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Comment Re:The article is missing the most newsworthy aspe (Score 2) 40

Thanks for your valuable and well-documented contribution, and for your exemplary courtesy. Of course the opinion of a well-known celebrity such as yourself is quite decisive.

However, the following report shows that your opinions are wrong.

https://www.aims.gov.au/sites/...

Comment Re:The article is missing the most newsworthy aspe (Score 1) 40

It's a cunning business plan. If it goes through and in a while it's found that the reefs are actually flourishing - it will be thanks to the clever American scientists! If not, it will be blamed on global warming.

Incidentally, do those people have any legal right to interfere with coral reefs along "...the coasts of Mexico, Belize, Guatemala, and Honduras..."?

Last I heard, the Great Barrier Reef was thriving. Maybe that's why the focus is moving elsewhere.

Comment Re:Reverence of the free market (Score 1) 211

Or, if you did use them correctly (which I already know isn't the case with you) and he was a saltwater economist, who tend to subscribe more rigidly to models, a la John Maynard Keynes, then he would have interrupted you quickly and started whiteboarding a model, which you likely didn't understand.

Unfortunately all sorts of inferior and "me-too" economists have hung onto his coat-atils and call themselves "neo-Keynesians". Keynes himself was extremely sceptical about models - natural as he was highly intelligent and a careful thinker. The following passages illustrate his views on models and their use. They can be summed up by the last sentence: "to convert a model into a quantitative formula is to destroy its usefulness as an instrument of thought".

'Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols'.
- John Maynard Keynes, "The General Theory of Employment, Interest and Money" (1936).

"In chemistry and physics and other natural sciences the object of experiment is to fill in the actual values of the various quantities and factors appearing in an equation or a formula; and the work when done is once and for all. In economics that is not the case, and to convert a model into a quantitative formula is to destroy its usefulness as an instrument of thought".
- John Maynard Keynes, letter to Roy Harrod (1938)

Comment Re:You mean realists? (Score 5, Insightful) 211

A "free market" is a contradiction in terms. But politically, it is a wonderful illusion to sell.

No market of any size, dealing in goods of substantial value, can exist or survive without a robust regulatory framework. There must be police or guards to prevent pilfering and outright theft or robbery. Courts are essential to arbitrate the inevitable disputes over quality, payment, delays, cheating, etc. Standards and enforcement officials are desirable if goods such as food and drink are being sold - and so on. Once such an official framework exists, the market is no longer "free". The US government has long been making these facts crystal clear by preaching about free enterprise, free trade, and free markets while habitually preventing them from happening. Where is the "free market" when "sanctions" are imposed (illegally) on arbitrary traders?

The USA itself is the best demonstration that free markets do not generally exist, and if anything like one does appear, it quickly decays. Because corporations and other entrepreneurs hate competition and do their very best to destroy it. Their best weapon is the cartel - evrywhere illegal, but in practice impossible to prevent.

Comment Re:reading all day (Score 3, Insightful) 128

I was very sad when I first noticed Amazon reviews of books with reader comments such as, "Too many long words", "Old-fashioned language", etc. Try reading Gibbon's "Decline and Fall of the Roman Empire", or anything by Dr Johnson, or even light reading like Dickens, Thackeray, and Trollope. Some people nowadays would find Mark Twain too heavy and complicated.

Comment Re:Anti-intellectualism, hedonism, or ressentiment (Score 1) 128

"At Our Wits' End: Why We're Becoming Less Intelligent and What It Means for the Future" by Edward Dutton and Michael A. Woodley of Menie.

We are becoming less intelligent. This is the shocking yet fascinating message of At Our Wits' End. The authors take us on a journey through the growing body of evidence that we are significantly less intelligent now than we were a hundred years ago. The research proving this is, at once, profoundly thought-provoking, highly controversial, and it's currently only read by academics. But the authors are passionate that it cannot remain ensconced in the ivory tower any longer. With At Our Wits' End, they present the first ever popular scientific book on this crucially important issue. They prove that intelligence -- which is strongly genetic -- was increasing up until the breakthrough of the Industrial Revolution, because we were subject to the rigors of Darwinian Selection, meaning that lots of surviving children was the preserve of the cleverest. But since then, they show, intelligence has gone into rapid decline, because large families are increasingly the preserve of the least intelligent. The book explores how this change has occurred and, crucially, what its consequences will be for the future. Can we find a way of reversing the decline of our IQ? Or will we witness the collapse of civilization and the rise of a new Dark Age?

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