{"id":14120,"date":"2015-11-03T21:07:11","date_gmt":"2015-11-04T02:07:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14120"},"modified":"2015-11-03T21:07:11","modified_gmt":"2015-11-04T02:07:11","slug":"garbage-in-garbage-out-economics","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14120","title":{"rendered":"Garbage In Garbage Out Economics"},"content":{"rendered":"<h3><strong><a href=\"http:\/\/www.acting-man.com\/?p=41119\" target=\"_blank\">Garbage In Garbage Out Economics<\/a><\/strong><\/h3>\n<blockquote><p><em>\u201cOn two occasions I have been asked, \u201cPray, Mr. Babbage, if you put into the machine the wrong figures, will the right answers come out? \u2026I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.\u201d \u2013 Charles Babbage, Passages from the Life of a Philosopher.\u201d<\/em><\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-41123\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/11\/Charles_Babbage_1860-864x1024.jpg\" alt=\"Charles_Babbage_1860\" width=\"422\" height=\"500\" \/>The late Mr. Charles Babbage (1791-1871), an English polymath credited with inventing the first mechanical computer<br \/>\nImage via\u00a0<i>The Illustrated London News<\/i><\/p>\n<p><em>\u00a0<\/em><strong>Crunching Data to Fix Prices<\/strong><\/p>\n<p>The fundamental problem facing today\u2019s economy is the flagrant contempt by governments the world over for the free exchange of goods and services and private stewardship of property. \u00a0Perhaps it is power and control governments are after.\u00a0 Maybe they believe they are improving the economy and making the world a better place for all.<\/p>\n<p>No one really knows for sure.\u00a0 But what is lucidly clear is the muddled disorder modern day economic policies have wrought upon us.\u00a0 You can hardly enter into a transaction without a cluster of intervention mucking with the price of payment.<\/p>\n<p>Taxes, tariffs, wage laws, and subsidies.\u00a0 These all impact prices.\u00a0 But the main culprit affecting prices and trade are central bank interventions into money and credit markets.\u00a0 Relentless actions to control the economy by manipulating money and credit stand the price of everything else on end.<\/p>\n<p>Certainly, government intervention into the U.S. economy is much looser than a Soviet style command and control system.\u00a0 But it does share a common refrain.\u00a0 Price fixing is central to its operation.<\/p>\n<p>The Soviets, armed with their Five-Year Plans and the Theory of Productive Forces, deliberately directed how much wheat should be planted and how much a potato should cost.\u00a0 Conversely, the U.S. approach is mostly hidden from the short sighted view of the average lay person.\u00a0 The Federal Reserve allows the government to bypass the nuisance of tinkering with individual prices\u2026though they still do it through subsidies and appropriations.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-41121\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/11\/5-year-plan-698x1024.jpg\" alt=\"5 year plan\" width=\"409\" height=\"600\" \/><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Garbage In Garbage Out Economics \u201cOn two occasions I have been asked, \u201cPray, Mr. Babbage, if you put into the machine the wrong figures, will the right answers come out? \u2026I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.\u201d \u2013 Charles Babbage, Passages from the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,190,10448,4517,303,305,10447,10449,536,5197],"class_list":["post-14120","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-data","tag-economic-modelling","tag-economic-models","tag-fed","tag-federal-reserve","tag-garbage-in-garbage-out","tag-intervention","tag-money","tag-price-fixing"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14120"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14120\/revisions"}],"predecessor-version":[{"id":14121,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14120\/revisions\/14121"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}