@DrRGST@gwadej Please note that before anyone blames #Reagan, that graph started to diverge and get shaky in the early 1970s. The apotheosis of #Keynes’ #economics was 1971’s #Nixon Shock; after that a brief reactionary blip into #Friedman’s #monetarism as the decade ended.
We’ve been living with the worst of both worlds since the mid-80s as central planners try to ride herd on the #inflation of floating fiat currencies.
"‘The long run is a misleading guide to current affairs. In the long run we are all dead,’ wrote John Maynard #Keynes in his 1923 work, A Tract on Monetary Reform."
Mid March is the long run for many Gazan refugees, Mr. President!
The continuing #costoflivingcrisis is reflected in a pre-xmas drop in consumer spending & suggest that a winter #recession is more likely;
Politicians should recall #Keynes focus on 'effective demand' in driving economic activity.
Whatever else is wrong about #economic#inequality, if you impoverish the less wealthy (who are much more likely to spend their income/wealth) then you prompt a decline in economic activity.
Of course, this is exactly what the BoE want, whatever the social costs!
Humans did not evolve and have never existed on a planet like the one our capitalist rulers are bringing forth. Perhaps some of us will survive in isolated pockets here and there, but today’s complex and hyper-connected global society most certainly will not.
When it comes to the modern world of #enshittified, terrible businesses, no addition to your vocabulary is more essential than "#bezzle," #JKGalbraith's term for "the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it"
First, #SteinsLaw: "Anything that can't go on forever will eventually stop."
Second, #Keynes's: "Markets can remain irrational longer than you can remain solvent."
On the one hand, extremely badly run businesses that strip all the value out of the firm, making things progressively worse for its suppliers, workers and customers will eventually fail (Stein's Law).
@stancarey It's interesting to note that if Robinson's text was the source, his point was that getting nasty people to work for the benefit of society was in fact the great merit of #capitalism. #Keynes#economics