Discuss Economics!!!!!! And Books!!!!!! [Archive]

zilch

01-09-2008, 06:01 AM

Redlight

01-09-2008, 06:04 AM

No, But I was in Barnes and Noble yesterday and saw it on the bookshelf. I was thinking about buying it, but decided not to. Surprisingly it is quite thick. I haven't read anything on economics since "The Age of Turbulence". Any recommendations?

The other recent books I've read are "The Nuclear Jihadist", "My Grandfather's Son", "The Nine", "Cheney", and "Eight O'clock Ferry to the Windward Side".

I have been hearing alot about this book by Adam Smith, and basically it's supposed to be about the foundational theory of the current system of the economics. I can't say this book will be a great read, but I'm sure it would be very helpful, I will be reading this book soon, starting this weekend.

Redlight

01-09-2008, 06:06 AM

And Zilch, I started this thread because I saw your comment on another thread and didn't want to hijack other peoples threads, we will discuss this kind of stuff in this one, lol, and if anyone else wants to join in can, but I doubt very few will.

Redlight

01-09-2008, 06:07 AM

"The Nine", was it worth reading?

zilch

01-09-2008, 06:08 AM

It sounds like required reading in one of your courses Redlight. I'm sure it is a good foundation for economics theory. But to me economic theory is constantly evloving. I like to read current things.

zilch

01-09-2008, 06:14 AM

"The Nine", was it worth reading?

The Nine is fantastic. I felt like I got to really know all the Supreme Court justices and thier personalities and political beliefs. It's a must if you are interested in Constitutional Law, no matter what side you are on, left or right. There are a lot of interesting Supreme court cases coming up this year. I bet if you read the book, you can guess some of the outcomes. The background on the nomination process is really good, it's all politics. Presidents try to stack the court for their agenda. Go to the Barnes and Nobles web site and read the customer book reviews. I wrote one of them.

l8rm8e

01-09-2008, 07:52 AM

I can't afford to buy any books. .... There you go ... economics and books.

repost

01-09-2008, 07:53 AM

Tell me, is it a good idea to invest in Iraqi Dinars

plasticknee

01-10-2008, 02:40 PM

Tell me, is it a good idea to invest in Iraqi Dinars:rolleyes: Any decision can be a good one from your own perspective, depending on the information you used. If you receive utility from it, have at it. I personally would only buy Dinars as a novelty, as that is what they are.

:D I think Pakistan is a strong stable place to invest in now, or if you're not into high risk, then Iran is a homerun.:D

Sheik Yerbouti

01-10-2008, 02:44 PM

Has anyone read the works of Adam Smith, "A Wealth of Nations"?

I'd rather read Keynes.

"If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions"
~ W. Churchill

zilch

01-10-2008, 03:10 PM

@SYB, LOL that's a funny quote about Keynes. :D

zilch

01-10-2008, 03:24 PM

Redlight, One thing I've come to believe as I've studied economics is that the free market system promotes democracies. Free markets lead to the rule of law, a legal system, private ownership, entrepreneurship, and many other personal freedoms. That is why I have no fear of China. As thier free marked system grows, they will turn towards democracy. Let me know if you reach the same conclusions in your studies.

Dawsopolis

01-10-2008, 04:34 PM

Dead Eye Dick;)

Buy Gold.;)

That is all.:D

zilch

01-11-2008, 04:17 AM

Hey Redlight I gotta rant a little bit. I saw today there the Fed is hinting about another big rate cut at the January 29-30 meeting; about about half a point. First it kind of pisses me off. Bernanke looks like he's letting the market call the shots. The Fed looks like its in a panic. Next it means the Fed is giving up on controlling inflation and stopping the slide of the dollar. He's more worried about heading off a recession in an election year. Another rate cut is going to weaken the dollar and drive up oil again. The damn mortage industry is screwing us up big time. At first I was happy to see the banks get some help. Now I think we should let them go down. A good house cleaning is in order.

Anyway your forecast of cuts to 3.5% to head off a recession look accurate. Good call on that one.

twright55

01-11-2008, 05:09 AM

Don't you see it? They WANT to weaken the dollar. We are in serious debt, and anybody who's studied classic economics knows that inflation is GOOD for debtors. The weaker dollar means we all have to tighten our belt and not rely so much on foreign goods, but it is a necessary short term penalty that we MUST go through to undo some of our past indiscretions. A weaker dollar is the right thing to do on SO many levels.
Force Americans to stop indebting ourselves to other countries by discouraging us from buying their (now more expensive) goods. And reduces our REAL debt to those countries, buy reducing the REAL value of what we owe them in dollars.
Only in a consumer crazy mindset is a weaker dollar a bad thing right now. Let all the economically illiterate Europeans jeer at us for our weakening dollar. So what. They don't realize that we are taking from them and giving to ourselves in the process.
I think expensive oil may be the ONLY downside to the scenario. People need to be slowly weaned of of it anyway. So even THAT is not such a bad thing.

