Opportunity cost

I received a letter from an old friend who asked:

I have a friend who is a writer and artist. One of his current projects is a novel. At one point he needs to explain opportunity cost. It recalled for me that you wrote a book for kids explaining the fundamental principles of economics.

Would be willing to share the text with us?

This was my reply.

I would of course be willing to share my text with you. The title is Economics for Infants.

However, not sure you find opportunity cost discussed, at least not explicitly. However, there is always this you can look at (it can be ordered by the library and the paperback is pretty cheap): 
 

Free Market Economics, Third Edition. An Introduction for the General Reader

The Elgar webpage is  here. And I do notice that Opportunity Cost is discussed on four separate occasions within the book, once even using a diagram. Highly recommended, if I do say so myself. In fact, I do say so myself.
 
I just put up a blog post referring to the book, which I will copy below. Here is what I said:
 

From The switch to green energy may be the biggest bonanza in history.

Australia is the best placed nation on earth to be the global winner in the net-zero world, with 672,000 jobs created and $2.1 trillion in economic activity generated by 2050.

In my economics text, Free Market Economics, the single most important chapter is the third, on Value Added. No other modern textbook that I know of actually discusses value added beyond a para or two, but without value added at the core of one’s grasp of economics, you will never understand a thing that matters.

Jobs can be created by getting rid of technology. Economic activity can be driven forward by useless and non-productive forms of “investment”.

But living standards can only rise if the value of output is greater than the value of the inputs used up. If you think massively increasing the cost of inputs through alternative forms of energy will increase value added, and therefore living standards, you are an economic incompetent.

Value added is the core concept surrounding opportunity cost, which also necessitates understanding the economic meaning of cost within economics. Which reminds me of this, which I may or may not ever have sent to you before: I, Mechanical Pencil: Why a socialist economy can never work.
 
There you find this, which is near enough the core concept of opportunity cost as it is practised in the market:
 
What prices must do is reflect how much something costs. And what information about costs does is help entrepreneurs work out which is the least costly way to produce whatever it is they produce. It is important to find the least costly way to produce because the fewer resources used up in making each particular good or service, the more resources are left over to produce something else. Keeping production costs down is essential to maintaining and building our prosperity. This is why prices matter so much. If prices are properly set in the market, the revenue received by each entrepreneur will cover all the costs of production. If every producer sets their own prices, then the prices charged for every input will provide the essential guidance to entrepreneurs on how to keep production costs down.
There I am. Give me an inch and I take the mile and then some. 

Persecution Without Objection

Bolt to Dean expressing surprise that medical apartheid, segregation, selective persecution, had gone so smoothly in Sydney. Presumably he meant that there had been no riots in the streets. People throwing themselves in front of race horses.

Dean to Bolt explaining that social media had carried a lot of objections and that Perrottet was on record as objecting to segregation and would soon end it. End of story really.

All quiet in Shanghai. What’s that about the Uighurs?

Jews herded up you say? Well, it passed without any fuss in meine town.

Medical apartheid, Sydney style, is mild compared with selective persecutions throughout history. But persecution it is just the same. And people not affected look the other way. No prominent principled conservatives around – no need for anyone with even an ounce of the courage of Dietrich Bonhoeffer – to rail against the mindless injustice of it all. I’m alright Jack, stuff you.

Even if the episode ends without further persecution of the unvaxxed; it is a forever-stain on Australia. And it makes it that much easy to single out dissidents for special treatment in the future. Those perimeter-secured, purpose-built, quarantine camps are ready and waiting. It can’t happen here? It has already.

Last call for rational debate

I guess under this new definition of “incitement” used by the Vicplod, by presenting an alternative to the mainstream I may be guilty of inciting people to not do something. If it’s even possible to incite someone to non- action.

For those unable to distinguish between opposition to mandatory vaccination and opposition to vaccination, I might even be guilty.

