Disqus - Latest Comments for gerardd

Re: Brad DeLong on job creation

gerardd — Wed, 03 Feb 2010 04:57:10 -0000

The fundamental problem with DeLong's analysis is the use of the aggregate construction 'L' for labor. Under that assumption all unemployment seems like a market failure and the simple solution is to get 'L' a job, any job, like shoveling dirt with spoons. The economist who has not been blinded by this mathematical absurdity understands that these inferences are fallacies that come from the unrealistic assumption of L as homogeneous. In reality, it matters WHAT you do. There is a complex coordination of heterogeneous L's in our economy that social physics fails to capture. It fails to capture this complexity and therefore misses the whole point that no one 'knows' what jobs need to be done. Through the trial and error of the market process, however, we figure out what jobs to do in spite of our ignorance. Economists are a deluded bunch indeed.

Re: Video of my testimony

gerardd — Fri, 30 Oct 2009 07:01:03 -0000

Wow, it takes guts to say what you did to politicians' face. Kudos to your comportment and poise!

Re: Video Library | Foundation for Economic Education

gerardd — Fri, 18 Sep 2009 14:13:49 -0000

FYI, the link Dr. Horwitz is referring to is here.

http://www.4shared.com/file...

Re: A Note on Comparative Advantage

gerardd — Tue, 15 Sep 2009 10:32:21 -0000

Don, perhaps I am being a bit reactionary, but I think you do yourself and the ideas you champion disservice by couching them in what many will perceive to be chauvinist terms.

Two bitter pills are harder to swallow than one, and I see no reason not to sugar coat the exposition.

Cheers

Re: Private health insurance?

gerardd — Thu, 20 Aug 2009 15:22:29 -0000

I'd like to respond to this comment of yours;

"Rather, [in the 1920's] we saw a lot of poor (and not so poor) old (and not so old) people dying for want of medical care."

Although prima facie this seems like the logical consequence of the lack of government programs to provide health care for the aged and the poor, as far as I am aware this problem was much less than could be expected due to private charity.

In fact, there was a saying in the 1920's that only the middle class were squeezed when it came to paying doctor's bills, since the rich were rich and the poor's bills were paid by charities.