Steve Randy Waldman
@interfluidity.com

methinks prisons will suffice.

in reply to this
Steve Randy Waldman
@interfluidity.com

ha! not their choice!

in reply to this
Steve Randy Waldman
@interfluidity.com

we've developed a tool that supersedes and renders obsolete the guillotine. it's called taxation. we've never quite had the courage to deploy it as indicated.

Steve Randy Waldman
@interfluidity.com

the good die young.

Steve Randy Waldman
@interfluidity.com

the great thing about this approach is there’s no need for immigration police. the only people we ever deport are people who find themselves in the custody of the regular police anyway, for actually committing acts of violence.

in reply to this
Steve Randy Waldman
@interfluidity.com

Abolish ICE. If you want to enforce current immigration law, fine employers.

Steve Randy Waldman
@interfluidity.com

Impeach. Convict. Remove. Prosecute. Rinse. Repeat.

Steve Randy Waldman
@interfluidity.com

no good graph goes unpunished.

in reply to this
Steve Randy Waldman
@interfluidity.com

not after parties sort and negative polarization takes hold. then the threat the other guys might win largely obviates substantive negotiation.

in reply to this
Steve Randy Waldman
@interfluidity.com

“after all of those whom i resent have been crushed, i swear to you the world will be peaceful and good.”

Steve Randy Waldman
@interfluidity.com

very few administrations have resolved as many serious crises they created in such a short period of time.

Steve Randy Waldman
@interfluidity.com

perhaps it's too early to say, but i am heartened by the prospect of peace between the United States and NATO.

Steve Randy Waldman
@interfluidity.com

they mocked him for an apology tour that never happened, but whoever’s next better do a big one.

Steve Randy Waldman
@interfluidity.com

i like to sign up for expensive classes so i can have the pleasure of skipping school again.

Steve Randy Waldman
@interfluidity.com

thank you for the interesting question and clarifying discussion!

in reply to this
Steve Randy Waldman
@interfluidity.com

elasticity on its own is a representation of one form of market power. you don’t need Marshallian (hi @econmarshall.bsky.social!) scissors to appreciate that. 1/

in reply to this
Steve Randy Waldman
@interfluidity.com

what’s kind of cool, though, is that the Econ 101 scissors-‘n-surplus diagrams that are fallaciously represented as representing welfare can, more interestingly and less fallaciously, form the basis of a measure of market power (which Econ 101 largely pretends does not exist). /fin

in reply to self
Steve Randy Waldman
@interfluidity.com

yeah, i agree that in isolation the p @ p=mc i agree tells you basically nothing interesting from a normative perspective. it just serves an important role in a framework that helps understand relative market power (for some markets), and that framework has useful normative implications.

in reply to this
Steve Randy Waldman
@interfluidity.com

i know everybody hates GenAI but it's a capable sycophant if it could generate a metaverse for Donald Trump in which every peace price goes to him and all of his tariffs make the economy "hot" and combat operations yield fast, lethal victories everybody cheers on televisions, mightn't he go there?

Steve Randy Waldman
@interfluidity.com

I think if you understand the P=MC framework in terms of market power, it can be very informative! Or really it's the Marshallian framework in which MC is embedded, becomes the pivot point, that is informative. 1/

in reply to this
Steve Randy Waldman
@interfluidity.com

A flattish curve, high price elasticity, represents low bargaining power. The surplus differential, consumer vs producer, defined around the marginal cost pivot, reflects the average relative bargaining power of the two sides of the market. 2/

in reply to self
Steve Randy Waldman
@interfluidity.com

It's not a complete or universally applicable framework. Supply/demand curves are notoriously challenging to pin down in empirical practice, rather than in theory. The framework assumes single price markets, where much contempory market power is derived precisely from breaking that assumption. 3/

in reply to self
Steve Randy Waldman
@interfluidity.com

Still, where single-priced markets remain at least a somewhat reasonable approximation, I think Marshallian curves split at marginal cost remain a helpful way to visualize and think about market power. /fin

in reply to self
Steve Randy Waldman
@interfluidity.com

The trick is to persuade people to ignore that confusing word marginal. If you ignore that, it seems to make normative sense. Price is cost! Workers are paid their productivity! 1/

in reply to this
Steve Randy Waldman
@interfluidity.com

Of course, when you properly understand what marginal cost or marginal productivity mean, you understand it's just a way of talking about the relative bargaining power of buyers and sellers, or employers and workers. /fin

in reply to self