Time is quickly running down for those so badly served by our politicians, media and health authorities . Facing termination from work, and a bamboozling dearth of information upon which to determine their actual risk of death from covid vs vaccine risk before our societies “open up” (bullshit).

These folks deserve better than what they have had so far in the way of information:

  1. The hopelessly stupid, vapid and demeaning to watch commercial media and ABC.
  2. Our head nodding politicians.
  3. Me, a frightened, raving loon.
  4. Other over- excited nuts with an internet connection.
  5. Awkward arguments from those on here who have vaxxed.
  6. Social media keen to manipulate and suppress.

You know what I mean about the vaxxed on here. There’s something about it that makes the discussion difficult.

Well, it’s time for them, or someone, to really make the argument to defend the position of getting the vaxx. I’d do it, I can actually see the argument. At this point, if you’re holding out because of political conscience reasons, I believe a case could be made that we have crossed that threshold where simply not enough are holding out against mandates for it to have effect.

The disease itself isn’t without risks. You might die holding out against vaccination.

If you’re holding out just because the bullying and coercion goes against the grain, that might not be completely rational.

But I’m not the person to make these arguments. Some of you are. Without guilt if you took it reluctantly, without fear, without the weirdness.

My missus is also a holdout, so at least I’m spared the destruction that being in a house divided entails. I have told her that whatever she decides for herself, I support 100%. The only actual advice I’ll give over vaccines is this: Support the decisions of your family even if you disagree with them.

For the last time: There are people about to lose jobs and take whatever risk there is with going unvaxxed in this new normal. Make the case for vaccination in the comments. I can’t, because I’m going to remain a holdout.

[Not medical advice, you require an appointment with a doctor for that- obviously]

Read and weep for the green jobs in Australia

The future of Australian industry is visible in Scotland where the green revolution was supposed to generate hundreds of thousands of new, well-paid green jobs. A longish piece but full of meat and a grim warning for us.

In summary, the massive expansion of windfarms in Britain was funded by Britain and built in China using cheap coal power (ignore the reference to dirty power). There was some work in Scotland early in the piece but now those facilities are wastelands.

FROM THE ARTICLE

Shortly before losing office in 2010, the former prime minister Gordon Brown went further, boasting that Britain’s offshore industry was already ‘ahead of every other country’ in the world.

In his glittering green future, offshore wind alone would generate ‘up to 70,000 jobs by 2020’.

The pledges continued under David Cameron’s coalition. In 2011, the Lib Dem energy secretary Chris Huhne, later jailed for lying over a speeding conviction, addressed the annual conference of RenewableUK, the green energy lobby group.

‘Renewable energy technologies will deliver a third industrial revolution,’ he said, ‘blazing a trail of start-ups and jobs.’

Nowhere was the hyperbole quite so extreme as in Scotland where the former SNP first minister Alex Salmond boasted that the country would become ‘the Saudi Arabia’ of renewables.

His deputy, John Swinney, claimed building wind farms off the Scottish coast would create ‘28,000 direct jobs and a further 20,000 indirect jobs in related industries by 2020’. In Methil, the promises have turned to dust.

Certainly, since 2010, there have been plenty of new offshore windfarms. Britain’s capacity has doubled to 10 gigawatts, and under Mr Johnson’s 10 Point Plan For A Green Industrial Revolution, which he launched last November, it is set to quadruple again by 2030 — so creating (of course!) ‘tens of thousands’ of new manufacturing jobs.

In 2018, Freedom of Information Act requests filed by the Unite trade union revealed that far from the promised 28,000 Scottish manufacturing jobs in offshore wind, there were just 1,700. And since then, the situation has deteriorated.

Last month, Scotland’s only factory making turbine towers, at Campbeltown in Argyll, closed permanently.

So no one is making offshore towers in Britain, although turbine blades are still made at the Danish firm Vestas on the Isle of Wight, and Siemens Gamesa in Hull.

As for solar energy, Britain’s only large panel factory, in Wrexham in Wales, shut down in 2013, with the loss of 615 jobs.

