Deathmath
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Err... One sec. I'm typing up a bout three pages of McConnell Brue so we can try to relate it to the RS economy...
I disagree with you on some points... this is why
Inflation hurts some people, leaves others unaffected, and actually helps still others. That is, inflation redistributes real income from some people to others.
Fixed income receivers (MTK?), Savers, and creditors are hurt
Who not affected or positively affected: those with cost of living adjustments?, debtors
If people anticipate inflation it can be stopped if incomes become adjusted by the government/interest rates
Exact Quote (The following is from mcconnell brue.. please don't sue:
Economists do not fully agree on the effects of mild inflation (less than 3 percent) on real output. one perspective is that even low levels of inflation reduce real output, because inflation diverts time and effort towards activities designed to hedge against inflation such as:
Incurring the cost of changing prices
spending considerable time obtaining information on what the actual prices are
More money is changed from cash to checking accounts and stocks. More frequent trips to these places are necessary
some people say it's good because of growth..., some say it's bad yadda yadda yadda
Hyperinflation and Breakdown
All economists agree that the nation's policymakers must carefully monitor mild inflation so that it does not snowball into higher rates of inflation or even into hyperinflation. The latter is an extremely rapid inflation whose impact on real output and employment usually is devastating. When inflation begins to escalate, consumers, workers, and businesses assume that it will rise even further. So, rather than let their idle savings and current incomes depreciate consumers "spend now" to beat the anticipated price rises. Businesses do the same by buying capital goods. Workers demand and receive higher nominal wages to recoup lost purchasing power and to maintain future purchasing power in the face of expected higher inflation. Actions based on these inflationary expectations then intensify the pressure on prices, and inflation feeds on itself.
Aside from its disruptive redistribution effects, hyperinflation may cause economic collapse. Sever inflation encourages speculative activity. Businesses, anticipating further price increases, may find it profitable to hoard both materials and finished products. But restricting the availability of materials and products intensifies the inflationary pressure. Also rather than invest in capital equipment, businesses and individual savers may decide to purchase nonproductive wealth--jewels, gold and other precious metals, rel estate, and so forth--as a hedge against inflation.
In the extreme, as prices shoot up sharply and unevenly, normal economic relationships are disrupted. Business owners do not know what to charge for their products. Consumers do not know what to pay. Resource suppliers want to be paid with actual output, rather than with rapidly depreciating money. STUFF ABOUT LOANS
The economy may be thrown into a state of barter, and production and exchange drop dramatically. the net result is economic, social, and possibly political chaos. The hyperinflation has precipitated monetary collapse, depression, and sociopolitical disorder.
Yeah.. That's useful about inflation... We can discuss it at some point, methinks.
WWII examples
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Graargh. It's not pure inflation. So? Pure inflation isn't that negative, as everything should move at the same rate. And these aren't equilibrium prices. Junk wouldn't exist if everything was at equilibrium. Alching puts a price floor on things, the GE sometimes put a price cieling. This comes at the cost of efficiency: therefore the inflation is worse than pure inflation.
The ge makes things liquid... yes... But at a cost. It manipulates prices, and makes things so liquid it's ridiculous. People normally have to spend opportunity cost on buying and selling. It's why I buy stuff at target which is 3 miles away, instead of spending an hour to buy the same product for $2 at walmart 20 miles away.
Liquidity isn't uniform either: which is a problem.
And some of this inflation could be demand pull inflation, in that there is not enough supply at the current price.
It is said by wikipedia to be
"too much money chasing too few goods". More accurately, it should be described as involving "too much money spent chasing too few goods"Because more money enters the economy, people won't buy them at the old equilibrium price. So it changes. But some items are more elastic... It goes on and on.
I'll have out an article at some point in the future: i've had a couple posts in a month on here and am really really really busy. Feel free to correct me. These are my thoughts, but I think they are soundly based in economic principle in a convoluted system. (the runescape economy.)
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That's creative, but unfortunately, flawed. Players would just have their friends hit them, wearing say... Well, any armor worth a bit, and then stop and kill them. True, it's a bit riskier than the current 76K'ing method, but it in no way eliminates it.
However, I think this "redefine risk" idea has great potential. Personaly I can't think of something right now, but I'm sure you (or anyone else for that matter) could think of expanding this up to the point where it really does make a difference.
Good luck, this really is one of the changes RuneScape needs the most.
Agree with poster 2. Definitely a good core idea, but it's sort of flawed.
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Name: Deathmath
Clan: Tal Shiar Alliance
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Alright. Although I said I wouldn't post :rolleyes: the quote about being in English class is EPIC.
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Noone here is trolling. We are discussing articles which involves discussing how an article has a lot of errors which make it hard to read and hard to talk about the positives or discuss the actual content.
Errr.. Mispelling.
