@GhostOnTheHalfShell@masto.ai avatar

GhostOnTheHalfShell

@GhostOnTheHalfShell@masto.ai

opinionated lurker of the intarwebs.

Used to write code, still do. c/c++, java, php, js, c#, gdscript, gnawed on sql, sparql, unix/windows etc etc billions of years ago.

tech, graphics, anything STEM
anything anthropology, history, linguistics
anything blender, gimp (although i scream using it), audacity
prefers not to be run over by cars

I drink Philz.

I do a (non-monetized) video or so a week on yt.

Tyranny and poverty are everywhere a mainstream economics phenomenon.

This profile is from a federated server and may be incomplete. Browse more on the original instance.

GhostOnTheHalfShell, (edited ) to random
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

The remarkable aspect of mainstream economists is their persistence treating values in (digital) ledgers as actual instances of banknotes (physical paper) as their mental model, then selectively dropping the model.

And they refuse to submit to accounting rules.

https://profstevekeen.substack.com/p/why-you-cant-win-an-argument-with

🧵

GhostOnTheHalfShell,
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@economics@a.gup.pe

This is peeled away when Keen picks apart how a money multiplier would even work. It only applies if banks lent actual banknotes.

In short, their reasoning insists a virtual chair has the same characteristics of a physical chair, although I can think they actually engage in double think with money multiplier, at least I think so with this definition supplied by wiki: 🧵

GhostOnTheHalfShell,
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@economics@a.gup.pe

"In monetary economics, the money multiplier is the ratio of the money supply to the monetary base (i.e. central bank money). If the money multiplier is stable, it implies that the central bank can control the money supply by determining the monetary base."

https://en.wikipedia.org/wiki/Money_multiplier

If the multiplier is stable… more sand castles in the sky, I mean simplifying assumptions

🧵

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

Economists build castles in the air. Public policy lives in them. Banks collect the rent.

Or something like that.

GhostOnTheHalfShell,
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@economics@a.gup.pe

Seriously, stable? The money supply meant here is credit not banknotes. See GFC.

GhostOnTheHalfShell, (edited )
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

"The Neoclassical (and Austrian) economics vision of free market capitalism is one of an anarchist utopia. When free of non-market distortions—government intervention, unions and externalities—and bereft of monopolies, the Neoclassical model of capitalism achieve “Pareto Optimality”: a point at which no-one can be made better off without making someone else worse off. "

🧵

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

Of course, we've never seen anyone make others worse off for their own benefit.

And the alpha male anarcho-capitalist, Peter "technology is an alternative to politics" Thiel, rejects competition and democracy and instead seeks monopoly and his tyrannical rule.

aral, to random
@aral@mastodon.ar.al avatar

You wouldn’t keep getting surprised by “the good guys” supporting horrible things if you would just let yourself see the uncomfortable truth that they’re not the good guys, even if they happen to be your guys.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@aral

We are asked to think of leaders as our friends.

They are vehicles to server our interests when they don't actually operate that way.

pikuma, to random
@pikuma@mastodon.gamedev.place avatar

The state in Brazil where I grew up is now under water. Everything I knew, the friends I had, the houses I lived, the animals I loved, the bridges I crossed, even the waterfall I used to hike by... all gone.

Everything you know, love, and work hard for can all crumble down in a matter of seconds.

It's been a tough week. 😔

Cachoeira da Mulada, Caxias do Sul.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@pikuma

I can't even imagine. 😢

thomasfuchs, (edited ) to random
@thomasfuchs@hachyderm.io avatar

Really fantastic work to give in to COVID deniers and antivaxxers, with absolutely no long term consequences

(If you don't know, H5N1 has ~50% fatality rate.)

(via https://bsky.app/profile/octocryptid.bsky.social/post/3kseq2usc4c2b)

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@thomasfuchs

To put this crudely, think of it as evolution in action.

A chain link fence surrounding a pile of radioactive waste with a sign saying "cross this and you will die" should suffice.

but it doesn't ever does it? 🙁

FantasticalEconomics, to Economics
@FantasticalEconomics@geekdom.social avatar

We really need to rethink our capitalistic obsession of running things like a business. Cutting costs to increase profits obviously doesn't make sense in areas of education, healthcare, public utilities, and prisons, to name just a few.

