GhostOnTheHalfShell

GhostOnTheHalfShell , 4 days ago to economics-that-works group

@economics-that-works

#economics
#SteveKeen

I tend now to classify mainstream, orthodox schools, the neoclassical and Austrian schools, as conservative economics. It's a more concise and meaningful characterization.

These schools are intimately tied to a particular political outlook, the right wing version of libertarianism proselytized by the .1%. They indoctrinate themselves and those passing through economics courses in high school and college.

https://profstevekeen.substack.com/p/conclusion-future-economics-and-a

GhostOnTheHalfShell OP , 4 days ago

@economics-that-works

"However, pluralism is really a concession to the fact that Neoclassical economics dominates the academic teaching of economics, is hostile to any other approach, holds the purse-strings for research funding, and acts as a gatekeeper against alternative paradigms at all but the most lowly-ranked of universities."

🧵

GhostOnTheHalfShell OP , 4 days ago

@economics-that-works

"The only way for non-Neoclassical teaching and research to survive at Universities is therefore to plead for pluralism, which translates as asking Neoclassical departments to not persecute their non-Neoclassical staff, and to tolerate some courses being not strictly Neoclassical in nature."

🧵

GhostOnTheHalfShell OP , 4 days ago

@economics-that-works

I've been boosting Keen's work here to spread awareness of his work, but also how much conservative economists tyrannize every part of our lives.

Keen's work is important on two fronts 1) accurate models of our economy are meaningful in our lives and 2) removal of cancerous policy advice of this mainstream.

They are blood letters treating the body economic, insisting that a gallon of blood is Good Medicine.

His work is worth supporting.

GhostOnTheHalfShell OP , 4 days ago

@economics-that-works

#SteveKeen

"If economics responded to paradigmatic anomalies as physical sciences do, then Neoclassical economics would have died by the early 1970s, and a new paradigm would have replaced it."

Conservative economics has another layer of inertia, beyond Plank's lament (that theoretical advancement is generational) and that is its ideological layer.

It won't die, because the super rich rely on it to legitimize their economic despotism.

🧵

GhostOnTheHalfShell OP , 4 days ago

@economics-that-works

They've made themselves out as champions of market economies, and their ideas the foundation of freedom and prosperity.

Defying them is to oppose freedom and prosperity, to be tyrants and of course "commies".

The assertions are absurd because their policies have destroyed freedom and prosperity in everything they touch (think academia).

GhostOnTheHalfShell OP , 4 days ago

@economics-that-works

""Equally, rogue fossil fuel usage will be likely: a country that sees millions of its citizens die because of insufficient air conditioning, or the failure of the electricity grid, is likely to ramp up rather than reduce fossil fuel usage—if it can secure supplies.""

Here I differ from Keen because climate refugees torn from the global economy. They have no place to live or work. Nature will keep destroying them.

🧵

GhostOnTheHalfShell OP , 4 days ago

@economics-that-works

There won't be a there, there to ramp fossil fuel up for and outside a few short years or a decade, the global infrastructure to extract, process and sell hydrocarbons will unravel.

Climate change makes large scale and long term infrastructure economically unviable.

GottaLaff , 4 days ago to random

👍🏻In a sweeping change that could improve millions of Americans’ ability to own a home or buy a car, the #Biden administration will propose a rule Tuesday to ban medical debt from credit reports. https://abcnews.go.com/Politics/sweeping-change-biden-administration-ban-medical-debt-credit/story?cid=social_twitter_abcn&id=110997906

GhostOnTheHalfShell , 4 days ago

@GottaLaff An even more fundamental change is needed. Credit score should not go up with debt burden. It’s the most toxic thing, we must go into deep debt for a good credit score.

archaeohistories , 1 month ago to random

Snow Goggles; first sunglasses were used 2000 years ago by Inuit hunters, inhabiting Arctic and subarctic regions of Greenland, Labrador, Quebec, Nunavut, to shield their eyes from blinding glare of light reflected off snow.

Made from carved driftwood, bone, walrus ivory or caribou antler that formed strip worn across eye area, with thin slits. Goggles were cut so that they fit tightly to face and often soot or gunpowder was rubbed on outside to absorb light and further cut down on glare.

GhostOnTheHalfShell , 4 days ago

@archaeohistories

yeh.. the real tech are kayaks. Best classified as a garment, custom made for the men.

IIRC cal-tech or similar studied the hulls because the hydrodynamics were superior and not understood by modern engineering.

GhostOnTheHalfShell , 5 days ago to economics-that-works group

@economics-that-works
@scottsantens
@dlakelan

#economics

#UBI Considered Useful

https://mastodon.sdf.org/@dlakelan/112587502062095325

GhostOnTheHalfShell OP , 5 days ago

@dlakelan @economics-that-works @scottsantens

Oh YOOU and that silly idea.

jerry , 6 days ago to random

Roses are red
Nothing rhymes with orchid.
Here’s another one.
Don’t say I never gave you anything.

GhostOnTheHalfShell , 5 days ago

@jerry (finger twitches over Andy's Orchids)

malwaretech , 8 days ago to random

The thing about LLMs/AI that confuses me so much is how is it that these multi-trillion dollar tech companies can't come up with like a single good use case for their technologies.

If my friend came up to me and pitched me on something like Microsoft Recall, LinkedIn AI post summary, or Instagram Search Chatbot, I'd ask if they were dropped on their head as a child.

GhostOnTheHalfShell , 7 days ago

@Npars01 @malwaretech

I consider these folks seek to restore themselves as neo aristocracy.

GhostOnTheHalfShell , 8 days ago to economics-that-works group

@economics-that-works

#SteveKeen #SteveKeenAndFriends
#mmt
#Economic

Tomorrow 9am PST

Should be interesting as Selgin is Mr Cato institute and also banks are intermediaries and when they are not it's the gubnit's fault.

https://www.youtube.com/live/jbXcvv4_548

You can read the most stunning paper imaginable. :ablobwink:

https://www.cato.org/working-paper/banks-are-intermediaries-loanable-funds

GhostOnTheHalfShell OP , 7 days ago

@dlakelan @economics-that-works

The discussion was quite good. They actually agreed more, although I don't think Selgin knew it.

My main issues with his paper is 10-20 pages of ad hominem fluff, then he shifts to real comments around page 30.

Here, it's clear he hasn't run through the math.

In remarks made after show, he mentioned Twitter breeding acrimony. He is 100% correct because that's what those platforms encourage.

🧵

GhostOnTheHalfShell OP , 7 days ago

@dlakelan @economics-that-works

But per Graziani, reserves matter less the more deposit market share a bank has.

The larger they are, the more likely transfers occur endogenously, but beyond that an environment of large whales is very different than one of minnows.

Consider also that in our digital world, all transactions occur electronically. "Money" never leaves banks. They collect rent on every transaction.

GottaLaff , 8 days ago to random

Omg.

#RIP Retired Maj. Gen. William Anders, the former Apollo 8 astronaut who took the iconic “Earthrise” photo showing the planet as a shadowed blue marble from space in 1968, was killed Friday when the plane he was piloting alone plummeted into the waters off the San Juan Islands in Washington state. He was 90
https://apnews.com/article/6d3800130ef4e67d761f96b328f7c263

GhostOnTheHalfShell , 7 days ago

@GottaLaff

RIP and he died with his boots on. It’s amazing how transformative space can be, from Glenn to Shatner, people acutely feel just what our little planet does for us.

https://youtu.be/U8PvNOCNxts