methinks prisons will suffice.
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.
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.
Abolish ICE. If you want to enforce current immigration law, fine employers.
not after parties sort and negative polarization takes hold. then the threat the other guys might win largely obviates substantive negotiation.
“after all of those whom i resent have been crushed, i swear to you the world will be peaceful and good.”
very few administrations have resolved as many serious crises they created in such a short period of time.
perhaps it's too early to say, but i am heartened by the prospect of peace between the United States and NATO.
they mocked him for an apology tour that never happened, but whoever’s next better do a big one.
i like to sign up for expensive classes so i can have the pleasure of skipping school again.
thank you for the interesting question and clarifying discussion!
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/
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
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.
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?
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/
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/
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/
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/