975 karma · joined March 20, 2010
On the supply end, if competitors enter a given market and take some of your customers, you might lower prices to lure them back. And if people just can't afford (or otherwise don't want) to go to your salon/restaurant as often, then you might lower prices to lure them back.
As far as the current environment, we've got student loan payments restarting in a couple months after a three-year hiatus. A good number of folks who had some disposable income are going to have less. That'll impact the demand end of the equation. Won't necessarily cause deflation, but will at least lower inflation.
Even if you do that, you're still getting inflation. That'll hit everyone -- not just high earners. Loan forgiveness and payment pauses free up a fair bit of middle class budget and therefore increase the velocity of money.
Someone with a high school diploma will earn on average $1.3 million over their lifetime. Someone with a B.S. averages $2.3 million. The college degree is thus worth, on average, $1 million in lifetime earnings.
Source: https://cewgeorgetown.wpenginepowered.com/wp-content/uploads...
> The fact is, a huge number of people have staggering amounts of student loan debt, and very little ability to repay that debt—and a legal prohibition on discharging it.
I believe I acknowledged that. Making provisions for discharging student loans via bankruptcy would be a really good idea. Much better at targeting student loan relief to those who need it.
> What does this situation gain us that would be lost if we simply cancelled all that student loan debt?
Cancelling all student loan debt would lead to some combination of higher taxes and inflation. No matter how you slice it, that would be a redistribution of wealth from the uneducated to the educated. That redistribution of wealth therefore goes the wrong way -- the uneducated are more likely to be poor, and the educated more likely to be rich.
And, quite frankly, I'd gravitate towards a "no" on this. When taken as a group, I'd expect college graduates to be able to pull off an income stream sufficient to pay down the student loans.
Of course there are individuals for whom student loans pose a real problem. There should be some realistic provisions for discharge in bankruptcy.
Considering our recent/current environment of low unemployment and high inflation, broad-based loan forgiveness is simply the wrong choice from a Keynesian economics perspective. The same is true of continuing the payment pause.
In reality, these aren't completely instantaneous events. But any event duration at its source is going to decrease the event size. Take the extreme case: the event actually took place at its source over the course of two minutes. And we observed it over two minutes. We would have to conclude that the event had zero size.
Of course, the reality is that we have no idea how long the event took place at its source. All we know is that we observed it over two minutes. But that's enough information to conclude that the event we're seeing certainly occurred within a two light-minute sphere. If it had occurred over a larger sphere, we would have observed it over a longer period of time because of the time light takes to traverse the length of the source.
Let's check it out it percentage terms. According to wikipedia, the mean mass of water vapor in the air is 1.27 * 10^16 kg. To get the units correct, that aviation contribution is 5 * 10^11 kg. Dividing the latter by the former, we find that the annual commercial aviation water vapor represents 0.004% of the mean mass of water vapor.
That's rounding error.
Right. As far as "an observer at infinity" is concerned, all that in-falling matter gets asymptotically closer to the event horizon and never crosses it.
One way to reframe the situation which I quite like: Black holes have no insides.
I finally quit cigarettes by switching to ecigs, and eventually quit those as well. Actually, I just passed the 5 year mark nicotine-free a couple weeks ago.
Point is, doctors are happy prescribing Chantix, which is bad, and the better option may simply not be prescribed to folks for whom it would to a lot of good.
(Note: I do understand about utility, and how/why progressive tax systems help society. My only bone of contention here is that you're trying to redefine a specific term to have a different meaning.)
By definition, the tax system in the post you replied to is not a regressive tax system.
Greg Mankiw did a list a while back about what economists agree on: https://gregmankiw.blogspot.com/2009/02/news-flash-economist...
(2) Banks may not wish to give loans to folks who have bad/no credit, even with the assurance. Banks need a bit more than assurances that the government will pay their debtees -- they need assurances that they will get that money.
I understand you'd like to focus on objects in hydrostatic equilibrium. Pluto, Ceres, the Moon, and Titan are really neat, but something happens when you tell their life stories: you end up referencing one or more of the eight heavyweights. By contrast, these smaller objects just don't get referenced very much when we talk about other bodies' life stories.
The large scale structure and history of the solar system has just 8 known characters that really matter, and that's what the definition of the planet captures.
One interpretation: the big bang theory describes a white hole -- the time-reversed version of a black hole.
I did get hung up on the complex graph showing the first few non-trivial zeros. It's a very busy graph! I ended up realizing that you graphed the contours Re(zeta(s))=0 and Im(zeta(s))=0.
The earth's energy equation has three big components: sunlight in, reflected sunlight out, and blackbody radiation out. Measurements of these three items indicate that we are not currently in equilibrium. Instead, there's an excess of 0.6 Watts/square meter. That means the planet is warming.
How do we know it's us? We've increased the CO2 content of the atmosphere. CO2's absorption/emission spectrum happens to be quite strong precisely where earth's blackbody radiation is strong; it therefore reduces the energy out by blocking the blackbody radiation. A paper about this is [0]. I eyeball Figure 6a as indicating a theoretical radiative forcing of 2 Watts/square meter, given the amount of CO2 we've put into the air.
[0] https://rmets.onlinelibrary.wiley.com/doi/pdf/10.1002/wea.20...
So Hamilton was trying really hard to find a way to have 3-dimensional numbers that behaved nicely, and he couldn't do it. But he did find 4-dimensional numbers -- the quaternions. And they were really neat. You can use them quite well for classical mechanics, and electromagnetism, and even special relativity. So, why don't we?
We look at Maxwell's equations of electromagnetism today, and they're really nice, single-line vector formulas. You can also write them as nice, single-line quaternion formulas. Our notion of vector didn't exist at the time the quaternions were first used, and it was a boon to have quaternion notation to simplify some of these physical laws. Vectors and quaternions competed for a bit, and vectors won since they generalize to arbitrary dimensions.
Hidden inside of quaternion multiplication, you can find the three-dimensional versions of the dot product and cross product. And they do have some theoretically interesting properties for number theory and abstract algebra. In the end, however, sometimes items are discarded in favor of better items. I'd rate quaternions as one of the coolest items that ultimately wound up in the discard pile.