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MorlockP's profile
ⓘ Dogs don't have thumbs
ⓘ Dogs don't have thumbs
ⓘ Dogs don't have thumbs
@MorlockP

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ⓘ Dogs don't have thumbs

@MorlockP

Two-time Prometheus award-winning hard science fiction author. https://www.amazon.com/dp/B005JPPMS6  Learn how to homestead https://www.amazon.com/dp/B093BC3K1T 

Aristillus Crater, Luna
amazon.com/dp/B005JPPMS6
Joined June 2012

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    1. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      34/ If the firm has 100 employees each earning $10/week, it's paying out 1,000 apples worth of wages per week. We'll ignore cost of goods sold, rent, etc.

      1 reply 0 retweets 2 likes
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    2. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      35/ So now, let's imagine some deflation. Either the fed screws up the fiat currency, or there is a surge in demand for gold elsewhere in the world, and there's less gold sloshing around the US. 10% deflation. Apples now cost 90 cents each. The firm is paying out $10/person.

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    3. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      36/ Wow, those lucky employees! Last week they could buy 10 apples with their weekly paycheck, but this week they can buy 11 apples with their weekly paycheck! Except ... the firm has to sell widgets. Exchange rate of apples / widgets hasn't changed. Only NOMINAL prices did

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    4. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      37/ So the firm has to drop its price of widgets by 10% in order keep up with the general deflation. But, hey, it's MERELY nominal prices. So firm goes to employees. "Guys, dollars are worth 10% more this week...so we're paying you 10% less"

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    5. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      38/ Employee: the HELL you are Boss: no, it's cool. We gave you $10 last week and you could buy 10 apples, and we're going to give you $9 this week...and you can still buy 10 apples. YOUR SALARY HASN'T CHANGED IN REAL TERMS. Employees: <rioting INTENSIFIES> <strike starts>

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    6. Eddie, Son of Richard‏ @random_eddie 28 Oct 2019
      Replying to @MorlockP

      FWIW while I grok this, I am not convinced that low and stable deflation would be as bad as the standard economists' standard argument (which you outlined, in part) says it would, and that a Fed target of 0% would be as benign as 1% or 2% even with random walks into the negative.

      1 reply 0 retweets 2 likes
    7. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019
      Replying to @random_eddie

      plausible

      1 reply 0 retweets 1 like
    8. Christopher Polis‏ @chris_polis 28 Oct 2019
      Replying to @MorlockP @random_eddie

      Seems to be mostly a issue of framing inflation relative to a moving reference point. 'Keep value within 4% of 20XX value, and rate of change less than 2% per year'

      1 reply 0 retweets 0 likes
    9. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019
      Replying to @chris_polis @random_eddie

      but former isn't actually of any utility

      1 reply 0 retweets 1 like
    10. Christopher Polis‏ @chris_polis 28 Oct 2019
      Replying to @MorlockP @random_eddie

      It does prevent the eventual need to chop three (or 12) zeros off the end of your currency.

      1 reply 0 retweets 0 likes
      ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019
      Replying to @chris_polis @random_eddie

      has the US had to do that over the last quarter of a millennium ?

      5:49 PM - 28 Oct 2019
      1 reply 0 retweets 0 likes
        1. Eddie, Son of Richard‏ @random_eddie 28 Oct 2019
          Replying to @MorlockP @chris_polis

          Rule of 72 says that at 2% prices will double in 36 years, so you'll have to drop a zero once every hundred-ish years. Once every fifty years if you let inflation be 4%, but that's (IMHO) a terrible place to let inflation stay. So not really a big deal, IMHO.

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