668 Matching Annotations
  1. Sep 2021
    1. Elon Musk has built not one but two world-changing companies (Tesla and SpaceX.) He clearly deserves to be wealthy. As does Jeff Bezos, who quickly regained his title as the world’s wealthiest person. Bill Gates, Steve Jobs, Larry Page and Sergey Brin, Mark Zuckerberg, and many other billionaires changed our world and have been paid handsomely for it.

      Surprising for an egalitarian economic text to admit that, on conditions, the rich are entitled to their wealth.

    2. Until we recognize the systemic role that supermoney plays in our economy, we will never make much of a dent in inequality. Simply raising taxes is a bit like sending out firefighters with hoses spraying water while another team is spraying gasoline.

      Taxation needs a total revamp because it's inefficient, slow and the rich adapt by becoming a moving target.

    3. The tax system could and should become more dynamic rather than more predictable.

      Exactly: decide the tax for each citizen at the end of the year, by a division of the required amount.

    4. When the markets are buoyant, Fed officials claim that central bankers should never second-guess markets by declaring that there are financial bubbles that might need to be deflated. Markets on their own, they assure, will correct whatever excesses may develop.But when bubbles burst or markets spiral downward, the Fed suddenly comes around to the idea that markets aren’t so rational and self-correcting and that it is the Fed’s job to second-guess them by lending copiously when nobody else will.In essence, the Fed has adopted a strategy that works like a one-way ratchet, providing a floor for stock and bond prices but never a ceiling.

      There is a systemic reason for inequality, and the rich people are controlling the knobs and dials of it: [[too-big-to-fail]] coupled with [[quantitative easing]]

    1. It will be argued here that the new configuration of three possible degrees of freedom—markets, governance, and knowledge production—can be modeled in terms of a triple helix of university-industry-government relations (Etzkowitz & Leydesdorff, 1997; Leydesdorff & Etzkowitz, 1998). Governance can be considered as the variable that instantiates and organizes systems in the geographical dimension of the model, while industry is the main carrier of economic production and exchange. Thirdly, academe can play a leading role in the organization of the knowledge production function (Godin & Gingras, 2000).

      university, government, and industry.

  2. Aug 2021
    1. Basic research leading to scientific discovery is thus a public good. It will benefit all. But, because the private incentive to pay for basic research is therefore attenuated, the private sector as a matter of economic self-interest is likely to underinvest in it. Therefore, if the full social potential of this public good is to be realized, the investment must come from government.

      Sounds argument against neoliberal views for privitized R&D.

    2. investments in basic research are variously estimated as ultimately returning between 20% and 60% per year (13).

      Science delivers x20 the typicall ROI!

    3. Their finding was that at most half of the historical growth could be explained by known factors. The unexplained part, sometimes estimated as large as 85%, was termed the Solow residual

      Definition of the "Solow residual".

  3. Jul 2021
    1. The New Money Trust: How Large Money Managers Control Our Economy and What We Can Do About It

      WTF is wrong?

      Where is the moral character and backbone of the American people. We know something is wrong! It smells and stinks yet no one does anything. Most of our elected politicians are useless turds floating in wastewater and the rest are multiple term professional corrupt politicians waiting for the appropriate revolving door opportunity. This has nothing to do with party affiliation, it is rampant on both sides. Political parties perpetuate the illusion as a control mechanism. We see it yet do nothing about it! WHY?

      This paper (topic) is typical of the continued "head in the sand" passive financial regulatory system loaded with Sheeple and kiss-ass do nothing idiots. Alarms have been going off since 2005/6 and as predicted then, our financial system imploded in 07/08.

      1. What lesson was learned?
      2. Who were the players?
      3. What disciplinary actions took place?
      4. Who went to Jail?

      Nothing has changed. Corruption and fraud fuel a dysfunctional financial system destined to cripple the American and Global economies. Economists and many within the financial sector know what is going on. Maybe they care about the average person but are afraid to come forward. Maybe they don't care and fully intend to rape and pillage as much of the global society as possible.

      The question is what are YOU going to do to protect future generations, your children, grand children and so on?

  4. Jun 2021
  5. May 2021
    1. expansive reputation system

      But what about inequality, and the aggregation of tokens to few users? Reputation is the hardest currency, and the first to come, wins.

    1. This means representing the interests of the electorate without destroying the existing political and socio-economic stability that Chileans have come to value.