Hell, Boeing is making a strong case that it doesn't even make sense for businesses to be run like a business, much less these public goods...

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@FantasticalEconomics

Investing and managing stock investments carry different priorities than investing and managing production.

The priorities are at odds with each other. Tangible failure shambles on because financial engineering is succeeding.

Because of this, the assertions of Friedman, that the market culls failure, isn't operative at least for actual output.

https://youtu.be/SSBsW3Qzqjs

GhostOnTheHalfShell,
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@FantasticalEconomics

Thank you. It's great to hear feed back!

paninid, to random
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GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@paninid

The most useful courses project management and meetings..

actually yes

LALegault, to random
@LALegault@newsie.social avatar

This was the most true moment of the last eight months: the Israeli Ambassador shredding the charter, as Gadaffi once did.

The Israeli ambassador shredding the UN charter with a tiny shredder

GhostOnTheHalfShell,
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@LALegault

A real piece of work, him.

Something to remember Israel by, Always.

GhostOnTheHalfShell,
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@LALegault

Appropriate for Halloween.

GhostOnTheHalfShell, (edited ) to Economics
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

File this under the heading economics is not even a dismal science, because mainstream economics isn’t even science. Economics could actually be a rigorous discipline, if orthodoxy can be kicked out.

“ In contrast to its attitude to private debt, which it ignores, mainstream economics obsesses about government debt. But this volte-face doesn't besmirch its record of being 100% wrong.”

https://profstevekeen.substack.com/p/its-a-mixed-credit-fiat-world-e3f

GhostOnTheHalfShell,
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@mike805 @economics@a.gup.pe

It goes beyond that and doesn’t need game simulation (although it’s a great teaching tool).

has modeled macro from accounting identities which follow closely empirical economic behavior and has debunked mainstreamers for 50 years (as others have).

The mainstream’s refusal has as much to do with an the established thinkers refusing to budge as it does the immense ideological interests of wealth that uses them to legitimize their dominance.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@mike805 @economics@a.gup.pe

In other words, it take more than proof, which has been on offer for decades, but social mobilization to cast out the mainstream. This is why Keen seeks to rally academics from a broad range of fields to subject economists to academic review, especially on climate.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@mike805 @economics@a.gup.pe

Applied MMT does forward market casting using MMT and machine learning.

https://www.youtube.com/@MMTMacroTrader

Accepting proof is not a given.

"A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die and a new generation grows up that is familiar with it ..."

Non Orthodox economists have contended with this for a half century and longer.

https://en.wikipedia.org/wiki/Planck%27s_principle

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@msbellows @economics@a.gup.pe

I can try, but you'll have to specify what about Keynes is correct or not.

The reason I ask is MMT authors like Graziani, picks out parts of Keynes that hold water and other parts that do not.

GhostOnTheHalfShell, (edited )
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@msbellows @economics@a.gup.pe

Ah yes. OK.

Keynes was wrong in this sense: government deficits are private deposits.

So there should be no surplus because government is deleting the credit potential of the economy; taxes deletes fiat currency and a surplus is a state shrinking private wealth.

That said, spending when the economy is bad is creating credit.

🧵

GhostOnTheHalfShell,
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@msbellows @economics@a.gup.pe

It's only off in the act of generating a surplus will cause a crisis.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@mike805 @economics@a.gup.pe

Applied MMT or at least Doug doesn't operate that way. It'd tell you how to position in the market wrt to the economic cycle and it only forecasts a few months out.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@dlakelan @msbellows @economics@a.gup.pe

If I understand correctly, MMT and Keen by his math, would say that reducing the deficit removes money (credit) from the system, not a good thing if commerce is fading.*

Here, raising interest could be an option, but I'd say helicopter money into people's pockets.

  • note here I do not think growth should be necessary, because Bractaete system doesn't need, but we don't have it and monetary system needs interest and inflation to "work".
GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@dlakelan @msbellows @economics@a.gup.pe

The first thing to know is where inflation is coming from. Why is business failing to meet demand, or why is demand so?

Profiteering has driven the last few years of inflation, under the cloak of supply chain disruptions.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@dlakelan @msbellows @economics

First ask why is active low?

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