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Thread: Meet the Press Tariff Report Very Questionable

  1. #11
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by Dittohead not! View Post
    Where did you copy this bit of nonsense from?




    Prices are set by supply and demand. They are certainly not fixed, not in a capitalist economy. Whoever wrote this total BS does not understand economics.
    When he refers to 'business income', it is not even clear whether he is talking about revenues or profits. There is, of course, a rather important difference. And when he is discussing firms that cannot raise their prices, it sounds like he is talking about firms in a hypothetical market structure of perfect competition, where the firms are, indeed, price-takers, and have no control over the market price, because each firm is only one of many small more or less identical firms, all producing identical products, with no firm having any kind of cost advantage over other firms. But such a market structure is almost purely hypothetical, rarely existing in the real world. Most firms have at least SOME control over their pricing, some degree of 'market power', because most firms try to distinguish their products from those of the competition: product differentiation. It is what advertising is all about....


    Look through college textbooks on microeconomics, and you will not find this mythical 'bell-shaped curve' of business income vs prices. I ought to know. I have about 50 introductory microeconomics textbooks in my personal library. The publishers used to send them to me for free, for me to review, and they would sometimes send me little $50 checks in the mail if I would review them and provide helpful little suggestions as to how the textbooks could be improved for clarity. It was a nice way to supplement my income. Shrug.
    Thanks from Dittohead not! and EnigmaO01

  2. #12
    Veteran Member ptif219's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    Since WHEN is the U.S. Chamber of Commerce a bunch of Democrats? Since, like, NEVER:

    https://www.uschamber.com/tariffs
    The chamber of commerce is a bunch of political misfits
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  3. #13
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    Quote Originally Posted by ptif219 View Post
    The chamber of commerce is a bunch of political misfits
    That's a Democrat lie.
    Thanks from Dittohead not! and Blues63

  4. #14
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by ptif219 View Post
    The chamber of commerce is a bunch of political misfits
    Are you claiming they're Democrats?!?

  5. #15
    Veteran Member ptif219's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    Are you claiming they're Democrats?!?
    At least some of them are unless you are saying democrats do not own business

  6. #16
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by ptif219 View Post
    At least some of them are unless you are saying democrats do not own business
    The U.S. Chamber of Commerce has always leaned very strongly Republican......until Donald Trump came along. You should be asking yourself WHY.
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  7. #17
    Veteran Member ptif219's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    The U.S. Chamber of Commerce has always leaned very strongly Republican......until Donald Trump came along. You should be asking yourself WHY.
    You mean they were Washington establishment types

  8. #18
    New Member rwb72's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    No. As I explained, economics as a scientific discipline has only been taught for at most a few hundred years, and then only in a few select Western countries. It has only been taught in Japan since about 1870, after the Meiji Restoration, and in much of the Third World, only arrived in the 20th century. I just retired from a 30-year career teaching college level economics. There is no bell-shaped curve of prices vs business income found in economics textbooks. I suspect you may be confusing a parabolic total revenue curve that is associated with a linear downward-sloping demand curve. But we assume most firms are trying to maximize total PROFITS, not total revenues. That's just ONE thing wrong with your OP.
    You didn't "explain anything. You DISPLAYED > blatant stupidity. Economics has been taught for as long as ECONOMICS HAS EXISTED. That goes back to the old kingdom of the Egyptians, and the Babylonians in Tigris Euphrates (current day Iraq). Even 10 year olds in the 5th grade know that.

    Whereever you went to school, maybe you ought to file a lawsuit against them. And you haven't said anything about profits or total revenue, Mr Imposter. As a former business owner, I can assure you, if you raise your prices above your market price, then yes, your sales will drop, because that what a market price is. The point at which that will happen, that cause you to lose income and thereby profits. What could be easier to understand ?

    Yet, you come in here like a babbling fool and pretend to know different. I doubt that you own a business, because with your mindset you wouldn't last long there. And if you ever did, and went out of business, because you set your prices above your market prices, I might guess you set those prices by your lucky number.

  9. #19
    New Member rwb72's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    Since WHEN is the U.S. Chamber of Commerce a bunch of Democrats? Since, like, NEVER:

    https://www.uschamber.com/tariffs
    Whatever political party they are, they sure are not in any alignment with Republicans. Their tariff positions are awful as are their open border, leftist positions on immigration, and have been that way for decades.

  10. #20
    New Member rwb72's Avatar
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    Quote Originally Posted by Think for myself View Post
    Personal anecdotes are not sources. The internet is loaded with claims of PhD's and former special forces.
    Sure they are. You can take or leave it as I said. Not consequential.

    PS - "sources" are overrated. Often, they are nothing but somebody's wish to push an agenda. So you've got source. That's nice. In many cases, hardly means a thing.
    Last edited by rwb72; 8th July 2018 at 07:03 PM.
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