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	<title>Comments for ThinkMarkets</title>
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	<link>http://thinkmarkets.wordpress.com</link>
	<description>A blog of the NYU Colloquium on Market Institutions and Economic Processes</description>
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		<title>Comment on Bangladeshi Garment Workers and the Perversion of Ethics by Al Amin</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/15/bangladeshi-garment-workers-and-the-perversion-of-ethics/#comment-19861</link>
		<dc:creator><![CDATA[Al Amin]]></dc:creator>
		<pubDate>Mon, 20 May 2013 06:16:56 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5765#comment-19861</guid>
		<description><![CDATA[Bangladesh web design company

Webcombd is a website design company from Bangladesh with sole emphasis on providing professional and qualit web design, graphics design, and multimedia solutions. We are professional, dedicated, flexible, experienced and affordable. Aesthetics, user friendliness, and functionality are built into all our solutions to ensure that your web venture is a success.

webcombd is the best bangladesh &lt;a href=&quot;http://web.com.bd&quot; rel=&quot;nofollow&quot;&gt;web design company&lt;/a&gt; based in Lalmatia, Dhaka and operating since 2003. Besides catering to clients from Bangladesh, we also provide outsoure services. Read More about http://web.com.bd/ for web development.]]></description>
		<content:encoded><![CDATA[<p>Bangladesh web design company</p>
<p>Webcombd is a website design company from Bangladesh with sole emphasis on providing professional and qualit web design, graphics design, and multimedia solutions. We are professional, dedicated, flexible, experienced and affordable. Aesthetics, user friendliness, and functionality are built into all our solutions to ensure that your web venture is a success.</p>
<p>webcombd is the best bangladesh <a href="http://web.com.bd" rel="nofollow">web design company</a> based in Lalmatia, Dhaka and operating since 2003. Besides catering to clients from Bangladesh, we also provide outsoure services. Read More about <a href="http://web.com.bd/" rel="nofollow">http://web.com.bd/</a> for web development.</p>
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		<title>Comment on Bangladeshi Garment Workers and the Perversion of Ethics by Da Xi</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/15/bangladeshi-garment-workers-and-the-perversion-of-ethics/#comment-19860</link>
		<dc:creator><![CDATA[Da Xi]]></dc:creator>
		<pubDate>Mon, 20 May 2013 04:04:51 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5765#comment-19860</guid>
		<description><![CDATA[I agree with the author&#039;s point that we should do good and not do what &quot;feels&quot; good.

Giving workers in Bangladesh a better wage and working conditions might seem like the best idea ever, but it comes with opportunity costs. For example, the owner might have been able to open another low cost factory and employ a few hundred garment workers, but because of the renovation costs for his old factory, he can&#039;t afford the new one.

If the people who petitioned for better working conditions were given a choice of either A: Same working condition but 500 more people are given jobs due to opening of a new factory or B: Renovated building, layoffs due to higher operating cost. I am certain that a person would vote for choice A.]]></description>
		<content:encoded><![CDATA[<p>I agree with the author&#8217;s point that we should do good and not do what &#8220;feels&#8221; good.</p>
<p>Giving workers in Bangladesh a better wage and working conditions might seem like the best idea ever, but it comes with opportunity costs. For example, the owner might have been able to open another low cost factory and employ a few hundred garment workers, but because of the renovation costs for his old factory, he can&#8217;t afford the new one.</p>
<p>If the people who petitioned for better working conditions were given a choice of either A: Same working condition but 500 more people are given jobs due to opening of a new factory or B: Renovated building, layoffs due to higher operating cost. I am certain that a person would vote for choice A.</p>
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		<title>Comment on Bangladeshi Garment Workers and the Perversion of Ethics by Eric Quach</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/15/bangladeshi-garment-workers-and-the-perversion-of-ethics/#comment-19859</link>
		<dc:creator><![CDATA[Eric Quach]]></dc:creator>
		<pubDate>Mon, 20 May 2013 03:56:02 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5765#comment-19859</guid>
		<description><![CDATA[The author is absolutely correct. What people from developed countries don&#039;t grasp is the concept of opportunity cost.

