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Online mystery-ak

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An economics professor uses the run on toilet paper to explain bank runs
« on: March 17, 2020, 03:53:29 pm »
March 17, 2020
An economics professor uses the run on toilet paper to explain bank runs
By Andrea Widburg

One of the strangest manifestations of the threatened coronavirus epidemic in America is toilet paper hoarding.  Justin Wolfers, an economics professor at the University of Michigan, has put together a tweet thread explaining why people are hoarding toilet paper.  According to him, the motivation behind toilet paper hoarding is the same as the motivation behind runs on banks — people are afraid that, if they don't keep up with others who want the same finite resource, then the resource will be gone.

Quote
Justin Wolfers @JustinWolfers

The economics of toilet paper shortages is the same as bank runs. [thread]

Even if you’re not freaked out about a pandemic, you worry that everyone else is & they’ll stockpile to 🧻, & you don’t want to be the left paperless. So you stockpile to avoid being shut out by others.
2,544
7:05 PM - Mar 3, 2020

Quote
Justin Wolfers @JustinWolfers
Replying to @JustinWolfers

So you run and get toilet paper not because you need dozens of rolls, but because you fear that others are going to stockpile leaving none for you.

And they’re buying because they fear (correctly) that you’re running to the store to stock up, leaving none for them.
349
7:10 PM - Mar 3, 2020

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https://www.americanthinker.com/blog/2020/03/an_economics_professor_uses_the_run_on_toilet_paper_to_explain_bank_runs.html
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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #1 on: March 17, 2020, 08:48:47 pm »
Well, DUH.  Then again, we have a lot of stupid people out there.
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Online roamer_1

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #2 on: March 17, 2020, 08:59:41 pm »
Re: An economics professor uses the run on toilet paper to explain bank runs

 :whistle:
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Offline andy58-in-nh

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #3 on: March 17, 2020, 09:10:07 pm »
Quote from: roamer_1 on March 17, 2020, 08:59:41 pm
Re: An economics professor uses the run on toilet paper to explain bank runs

 :whistle:
He's obviously a proponent of loose monetary policy.
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Online roamer_1

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #4 on: March 17, 2020, 09:21:06 pm »
Quote from: andy58-in-nh on March 17, 2020, 09:10:07 pm
He's obviously a proponent of loose monetary policy.

 :yowsa:
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Offline DB

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #5 on: March 17, 2020, 09:38:26 pm »
And then there's Johnny Carson...

http://baypaper.com/toiletpaper.html
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Offline DB

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #6 on: March 17, 2020, 09:39:13 pm »
Quote from: andy58-in-nh on March 17, 2020, 09:10:07 pm
He's obviously a proponent of loose monetary policy.

That stinks.
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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #7 on: March 17, 2020, 09:54:59 pm »
Quote from: andy58-in-nh on March 17, 2020, 09:10:07 pm
He's obviously a proponent of loose monetary policy.
Maybe he should get off his stool.
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Offline DB

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #8 on: March 17, 2020, 10:26:55 pm »
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Offline DB

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #9 on: March 17, 2020, 10:27:49 pm »
Quote from: andy58-in-nh on March 17, 2020, 09:10:07 pm
He's obviously a proponent of loose monetary policy.

Did that leak from the federal reserve?
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Offline andy58-in-nh

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #10 on: March 18, 2020, 12:09:57 am »
Quote from: DB on March 17, 2020, 10:27:49 pm
Did that leak from the federal reserve?

That Depends...
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"The most terrifying force of death, comes from the hands of Men who wanted to be left Alone. They try, so very hard, to mind their own business and provide for themselves and those they love. They resist every impulse to fight back, knowing the forced and permanent change of life that will come from it. They know, that the moment they fight back, their lives as they have lived them, are over. -Alexander Solzhenitsyn

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #11 on: March 18, 2020, 12:15:44 am »
Quote from: andy58-in-nh on March 17, 2020, 09:10:07 pm
He's obviously a proponent of loose monetary policy.

He can still pinch it back when needed.
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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #12 on: March 18, 2020, 12:21:34 am »
Quote
The result is that shelves are empty. Capitalism fails, and we all start to worry about

Capitalism fails when sellers fail to adjust their priced to a shift in demand.  If sellers jacked up the price on toilet paper, there wouldn't be a shortage.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #13 on: March 18, 2020, 12:33:35 am »
I learned about this from watching my favorite holiday movie “It’s a wonderful life”
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Offline DB

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Re: An economics professor uses the run on toilet paper to explain bank runs
« Reply #14 on: March 18, 2020, 12:33:43 am »
Quote from: andy58-in-nh on March 18, 2020, 12:09:57 am
That Depends...

That doesn't sit well.
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