speaking of art and economics I was looking for something like this - - -
link
with the car being the idea and demand peaks and troughs over time - - -
not sure where this is going just i got on it ...
Katyia2 October 2012 11:42PM
Response to memtitude, 2 October 2012 5:36PM
thanks I've only watch a few minutes so far - - - sort of fumbling about in the dark here but there are some peeps attempting do demonstrate economics as an art - - - in fact I rather thought Boris Johnson was going to do one of his poems but then he didn't - - -At heart, economics is the study of how people make decisions. As such, no matter how mathematical the basic principles of economics may be, it is inherently based on something dirty and imprecise: the actions of irrational people. Any model that tries to predict or explain the behavior of people will, by definition, have error. When it comes to interpreting what is acceptable error and what is flawed theory may come down to more art than science, because at some point, standard errors and t-test statistics can only go so farRead more: http://wiki.answers.com/Q/Why_is_economics_an_art#ixzz28BJ9SNYG
If the blue line has actually bottomed (and we guess not until the U.S. midterm elections sort themselves out), should we expect it to follow the upward pattern of the (red) 2008 event? Or is the plateau that we see in the left hand portion of the blue line above a sign of a new ?normal? level for an extended deleveraging consumer economy? The question is really about whether what we are seeing in the above chart is a short term aberration in consumer behavior or part of a much longer term profound change in attitudes and feelingsee link for pic
The traditional relationships have changed, at least temporarily, and will now probably ?girate? above and below normal until the artificial stimulus factors are negated over time, similar to ?ripples in a pond?
Our message for the past six months has been that the current ?dip? in consumer demand is not following a classic ?V? shaped pattern. We have used the words ?lingering? and ?prolonged? to describe it, particularly when comparing it to the ?Great Recession of 2008,? which the National Bureau of Economic Research now informs us ended in June of 2009. Our key question concerns the future course of the blue line in our ?Contraction Watch?
http://www.senseoncents.com/2010/09/economics-an-art-or-a-science-checking-in-with-rick-davis-of-consumer-metrics-institute/
Katyia3 October 2012 12:10AMto show me a pairting about demand rather than the occupy stuff - - -
http://economix.blogs.nytimes.com/2009/01/13/economic-art/
I mean art and poetry can be functional in the sense that you
strip down the peel and are left with the quick underneath
that is raw emotion which is a more efficient way of
targeting and moving energy as long as its as you
put it unaware - - - i.e. the more artless it is
more it ligns instinctively with its nature - - -
Katyia2 October 2012 12:42PM
Response to memtitude, 2 October 2012 11:03AM
thanks Ill maybe elaborate on that later just a few thoughts - - - in view of the
unpredictable nature of the animals it may be that a purely scientific
approach to economics has not worked - - - hence my attempt to
recruit people into poetry - - - also having expounded at length
on the topic of hysteresis you now want to wipe the slate clean
of historical transferences which are meant to double turn - - -
unpredictable nature of the animals it may be that a purely scientific
approach to economics has not worked - - - hence my attempt to
recruit people into poetry - - - also having expounded at length
on the topic of hysteresis you now want to wipe the slate clean
of historical transferences which are meant to double turn - - -
and then I added this actually to my previous post which i shall attempt to post again - - -
looking at energy from an abstract point of view e.g. the amount of power stored in a grain - - -
continued
The total energy contained in an object is identified with its mass, and energy cannot be created or destroyed. When matter (ordinary material particles) is changed into energy (such as energy of motion, or into radiation), the mass of the system does not change through the transformation process. However, there may be mechanistic limits as to how much of the matter in an object may be changed into other types of energy and thus into work, on other systems. Energy, like mass, is a scalar physical quantity. In the International System of Units (SI), energy is measured in joules, but in many fields other units, such as kilowatt-hours and kilocalories, are customary. All of these units translate to units of work, which is always defined in terms of forces and the distances that the forces act throughEnergy may be stored in systems without being present as matter, or as kinetic or electromagnetic energy. Stored energy is created whenever a particle has been moved through a field it interacts with (requiring a force to do so), but the energy to accomplish this is stored as a new position of the particles in the field?a configuration that must be "held" or fixed by a different type of force (otherwise, the new configuration would resolve itself by the field pushing or pulling the particle back toward its previous position). This type of energy "stored" by force-fields and particles that have been pushed into a new physical configuration in the field by doing work on them by another system, is referred to as potential energy. A simple example of potential energy is the work needed to lift an object in a gravity field. Each of the basic forces of nature is associated with a different type of potential energy, and all types of potential energy (like all other types of energy) appears as system mass, whenever present. For example, a compressed spring will be slightly more massive than before it was compressedIn physics, energy energeia?"activity, operation" is an indirectly observed quantity that is often understood as the ability of a physical system to do work on other physical systems. Since work is defined as a force acting through a distance (a length of space), energy is always equivalent to the ability to exert pulls or pushes against the basic forces of nature, along a path of a certain length