A higher opportunity cost will be imposed on the garment workers, if they choose to work else where (for example, in safer conditions). Working in the factories is their best available option.

This trend has been seen throughout history. During the Industrial Revolution in Britain, demand for industrial workers rose, so farm workers sought work in industry. The working conditions in the factories were poor and dangerous, but it was the workers&#039; best option. They were able to obtain higher wages working in the factories than working in the fields. The same holds true for the United States.

As countries become more developed they will be able to implement safer working conditions without much sacrifice.

Many corporations residing in developed countries are ensuring that their suppliers meet safety requirements because their reputations might be affected when their customers find out how the clothes were made. The corporations are really just looking out for their best interest, not the interests of the workers in developing countries, when they demand better working conditions from their suppliers.]]></description>
		<content:encoded><![CDATA[<p>The author is absolutely correct. What people from developed countries don&#8217;t grasp is the concept of opportunity cost.</p>
<p>A higher opportunity cost will be imposed on the garment workers, if they choose to work else where (for example, in safer conditions). Working in the factories is their best available option.</p>
<p>This trend has been seen throughout history. During the Industrial Revolution in Britain, demand for industrial workers rose, so farm workers sought work in industry. The working conditions in the factories were poor and dangerous, but it was the workers&#8217; best option. They were able to obtain higher wages working in the factories than working in the fields. The same holds true for the United States.</p>
<p>As countries become more developed they will be able to implement safer working conditions without much sacrifice.</p>
<p>Many corporations residing in developed countries are ensuring that their suppliers meet safety requirements because their reputations might be affected when their customers find out how the clothes were made. The corporations are really just looking out for their best interest, not the interests of the workers in developing countries, when they demand better working conditions from their suppliers.</p>
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		<title>Comment on Bangladeshi Garment Workers and the Perversion of Ethics by Roger McKinney</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/15/bangladeshi-garment-workers-and-the-perversion-of-ethics/#comment-19846</link>
		<dc:creator><![CDATA[Roger McKinney]]></dc:creator>
		<pubDate>Thu, 16 May 2013 15:31:22 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5765#comment-19846</guid>
		<description><![CDATA[Excellent points! The whole point of socialism is to poke out one’s eyes in order not to see the long term consequences of one’s actions. 

From what I have read, the company occupying the building thought it was safe. The building was unsafe because the construction company cut corners and used shoddy materials. How was the building’s owner or occupier to know that had been done? Construction companies can easily hide bad construction. The only ones who would know the building was bad were the construction company and the inspector, who the company bribed to ignore the bad construction. 

This type of corruption is a huge problem throughout the world, but especially in the poorest nations. It’s extremely arrogant of the US and Europe to think they can change the culture of 2/3 of the world and direct their construction methods from the comfort of their first world recliners by pressuring the retail stores they buy clothing from.]]></description>
		<content:encoded><![CDATA[<p>Excellent points! The whole point of socialism is to poke out one’s eyes in order not to see the long term consequences of one’s actions. </p>
<p>From what I have read, the company occupying the building thought it was safe. The building was unsafe because the construction company cut corners and used shoddy materials. How was the building’s owner or occupier to know that had been done? Construction companies can easily hide bad construction. The only ones who would know the building was bad were the construction company and the inspector, who the company bribed to ignore the bad construction. </p>
<p>This type of corruption is a huge problem throughout the world, but especially in the poorest nations. It’s extremely arrogant of the US and Europe to think they can change the culture of 2/3 of the world and direct their construction methods from the comfort of their first world recliners by pressuring the retail stores they buy clothing from.</p>
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		<title>Comment on F.A. Hayek: His 114th Birthday by Jacob Steelman</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/08/f-a-hayek-his-114th-birthday/#comment-19828</link>
		<dc:creator><![CDATA[Jacob Steelman]]></dc:creator>
		<pubDate>Sun, 12 May 2013 19:54:37 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5757#comment-19828</guid>
		<description><![CDATA[Anyone who trusts safety and health to the government is deluding himself or herself.  This is the same government that does not hesitate to kill people of other countries and to kill people within the government&#039;s own country. Government is a criminal gang engaged in fraud, theft, violence and murder.  How could such a gang of criminals be at all concerned with the health and safety of individuals?]]></description>
		<content:encoded><![CDATA[<p>Anyone who trusts safety and health to the government is deluding himself or herself.  This is the same government that does not hesitate to kill people of other countries and to kill people within the government&#8217;s own country. Government is a criminal gang engaged in fraud, theft, violence and murder.  How could such a gang of criminals be at all concerned with the health and safety of individuals?</p>
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		<title>Comment on F.A. Hayek: His 114th Birthday by Politijim (@PolitiJim)</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/08/f-a-hayek-his-114th-birthday/#comment-19827</link>
		<dc:creator><![CDATA[Politijim (@PolitiJim)]]></dc:creator>
		<pubDate>Sun, 12 May 2013 19:44:32 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5757#comment-19827</guid>
		<description><![CDATA[In my opinion Mr. Rizzo shouldn&#039;t shoot off unfounded claims such as &quot;I guarantee you that the pope is not considering any of this. He focuses on the seen, but neglects the unseen in economic affairs,&quot; without studying a bit more about the history of this gentleman or WHAT HIS JOB IS  (not what Rizzo wants it to be.)

