Q: How do you impoverish a country as punishment for their actions A: You declare sanctions to prevent then from importing Q: If you are at war how to cripple your enemy? A: A naval blockade to prevent them from importing. Q: How do you make yourself rich? A: You place large tariffs to prevent… Continue reading Trade Doublethink
Given some recent nonsense I have seen bandied about I thought I would do a quick write up of what I think is important for normal people to know about macro. -More spending is not some magic expand the economy juice. More money does not equal more significantly more production under normal conditions, or else… Continue reading Things I Wish Everyone Understood About Macroeconomics
I think one of the most important reasons to learn economics is that if it is done properly, it can help you extend your empathy. Also knowledge of economics, specifically that other’s gain is not your loss, consistently helps me curb my natural feelings of resentment. I was standing in line to pay for my… Continue reading Learning Economics as a Way to Curb Resentment
To begin, a meddling externality is where others would be willing to pay in order to change or outlaw the behavior of others, essentially people are willing to pay in order to meddle in the lives of others. In practice this kind of externality is no different than being willing to pay for breathing less… Continue reading Maybe Not Meddle with Meddling Externalities
Economic efficiency has some potential flaws, flaws I will certainly discuss but unfortunately most of the critiques of efficiency are not grounded on any real understanding. I still remember reading an article against "economic efficiency" that argued we should focus on higher quality rather than more which is... Anyway without further ado a crash course… Continue reading What Does More Mean?
I am going to tell you a famous story from Greek mythology that helps illuminate the truth of money. King Midas one day saved the son of Dionysus, one of the major gods. In order to show his thanks to the King, Dionysus offered to grant Midas a single wish. Midas, being covetous by nature,… Continue reading King Midas and the True Nature of Money
The US gets only 8% of its oil from the Middle East (consume about 2/5s from our own production) The US imports only 2% of its steel from China. (consume 2/3rds from our own production) China only has a .7% trade "surplus" overall The EU has the world's highest trade surplus, and 8.4% unemployment Imports… Continue reading Fun Trade Facts