Re:Cheap oil is taking shipping routes back to the 1800s
by pcarolan on Friday March 04, 2016 @07:18PM
(#11227751)
I think he means waste as in unaccounted externalities such as putting co2 into the atmosphere without paying the social costs.
Re:Cheap oil is taking shipping routes back to the 1800s
by davidw on Friday March 04, 2016 @07:34PM
(#11227806)
> The definition of efficient in economics is roughly "It's not possible to make anyone better off without making someone else worse off"
That's a terrible definition, because a lot of the economy is not a zero sum game, and it's hard enough as it is to break people out of that kind of thinking.
Re:Cheap oil is taking shipping routes back to the 1800s
by gozur88 on Friday March 04, 2016 @09:51PM
(#11228205)
Beyond the macroeconomics, two people will not agree on a price unless in doing so they'll both be better off in some way.
Re:Cheap oil is taking shipping routes back to the 1800s
by eru on Friday March 04, 2016 @11:09PM
(#11228374)
Oh, dmm is just defining pareto efficiency. Said in a more positive light: `a situation is pareto efficient if all mutually beneficial transactions have been done.' (And thus in dmm's words, only the non-mutual beneficial ones remain.)
Re:Cheap oil is taking shipping routes back to the 1800s
by Amorymeltzer on Friday March 04, 2016 @07:10PM
(#11227726)
>Over 100 ships did this between late October 2015 and the end of the year.
That's somewhere between 1 and 1.5 ships a day, which is between 2-3% of daily entrance figures. That's certainly not nothing.
Is this even a significant phenomenon? The article mentions 100 ships going the long way but wikipedia says the Suez averages 46 ships per day, or more than 16,500 per year.
[0] The definition of efficient in economics is roughly "It's not possible to make anyone better off without making someone else worse off".