A simple thought or two on Ukraine and Putin's food ban, http://marginalrevolution.com/marginalrevolution/2014/08/ian-bremer-on-ukraine-and-an-observation-on-putins-food-import-ban.html …, cite to @ianbremmer
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Replying to @tylercowen
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@tylercowen makes an excellent point about elasticities in short and long terms, especially re food. http://marginalrevolution.com/marginalrevolution/2014/08/ian-bremer-on-ukraine-and-an-observation-on-putins-food-import-ban.html …2 replies 0 retweets 0 likes -
Replying to @MorlockP
2/ thinking re such things has caused me to drift slightly more protectionist over last 5-10 yrs from ancap. e.g. electronics
@tylercowen1 reply 0 retweets 0 likes -
Replying to @MorlockP
3/ in steady state peace we want to buy electronics & steel from Chinese bc comparitive advantage. But it's fragile (cf Taleb).
@tylercowen1 reply 0 retweets 0 likes -
Replying to @MorlockP
4/ There are asymmetries in elasticity. Trading elastic demand software & services for inelastic demand food is HORRIBLE idea.
@tylercowen3 replies 0 retweets 1 like
5/ c.f. "short squeezes", etc. In the long run steady state you're fine, but in short term era of dynamic change you're !#$%-ed @tylercowen
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