Curt Doolittle

Category: Economics, Finance, and Political Economy

  • Of course. We cannot have people benefit from the construction of the market yet

    Of course. We cannot have people benefit from the construction of the market yet free ride upon it’s defense.

    Source date (UTC): 2015-11-19 15:20:32 UTC

    Original post: https://twitter.com/i/web/status/667361822941532160

    Reply addressees: @libertybookmeet

    Replying to: https://twitter.com/i/web/status/667360896105119746

    IN REPLY TO:

    Original post on X

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    Original post: https://twitter.com/i/web/status/667360896105119746

  • The limit of profit is that in which one externalizes a cost of production. In o

    The limit of profit is that in which one externalizes a cost of production. In other words, truth prevents political thefts.

    Source date (UTC): 2015-11-19 08:29:34 UTC

    Original post: https://twitter.com/i/web/status/667258401072746496

    Reply addressees: @pewresearch

    Replying to: https://twitter.com/i/web/status/667251017516343296

    IN REPLY TO:

    @pewresearch

    Just 35% in our global survey think freedom of expression should include statements offensive to minority groups https://t.co/xvprbF3T3T

    Original post: https://twitter.com/i/web/status/667251017516343296

  • AND LAW DEMAND TRUTH – IT IS CUSTOMERS WE LIE TO (how very american a propositio

    https://t.co/xvprbF3T3TPOLITICS AND LAW DEMAND TRUTH – IT IS CUSTOMERS WE LIE TO

    (how very american a proposition)

    The side effect of western commercial success, and in particular american commercial culture, is that we extend the lies we tell customers in pursuit of profit to lies about ethical reality.

    re: Pew Research Center

    1) The vast majority of the world holds many false beliefs. Truth offends popular sentiment – or we would not need utter it.

    2) The secret of western rates of development is our discovery of objective truth, and institution of it throughout daily life.

    3) One fears the opinion of customers from who one seeks to profit. Law and science seek only truthful testimony.

    4) The ethical limit of profit is that in which one externalizes a cost of production. In other words, truth prevents political thefts.

    Source date (UTC): 2015-11-19 03:35:00 UTC

  • The other thing I want to address in the stickiness of prices, is that all that

    The other thing I want to address in the stickiness of prices, is that all that happens when prices increase is that it attracts lots of additional rent seekers within the organization and without. Most people wait for opportunity to demand more and wait for a moment of good fortune to demand it, lest their refusal be considered immoral. Yet when prices reverse they display moral indignation that the previous increase in a time of exception has now become the new minimum that they tolerate.

    Source date (UTC): 2015-11-15 14:35:00 UTC

  • going to translate “well it depends” into scientific language many Austrians are

    http://wpo.st/–Zn0I’m going to translate “well it depends” into scientific language many Austrians are familiar with: We can identify economic laws, but only at a level of arbitrary precision insufficient for subsequent prediction. The reason being that while in the aggregate, such laws are visible in data we collect, the problem remains that there exist no constant relations in economics since each event in economics is a unique representation of a set of complex conditions forever invisible to us due to immeasurable causal density.

    Rather than say all that, we just say ‘well it depends’.

    Source date (UTC): 2015-11-15 13:24:00 UTC

  • WHY ARE PRICES STICKY? 1) Any change that forces reordering of the PSST (network

    WHY ARE PRICES STICKY?

    1) Any change that forces reordering of the PSST (network of production) is a transaction cost that all seek to avoid, and avoid more so when risk increase from declining price pressure. People hold out. The entire chain gets more efficient. And they only switch when it’s no longer possible. This is just what people do. Particularly if relationships are involved. The more complex the relations the worse it is.

    2) The individual who lives with little savings and high cashflow demands interprets changing jobs as the highest transaction cost other than divorce or devastating illness.

    3) An entire organization can come apart if you reduce pay, because it affects the entire network of responsibilities of each person.

    4) As the marginal value of talent has increased, and the marginal value of fixed capital has decreased, the influence of shocks on talent places higher risk to the organization- people are very difficult to replace but the best are the first to leave.

    5) Net is that the side effect of little savings and higher consumption at high velocity, is stickier everything and worse adjustment to shocks.

    Here in the ‘less advantaged world’ it’s not a problem. Oversupply of labor. Everyone is overqualified for everything. Lack of credit keeps everyone poor. Lack of credit because the government cannot be trusted not to appropriate anything and everything.

    -Curt

    Source date (UTC): 2015-11-15 12:32:00 UTC

  • WHAT WOULD YOU TRADE FOR MORE INCOME EQUALITY? Income inequality is the result o

    WHAT WOULD YOU TRADE FOR MORE INCOME EQUALITY?

    Income inequality is the result of objective inequality of value to others – in other words, income inequality is evidence that you are not valuable to others. So, to make yourself valuable to others, what voluntary exchanges could you enter into that would equalize income without impeding the voluntary organization of invention, risk-taking, capitalization, production, distribution and trade?

    (Personally I would love it if the lower classes would do my cooking, housework, laundry, yard, home maintenance, and shopping while I am risking everything I own to create a new business, and paying people well by doing it, and am entirely responsible for the outcome. Moreover, if income were equal I would not be able to risk everything I own – nor would most entrepreneurs like me. America invents the future for the world for this reason and americans live better than the rest of the world – albeit more unequally with each other as a consequence. )

    Source date (UTC): 2015-11-15 05:38:00 UTC

  • What is the difference between robbing your neighbors every year, and having a c

    What is the difference between robbing your neighbors every year, and having a child that you require your neighbors to support every year?

    Source date (UTC): 2015-11-13 19:22:05 UTC

    Original post: https://twitter.com/i/web/status/665248283388944384

  • What is the difference between robbing your neighbors every year, and having a c

    What is the difference between robbing your neighbors every year, and having a child that you require your neighbors to support every year?

    Source date (UTC): 2015-11-13 14:22:00 UTC

  • Use of the Word ‘Natural’ in Economics

    (re: Tyler Cowen/ Scott Sumner / Econlib ) (important idea )

    —“Economic activity consists of interactions between people, and it’s not ever independent of human influence, and so it’s never “natural”.—

    [O]ne can however, increase the truth content of human relations, or one can decrease the truth content of human relations. One can increase the truth content of human relations in times of shock. One can decrease the truth content of human relations in order to accelerate consumption. So human relationships are in a natural state any time we improve institutions that improve information by reducing informational asymmetry, or distributing information that was previously unavailable (prices, interests rates, money supply, etc). Human relations are in an unnatural state when we insert disinformation in order to fool people into acting other than they would in the natural state. For this reason it is perhaps more accurate to distinguish not between natural and artificial, but truth and deception, morality and immorality. The most accurate model of the social sciences, like the physical sciences is information. Curt Doolittle The Propertarian Institute Kiev, Ukraine