That hypocritical remark aside, I feel that when one criticizes another person they should be held to the standards they accept. Even if you are not willing to take MS' position, you have accepted your position as a poster on the forums, and I would hope that all members of these forums at least attempt to act on good will.
Such spelling and grammar mistakes can be distracting; hence they should be reported to Mirrorforced.
I feel the writing this week was generally excellent, and will not be replying again to the chain of comments about Master Smither.
~Deathmath
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I read the first two... I'm starting to get annoyed by these. The first thing I don't like is that they start with the basic assumption: there is major inflation only caused by pvp, and inflation is bad. Then they go off like they know what they're talking about... Making many fallacies. It doesn't make any difference at all what a gp is valued at towards all other goods. Learn2macroeconomics pl0x. Although I was surprised the first article came to the same conclusion I reached in a different thread a little bit ago: inflation will eventually stop 76king if the majority of the drops are gp.
I think the biggest problem people have with the 76king trick if the amount of effort it takes, not the "fact" that it's causing inflation.
Edit:stupid iPod touch
I know macro... What's your argument.
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I've gone a couple times. I'm a pretty good shot and pretty quick. However once I was the only guy left on the team, and took out two people out of like 6. Then I started running across and got entirely plastered :| I had on a sweatshirt though, so it's all good.
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Does anyone edit the articles before they're released? I mean an official, subjective editor - not the writer of the article. I've noticed a few recent ones that had unacceptable grammatical errors, extra words, missing words, etc. Perhaps more bothersome than that is the WALL OF TEXT style of writing that some of them have.
I would highly recommend that Tip.it put time into finding someone to take on the task of full time editor.
As for the articles themselves, I enjoyed TS_Stormrage's solutions to the inflation problem. I also enjoyed the fact that his article didn't hurt my eyes.
Thanks for the feedback.
We do have some full time editors: however a couple are 'out of service' at the moment. We will however continue to work on this issue.
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Good lord... Those pots are overpowered. I don't have a solution, but I for one can testify they are like that one drug where i can't remember it's name. The one where you pound your fists through walls and odn't feel it... Yeah that one.
P ess argument is hard to see. You'd have to try :/
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Mod Fetzki:
I do see that some prices are rising, yes - see above for one explanation - but I think in the long run we don't see an inflation in the sense that people need to work more in order to get their hands on a great sword.
Yes, but prices continue to rise...so they don't just work more. They work more, and then more, and then more for that same sword.
Law of diminishing marginal return.
The RS economy has always been a major subject, but it seemed like to me the economy was a heck of a lot more stable without the GE and there was free trade. Eh all my own economic opinion though.
And mine. Free trade degraded with the GE and PvP updates.
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I honestly think that Jagex should controll prices, but not through simply changing the price from 200 to 100 like they did with WF vials. Rather, they should add and remove items when necissary. So if a clan is trying to buy out an item Jagex just pumps items in to make it alot harder to buy out. Then when the clan inevitably fails Jagex takes the surplus items out of the GE. I don't know if that would work because I don't know economics at all, but hey its all I can think of that would stop manipulation.
Clan manipulation is tied alot closer to inflation then many people think. Take iron ore for an example. It was stable at 100 gp each literally for years. Then the biggest f2p clan hit them and sent it to 200 gp each. Then the crash came but many players saw that a clan was willing to do iron ore so they bought up iron ore before the presumed bottom so the crash stopped at 115 gp each. And of cource, with the influx of GP into the game people people can chose to either let their GP sit there or buy a very stable item that they know will not fall and hope it rises. And of cource it becomes a self fulfilling prophecy. Even a couple people buying 1M iron ore each is more then enough to send an item skyrockeying right back up.
Lemme see if I can find that picture that I made in another thread.
It's actually a really good idea, but it has its flaws.
It would make the items fluctuate more. You are trying to compensate. Once they stop trying to buy out you'll have to take them back out of hte economy, and you can't give people money for stuff they are selling that is being taken out of the economy without generating more GP.
Although merching does need to be taken care of. Somebody needs to watch for merched items, and hopefully just lower the amount of the item one can buy of that particular item for a set period of time.
(Somebody going into merch clan ccs from jagex is all it would take)
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Article one:
Inflation in the US is getting out of control. However Bernanke is going to raise interest rates, making money harder to get (US Dollars) and hence draining the economy. This is a good thing.
Fetzki has never taken any class on economics. Although you could argue this rate could be different a normal-high inflation rate in real life is 3-4%... Not 30-40%.
To Fetzki's brilliant remark on "Well not ALL items are going up in price" well... that makes it worse. Bob invests in a d chain. IT doesn't inflate as fast as an arma gs. He gets screwed...
Inflation is bad because it tends to snowball. Money isn't worth anything anymore. You can't continually change shop prices. They would have to increase prices on everything... which would in turn increase inflation. But the main issue with this is people have to keep on making money at current rates. Plus a little peek into elasticity, one of the many topics of a future article.
