I'm familiar, but there's nothing with 'schools' anymore.

When he learns the subject matter he can debate in earnest

r

https://en.m.wikipedia.org/wiki/Dunning–Kruger_effect @Sophie

This is you.

Lol

That’s an amusing thing for the person with less education to send

But maybe you only thought you understood the effect 😉

Looks like the stock market hadn’t stabilized, it was just responding to expectations of a rate cut

What vindication for anyone who said we need a few days more data

Weird.

The stock market fell when the fed cut rates

> That’s an amusing thing for the person with less education to send

https://en.m.wikipedia.org/wiki/Dunning–Kruger_effect

@Sophie this is pretty much peak dunning Kruger effect. You’re assessing your economics as if you have a large depth of understanding, however when talked about: price controls, supply and demand, “capitalism”, “Keynesian economics”, new deal and corporate taxation for examples - there is no understanding.

...

You misapplied the theory

This is absolutely peak dunning Kruger

You’ve taken some economics

So you think the theories you understand apply universally as you understand them

But if you go back to our price control discussion, you can see clearly

You keep wanting to take it back to the theory, but are unable to synthesize outcomes for the specific situation

We can go ahead and revisit it if you’d like- what keeps the firm in question from producing the full level of need?

A price max applied below the equilibrium results in lower supply but higher demand. That’s a shortage. The firm is producing less to compensate the reduction in profits.

This is econ 101

This is why you see price controls causing shortages and surplus waste.

A good example is the paper I linked on drug shortages in Europe countries.

Again, you’re failing to consider the actual situation

And making bad assumptions about the shape of the curve

The shape is irrelevant, the point on the curve where PMAX is - is below the equilibrium

That causes shortages - it doesn’t matter if it’s a vaccine or a laser gun

That’s not correct

If a consumer is permanently removed from demand after ANY consumption, it changes your assumptions about the curve

You’re imagining a scenario in which there is indefinite demand in the long term

But if someone receives a vaccine tomorrow, they’re no longer generating demand, forever

You can’t compare it to other drugs, you can’t compare it to food, you can’t compare it to laser guns

You have to live in reality sometimes

Normally you’d talk about this as extremely inelastic demand

BUT

Because someone is REMOVED FROM THE DEMAND CURVE when they consume

The demand curve jumps to the left every time there’s consumption

So what actually happens is that without price controls, you’re only fulfilling part of the NEED even if you’re fulfilling equilibrium demand