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A little lesson in economics (brilliant...if I do say so myself).
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Post Dave Dorsey
The understanding of the Pentateuch as a Suzerain-Vassal treaty is a major theological advancement that emerged within the past 100 years. It's not common for well-refined ideas to evolve in good ways, but it's silly to say they don't.

Besides -- a closer analog to your statement would be to say that nothing should be read that was published later than the Reformation, since it will just be varying degrees of wrong. It's just a silly statement IMO. New and helpful works can be published on topics that have not changed.
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2/5/18 4:14 pm


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Post Dave and JD...HUGE IMPROVEMENTS OVER ADAM SMITH! Aaron Scott
Remember that when Smith wrote "The Wealth of Nations," that was a time when there was zero safety net. The rawest form of capitalism was prevalent. There were no laws protecting workers, etc.

Smith (and his adherents) would argue something along the lines of, "Indeed, there were no safety laws protecting workers. But when enough workers got maimed or killed, the capitalist would have a harder time recruiting workers, and would either have to pay a premium for the risk they would undertake, or put in safety measures--or both."

Now, that's all fine and dandy as long as it is NBF laboring under such situations. But what if it were your son or daughter? Would I take any solace from the fact that, when my son and enough other boys are killed, things will change?

No.

I remember when I heard Dick Cheney (in a VP debate) say that the way to help the poor was to implement measures so they could get an education and advance themselves. Yes, that's a wonderful idea! But the follow-up is "WHAT ARE YOU GOING TO DO FOR THEM IN THE MEANWHILE?"

The failure of raw capitalism is that, like a battleship, it can take a while for it to correct course. Now, with today's social media, it likely would indeed work much faster, etc. in many areas, since bad news could go viral.

Capitalism also makes a mistake in acting like the capitalist is by far the most important piece of the puzzle. But without workers, the capitalist can't get anything done. And without a capitalist, the workers can't find work. Capitalism gives us CEOs that make THOUSANDS of times more than many of their workers. They certainly aren't working harder than all of those workers. And it's not that what they do is so exceptional that it wouldn't get done otherwise. What it is is a board of directors that often have an almost incestuous relationship with the CEO (he sits on their board of directors, for instance), and, they want to treat him good for obvious reasons. Nothing wrong with being super-well-paid. But there is something out of whack when a CEO is laying off thousands of workers, while getting a bonus for "improving" the company's bottom line.

The Great Depression revealed many of capitalism's flaws (and introduced a few flaws, too). Washington actually feared an armed rebellion/civil war/revolution. They thought that America might be wrecked or even lost because of the sad state of those without any safety net. We have somewhat romantic Grapes-of-Wrath notions about the Great Depression, but it did expose America's lack of foresight--and even callousness.

Not every modification to capitalism is good, of course. But don't most of us think that there is at least something positive about workplace safety, the prohibition of child workers, the right of workers to unite to get needed changes, a minimum wage, Social Security, Unemployment, etc.? I do. Not every jot and tittle, of course, but enough to justify the cry of "socialism" (as if that is entirely a bad thing--it's not).

Yes, Adam Smith should be part of any economics education. But he must be balanced with the writings of others.

It I understand correctly, Keynes' big contribution was to use monetary policy (including deficit spending) to try to take the edge off of black swan events like the Great Depression. He realized that if people didn't have money, they couldn't buy things...and a death cycle begins. Makes at least some sense. And if it didn't work (WWII was really, I think, what ended the Great Depression), it was a game attempt, since nothing like it had been tried in America before.

I am somewhere left of capitalism...and right of socialism. We haven't had raw capitalism in America in a long time...and in some ways--SOME--we are the better for it.
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2/5/18 4:44 pm


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Post UncleJD
Dave Dorsey wrote:
The understanding of the Pentateuch as a Suzerain-Vassal treaty is a major theological advancement that emerged within the past 100 years. It's not common for well-refined ideas to evolve in good ways, but it's silly to say they don't.

Besides -- a closer analog to your statement would be to say that nothing should be read that was published later than the Reformation, since it will just be varying degrees of wrong. It's just a silly statement IMO. New and helpful works can be published on topics that have not changed.


You take me too seriously Dave. If it makes you feel better there are a lot of good economics books out there. The best ones have "The Wealth of Nations" as a key principle, the worst ones have "The Communist Manifesto" at theirs. The most problematic ones have "The General Theory of Employment, Interest and Money" at theirs because they are neither completely true nor completely false. But what I said was mostly in jest, albeit serious that if one doesn't start there, then he will easily be lead into error because whatever they are reading at the time "sounds reasonable"
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2/5/18 6:45 pm


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Post Dave Dorsey
UncleJD wrote:
You take me too seriously Dave.

I'm sorry, brother. I got a little stirred up today about... other things!
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2/5/18 6:55 pm


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Post Re: Aaron, I'll start with your first sentence... diakoneo
bonnie knox wrote:
Quote:
You know how you get a better price when you buy in bulk?


The better price when you buy in bulk happens because selling in bulk can reduce the associated costs (overhead) of selling an item.
In other words, if I have to feed my donkey one hay bale whether I take one dozen eggs or five dozen eggs to market on my donkey cart, I can either make a better profit on the five dozen (or reduce the cost of the eggs if I want to make the same profit).
Ask yourself why you get a better price when you buy in bulk. If you get the right answer there, you will head down a better path. Think about shipping costs, labor costs, warehousing costs, etc.


Bingo!
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2/5/18 10:23 pm


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Post Re: Aaron, I'll start with your first sentence... Aaron Scott
diakoneo wrote:
bonnie knox wrote:
Quote:
You know how you get a better price when you buy in bulk?


The better price when you buy in bulk happens because selling in bulk can reduce the associated costs (overhead) of selling an item.
In other words, if I have to feed my donkey one hay bale whether I take one dozen eggs or five dozen eggs to market on my donkey cart, I can either make a better profit on the five dozen (or reduce the cost of the eggs if I want to make the same profit).
Ask yourself why you get a better price when you buy in bulk. If you get the right answer there, you will head down a better path. Think about shipping costs, labor costs, warehousing costs, etc.


Bingo!


You know what??? If I don't win the Nobel Prize because you guys went and messed it up for me, I'm coming for you!
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2/6/18 11:44 am


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Post Nature Boy Florida
Is there a Nobel Dunce prize?

I have a candidate I want to nominate.
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2/6/18 2:27 pm


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Post NBF... Aaron Scott
Nature Boy Florida wrote:
Is there a Nobel Dunce prize?

I have a candidate I want to nominate.


NBF, I am an EXCEPTIONAL dancer. I would be honored!
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2/6/18 3:06 pm


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Post Resident Skeptic
Though buying in bulk might make the price go down for you, the law of supply and demand will make the price for a single unit go up. But then the bulk rate will also rise if the item remains a big seller, thus making the single unit price rise yet again.
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2/6/18 4:25 pm


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