1960 US Republican Party Platform

[MRT144]

Hey, anybody else remember that time amalgamated human wisdom thought Beanie Babies were highly valuable?

Well, you see, they were until they werent.

[KrazyHorse]

What do you mean by marginal value? Marginal utility?

Nope...the market is Pareto optimal, not utility optimal. I'm not sure if this is a thing, but I wouldn't be surprised if you could show that under optimal tax-and-transfer it was also utility maximal.

So if you wanted to posit that yachtmakers provide less utility than equally paid television writers, we could have an interesting discussion. Unless you're positing that an optimally redistributed society would have substantially less savings (I don't think this is a given) then I don't think money managers would be less valuable...

[KrazyHorse]

Hey, anybody else remember that time amalgamated human wisdom thought Beanie Babies were highly valuable?

Feel free to try to make money shorting things you think are bubbles. When you build a track record of doing that, we can talk more.

[MRT144]

Feel free to try to make money shorting things you think are bubbles. When you build a track record of doing that, we can talk more.

there were no market makers for my puts on beanie babies!

[KrazyHorse]

Get creative.

[MRT144]

Get creative.

Dealing with welchers is the worst.

[giblets]

Nope...the market is Pareto optimal, not utility optimal. I'm not sure if this is a thing, but I wouldn't be surprised if you could show that under optimal tax-and-transfer it was also utility maximal.

So if you wanted to posit that yachtmakers provide less utility than equally paid television writers, we could have an interesting discussion. Unless you're positing that an optimally redistributed society would have substantially less savings (I don't think this is a given) then I don't think money managers would be less valuable...

What ethical restrictions would you accept on a potential tax system? Would it be acceptable to demand large lump sums from high IQ individuals in order to extract revenue while avoiding the effects of high marginal tax rates?

[Sava]

, the market is the amalgamated human wisdom on the value of the thing in question

Nope. It's just a thing toolbags like you made up in order to justify institutionalized theft.

[KrazyHorse]

What ethical restrictions would you accept on a potential tax system? Would it be acceptable to demand large lump sums from high IQ individuals in order to extract revenue while avoiding the effects of high marginal tax rates?

Yes.

[Sava]

You are no fun today.

[Elok]

Well, you see, they were until they werent.

I guess it depends what you mean by "value." Unless you use "value" to mean "how much the market says something is worth," in which case we have only to ask the market what tautologies are going for these days. Probable answer: "about a tautology's worth."

[MRT144]

You are no fun today.

Maybe he's too exhausted

[Ben Kenobi]

Wow, KH is giving us a sound lecture on economics. Thanks, KH!

[Ben Kenobi]

It's just a thing toolbags like you made up in order to justify institutionalized theft.

Apparently theft is OK when it's a democrat.

[Imran Siddiqui]

I guess it depends what you mean by "value." Unless you use "value" to mean "how much the market says something is worth," in which case we have only to ask the market what tautologies are going for these days. Probable answer: "about a tautology's worth."

Which is a very good point, which isn't made all that often (it seems to me).