Wikipedia
Response to memtitude, 1 October 2012 5:59PM
The problem, as he saw it, was that private-sector consumption and investment plans are formed in the face of expectations about the future economic environment that are inherently uncertain and subject to shifts that have more to do with emotions than with the rational calculations postulated in neoclassical economics. The associated Lucas critique argues that private-sector agents have rational expectations that take into account all the relevant information contained in a model of their behavior then forming their (usually differing) expectations. Their behavior is thus not invariant with regard to the policy interventions of governments or their agencies
theories of unemployment seem rather limited in view of animal spirit - - -
Full employment cannot be achieved because workers would shirk if they were not threatened with the possibility of unemployment. The curve for the no-shirking condition (labeled NSC) goes to infinity at full employment as a result. The inflation-fighting benefits to the entire economy arising from a presumed optimum level of unemployment has been studied extensively. The Shapiro-Stiglitz model suggests that wages are not bid down sufficiently to ever reach 0% unemployment. This occurs because employers know that when wages decrease, workers will shirk and expend less effort. Employers avoid shirking by preventing wages from decreasing so low that workers give up and become unproductive. These higher wages perpetuate unemployment while the threat of unemployment reduces shirkingWhile economists from the Classical school believe that the economy will tend to return to an equilibrium position whenever it is pushed away, and thus favor the concept of a "natural" rate, other economists question whether an economy is really a stable system at all. Some economists, including John Maynard Keynes and Joseph Schumpeter (1883 –1950) envisioned economies as more dynamic and evolving. While Keynes is often associated with a rather pro-government political stance, and Schumpeter with the more libertarian, small-government views held by adherents of the Austrian School of economics, both Keynes and Schumpeter stressed the inherent instability of economic systems. To them, factors such as uncertainty, innovation, institutions, and technological advance made economies quite unpredictable
Wikipedia
It's called hydraulic fracturing or fracking, and some herald it as the future of clean, safe energy from natural gas. But from Pennsylvania to West Virginia to Arkansas, residents are seeing earthquakes, poisoned water courses and contaminated drinking water. So as this massively expanding industry gears up to pump out gas, from deeply buried muds and shales, those local concerns have states, such as New York's, introducing moratoriums. But beyond those immediate problems looms a larger issue - is fracking just a way for us to continue with our fossil-fuel fix, and so dodge the rapid switch to renewables that the planet's climate needs so badly?
http://www.earthtimes.org/energy/dangers-hydraulic-fracturing-poisoned-water-supplies-earthquakes/552/
Katyia1 October 2012 2:04PMpeel back their whiskers the
nose is smelting. Is this snow
business or transparency …
Making it harder to access
liquidity. We need to tool up,
forestall the next crash its
probably the dyslexic streak
encouraging this antipathy.
the sheer scale of equity
operating in ‘dark pools’
now is not only inditing
but bloody scary
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actually that was a paradoxical slang use of the word like you said friendly
Katyia1 October 2012 12:15PMvery black and white - - - generally not considered cool - - - surely
it depends what your definition is of austerity and where it is applied.
Somone asked the other day that why did we recover from the
great depression quicker than America and when i looked it up
it seemed that it was our application of austerity at the right moment
- - - followed by a release of that pressure presumably - - - and then
another said that Hollande has implemented a scheme of taxing
higher earnings while easing up on the rest - - - a very different application
to Camerons idea of the same - - -
It places heavy emphasis on austerity measures, raising new revenues through increased corporate and personal taxes, and freezing total government spendinghttp://www.nytimes.com/2012/09/29/world/europe/hollandes-new-budget-focuses-on-cutting-frances-deficit.html
note freeze of public spending not cuts - - - so in view of all that I would say that
Keynes is wrong to apply austerity to boom times - - - although there are
times when stimulus might be nurture possibly as a last resort - - -
aking care not to stifle growth with too much nursing activity - - -
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