kartelite wrote:
As an example, I don't know of any great economists who didn't have a very good understanding of math; however, I imagine most great mathematicians didn't really know much about economics.
In fact, my BSc was in applied math at an ivy league college...
Anyway, the thing about gold standard is one of the most stupid thing I have ever read. There are some serious articles by Barry Eichengreen showing that if the Great Depression was so tough is also because of the gold standard.
There is too little Gold to properly run the World's economies.
A total of about 5.5 billions ounces of Gold have been mined since by human's. Only 40% is used for monetary control. 50% is used for jewelry, and 10% for electronics, dental, and other industrial uses.
That means 2.2 billion ounces for monetary uses. Gold has a market value of $1650 per ounce. Do the math, there is 6.3 trillion dollars of gold for monetary uses.
6.3 trillion dollars is less than 1/10th the World GDP.
MIT_graduate wrote:
In fact, my BSc was in applied math at an ivy league college...
Anyway, the thing about gold standard is one of the most stupid thing I have ever read. There are some serious articles by Barry Eichengreen showing that if the Great Depression was so tough is also because of the gold standard.
You, like most people in your field, are an intellectual failure. The economies of the West are crumbling because policy makers act on ideas spread by utter morons like you.
Sup bros, econ is a dismal science and inexact to say the least. Nowadays, political types whack themselves silly with the invisible hand while gorging on free lunches. You want to learn about econ, then read my book.
Goldy Faux wrote:
There is too little Gold to properly run the World's economies.
A total of about 5.5 billions ounces of Gold have been mined since by human's. Only 40% is used for monetary control. 50% is used for jewelry, and 10% for electronics, dental, and other industrial uses.
That means 2.2 billion ounces for monetary uses. Gold has a market value of $1650 per ounce. Do the math, there is 6.3 trillion dollars of gold for monetary uses.
6.3 trillion dollars is less than 1/10th the
You utter f*cking moron. You confuse value with price. On a gold standard, gold isn't priced in dollars, but goods and services are priced i. gold. This couldn't be more utterly obvious. The value of gold can adjust INFINITELY to accommodate any amount if goods and services in the economy. Why do I have to live in a world full of f*cking imbeciles like you?
a macro guy wrote:
You utter f*cking moron. You confuse value with price. On a gold standard, gold isn't priced in dollars, but goods and services are priced i.
And you but goods and services how? And the value of goods and services are not INFINITELY adjustable?
Your lack of knowledge is exceptional.
Goldy Faux wrote:
And you but goods and services how? And the value of goods and services are not INFINITELY adjustable?
Your lack of knowledge is exceptional.
The value relationship between goods and services and money is bi-directional; they are valuated in terms of each other.
It is you who knows nothing and worse, deliberately distorts reality in your malicious determination to justify depriving others of their economic freedom.
lol lol lol lol wrote:
http://www.amazon.com/Economics-One-Lesson-Shortest-Understand/dp/0517548232
That is a classic, but it is incomplete. It will make you a libertarian. If you want a more robust model of human behavior, follow it up with 'Economics with Illusions' and 'Games in Economic Development'. The latter is the most robust non-technical introduction to economics there is.
a macro guy wrote:
The value relationship between goods and services and money is bi-directional; they are valuated in terms of each other.
It is you who knows nothing and worse, deliberately distorts reality in your malicious determination to justify depriving others of their economic freedom.
Economic freedom is a myth. No such thing exists.
Goldy Faux wrote:
Economic freedom is a myth. No such thing exists.
It would exist if assholes like you didn't elect tyrants to deprive us of our birthrights.
Talk to the Rothschilds and the Federal Reserve bank Cartel, I'm sure they will more than happy to apprise you on the latest in economic Ledgerdemain.