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Joined 2 years ago
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Cake day: May 10th, 2022

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  • It raises some good points. It’s also said that there is ‘nothing people can do’ about surveillance. For those interested, there is a good documentary what happens if and when someone tries to do somethong about it:

    Total Trust

    Total Trust is an eye-opening and deeply disturbing story of surveillance technology, abuse of power and (self-)censorship that confronts us with what can happen when our privacy is ignored. Through the haunting stories of people in China who have been monitored, intimidated and even tortured, the film tells of the dangers of technology in the hands of unbridled power. Taking China as a mirror, Total Trust sounds an alarm about the increasing use of surveillance tools around the world – even by democratic governments like those in Europe.

    If this is the present, what is our future?







  • I suppose that’s the mechanism they’re using to centrally manage the economy, by controlling fund transfers to lower levels of government.

    I would agree with this view. The local governments are responsible for the majority of spendings (including pensions, health care), but they can barely raise funds themselves.

    The central government has already said that the new debt will be forwarded to the local government, and that it will be ‘off-budget’, meaning the money goes to LGFVs. The future will tell us how this ends up, but the risks are high imo given the country’s debt burden is so much higher than in most other countries as you suggested.


  • The real change in retail pricing might be discrimination pricing (or ‘surveillance pricing’ as it is now called sometimes). Simply speaking, it uses personal data to personalize prices not just for each customer, but also for each customer depending on actual circumstances such as day time, weather, an individual’s pay day, and other data, collected through apps, loyalty cards, …

    As one article says, there is One Person One Price:

    "If I literally tell you, the price of a six-pack is $1.99, and then I tell someone else the price of a six-pack for them is $3.99, this would be deemed very unfair if there was too much transparency on it,” [University of Chicago economists Jean-Pierre] Dubé said. “But if instead I say, the price of a six-pack is $3.99 for everyone, and that’s fair. But then I give you a coupon for $2 off [through your app] but I don’t give the coupon to the other person, somehow that’s not as unfair as if I just targeted a different price.”

    The linked article is a very long read but worth everyone’s time. Very insightful.












  • This article is highly biased and misleading imo.

    First of all, it doesn’t make sense to compare economic policy performance by a single metric, be it inflation or GDP or anything else, let alone if you compare economies in different periods.

    For example, the high inflation during president Carter’s term was mainly due to the oil crisis in the 1970s. President Biden started his term in 2020 - right when the pandemic broke out and subsequent interruptions of global supply chain caused a soaring inflation. You may or may not agree with both presidents’ economic policies, but you can’t obviously blame Carter or Biden for the oil crises and the pandemic, respectively.

    The articles also says:

    Neither the Fed nor economists in general view housing prices as inflation. The economic illiterates do not count asset prices in general as inflation.

    The ‘economic illiterates’ use inflation to measure prices of consumer goods and services but explicitly not to measure prices of assets. This is why rent can reasonably be part of such an index, but house prices probably not (exactly because a house is an asset and not a consumer good). This is also one reason why you should always look at a dashboard of metrics and interpret them to the individual circumstances (e.g., in different epoches, cultures, etc.) rather than looking at just one measurement.

    So the inflation and the way how it is measured (there are multiple ways to do so) is certainly an imperfect metric, but this is true for any metric. And comparing the economic policies over several decades by just using a single metric doesn’t make any sense.

    (Edit typo.)