zilch

01-11-2008, 05:27 AM

Twright. You are on the mark with your comments about the impact of a weaker dollar. I just don't like the idea of higher oil and the resulting inflation at home here in the US. Inflation hurts the low and middle income people the most.

twright55

01-11-2008, 05:48 AM

Inflation hurts everybody. But lower income people tend to have fewer savings and higher debt. In classical economics, such people are the LEAST hurt by inflation. There debt is essentially nullified by the inflation. BUT we haven't had serious inflation since the advent of wide usage of credit cards. Credit cards with their adjustable interest rates, nullifies the advantage of having debt during inflation.
So I would say that before the inflation comes, pay down your credit card and buy a house and a car (at fixed interest rates, of course) ;)

zilch

01-11-2008, 07:13 AM

Another Zilch Economics Theory: Why Democracy won't work in Iraq.

I go back to my theory that the free market system promotes democracy. The Arab world is one area of the world where there are no democracies. I believe it is because there is no real free market system. The Arab world gets its wealth from oil. Oil can be controlled and produced by a few in power. There is no broad based market economy with a large population striving for freedoms to engage in that market economy. Those in power can distribute the oil wealth via a lot of freebies to its population as it sees fit to keep discontent down. An oil economy, religious zealots, and a tribal culture all work against democracy in the Arab world.

I hope I'm wrong but I don't think the necessary ingredients are in place for democracy to succeed in Iraq. :mad:

Sheik Yerbouti

01-11-2008, 02:35 PM

I'm currently reading 'Guns, germs and steel' by Jared Diamond. Anyone else read it?

twright55

01-11-2008, 10:46 PM

I'm currently reading 'Guns, germs and steel' by Jared Diamond. Anyone else read it?
I started to read it, then my sister borrowed the book before I was finished and I haven't seen it since!
I think I got about 1/4 of the way through...enough to get the gist of things.

zilch

01-11-2008, 10:49 PM

I'm currently reading 'Guns, germs and steel' by Jared Diamond. Anyone else read it?

I just looked it up on the Barns and Noble web site, fasinating topic. The book won a Pulitzer prize and comes highly rated. I'll put in on my list of books to read.

twright55

01-12-2008, 12:51 AM

I just looked it up on the Barns and Noble web site, fasinating topic. The book won a Pulitzer prize and comes highly rated. I'll put in on my list of books to read.

Based on what I read, it is excellent. But then I was an anthropology major in college, so it is right up my alley.
To summarize, it hypothesizes that Europeans and Asians have been so successful compared to other cultures because of the Eurasian continent running laterally (from east to west.) This allowed for easier travel through familiar climate. This led to the exchange of ideas, particularly farming methods (which are also transferable due to similar climates), which led to more sophisticated forms of civilization, which led to technology and dense populations, which (along with the travel) led to a resistance to disease, etc. Next thing you know, we were in a position to essentially 'conquer the world.'

Hope I didn't spoil it for you! ;)

zilch

01-12-2008, 01:34 AM

Based on what I read, it is excellent. But then I was an anthropology major in college, so it is right up my alley.
To summarize, it hypothesizes that Europeans and Asians have been so successful compared to other cultures because of the Eurasian continent running laterally (from east to west.) This allowed for easier travel through familiar climate. This led to the exchange of ideas, particularly farming methods (which are also transferable due to similar climates), which led to more sophisticated forms of civilization, which led to technology and dense populations, which (along with the travel) led to a resistance to disease, etc. Next thing you know, we were in a position to essentially 'conquer the world.'

Hope I didn't spoil it for you! ;)

Thanks for the preview. I only had one cultural anthropology course in my college days but it was fascinating. I'll be sure to read it.

Sheik Yerbouti

02-11-2008, 09:48 PM

Alongside textbooks I've got 2 Malcolm X books next to me and a book I'm just getting into
'Jihad vs. McWorld':

Although written pre-War on Terror, it still is a highly competent look at the clash of civilizations between the materialist, secular West and the socio-political influence of Islam in the Middle East and beyond.

As you may understand, I'm slightly concerned M15 is on my tail.

zilch

02-12-2008, 04:12 AM

Hey Shake-Your-Booty I pay cash for all my books so there is no paper trail.
Try it.

Alongside textbooks I've got 2 Malcolm X books next to me and a book I'm just getting into
'Jihad vs. McWorld':

Although written pre-War on Terror, it still is a highly competent look at the clash of civilizations between the materialist, secular West and the socio-political influence of Islam in the Middle East and beyond.

As you may understand, I'm slightly concerned M15 is on my tail.