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"Economists, for obvious reasons, can’t be completely oblivious to the role of banks, but they have spent much of the twentieth century arguing about what actually happens when someone applies for a loan. One school insists that banks transfer existing funds from their reserves, another that they produce new money, The one thing it never seemed to occur to anyone to do was to get a job at a bank, and find out what actually happens when someone asks to borrow money. In 2014 a German economist named Richard Werner did exactly that, and discovered that, in fact, loan officers ...Read More
Pretty good piece, but I disagree with the characterization of union actions as "a drag". At risk of romanticizing collective action, my experience with unionization efforts is that when people are pushed to do the hard work of consistently "showing up" they usually find it affirming and vivifying. To characterize ...Read More
No! It’s time we all understood that this mess can’t be ‘fixed’. “To Mazzucato, a Green New Deal could be as bold as the 1969 moonshot”? More like as self-aggrandizing for bourgeois ecomomics as the 1969 moonshot for US-imperialism. A woke reformist is still just a reformist. Pity!
[use GNMT for english version, it's uncanny good at NOR->ENG] With regards to Modern Monetary Theory (MMT) and funding the green shift. ...Read More
Big pyramid scheme energy. “The potential new investment from SoftBank could unlock more financing options for WeWork, which is in talks for a $3 billion to $4 billion loan from a consortium of banks contingent on it raising additional capital, FT added.” ...Read More
“The trigger for people becoming more aware of inequality was the crisis and the slowdown in real growth,” says Milanovic. “It wasn’t a topic on its own that came up just as people saw Bill Gates or Jeff Bezos being rich. It came as incomes hadn’t risen as they’d been ...Read More
“What Americans young and old are abandoning is not so much the promise of family, faith, and national pride, but the trust that America’s existing institutions can be relied on to provide for them.”
It is a big claim for an artist to suggest that their work is in anyway disconnected from money, or that they don’t think about the money. Even if they try to disconnect it, it is inevitable that art is dependant on its place in the market, such informing their ...Read More
An optimistic view on where we are headed as exemplified by local sharing and barter economies popping up in Greece.
"Schumacher's emphasis on what he called "intermediate technology" (neither basic nor large-scale) as the solution to many of the world's problems… "A crank", he said, "is a piece of simple technology that creates revolutions". Nice."
Neoclassical economics has so deeply entrenched the notion that markets are better than all other ways of organising life, that decisions escape rational scrutiny. All models use a few simplifying assumptions, but those underpinning mainstream economics more often distort and detach from reality. That’s why new groups are emerging to ...Read More
Is Andrew Yang's $1,000/month "Freedom Dividend" enough to jump start trickle up economics? "The idea mimics a form of social security that guarantees a certain amount of money for every citizen but without work requirements or other tests. He says it aims to shield Americans from the pain brought about by the technical revolution that is replacing human jobs via automation. He proposes ...Read More
Yang’s UBI intends to replace most safety net programs like welfare etc. it’s why libertarian bros like it. People who think equity is unfair can only understand ‘every person gets same same, equality yes’ Still, I think on its own UBI is super great, just shouldn’t be an excuse to dismantle existing support structures.