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In all fairness though, while they are ph.d. students, macro is not their area.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Sat Jan 28th, 2012 at 03:10:17 AM EST
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You are being kind. It really should not be beyond the understanding of anyone who went through high school in ANY specialty to grasp that there is no way to break down zero into a sum of positive figures of which at least one is not nil.

That the sum of mutual trades nets down to zero is not particularly challenging either.

And if anyone has failed to think through even something as simple as that, it would be wise to simply avoid commenting -something that PHD students should be sensitive to. You'll be surprised how often I fail to give a definitive advice about insects taxonomy. Or even about microbiology, or statistical physics, fields in which I actually hold a degree.

This is not to say that your friends are not nice people. But I remain baffled by how easily macroeconomics get treated like a religion -even by economists.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Sat Jan 28th, 2012 at 12:36:06 PM EST
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