https://mas.to/@RichardJMurphy/114725540709564741
For all those sprouting #MMT in social media， this is as good an explainer as I have read/seen。 Boost to inform those not aware of what this #EconomicTheory has to offer。
#EconomicTheory
2/2
John Tons in his article (published by johnmenadue.com) reminds us that neoliberalism is purposely skewed towards private enterprises (deregulated markets) as the solution to all our social problems and while the flaws in this outlook where laid bare in the 2008 GFC and subsequent financial failures, this is still the mantra for not only our politicians, but our economists, and the general population at large because for the greater majority, this is the only system they’ve ever experienced. It’s very much a case of breaking out of a mindset which is required in order to think ‘outside the box’ and bring about some sanity (as well as social responsibility) to our thinking when we begin to elaborate new economic systems to address our common (supposedly intractable) problems. Whatever might come next, it is beyond time it should come.
#Capitalists understand and accept #Marx and his #economicTheory more than what they think or want to admit.
They know very well that #machines can't and don't create #profit. Only #humanlabour produces profit.
#Automation and #AI will #free #humans from certain kinds of #labour only when we abandon capitalism and the chase of profit.
> It’s as if someone were out there making up pointless jobs just for the sake of keeping us all working. And here, precisely, lies the mystery. In capitalism, this is precisely what is not supposed to happen.. the very sort of problem #MarketCompetition is supposed to fix. According to #EconomicTheory, at least, the last thing a profit-seeking firm is going to do is shell out money to workers they don’t really need to employ.
https://theanarchistlibrary.org/library/david-graeber-bullshit-jobs
https://www.davidgraeber.org/wp-content/uploads/2013-On-the-phenomenon-of-bullshit-jobs-A-work-rant.pdf
#DavidGraeber #BSJ
4/5 Think about it: every extra dollar in a system flushed with cash could now mean real inflation. We've been used to adding money to match our growing economy, but what happens when that growth slows or reverses? 🤔 #EconomicTheory #InflationConcerns
I asked for a pint of estrogen at the pharmacy, but this is all they gave me.
Is this a sign of a looming recession?
"Behavioural and heuristic models are as-if models too – and that’s ok"
An overdue discussion and analysis by Ivan Moscati.
https://doi.org/10.1017/S0266267123000093
So far, I am not sure his suggested 'as-if mentalism' is helpful or anything other than a new muddled term.... but its a very long paper and I probably need to read it again.
#behavioraleconomics #EconomicTheory #economicpsychology #decisiontheory #economicphilosophy
Bank economist inadvertently admits that neoclassical economic theory has little to do with reality:
"Good to see the economic theory playing out in reality, for once."
#KelvinDavidson, Chief Property Economist, #Corelogic
Interesting take on Hayek with which I wholeheartedly agree, that were it not for his crass right-wing personal politics his economic philosophy might well have been embraced by hippies.
#EconomicTheory #libertarianism #BookReview
https://www.lrb.co.uk/podcasts-and-videos/podcasts/the-lrb-podcast/the-hayek-puzzle
Money behaves as though it has mass. Back when money had actual mass and volume, those limited concentration of wealth. But now money is idea-based. Every hoard is a singularity. Small ones evaporate quickly, but big ones become black holes that devour all nearby economic value.
On the creative vacuum of leadership, the senseless occupation of humanity...and what we all might do next.
"Economies and entire civilizations have been built around whatever gives people more stuff to do. But just doing stuff, isn’t enough."
#Economics #Capitalism #Violence #BoredApes #Socialism #JobCreation #SocialTheory #EconomicTheory #Automation #BasicIncome #Creativity #History #Inequality
#EconomicTheory must account for #power.
Really happy to see this paper published: https://econtheory.org/ojs/index.php/te/article/view/20221619
Two reasons. First, a number of (IMHO) important recent papers are finally unlocking the potential of epistemic game theory to push the frontier beyond equilibrium in significant economic applications. This paper definitely belongs to this category.
Second, Luciano Pomatto was my student back in the day, and I had a lot of fun learning from him. Congrats! And someone please get him on 🐘
RT Brian RottinghausEconomic insight via @PerBylund Always worth a follow to increase your understandingPer Bylund: Proper economic theory is logically deduced, universally applicable, and true. It provides the structure, but not the specifics of a situation. The application of theory thus uncovers the actual nature and causes of observed phenomena. #economics #economictheory #praxeology
from: https://twitter.com/BrianTRott416/status/1415647826646761474
Freeman’s Three Laws of Money
1) Money only exists when it is in motion.
2) The total value of money owned, whether by an individual or a society, will always change at an exponential rate.
3) The number of specialized experts in a society is always proportional to the abundance of money in that society.
I came up with these three laws recently as I have been refreshing my studies and going significantly in-depth on economic theory and the nature of money. I’d be curious to hear people’s impression of it.
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