A report by Strathclyde University last June said that in 2019 there were 1,190 full-time Scottish manufacturing jobs across all types of renewable energy, including hydro power, solar, onshore and offshore wind, and a further 1,000 ‘indirectly’ employed in the renewables supply chain.

Mater’s Musings #34: Bait and Switch

I was speaking to a Health Professional the other day (one who is very preoccupied with reading medical papers), and it evolved into a friendly discussion about the vaccines and the mandate. It’s rare that such discussions remain civil nowadays, but he clearly didn’t support mandating medical procedures, so it was fruitful and light-hearted. What did surprise me from the discussion was that he was initially under the impression that at least one of the vaccines was Fully Approved by the TGA.

In case you’re unaware, all of them are still but ‘Provisionally Approved’. If a medical professional is this ill-informed, is the government REALLY providing sufficient information to the general public? If the public were to know, would they appreciate what it means?

A judge in New Zealand recently ruled that Provisional and Fully Approved Therapeutics were equally valid when it came to vaccine mandates.

This brings us to the essential question of why the Provisional Approval pathway was introduced into the Therapeutic Goods Act in the first place. I think it is important to look at the understanding and intent of the lawmakers who ushered it into the statute books. Here is one of the speeches (by Senator POLLEY) accompanying the amendment:

Ref: Hansard

There are some brutal truths in this speech which does no favour for the situation we find ourselves in or the way in which the provision is being wielded.

The potential risks must, however, be weighed against the potential benefits. In many situations it is the patients themselves who must weigh up these risks and benefits, hopefully with the guidance of health professionals.

Senator Helen POLLEY

Unfortunately, the privilege of weighing up these risks and benefits has been removed from our purview. Health professionals no longer provide merely guidance.

Recognising that these medicines are based on early clinical data, it’s important that doctors, health professionals and, most importantly, patients fully understand and appreciate the risks involved.

Senator Helen POLLEY

Most people don’t (because the government would prefer it that way), but even if they do, does it matter when a mandate is in force?

With access to a medicine being given without the level of clinical data that would normally be provided, it is foreseeable that new information will show some of these medicines to be less effective than first thought, and there may be greater or new risks that weren’t known at the time.

Senator Helen POLLEY

Sounds like a great scenario in which to force the treatment on people, doesn’t it?

There will be strict conditions under which a medicine will be available through the provisional approval pathway. It will be for patients with unmet clinical needs for serious health conditions.

Senator Helen POLLEY

Strict conditions alright…YOU MUST HAVE IT! Do healthy people have “unmet clinical needs for serious health conditions”?

Let’s even forget, for a minute, that the standard criteria for the Provisional Pathway were bastardised and further abridged to cater specifically for the passage of these vaccines. If anyone seriously believes that this pathway was intended for, or is in any way an appropriate method to introduce mandate revolutionary, unproven vaccines, please, I beg you, send me a pound of whatever it is that you’re smoking or snorting. Frankly, I could do with the relief! Ignorance is bliss, even if it’s chemically induced.

No, this is an incredible abuse of legislative power.

Just as Health Order’s were really only envisaged to isolate small, infected pockets of our communities, for the good of public health, the ‘Provisional Approval’ pathway was clearly only intended to provide hope for dying and doomed ‘patients’ for whom no amount of risk was unacceptable. Both instruments have been abused beyond what could have been imagined…outside of the evilest of minds.

We must not forget the cavalier attitude that politicians of all persuasions have adopted towards our health, our choices, our freedoms.

Guest Post: thefrollickingmole – In praise of massive taxes on the rich

Still Life with a Turkey Pie, Pieter Claesz, 1627

No I haven’t gone insane, I seriously praise the people who have released the Pandora Papers and want every truly wealthy person named to be exposed to swinging rates of tax, and the various vehicles used to protect income and wealth exposed to the tender, barbed, acid spewing red hot phallus of government.

