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I have (more than a little dusty) degree in economics, and I still don't understand what this article is trying to tell me. Is it telling me that when unemploy

I have (more than a little dusty) degree in economics, and I still don't understand what this article is trying to tell me. Is it telling me that when unemployment is low, central bank policy is to raise interest rates? If so, why not say that? What I meant is that generally I don't see how the sentences in this article add up to .. an article. It's a bunch of metrics, chosen by convention, expressed in cliche. It kind of sounds like it's telling us a theory or opinion about something, but it isn't really.

JumpCrisscross 8y ago
> Is it telling me that when unemployment is low, central bank policy is to raise interest rates? If so, why not say that? Raising rates aren’t the only way to solve the problem of (a) people who could be in the labour market but aren’t and (b) insufficient labour in the places it needs to be. Whatever it’s trying to do, it got me thinking about barriers to hiring in New York City. Are there steps we could eliminate or consolidate? Last week’s primary just saw my former bartender and taco server effectively become a Congresswoman for Queens. An article about the central bank and unemployment would not have prompted me to consider discussing this with her.
- extralego 8y ago
  You probably lost a great bartender and taco server. Honestly, I’m sorry to hear that. But her victory is very refreshing. What do you think? Why not discuss it with her?
  - JumpCrisscross 8y ago
    > You probably lost a great bartender and taco server I would have never tried the pastrami taco if it hadn’t been for her! > Why not discuss it with her? She’s campaigning. Not sure distractions would help. In any case, these sorts of proposals benefit from specificity. Next steps are doing homework and proposing specific rule changes.
    - extralego 8y ago
      If only that was all that stood in her way. Let’s not take pastrami tacos for granted.
      - jessaustin 8y ago
        Is Crowley going to run on a write-in basis? What would that accomplish, other than proving how little [some] Democrats think of the electorate?
        danans 8y ago
        No, Crowley has endorsed Ocasio https://www.washingtonpost.com/politics/2018/live-updates/midterms/live-primary-election-results/rep-crowley-endorses-ocasio-cortez-as-trump-slams-him/?noredirect=on&utm_term=.26ba7d912bc7 https://www.washingtonpost.com/politics/2018/live-updates/mi...
      - JumpCrisscross 8y ago
        > Let’s not take pastrami tacos for granted They’re actually a brilliant fusion of American Hispanic and American Jewish traditions. As it happens, her district has prominent populations of each.
        extralego 8y ago
        Oh right, nice. They sound incredible.
- mc32 8y ago
  I'm curious to see how far she goes with her esposal of Chavista policies and if she does, what its impact will be on the community.
  - JumpCrisscross 8y ago
    > her esposal of Chavista policies Source? (Genuinely curious.)
    - mc32 8y ago
      I exaggerate, but I think the intercept has a decent take on her https://theintercept.com/2018/06/30/theres-an-easy-answer-to-why-alexandria-ocasio-cortez-won-socialism/ https://theintercept.com/2018/06/30/theres-an-easy-answer-to...
  - toomuchtodo 8y ago
    I’d assume she’d go far, considering her democratic socialist policies are aligned with those of Bernie Sanders, who has the highest approval rating of a US congressional representative. Based on the wealth and income demographics of her community, democratic socialist policies would be net benefit.
- eli_gottlieb 8y ago
  >Whatever it’s trying to do, it got me thinking about barriers to hiring in New York City. Are there steps we could eliminate or consolidate? The part where someone has to compete for ultra-scarce housing in and around NYC.
derf_ 8y ago
> Is it telling me that when unemployment is low, central bank policy is to raise interest rates? You may dimly recall from your undergraduate Macro courses a relationship between unemployment and inflation called the Phillips Curve [0], which is used to evaluate one of the "dual mandates" the Fed tries to fulfill with its interest rate setting policy. The problem, of course, is that there is evidence from the Fed's own research that suggests that the Phillips Curve is balderdash [1]. That doesn't stop central banks (including the Fed) from pretending it's still true, though. [0] https://en.wikipedia.org/wiki/Phillips_curve https://en.wikipedia.org/wiki/Phillips_curve [1] https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2017/wp17-26.pdf https://www.philadelphiafed.org/-/media/research-and-data/pu...
- JumpCrisscross 8y ago
  > central banks (including the Fed) from pretending it's still true I can’t recall a major central bank basing a policy decision on the Philip’s Curve since the 1970s.
  - derf_ 8y ago
    http://blogs.marketwatch.com/capitolreport/2016/03/16/live-blog-and-video-of-fed-decision-and-janet-yellen-press-conference-3/ http://blogs.marketwatch.com/capitolreport/2016/03/16/live-b... 12:29 pm The Philips Curve is alive, [Federal Reserve Chair Janet] Yellen says.
    - dragonwriter 8y ago
      That's not a quote, it's a, well, headline-level interpretation. Followed by a more exact (but still not exact) interpretation, which states the existence of an inverse relationship; there's considerable support for the idea that an inverse relationship between unemployment and inflation exists at least in the short run, but that it is more complex than the original extension of the Phillips curve to unemployment and general inflation (it originally addressed unemployment and wage inflation) would suggest.