Pope Francis worked extensively with many evangelicals and (free market oreinted) missionaries over the past 20 years in S. America that not only preached personal responsibility for individuals but was very influential with leaders from Chile which had a profound (positive) impact.

But it isn&#039;t his job to water or distort the &quot;Gospel&quot; for the sake of any political or economic outcome.  You&#039;re statement: &quot;He looks only to intentions (Do good!)&quot;  is woefully naive to his (or Jesus Christ&#039;s) message.  It is about accepting the free gift of righteousness and faith in God WITHOUT expecting you are judged according to performance (what evangelicals would refer to as &quot;the law&quot;.)

What you certainly seem oblivious to is the direct correlation of the SPIRITUAL health of a nation and it&#039;s ensuing blessings which include the acceptance of knowledge.  While I agree it is an observable fact that say, more economic freedom creates more wealth for the poor, it totally ignores the social science evidence that a leadership (or people) don&#039;t WANT those freedoms unless they have faith something other than government is looking out for them.]]></description>
		<content:encoded><![CDATA[<p>In my opinion Mr. Rizzo shouldn&#8217;t shoot off unfounded claims such as &#8220;I guarantee you that the pope is not considering any of this. He focuses on the seen, but neglects the unseen in economic affairs,&#8221; without studying a bit more about the history of this gentleman or WHAT HIS JOB IS  (not what Rizzo wants it to be.)</p>
<p>Pope Francis worked extensively with many evangelicals and (free market oreinted) missionaries over the past 20 years in S. America that not only preached personal responsibility for individuals but was very influential with leaders from Chile which had a profound (positive) impact.</p>
<p>But it isn&#8217;t his job to water or distort the &#8220;Gospel&#8221; for the sake of any political or economic outcome.  You&#8217;re statement: &#8220;He looks only to intentions (Do good!)&#8221;  is woefully naive to his (or Jesus Christ&#8217;s) message.  It is about accepting the free gift of righteousness and faith in God WITHOUT expecting you are judged according to performance (what evangelicals would refer to as &#8220;the law&#8221;.)</p>
<p>What you certainly seem oblivious to is the direct correlation of the SPIRITUAL health of a nation and it&#8217;s ensuing blessings which include the acceptance of knowledge.  While I agree it is an observable fact that say, more economic freedom creates more wealth for the poor, it totally ignores the social science evidence that a leadership (or people) don&#8217;t WANT those freedoms unless they have faith something other than government is looking out for them.</p>
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		<title>Comment on “In the Long Run We Are All Dead” What Does It Mean? by Peter Balacs</title>
		<link>http://thinkmarkets.wordpress.com/2010/06/28/%e2%80%9cin-the-long-run-we-are-all-dead%e2%80%9d-what-does-it-mean/#comment-19823</link>
		<dc:creator><![CDATA[Peter Balacs]]></dc:creator>
		<pubDate>Fri, 10 May 2013 18:49:08 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=3515#comment-19823</guid>
		<description><![CDATA[Mr Klahn levels three criticisms at my comments. The first is the impenetrability of my point of view. I can&#039;t really answer this, since I wasn&#039;t expressing a point of view, except to agree with Mario&#039;s point that the classical long run was not concerned with calendar time. I believe that Keynes was well aware of this and that it was the whole point of his remark that we were all dead in the long run. Mario doesn&#039;t quote the full remark which reads &quot;But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again.&quot; Note that Keynes says &quot;this&quot; long run, meaning the classical (non-calendar) long run. Mario states that &quot;Keynes was complaining about the “classical” economics, that is, the ideas of the economists before him who believed that the market, if unhampered after a recession, could reduce or eliminate the unemployment associated with the business cycle.  Of course, this puts many economists – with different ideas – in the same category and treats the issue of cyclical unemployment in a grossly simplified way. But this, in general, is how Keynes treated those who disagreed with him. Keynes, the polemicist, was without inhibition.