tag:blogger.com,1999:blog-28755195.post1777873245048429662..comments2023-09-25T04:26:51.568-06:00Comments on The Barefoot Bum: The science of economicsLarry Hamelinhttp://www.blogger.com/profile/08788697573946266404noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-28755195.post-20783520572182172902010-07-24T10:01:09.197-06:002010-07-24T10:01:09.197-06:00Wouldn't the best way to normalize currency ac...Wouldn't the best way to normalize currency across time and space be to somehow convert it into person-hours of human labor?Comrade PhysioProfhttp://physioprof.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-28755195.post-12989523582969761602010-07-24T09:28:08.094-06:002010-07-24T09:28:08.094-06:00"There's nothing wrong with complicated m..."There's nothing wrong with complicated models per se. However, I don't think any competent scientist would endorse using a complicated model to establish her primary units of measure."<br /><br />Ha! There's the quote of the day. One of the big issues in econ is that people start to confuse those complicated models with the realities of daily life.<br /><br />Value is a difficult thing to pin down. Sure, a dollar is worth 13 or so pesos--but only in certain situations. You can't walk into a store in Kansas and buy ANYTHING with pesos. Also, if you try to use dollars in a lot of places in Mexico you are going to get a 10-1 exchange, mostly because people aren't going to sit there and do the math for you. That's just the way it works. So these kinds of values are attached to certain places and circumstances.<br /><br />Great post. I always like these kinds of discussions about economics. Far too many people accept a lot of the basic assumptions that econs make without too much afterthought.Ryan Andersonhttps://www.blogger.com/profile/18008425994341539639noreply@blogger.com