They said it couldn't happen. After decades of #antitrust enforcement against #PredatoryPricing - selling goods below cost to kill existing competitors and prevent new ones from arising - the #ChicagoSchool of neoliberal #economists "proved" that predatory pricing didn't exist and that the courts could stand down and stop busting companies for it.
If you have any skills or talents that you can use to try to avert the coming #climatecatastrophe then get off your arse and do something.
Thats not saying "I will fly less and recycle more". Its coming freely together with other people to come up with new ideas and inventions to sort things out. If we can come up with #opensource software like #Linux then we can come up with open source solutions to #software and #hardware problems to help everyone
Its not just #scientists, #engineers and the like. If you are good at say editing #video or #audio you can help make content promoting the other people creating new technology. #Economists, #politicians and more can come up with #equitable and fair means of generating money with the new #technologies. They can also tax the rich motherfuckers until the pips squeak to pay for them too.
One of the defining myths of our (external) view of #America is that it is a country with a significant level of internal (geographical) mobility - people moving to where economic opportunities are etc.
Well, interestingly what the data shows is this idea of a #UnitedStates on the move is wrong - America's population in more often staying put, even if this is involuntarily due to difficulties with the #housingmarket.
Which for some #economists may be a factor in the US' relative decline?
Economists know that it’s people with above-average wealth and income who are responsible for inflation, because they spend far more than people with less money.
“… the economist who has been embraced as a guiding light by the global institution tasked with shepherding humanity through the climate crisis, who has been awarded a Nobel for climate costing, who is widely feted as the doyen of his field, doesn’t know what he’s talking about.”
What economists say:
“Using our model under a baseline carbon-tax scheme designed to reduce long-run emissions by 35% with carbon-tax revenue rebated lump-sum to households, we find that this policy generates mild positive long-run effects on consumption, output, and labor force participation; negligible long-run adverse effects on unemployment; and a long-run increase in the number and share of firms that adopt green technologies...”
The #CovidInquiry has paused for the seasonal break but already & unsurprisingly, many #Tories (and their fellow travellers) see it as a waste of money.
However, given the likely costs incurred it seems a legitimate Q. to raise.
To try & make sense of how we might respond to such clams that its a waste of money, I have applied (in an outline fashion) one of #economists favourite tools - the cost/benefit analysis, to at least map out an approach to answering this Q.
Deutsch Bank have had a go at answering the Q.: how long does it take #interestrates changes to feed through in to the economy'?
There answer is not the months that most #economists seem to base discussion on but rather (as the chart suggests) show a cumulative impact that takes around four years to fully take effect.
If so, the impact of the BoE's current policy will still be negatively impacting the economy in 2026/7;
ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism by Yves Smith
“Lost your job, lost your life savings, the country's going down the proverbial - want to know who did it? Yves Smith tells the tale of how bad economics created the foundations for the 'Madoff economy'.