JumpCrisscross 8y ago

> Is it telling me that when unemployment is low, central bank policy is to raise interest rates? If so, why not say that? Raising rates aren’t the only way to solve the problem of (a) people who could be in the labour market but aren’t and (b) insufficient labour in the places it needs to be. Whatever it’s trying to do, it got me thinking about barriers to hiring in New York City. Are there steps we could eliminate or consolidate? Last week’s primary just saw my former bartender and taco server effectively become a Congresswoman for Queens. An article about the central bank and unemployment would not have prompted me to consider discussing this with her.

extralego 8y ago
You probably lost a great bartender and taco server. Honestly, I’m sorry to hear that. But her victory is very refreshing. What do you think? Why not discuss it with her?
- JumpCrisscross 8y ago
  > You probably lost a great bartender and taco server I would have never tried the pastrami taco if it hadn’t been for her! > Why not discuss it with her? She’s campaigning. Not sure distractions would help. In any case, these sorts of proposals benefit from specificity. Next steps are doing homework and proposing specific rule changes.
  - extralego 8y ago
    If only that was all that stood in her way. Let’s not take pastrami tacos for granted.
    - jessaustin 8y ago
      Is Crowley going to run on a write-in basis? What would that accomplish, other than proving how little [some] Democrats think of the electorate?
      - danans 8y ago
        No, Crowley has endorsed Ocasio https://www.washingtonpost.com/politics/2018/live-updates/midterms/live-primary-election-results/rep-crowley-endorses-ocasio-cortez-as-trump-slams-him/?noredirect=on&utm_term=.26ba7d912bc7 https://www.washingtonpost.com/politics/2018/live-updates/mi...
    - JumpCrisscross 8y ago
      > Let’s not take pastrami tacos for granted They’re actually a brilliant fusion of American Hispanic and American Jewish traditions. As it happens, her district has prominent populations of each.
      - extralego 8y ago
        Oh right, nice. They sound incredible.
mc32 8y ago
I'm curious to see how far she goes with her esposal of Chavista policies and if she does, what its impact will be on the community.
- JumpCrisscross 8y ago
  > her esposal of Chavista policies Source? (Genuinely curious.)
  - mc32 8y ago
    I exaggerate, but I think the intercept has a decent take on her https://theintercept.com/2018/06/30/theres-an-easy-answer-to-why-alexandria-ocasio-cortez-won-socialism/ https://theintercept.com/2018/06/30/theres-an-easy-answer-to...
- toomuchtodo 8y ago
  I’d assume she’d go far, considering her democratic socialist policies are aligned with those of Bernie Sanders, who has the highest approval rating of a US congressional representative. Based on the wealth and income demographics of her community, democratic socialist policies would be net benefit.
eli_gottlieb 8y ago
>Whatever it’s trying to do, it got me thinking about barriers to hiring in New York City. Are there steps we could eliminate or consolidate? The part where someone has to compete for ultra-scarce housing in and around NYC.

derf_ 8y ago

> Is it telling me that when unemployment is low, central bank policy is to raise interest rates? You may dimly recall from your undergraduate Macro courses a relationship between unemployment and inflation called the Phillips Curve [0], which is used to evaluate one of the "dual mandates" the Fed tries to fulfill with its interest rate setting policy. The problem, of course, is that there is evidence from the Fed's own research that suggests that the Phillips Curve is balderdash [1]. That doesn't stop central banks (including the Fed) from pretending it's still true, though. [0] https://en.wikipedia.org/wiki/Phillips_curve https://en.wikipedia.org/wiki/Phillips_curve [1] https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2017/wp17-26.pdf https://www.philadelphiafed.org/-/media/research-and-data/pu...

JumpCrisscross 8y ago
> central banks (including the Fed) from pretending it's still true I can’t recall a major central bank basing a policy decision on the Philip’s Curve since the 1970s.
- derf_ 8y ago
  http://blogs.marketwatch.com/capitolreport/2016/03/16/live-blog-and-video-of-fed-decision-and-janet-yellen-press-conference-3/ http://blogs.marketwatch.com/capitolreport/2016/03/16/live-b... 12:29 pm The Philips Curve is alive, [Federal Reserve Chair Janet] Yellen says.
  - dragonwriter 8y ago
    That's not a quote, it's a, well, headline-level interpretation. Followed by a more exact (but still not exact) interpretation, which states the existence of an inverse relationship; there's considerable support for the idea that an inverse relationship between unemployment and inflation exists at least in the short run, but that it is more complex than the original extension of the Phillips curve to unemployment and general inflation (it originally addressed unemployment and wage inflation) would suggest.