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GhostOnTheHalfShell

@GhostOnTheHalfShell@masto.ai

opinionated lurker of the intarwebs.

Used to write code, still do. c/c++, java, php, js, c#, gdscript, gnawed on sql, sparql, unix/windows etc etc billions of years ago.

tech, graphics, anything STEM
anything anthropology, history, linguistics
anything blender, gimp (although i scream using it), audacity
prefers not to be run over by cars

I drink Philz.

I do a (non-monetized) video or so a week on yt.

Tyranny and poverty are everywhere a mainstream economics phenomenon.

This profile is from a federated server and may be incomplete. For a complete list of posts, browse on the original instance.

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works
@ineteconomics

18 min

https://youtu.be/uq39i84l8MU

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

1 hr 43 min

Doug and Ritik Goyal comment on Murphy's critique of MMT. It can largely be treated as a podcast; the video is not terribly relevant.

https://www.youtube.com/live/cpOvpzCAC4E?si=aa6lNu6RcqOADLsz

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

#SteveKeen #climatechange #economics

"Though I have been interested in ecological economics ever since I read The Limits to Growth (Meadows, Randers, and Meadows 1972), E.F. Schumacher (Schumacher 1973, 1979) and Hermann Daly (Daly 1974) in the early 1970s, and I have been a critic of Neoclassical economics for just as long, I didn't start critiquing the Neoclassical approach to climate change until 2019."

https://profstevekeen.substack.com/p/capitalism-with-friends-like-these-797

dlakelan ,
@dlakelan@mastodon.sdf.org avatar

@GhostOnTheHalfShell
We can substitute between forms of food for example, but we can't substitute for calories. If caloric output drops by 30% the world will be devastated. We can substitute between different building materials but if wood products overall decline 30%... Yikes
@economics-that-works

GhostOnTheHalfShell OP ,
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@dlakelan @economics-that-works

that may be a reality we have to face.

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

#economics
#mmt

Deficits DO matter, just not the way textbook economics says.

Because federal debt, the credit it has created, is the money in our bank accounts.

Deficits and debt does matter.

Please disabuse conservatives that MMT doesn't care about deficits.

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

#SteveKeenAndFriends
#SteveKeen

Sat @9am PST

Ann returns!

https://www.youtube.com/live/MNpVQvgzn30

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

#mmt #AppliedMMT

18 min

MMT > mainstream theory.

https://youtu.be/IPVkNrRhFPc

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works
@ineteconomics

#INET

3 min

Baby bond. Not quite the same as #ubi, but much like it. Like having a wealthy uncle who writes you into his will.

https://youtu.be/06zw4ik8e34

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

@ineteconomics

catching up a bit on INET stuff. They aren’t currently active here, but their YT channel is an absolute delight.

https://youtu.be/FQ5dLjq9SHY

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

Let’s try to lure @ineteconomics back into active posting! They do great work!

https://youtu.be/-E--1xRydV0

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

An inflationary spiral based on expectations. It is a very different one from a deflationary one.

In the case of supply chain disruption (think floods and drought) it's a supply shock and at best businesses have to scramble to adapt (invest etc) to get around the problem. But hammering COL demand is perverse.

In all cases, messing around with interest rates is largely an exercise in futility.

https://youtu.be/eX4Sh1sq6HU?si=8NUW_83dz4sfUDtE

GhostOnTheHalfShell OP ,
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@gooba42 @economics-that-works

Technically incorrect. Per MMT, banks don't lend from anything.

Lending creates an asset (bank wealth, but not "money") and deposit at the same time. Credit money (the deposit) is created ex-nihil.

A bank may need the Fed to give it reserves to cover the deposit if its value is to be transferred to another bank.

The lending capacity of a bank is governed by its deposit-market-share, its flows and the ability of borrowers to pay

GhostOnTheHalfShell OP ,
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@gooba42 @economics-that-works

Paying back the loan destroys the money created, but the bank pockets that interest charge.

Ultimately, that credit money comes straight from the Fed and government deficit.

The federal government's deficit is where banks get their money from. Out. Of. Thin. Air.

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

Pillage economics, lovingly crafted by the most ardent anti-market anti prosperity advocates. This is the insanity of a school of economics that successfully conned people into suspending their rational faculties. They don’t need facts, they need an intervention.

15 min

https://youtu.be/ca36ChrdV6M

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works
@economics

#economics #uspol

May 21

7 min

https://youtu.be/eknE5NjNMQg

GhostOnTheHalfShell OP ,
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@economics-that-works @economics

Deprogramming cults

https://www.npr.org/2021/03/02/972970805/experts-in-cult-deprogramming-step-in-to-help-believers-in-conspiracy-theories

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

#SteveKeen
#economics

If economists had all fallen into a hole and a couple physicists or engineers replaced them, the discipline would be different game.

https://profstevekeen.substack.com/p/the-role-of-energy-in-production

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

I call bullshit on Friedman for every having written this. This shit should never have been allowed to survive. Get this atrocity out of here.

"Truly important and significant hypotheses will be found to have "assumptions" that are wildly inaccurate descriptive representations of reality, and, in general, the more significant the theory, the more unrealistic the assumptions (in this sense) (p. 14)."

https://en.wikipedia.org/wiki/Essays_in_Positive_Economics#The_Methodology_of_Positive_Economics

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

Let's play economics RPG. Who's the main streamer and who's heterodox?

2 min

https://youtu.be/ebjNf4I88nk

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