Curt Doolittle

Category: Economics, Finance, and Political Economy

  • Lastly, we go to university etc to avoid the marketplace (‘work’). This is the v

    Lastly, we go to university etc to avoid the marketplace (‘work’). This is the value of higher education: to provide a non-market means of identifying selection. In this sense your criticism is correct. In the sense that you’re criticizing IQ measurements, you’re WRONG …PERIOD.

    Source date (UTC): 2018-12-27 20:29:33 UTC

    Original post: https://twitter.com/i/web/status/1078387429609037824

    Reply addressees: @nntaleb

    Replying to: https://twitter.com/i/web/status/1076845397795065856

    IN REPLY TO:

    @nntaleb

    “IQ” THREAD

    “IQ” measures an inferior form of intelligence, stripped of 2nd order effects, meant to select paper shufflers, obedient IYIs.

    1- When someone asks you a question in REAL LIFE, you focus first on “WHY is he asking me that?”, which slows down. (Fat Tony vs Dr John)

    Original post: https://twitter.com/i/web/status/1076845397795065856

  • CHRISTMAS THOUGHTS War and pillaging are the most profitable entrepreneurial und

    CHRISTMAS THOUGHTS

    War and pillaging are the most profitable entrepreneurial undertakings that a group of men can undertake. Not only because one brings home the dividends, but because one can take territory, reduce competitors, and create dependents who may be taxed by your family, tribe, clan, and nation. Policing is expensive but pillaging is wonderful. Look at the Prussians, Napoleon the British, and Caesar…..

    So this year, hang an ornament on the tree, burn a yule log, share a family feast, and sharpen your weapons.

    Because war and pillaging make christmas possible every day of the year!

    Source date (UTC): 2018-12-24 09:15:00 UTC

  • THE OPTIMUM FORM OF HARD CURRENCY? I would be happy to pick up on the scalp, and

    THE OPTIMUM FORM OF HARD CURRENCY?

    I would be happy to pick up on the scalp, and shrunken head thing. In fact, now that I think about it, I’m not sure shrunken heads aren’t the best form of hard currency we could develop….

    omg… was that my outside voice?

    lol

    Source date (UTC): 2018-12-20 15:41:18 UTC

    Original post: https://twitter.com/i/web/status/1075778175806799873

  • THE OPTIMUM FORM OF HARD CURRENCY? I would be happy to pick up on the scalp, and

    THE OPTIMUM FORM OF HARD CURRENCY?

    I would be happy to pick up on the scalp, and shrunken head thing. In fact, now that I think about it, I’m not sure shrunken heads aren’t the best form of hard currency we could develop….

    omg… was that my outside voice?

    lol

    Source date (UTC): 2018-12-20 10:41:00 UTC

  • SELF-MEDICATION Michael E. Darden, Nicholas W. Papageorge NBER Working Paper No.

    https://www.nber.org/papers/w25371RATIONAL SELF-MEDICATION

    Michael E. Darden, Nicholas W. Papageorge

    NBER Working Paper No. 25371

    Issued in December 2018

    NBER Program(s):Health Economics

    We develop a theory of rational self-medication. The idea is that forward-looking individuals, lacking access to better treatment options, attempt to manage the symptoms of mental and physical pain outside of formal medical care. They use substances that relieve symptoms in the short run but that may be harmful in the long run. For example, heavy drinking could alleviate current symptoms of depression but could also exacerbate future depression or lead to alcoholism. Rational self-medication suggests that, when presented with a safer, more effective treatment, individuals will substitute towards it. To investigate, we use forty years of longitudinal data from the Framingham Heart Study and leverage the exogenous introduction of selective serotonin reuptake inhibitors (SSRIs). We demonstrate an economically meaningful reduction in heavy alcohol consumption for men when SSRIs became available. Additionally, we show that addiction to alcohol inhibits substitution. Our results suggest a role for rational self-medication in understanding the origin of substance abuse. Furthermore, our work suggests that punitive policies targeting substance abuse may backfire, leading to substitution towards even more harmful substances to self-medicate. In contrast, policies promoting medical innovation that provide safer treatment options could obviate the need to self-medicate with dangerous or addictive substances.

    https://www.nber.org/papers/w25371

    Source date (UTC): 2018-12-18 11:17:00 UTC

  • Demand as in Market Demand (want)

    Demand as in Market Demand (want).

    Source date (UTC): 2018-12-10 18:05:55 UTC

    Original post: https://twitter.com/i/web/status/1072190688903790593

    Reply addressees: @pirateblade86

    Replying to: https://twitter.com/i/web/status/1072171634398765057

    IN REPLY TO:

    Original post on X

    Original tweet unavailable — we could not load the text of the post this reply is addressing on X. That usually means the tweet was deleted, the account is protected, or X does not expose it to the account used for archiving. The Original post link below may still open if you view it in X while signed in.

    Original post: https://twitter.com/i/web/status/1072171634398765057

  • INFOSYS = LABOR ARBITRAGE. THEY WILL BRING 1000 INDIAN IMMIGRANTS THAT FURTHER D

    INFOSYS = LABOR ARBITRAGE. THEY WILL BRING 1000 INDIAN IMMIGRANTS THAT FURTHER DRIVE DOWN INCOMES

    Source date (UTC): 2018-12-07 00:18:48 UTC

    Original post: https://twitter.com/i/web/status/1070834976185348098

    Reply addressees: @Infosys @GovMalloyOffice @NedLamont

    Replying to: https://twitter.com/i/web/status/1070379717390422016

    IN REPLY TO:

    @Infosys

    We’re proud to announce that our Hartford Technology and Innovation Hub in Hartford, Connecticut is officially open! We appreciate the opportunity to work alongside @GovMalloyOffice and @NedLamont to bring 1,000 American jobs to Connecticut. https://t.co/JRLQWs5rvo

    Original post: https://twitter.com/i/web/status/1070379717390422016

  • In other words there is a maximum value to all markets including moral markets,

    —In other words there is a maximum value to all markets including moral markets, economic markets, and political markets: cost to kin.—

    Source date (UTC): 2018-12-03 13:02:20 UTC

    Original post: https://twitter.com/i/web/status/1069577576048455680

  • In other words there is a maximum value to all markets including moral markets,

    —In other words there is a maximum value to all markets including moral markets, economic markets, and political markets: cost to kin.—

    (worth reporting)

    Source date (UTC): 2018-12-03 08:02:00 UTC

  • ART ISN”T THAT HARD TO PRICE – IT’S HARD TO LIQUIDATE QUICKLY —“…Value of ar

    ART ISN”T THAT HARD TO PRICE – IT’S HARD TO LIQUIDATE QUICKLY

    —“…Value of art varies….”—

    Hmmmm…. One can objectively compare art, particularly by triangulation. One can, with some skill, estimate its current market value by RANGE – dealers are relatively good at it. But doing so requires a rather great deal of knowledge of the pieces in the inventory whether on market or not. When talking of rarities (culturally, technically, or aesthetically significant pieces, or pieces from an artist), one has to understand the liquidity of customers and their incentives. Houses are less ridiculous, and more likely to take a loss, but follow the same general rules. Fashion less ridiculous than houses, but following the same general rules. Ergo, “All Stereotypes Are True”, “Class Stereotypes Are True”, “Taste Stereotypes Are True”, and one need only understand the relationship between Stereotype, Available Inventory, and Current Economic Conditions within that Stereotype. As in all economic questions, the more predictable the price range the lower the value of the service, commodity, product, item. Signal Value is Costly Regardless of Class.

    Source date (UTC): 2018-12-02 08:57:00 UTC