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Okay, so for "The disastrous decision to share a currency", it seems that this argument is coming a lot in exchanges i have, and always with the same kind of pe

by orwin 6y ago

Okay, so for "The disastrous decision to share a currency", it seems that this argument is coming a lot in exchanges i have, and always with the same kind of people: those that either don't know about economy at all (because, let's face it, its not really interesting except for nerds like me), or those at the dunning-Kruger peak in macroeconomy. You should read about ECU and ERM, and research speculative currency attack and how much money it cost England and Norway every year. There was a good reason for the Euro, especially for smaller countries in Europe.

dragonwriter 6y ago
> or those at the dunning-Kruger peak in macroeconomy. There is no DK peak except rhe actual skill peak. DK has people’s self-ssessment of relative skill improving with actual skill, but consistently being pushed toward about the 70th percentile from actual relative performance.
slibhb 6y ago
I don't know a lot of economics (though I have opinions of course). I'm referencing economists like Joseph Stiglitz and Paul Krugman. You are free to disagree but referencing "Dunning-Kruger" is just ad-hominem. I can link various things that "you should read" too.
TMWNN 6y ago
>Okay, so for "The disastrous decision to share a currency" As slibhb said, feel free to claim that economists like Stiglitz and Krugman are demonstrating the Dunning-Kruger effect when they write that the Euro is a bad idea. The very pro-EU Guardian [speculated in 2013](http://www.theguardian.com/business/economics-blog/2013/jun/02/britain-euro-what-if-joined http://www.theguardian.com/business/economics-blog/2013/jun/...) that if Britain had joined the Euro: * The mid-2000s British housing bubble, and its collapse in 2007, would have been even bigger. * Britain would have had to ask the IMF, ECB, and EU for loans. * The Tories would in 2010 have promised a referendum to leave the Euro and won a majority. Labour would have won fewer than 100 seats, and UKIP would have "made spectacular gains". * The anti-Euro side would have won the referendum, and the currency would have collapsed. * "after a deep and painful recession economic recovery began". * "Britain would have destroyed the euro on departure, and would now be on the point of leaving the EU altogether. The idea that Farage might be the next prime minister would be quite credible."

by orwin 6y ago

dragonwriter 6y ago

> or those at the dunning-Kruger peak in macroeconomy. There is no DK peak except rhe actual skill peak. DK has people’s self-ssessment of relative skill improving with actual skill, but consistently being pushed toward about the 70th percentile from actual relative performance.

slibhb 6y ago

I don't know a lot of economics (though I have opinions of course). I'm referencing economists like Joseph Stiglitz and Paul Krugman. You are free to disagree but referencing "Dunning-Kruger" is just ad-hominem. I can link various things that "you should read" too.

TMWNN 6y ago

>Okay, so for "The disastrous decision to share a currency" As slibhb said, feel free to claim that economists like Stiglitz and Krugman are demonstrating the Dunning-Kruger effect when they write that the Euro is a bad idea. The very pro-EU Guardian [speculated in 2013](http://www.theguardian.com/business/economics-blog/2013/jun/02/britain-euro-what-if-joined http://www.theguardian.com/business/economics-blog/2013/jun/...) that if Britain had joined the Euro: * The mid-2000s British housing bubble, and its collapse in 2007, would have been even bigger. * Britain would have had to ask the IMF, ECB, and EU for loans. * The Tories would in 2010 have promised a referendum to leave the Euro and won a majority. Labour would have won fewer than 100 seats, and UKIP would have "made spectacular gains". * The anti-Euro side would have won the referendum, and the currency would have collapsed. * "after a deep and painful recession economic recovery began". * "Britain would have destroyed the euro on departure, and would now be on the point of leaving the EU altogether. The idea that Farage might be the next prime minister would be quite credible."