Continue reading “Guest Post: thefrollickingmole – In praise of massive taxes on the rich”

The dangers of “vaccine-induced disease”

This is a fascinating article, long but very well written and worth your time: The data is in, and we are now worse off than before the experimental shots. But this bit near the start is the most extraordinary. He is discussing a report that came out in 2018, before the rest of us had heard a word about Covid:

One of the many bone-chilling sections in this publication (pp. 45-47) provides a blueprint for “self-spreading vaccines,” described as vaccines “genetically engineered to move through populations in the same way as communicable diseases, but rather than causing disease, they confer protection.”

After noting that such an idea would violate the rules of informed consent (the irony!), and possibly spread allergic reaction, they add this shocking prediction about the challenge of such technology:

“Finally, there is a not insignificant risk of the vaccine virus reverting to wild-type virulence, as has sometimes occurred with the oral polio vaccine—which is not intended to be fully virulent or transmissible, but which has reverted to become both neurovirulent and transmissible in rare instances. This is both a medical risk and a public perception risk; the possibility of vaccine-induced disease would be a major concern to the public.”

Whether this vaccine actually sheds the spike protein onto other people is still not yet proven (although Pfizer seems to indicate it can spread through skin-to-skin contact in “inhalation“), but the principle of mass vaccination with a faulty vaccine making a virus both more transmissible and more virulent is something that is hard to deny at this point.

“Vaccine-induced disease”! Just think about this:

This virus has taken a painful toll on both the vaccinated and unvaccinated over the past few months, a phenomenon that is very well explained with a leaky vaccine that fails to sterilize the virus but causes viral immune escape and a degree of vaccine mediated enhancement.

“Viral immune escape”. “Vaccine mediated enhancement”. The thing is, we are governed by such incompetent fools absolutely anything is possible, other than that they will ever tell us the truth.

Apartheid Hits Home

I wrote this yesterday: “I broke the law today (Tuesday). Sat in an oft-frequented café – the owner doesn’t check. But I ordered my coffee in a takeaway cup so that I could scarper if I saw the fuzz.”

Today (Wednesday) I was kicked out, albeit with an apology. Only takeaway for me.

Don’t blame him (the owner), but doubt I will ever go back. Being kicked out is not the same as not being allowed in. It gives you a more acute sense of apartheid. I didn’t like it. I wonder what place Australia has become. Paid my taxes. Never robbed a bank or clobbered anyone. Yet, here I am. Excluded from the ordinary activities of life and those given the ‘privilege’ of being included, don’t seem to care a whit.

I saw Alan Jones fawningly interview Dominic Perrottet last night. I think it’s called a soft interview. You know, of the kind CNN would give to Joe Biden or Kamala Harris. Glossed over Covid passports. Certainly, Jones didn’t give any impression of being greatly troubled by them. So disappointing. But he’s vaccinated after all. He’s shared this part of his medical history with us; as have the other Sky News “conservatives.” Thankfully, they have kept other parts of their medical histories to themselves. To be fair, I’m not including Rowan Dean or James Morrow in my despair. I don’t quite know where they stand. I hope with principled conservatives. Surely there are still some principled conservatives left in the media?

Open thread for the vaxxed.

Obviously this is a stupid post to make some stupid points:

  1. I shouldn’t know if you have a vaxx or not.
  2. Dividing people on that basis is evil.
  3. No one will follow the directive anyway.
  4. Trying to make them would involve a police state type nightmare that would see every sane person leave the blog.
  5. Just the idea of it makes everyone tense and crazy.

Yet here we are, in real life doing exactly that.

Guest Post: Mother Lode -Playing with Children As If They Were Matches

One of the things that people feel pleased about in the modern world is the extended childhood.

A couple of centuries ago kids were expected to go out and help earn at quite a young age.

Enlightened us consider this a reprehensible thing, and can scarce think other than those Continue reading “Guest Post: Mother Lode -Playing with Children As If They Were Matches”