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  • US/China trade deficit - reasons

    In 2008, the trade deficit between US and China was $268 billion ( http://www.census.gov/foreign-trade/balance/c5700.html#2008 ). I am not sure to which extent the Chinese government controls trade directly, but for sure it has a strong instrument to influence it - by monetary policy. My question is - what could be the point (from the Chinese government
    Posted to Economics Questions (Forum) by Andris Birkmanis on Thu, Jul 15 2010
  • Re: Public deficits = net private savings

    I guess the definition in some circles changed after securitization was invented. I just intended to demonstrate how different can be definitions. In scope of this thread I am using the definition compatible with the one on Wikipedia (basically an IOU).
    Posted to Economics Questions (Forum) by Andris Birkmanis on Thu, Jul 15 2010
  • Re: Is BitCoin the currency of the future?

    @Clayton All things equal, I cannot imagine someone choosing to use an unbacked over a backed currency. Well, all things are not equal - backed currency does not provide the same degree of anonymity as unbacked one. If the market participants value the properties of BitCoins that allow them to be used as money for counter-economy, they will use BitCoins
    Posted to Economics Questions (Forum) by Andris Birkmanis on Thu, Jul 15 2010
  • Re: Public deficits = net private savings

    Btw, the definition of "bond" in finance is a loan with collateral. So, there is no such thing as a government bond. The texts which I studied define bond simply as securitized debt. On the other hand, government bonds are frequently used as a collateral for other loans. For example, a government G issues a bond ("G will pay the holder
    Posted to Economics Questions (Forum) by Andris Birkmanis on Thu, Jul 15 2010
  • Re: Public deficits = net private savings

    If the government runs deficits, then it issues bonds. It's generally assumed that private individuals purchase these bonds. Isn't the cenral bank (or other reserve institution) supposed to purchase these bonds if private lenders are not enthusiastic? I thought this is part of the concept of "lender of last resort" (the other being
    Posted to Economics Questions (Forum) by Andris Birkmanis on Thu, Jul 15 2010
  • Insider trading - can it be a crime?

    Most states prohibit insider trading if it is based on "material non-public information" (which is a bit strange, as insiders always have material non-public information). What would be a libertarian position? For concreteness, let's say Bill owns significant share of BP, and being also part of the management, knows that there was a spill
    Posted to Economics Questions (Forum) by Andris Birkmanis on Mon, Jul 5 2010
  • Re: marginal utility confusion from HA

    These are the valuations of the individual units of A, F and T, not as "classes of goods." The only place an additional A could go is below T, and since that is below F in the scale of preferences it would have to be valued less than the additional F. I understand this interpretation of value scales, I've just seen a lot of discussions
    Posted to Economics Questions (Forum) by Andris Birkmanis on Wed, Jun 30 2010
  • Re: marginal utility confusion from HA

    Now suppose he's given 8 dollars, again, it's not controversial that he will purchase A anf F. Why not A and A, if he prefers A to F? I think the trouble with value scales is that their meaning is not rigorously defined - now we mean one thing, on another page another. Sometimes it becomes tacitly assumed that from a ranking of individual A
    Posted to Economics Questions (Forum) by Andris Birkmanis on Tue, Jun 29 2010
  • Re: marginal utility confusion from HA

    I am not sure I understood the OP correctly. Is your point that value of some goods is not fully independent from each other (complementary/substitutes), and this breaks the analysis of value scale in terms of individual goods as opposed to bundles/states of the world?
    Posted to Economics Questions (Forum) by Andris Birkmanis on Tue, Jun 29 2010
  • Re: A government as the only landlord

    To clarify: I am not trying to prove anything on this thread; I am looking for answers. The question being: what are the differences between a state and a private or corporate owner of a land that is not a part of any state territory? The current candidates are (in no particular order): Elected politicians are only temporary managers (rent seeking as
    Posted to Political Theory (Forum) by Andris Birkmanis on Thu, Jun 24 2010
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