&quot; When Keynes was writing, the economy was not in the downswing of a normal business cycle. A post-war bubble had burst. I don&#039;t deny that Keynes could be a polemicist, but I don&#039;t believe that he was oversimplifying. But what if he were. He knew how the Treasury mind worked. I have worked in Whitehall and it is known that higher civil servants prefer things to be simple. Whether or not classical economists thought that their theories were a guide to current affairs, Kenyes&#039;s concern was that policy-makers thought so, and that policy was in fact based on those theories. As to the second criticism, I don&#039;t see how I have contradicted myself by saying that Keynes was pointing out that it could take a long time to regain equilibrium after a disturbance without intervention. Since the classical model gave no clue, Keynes&#039;s point was to do something rather than wait and see. The third criticism concerned my complicating matters, but Mr Klahn doesn&#039;t say how. Keynes wanted to avoid the suffering that Mr Klahn mentions, which he thought would be risked by following classical theory. In fact the avoidance of this risk was at the heart of Keynes&#039;s approach to economics and policy recommendations. Thank you. Peter Balacs]]></description>
		<content:encoded><![CDATA[<p>Mr Klahn levels three criticisms at my comments. The first is the impenetrability of my point of view. I can&#8217;t really answer this, since I wasn&#8217;t expressing a point of view, except to agree with Mario&#8217;s point that the classical long run was not concerned with calendar time. I believe that Keynes was well aware of this and that it was the whole point of his remark that we were all dead in the long run. Mario doesn&#8217;t quote the full remark which reads &#8220;But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again.&#8221; Note that Keynes says &#8220;this&#8221; long run, meaning the classical (non-calendar) long run. Mario states that &#8220;Keynes was complaining about the “classical” economics, that is, the ideas of the economists before him who believed that the market, if unhampered after a recession, could reduce or eliminate the unemployment associated with the business cycle.  Of course, this puts many economists – with different ideas – in the same category and treats the issue of cyclical unemployment in a grossly simplified way. But this, in general, is how Keynes treated those who disagreed with him. Keynes, the polemicist, was without inhibition.&#8221; When Keynes was writing, the economy was not in the downswing of a normal business cycle. A post-war bubble had burst. I don&#8217;t deny that Keynes could be a polemicist, but I don&#8217;t believe that he was oversimplifying. But what if he were. He knew how the Treasury mind worked. I have worked in Whitehall and it is known that higher civil servants prefer things to be simple. Whether or not classical economists thought that their theories were a guide to current affairs, Kenyes&#8217;s concern was that policy-makers thought so, and that policy was in fact based on those theories. As to the second criticism, I don&#8217;t see how I have contradicted myself by saying that Keynes was pointing out that it could take a long time to regain equilibrium after a disturbance without intervention. Since the classical model gave no clue, Keynes&#8217;s point was to do something rather than wait and see. The third criticism concerned my complicating matters, but Mr Klahn doesn&#8217;t say how. Keynes wanted to avoid the suffering that Mr Klahn mentions, which he thought would be risked by following classical theory. In fact the avoidance of this risk was at the heart of Keynes&#8217;s approach to economics and policy recommendations. Thank you. Peter Balacs</p>
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		<title>Comment on “In the Long Run We Are All Dead” What Does It Mean? by Bob Klahn</title>
		<link>http://thinkmarkets.wordpress.com/2010/06/28/%e2%80%9cin-the-long-run-we-are-all-dead%e2%80%9d-what-does-it-mean/#comment-19821</link>
		<dc:creator><![CDATA[Bob Klahn]]></dc:creator>
		<pubDate>Fri, 10 May 2013 05:37:40 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=3515#comment-19821</guid>
		<description><![CDATA[I do believe your comment is impenetrable to normal people. Unless one already holds you point of view he will not understand your point of view. 

