https://t.co/JKRdRMSmlQ

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@shaunmmaguire That’s not how pardons work Shaun

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Right. Essentially it’s too expensive and not enough people would pay 1.5x for the same interior livability, despite lack of exterior aesthetic appeal.

Building codes generally allow this, but once you meet zoning, permitting and building code administrative costs, it doesn’t pay to build a 2-4 story building anymore.

The 5 over 1 still reigns supreme

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A scary prospect no doubt

[Akshai Vikram @Akshai_Vik]

25 days from the election, I just wrote an article on how Trump's disdain for U.S. alliances could shatter the Nuclear Non-Proliferation Treaty https://t.co/HNCcz8PZhl. Thanks @just_security!

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@JLBornstein Not even a knew phenomenon. People have been noticing this since the 90s, but I do feel like it’s getting worse as we try to overcorrect in a “post facts world”.

https://t.co/Jv7W7rurub.

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@PaulSkallas Where does Chicago fall?

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@JLBornstein @meaning_enjoyer I went pescatarian “plus chicken” for a while and it really freaked people out. That I said I wouldn’t kill mammals but was ok with birds didn’t really compute. At some stage we arbitrarily assigned points to life and then moved on.