Elasticity is in brief the flexibility people have in regards to price. Basically how much they are willing to pay for something... For example a soda tax in San Francisco at one cent US/can. (It's been proposed.) This item would have low elasticity, as there are no substitutes available, and people do like their soda. People will continue to buy necessary items at higher prices, but less necessary items will drop off. LIKE LUXURY ITEMS THAT DON'T DO MUCH REALISTICALLY (D CHAIN COUGH COUGH COUGH) People won't spend as much for em. But the opposite is happening with arma GS. People must think they are a real necessity OR there is something else going on.
But the root of the problem is giving out free money... The PvP system is flawed, and the solutions proposed could not be implemented without potential difficulty as with any update. It would be a giant improvement over whatever cabbage Jagex and Mod Fetzki are doing right now. I feel that with Jagex's resources they could definitely figure it out.
(Only issue is possibly deflation, but I'm not sure how that would play out. At least it would eventually stabilize)
In response to the second article.
Why did Jagex do that? People weren't happy about getting beat by people with high herblore levels. I have no personal experience, but they could have just been nerfed in PvP and clan wars. I see no reason for them being nerfed in castle wars. It's just like somebody buying runes for ancient magic and using them there. It's sort of not cost efficient but if they want to do it, nobody loses anything.
They should have waited longer and assessed balance. Although at this point for even boss killing the potions don't do cabbage for how much they cost. They were best for PvP and got killed there hence eliminating the entire purpose of the update... Jagex just shot themselves in the foot. It's just like saying here is this uber degrading armor that can be smithed using 10 runite ore and 25 addy ore and 100 coal a bar. This is gonna be pricey. And it degrades. So what you end up with is people who realize it's stupid to use it at bosses and will instead use it in PvP. But if it isn't used for PvP nobody will make it because nobody will buy it.
~Deathmath
The first article was very true and I agree with everything except the 50% of shards thingy.
My simple solution: let Jagex control prices.
This would free up hardware (that are now monitoring and storing all sales on GE) and would allow to keep things fair. It's also impossible to price manipulate...
Errr... I think they can control prices. But if they control prices it won't work. Inflation will still occur people will junk trade around barriers. Free market best establishes prices. Inflation though being bad accurately represents the atmosphere of which goods are being bought and sold. The prices today are accurate FOR THIS BAD ATMOSPHERE.
And to price manipulation, yes, when that happens they hsould momentarily take charge. (In this case)
Finally as a disclaimer, I have no doubt that Fetski means well. Some statements have been somewhat short sighted, but any efforts into fixing the problem are appreciated :)
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TF2 by far. (It wouldn't work)... I'll play it when I get my new comp. Actually it would have to be the maplestory online flash game. Find it. Play it. Laugh your head off.
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Was just at IKEA the other day. Can't remember the name but they have something JUST like the jerker.
OT: GET A CINNAMON ROLL, THEY WERE THE BEST I'VE EVER HAD </caps>
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What class would hte wc3 warden be? :P
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You should probably talk to your doctor, first. He'll probably have advice, if not a list of people who can help you recover. If you've had major back surgeries, you shouldn't be working out like someone who hasn't had those problems. For all we know, you might fall down and hurt yourself after a mile run.
Fair enough.
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I want a digital camera (not SLR). NO idea how much you have to spend to get one, but decent megapixels/indoor picture taking ability/some sort of optical zoom.
I'll determine cost once i know what you can get for what. I"ve looked on newegg, and it's very confusing because I don't know a lot of hte specs.
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It it your internet connection?
Nope, I'm on an 8MB internet connection. I'm getting FPS problems, not lag. Please notice that these are different things.
They can be associated. FPS gets throttled with lag.
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DownThemAll for firefox is ter pwn. It's really great for throttled downloads. (It does the second thing)
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which will ditch XP and skills
DO NOT WANT
WANT
INDIFFERENT
Honestly the reason I'm retiring from RuneScape is THOSE TWO THINGS. They are great and all but take time. I want a game without skills and exp. :)
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Scoliosis: i have a pretty long spinal fusion.
Don't plan on a gym membership.
If I do it will be after I can actually do the baseline stuff.
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compfreak left because he/she got banned for stupid rants cant belive this has almost made 80 pages
so on topic
SLAYER OWNS YOU
since pvp drops got ruined without doing slayer kiss all your whips d bows d boots g mauls anything that is a special slayer reward good bye
Slayer is fun. Rewards are bad.
I still talk to compfreak a lot, although he has a lot more work and stuff financially. Leave the guy alone, it was his choice.
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Honestly this isn't a weightlifting only issue. It's overall exercise stuff. WHen I'm this weak should I even try to lift, or try to do some general swimming or something first?
Relating Economic Topics to Runescape
in General Discussion
Posted
Of course, I understand the elimination of the prior two, missed them when striking through stuff.