Author Topic: Economics Culture  (Read 376 times)

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Offline MH

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Economics Culture
« on: August 08, 2019, 01:15:14 pm »
MMT !
https://asia.nikkei.com/Opinion/Modern-Monetary-Theory-threatens-revolution-in-economic-thinking

I've been reading about it.  Seems like a logical end point to 'money' in its current form.

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Offline MH

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Re: Economics Culture
« Reply #1 on: August 15, 2019, 08:41:45 am »
https://www.youtube.com/watch?v=2Wm_Lew0kME

Clay Shirky talks Chinese innovation - pretty fascinating stuff

Offline MH

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Re: Economics Culture
« Reply #2 on: August 17, 2019, 09:06:03 am »
David Blanchflower explains slow wage growth at PIE

https://youtu.be/44_Q3Ff9gmo


Offline wilber

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Re: Economics Culture
« Reply #3 on: August 19, 2019, 11:41:04 am »
Mentioned in that article is the fact Japan is also the worlds largest creditor nation. The US is the largest debtor nation. So maybe using Japan as an example for the rest of us is not the best idea.
"Never trust a man without a single redeeming vice" WSC

Offline MH

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Re: Economics Culture
« Reply #4 on: August 19, 2019, 07:53:04 pm »
Mentioned in that article is the fact Japan is also the worlds largest creditor nation. The US is the largest debtor nation. So maybe using Japan as an example for the rest of us is not the best idea.

Which article ?

Offline wilber

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Re: Economics Culture
« Reply #5 on: August 19, 2019, 07:57:54 pm »
Which article ?

The link you posted.

Quote
Not every country is in the same position as Japan, which is the world's largest creditor nation and has been clocking up current account surpluses since the early 1980s
"Never trust a man without a single redeeming vice" WSC

Offline MH

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Re: Economics Culture
« Reply #6 on: August 19, 2019, 08:46:58 pm »
Ok but
Quote
"For Japan has been running large fiscal deficits for more than 20 years and has consequently amassed a Mount Fuji-sized pile of outstanding government debt, equivalent to 250% of Japanese GDP, according to Japan's Ministry of Finance."

Offline wilber

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Re: Economics Culture
« Reply #7 on: August 19, 2019, 10:07:04 pm »
Ok but

But Japan has a big balance of payments surplus so it is not the same as the rest of us. They may be lending a lot to themselves but they are lending even more to other countries. Japan holds a lot of US debt but not the other way around.
"Never trust a man without a single redeeming vice" WSC
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Offline MH

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Re: Economics Culture
« Reply #8 on: August 20, 2019, 06:53:02 am »
I see what you are saying.

If you run an economy this way, does it matter though?

Seems like you are ignoring bond holders.


Offline wilber

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Re: Economics Culture
« Reply #9 on: August 20, 2019, 01:28:14 pm »
I see what you are saying.

If you run an economy this way, does it matter though?

Seems like you are ignoring bond holders.

I don't know. I'm just pointing out that Japan is in a different situation than other countries. A problem with printing all this money is you can wind up with more people looking for places to invest it than spend it.
"Never trust a man without a single redeeming vice" WSC

Offline MH

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Re: Economics Culture
« Reply #10 on: August 20, 2019, 01:55:52 pm »
I don't know. I'm just pointing out that Japan is in a different situation than other countries. A problem with printing all this money is you can wind up with more people looking for places to invest it than spend it.

Your point is quite relevant.  Japan can afford to do this... maybe it's akin to having an AmEx platinum card ?  ie. no limit ?  They don't give them to people with an over-extended Discover card !

Offline wilber

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Re: Economics Culture
« Reply #11 on: August 20, 2019, 04:02:33 pm »
Your point is quite relevant.  Japan can afford to do this... maybe it's akin to having an AmEx platinum card ?  ie. no limit ?  They don't give them to people with an over-extended Discover card !

Economics is scary, specially when people start justifying massive amounts of debt. Guess I'm old school, grew up thinking debt is bad and should be eliminated as soon as possible. Not always the best idea because it also stopped me from making some good investments over the years. Oh well, what to do?
"Never trust a man without a single redeeming vice" WSC

Offline MH

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Re: Economics Culture
« Reply #12 on: August 31, 2019, 02:19:00 pm »
Easy read:



And a great paragraph summarizing the mathematical fallacy that is 'trickle-down economics':
Quote
This is not just bad for those who suffer, although surely that is bad enough. It is bad for affluent Americans, too. When wealth is concentrated in the hands of the few, studies show, total consumption declines and investment lags. Corporations and wealthy households increasingly resemble Scrooge McDuck, sitting on piles of money they canít use productively.

https://www.nytimes.com/2019/08/24/opinion/sunday/economics-milton-friedman.html


Offline MH

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Re: Economics Culture
« Reply #13 on: September 01, 2019, 11:02:49 pm »
Post-Work society: Fully automated luxury communism

https://www.youtube.com/watch?v=dmQ-BZ3eWxM

Think it isn't happening ? 

Offline Poonlight Graham

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Re: Economics Culture
« Reply #14 on: September 02, 2019, 03:03:17 am »
When the industrial revolution happened people thought we'd have a lot more leisure time.  Oops

Standard of living changes.  Also, you need the money to own the means of production for it to work for you.

Not working would also lead to social decay.  People need a reason to wake up in the morning, and something to strive towards.  I've met a lot of dopey retired people who do nothing all day, it's not good for the mind or body.  Some of them spend their time on message boards  :P

Times of plenty create soft people, as the saying goes.
"The child who is not embraced by the village will burn it down to feel its warmth"  - African proverb