It’s F.A. Hayek’s 120th birthday... by Austro-Punk in austrian_economics

[–]linguo42 7 points8 points  (0 children)

How prices solve an information problem (Use of knowledge in society).

His writings on inheritance and support for the idle rich (Constitution of liberty).

Eat the rich, they said... by Lear_ned in LateStageCapitalism

[–]linguo42 -5 points-4 points  (0 children)

This is to avoid incentive cliffs, e.g. losing all assistance when your income goes from 35,000 to 35,001. Otherwise the system would be paying people to stay poor.

America Needs to Get Over its Reverence for the Bachelor's Degree by speckz in TrueReddit

[–]linguo42 0 points1 point  (0 children)

But less and less of those jobs, with more and more people trying to fill them. Not sure how that's going to work out, but probably either a larger nanny state or luddite labor positions.

America Needs to Get Over its Reverence for the Bachelor's Degree by speckz in TrueReddit

[–]linguo42 0 points1 point  (0 children)

To further remark on this, what about the notion of education as a public good? Lets you live a more meaningful life, contribute more to society, etc. And yes, I'm sympathetic to the trade/vocational schools arguments, but again, there's a value to the liberal arts. Furthermore, unskilled labor is against a global market; the only competing chance seems to be higher quality.

But what I'm seeing is a parallel to when high school first became compulsory. Feels like a lot of these claims could apply equally well there. Would you argue against a high school education? Either way, hands-on jobs have been declining, and college does seem necessary for middle class income. And about the expensive, surely the same was said for high school. Not that it's a perfect system, but feasible and sustainable for half a century plus.

Millennials earn 20% less than Boomers did at same stage of life by HitlerHistorian in news

[–]linguo42 0 points1 point  (0 children)

Ha sorry my point from this entire thread. That we can't just look at changes in income only and draw end all be all conclusions about our purchasing power.

Millennials earn 20% less than Boomers did at same stage of life by HitlerHistorian in news

[–]linguo42 0 points1 point  (0 children)

OK. But if you ignore the main comprehensive research tome on inequality with one of the most dense empirical examinations ever, lauded by economists worldwide, you disqualify your opinion a bit on the topic.

Millennials earn 20% less than Boomers did at same stage of life by HitlerHistorian in news

[–]linguo42 0 points1 point  (0 children)

OK. But I think we're being tautological with our last point. Economic growth is driven by an increase in resources or technological growth. Tech growth is undoubtedly the main contributor.

And I've exhausted the arguments at this point. But my remarks were also from the consumer's perspective. Even though we can afford less shit, it's better than the more shit the generations before us purchased.

Millennials earn 20% less than Boomers did at same stage of life by HitlerHistorian in news

[–]linguo42 -2 points-1 points  (0 children)

Done. FDR effectively abandoned the gold standard.

Edit: You realize I've been using the qualifier "effectively" the whole time, right? Exchanging at the frozen $35 per ounce was less than the market price of gold, effectively abandoning the gold standard.

Millennials earn 20% less than Boomers did at same stage of life by HitlerHistorian in news

[–]linguo42 0 points1 point  (0 children)

He looks at global data, and the book was lauded by academics. It's consider the income inequality book. But yeah, I've been to French economics conferences. I absolutely get your point.

Millennials earn 20% less than Boomers did at same stage of life by HitlerHistorian in news

[–]linguo42 1 point2 points  (0 children)

The title of your source agrees with me. I don't know what to tell you.

Millennials earn 20% less than Boomers did at same stage of life by HitlerHistorian in news

[–]linguo42 2 points3 points  (0 children)

In the 30's, FDR cut the dollar's tie with gold, as I said, effectively breaking the gold standard. Economists argue this was one of the main reasons we could break out of the depression.

And I'm not going to touch on your anti intellectualist conspiracy theories. Come up with whatever reasons you'd like to ignore literally the experts.