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  • Economics

    A thread to discuss economic theories and great economists.
    To get the ball rolling I'll post the theory that won the noble price here:

    Stable matching: Theory, evidence, and practical design
    This year’s Prize to Lloyd Shapley and Alvin Roth extends from abstract theory developed in the 1960s,
    over empirical work in the 1980s, to ongoing efforts to find practical solutions to real-world problems.
    Examples include the assignment of new doctors to hospitals, students to schools, and human
    organs for transplant to recipients. Lloyd Shapley made the early theoretical contributions, which were
    unexpectedly adopted two decades later when Alvin Roth investigated the market for U.S. doctors. His
    findings generated further analytical developments, as well as practical design of market institutions.
    Traditional economic analysis studies markets where prices adjust so that supply equals demand. Both
    theory and practice show that markets function well in many cases. But in some situations, the standard
    market mechanism encounters problems, and there are cases where prices cannot be used at all to
    allocate resources. For example, many schools and universities are prevented from charging tuition
    fees and, in the case of human organs for transplants, monetary payments are ruled out on ethical
    grounds. Yet, in these – and many other – cases, an allocation has to be made. How do such processes
    actually work, and when is the outcome efficient?
    You should never argue with idiots because they will just drag you down to their level....then beat you with experience!!!!!!!

    "I disagree with what you say, but I will defend to the death your right to say it" Voltaire

  • #2
    Re: Economics

    Economics is a very dynamic subject. I look forward to interesting discussions in this forum. Here is a very interesting segment you should watch.
    Hayastan or Bust.


    • #3
      Re: Economics

      I have one question for people who invested in facebook: Where you guys retarded? From what I get is that not enough info was released and that facebook didn't even have a plan how they would be profitable. Also the fact that many major investors stated far away from those stocks tells you everything you need to know.

      Here is a little and very informative video about comparative advantage. Ricardo rules!
      You should never argue with idiots because they will just drag you down to their level....then beat you with experience!!!!!!!

      "I disagree with what you say, but I will defend to the death your right to say it" Voltaire


      • #4
        Re: Economics

        Here is a nice PDF by PWC about shale gas called: Shale Gas: a renaissance in US manufacturing?

        The potential of shale gas is huge and can lead to an unimaginable boom of the US economy and also drop the prices for gas along the way. if I am correct the price is 3$ for one cubic meter if I am not mistaken.
        However this will also have huge impacts on the Middle East and Russia. It seems Shale gas will be a major game changer.
        You should never argue with idiots because they will just drag you down to their level....then beat you with experience!!!!!!!

        "I disagree with what you say, but I will defend to the death your right to say it" Voltaire


        • #5
          Re: Economics

          Shale gas brings along some scary environmental issues. It has been known to contaminate ground water which people use for drinking among other issues.
          Hayastan or Bust.


          • #6
            Re: Economics

            Originally posted by Haykakan View Post
            Shale gas brings along some scary environmental issues. It has been known to contaminate ground water which people use for drinking among other issues.
            Extracting (or more correctly, making) oil/gas from shale is also very energy intensive - though it is not quite as bad as the oil from tar sands process.

            Pandering to both industries is behind Obama's refusal to let America ratify climate change and emission restrictions. Obama is probably more in the pocket of US energy suppliers than even Bush was. Bush did his mass killing on the small scale, on a country by country basis - Obama, a bigger thinker, prefers to take a global approach to his killings.
            Last edited by bell-the-cat; 02-09-2013, 11:14 AM.
            Plenipotentiary meow!


            • #7
              Re: Economics

              Originally posted by KarotheGreat View Post
              Shale Gas: a renaissance in US manufacturing?
              What next - arrows: a renaissance in US armaments; horses: a renaissance in US transporation; witch burning: a renaissance in US crime enforcement?

              Extracting oil and gas from shale was a crude 19th-century industry that was made obsolete by the end of that century by drilling techniques. That shale is being reconsidered now is only because all the accessable oil fields in America have been run dry.
              Plenipotentiary meow!


              • #8
                Re: Economics

                shale is extracted by a process known as fracking, which in the techniques commonplace today, require millions of litres of water that are irreversibly contaminated with all sorts of chemical agents. This is flushed in and out of a very deep well, leaving behind sand particles in the shale rock that has been fractured by explosives. These sand particles open up the fractures, allowing natural gas to seep out of the rock and flow back up the well for processing.

                Not only is this a hazard for the air, releasing carcinogens and neurotoxins to be breathed in by the surrounding population, the chemically altered water also can contaminate the soil, ruining agriculture and drinking water.

                This is a good example of what happens when you put $$$ over health. I expect the world to not be such a pretty place the next century.
                I was taught how to think.


                • #9
                  Re: Economics

                  Here is a good vid about the FED you should watch.
                  Hayastan or Bust.


                  • #10
                    Re: Economics

                    New York Could Delay Fracking Decision, Leaving Ban in Place

                    In New York, the decision over whether to lift a ban on the gas-drilling process known as "fracking" is facing a delay after regulators studying its health impact said they needed more time to complete a key review. The move could potentially delay the rule-making process for months, leaving the ban in place. On Tuesday, the state’s top environmental regulator said he may speed up the process by issuing permits for fracking before final regulations are created if the health department concludes the process is safe. Critics say fracking, which involves blasting liquid into deep underground rock, threatens the environment, water supplies and public health.
                    Hayastan or Bust.