At that, you contradict yourself when you say he was making the point that it could take a long time for an economy to regain equilibrium. That is time, clock time, calendar time, not quite geological time. 

However, you are over complicating it by any rational standard. It is still years to decades of suffering until prosperity becomes general again, if not lifetimes.]]></description>
		<content:encoded><![CDATA[<p>I do believe your comment is impenetrable to normal people. Unless one already holds you point of view he will not understand your point of view. </p>
<p>At that, you contradict yourself when you say he was making the point that it could take a long time for an economy to regain equilibrium. That is time, clock time, calendar time, not quite geological time. </p>
<p>However, you are over complicating it by any rational standard. It is still years to decades of suffering until prosperity becomes general again, if not lifetimes.</p>
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		<title>Comment on F.A. Hayek: His 114th Birthday by Mario Rizzo</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/08/f-a-hayek-his-114th-birthday/#comment-19820</link>
		<dc:creator><![CDATA[Mario Rizzo]]></dc:creator>
		<pubDate>Thu, 09 May 2013 21:54:20 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5757#comment-19820</guid>
		<description><![CDATA[Let me just say, in fairness to both Jerry and Glen, that there are some unobvious issues here. If the standard of safety represented makes sense in the context and if the workers relied on that representation, then I agree they were treated badly. But neither of you would deny my basic point about safety and development.]]></description>
		<content:encoded><![CDATA[<p>Let me just say, in fairness to both Jerry and Glen, that there are some unobvious issues here. If the standard of safety represented makes sense in the context and if the workers relied on that representation, then I agree they were treated badly. But neither of you would deny my basic point about safety and development.</p>
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		<title>Comment on F.A. Hayek: His 114th Birthday by Mario Rizzo</title>
		<link>http://thinkmarkets.wordpress.com/2013/05/08/f-a-hayek-his-114th-birthday/#comment-19819</link>
		<dc:creator><![CDATA[Mario Rizzo]]></dc:creator>
		<pubDate>Thu, 09 May 2013 21:04:08 +0000</pubDate>
		<guid isPermaLink="false">http://thinkmarkets.wordpress.com/?p=5757#comment-19819</guid>
		<description><![CDATA[@Jerry. It is always good to take an opportunity to bring the ignorance of the popes into question. However, the basic point here is in my reply to Glen. Safety is a normal good. Things are not on or off here. There are margins. All I am saying is that we must expect that at a low level of development people will *ex ante* want more wages and less safety. And the pope argued more generally (see the link) that these people were not being paid just wages or the popular expression a &quot;living wage.&quot; Will the Bangladeshis be better off if the manufacturers leave as the threaten to do? Does the government in Bangladesh have the money to subsidize safety construction?]]></description>
		<content:encoded><![CDATA[<p>@Jerry. It is always good to take an opportunity to bring the ignorance of the popes into question. However, the basic point here is in my reply to Glen. Safety is a normal good. Things are not on or off here. There are margins. All I am saying is that we must expect that at a low level of development people will *ex ante* want more wages and less safety. And the pope argued more generally (see the link) that these people were not being paid just wages or the popular expression a &#8220;living wage.&#8221; Will the Bangladeshis be better off if the manufacturers leave as the threaten to do? Does the government in Bangladesh have the money to subsidize safety construction?</p>
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