      It sounds as a covert funny fiddle with the economy, or you will lose your power "by the people":

  6. Apr 2021
    1. Σε μια οικονομία που το χρήμα τυπώνεται και προσφέρεται στους ημετέρους, το κίνητρο του κέρδους είναι ανύπαρκτο· ενώ το πραγματικό κίνητρο (όπως πάντα) είναι ο έλεγχος. Το χρήμα είναι το μέσο με το οποίο επιτυγχάνεται αυτός ο έλεγχος.

      Δεν υπάρχει (πλέον) ανταγωνισμός, γινόμαστε σοβιετία, απλώς με μεγαλύτερες ανισότητες και κατανεμημένο πολίτμπιρο.

    1. Και όμως, θα αρκούσε μια πιο διεισδυτική ματιά στο «κίνημα των απαλλοτριώσεων» και των «περιφράξεων» της εποχής του, που μετέτρεπε την κοινόχρηστη γη σε ατομική ιδιοκτησία, για να αντιληφθεί ότι ο καταμερισμός εργασίας και η αγορά είναι αποτέλεσμα κοινωνικών και πολιτικών διεργασιών.

      Δεν είχε καταλάβει ο Ανταμ Σμιθ πως ο πλούτος φέρνει πλούτο, δηλαδή.

    2. Αντίθετα, αν εντάξουμε τον Πλούτο των Εθνών στο ευρύτερο πλαίσιο της Θεωρίαν των Ηθικών Συναισθημάτων, εύκολα θα αντιληφθούμε ότι ποτέ δεν αντιμετώπισε το κράτος ως αντίπαλο που πρέπει πάση θυσία να εξολοθρεύσει.

      Κρύβεται ένα από βιβλίο πίσω από τον Πλούτο των Εθνών!

    3. Ο κοινωνικός δαρβινισμός, όμως, δεν είναι φιλελευθερισμός. Μπορεί να στηριχθεί στον Μάντεβιλ (Mandeville) ή στον Σπένσερ (Spencer), όχι όμως στον Σμιθ.

      Ποιοι είναι οι Spencer & Mandeville?

    4. Σημειωτέον δε ότι η λεκτική αυτή παρομοίωση δεν είναι καν πατέντα του Σμιθ, αφού χρησιμοποιείται κατά κόρον ιδίως σε λογοτεχνικά κείμενα της εποχής του. Διατυπώθηκε, μάλιστα, η άποψη ότι η αναφορά του στο «αόρατο χέρι» γίνεται με καθαρά σκωπτική διάθεση.
    5. το πρόβλημα που απασχολούσε τις κυρίαρχες τάξεις της εποχής του ήταν πώς θα διατηρήσουν τους μισθούς καθηλωμένους σε αρκούντως χαμηλά επίπεδα, ώστε να είναι υποχρεωμένοι οι μισθωτοί να εργάζονται.
    1. indifference to human drivers

      Our week 8 module on Web 2.0 and the gig economy discussed this in more depth, and Barron alludes to this dynamic elsewhere in the article when describing both the typical user of an app like seamless and the typical profile of the gig economy worker who actually delivers their food - I appreciate the critiques of app design and user infantilization he is making here, but the article could have also discussed in more depth how these design choices help these companies to obfuscate and divert attention from the way they impact people besides the consumer. There is a whole class people whose primary interaction with these apps is on the back end- as struggling small business owners dependent on positive yelp reviews, delivery people, and rideshare drivers - maybe that is outside the purview of this article, but it would have been nice to see this angle explored a bit more.

    1. What is the right historical analogy for all this? Allen Farrington argues that Bitcoin is to the system of fiat currencies centered around the dollar what medieval Venice once was to the remnants of the western Roman Empire, as superior an economic operating system as commercial capitalism was to feudalism. Another possibility is that the advent of blockchain-based finance is as revolutionary as that of fractional reserve banking, bond and stock markets in the great Anglo-Dutch financial revolution of the 18th century.

      Historical context for bitcoin

  7. Mar 2021
    1. decarbonization also creates opportunities, and investors are keen to put capital to work on these areas. Many of them directly involve, or are adjacent to, chemicals production, including battery materials, green hydrogen, and materials that can enable energy efficiency.

      Circular economies are good news for everyone

    1. Cintia, P., Fadda, D., Giannotti, F., Pappalardo, L., Rossetti, G., Pedreschi, D., Rinzivillo, S., Bonato, P., Fabbri, F., Penone, F., Savarese, M., Checchi, D., Chiaromonte, F., Vineis, P., Guzzetta, G., Riccardo, F., Marziano, V., Poletti, P., Trentini, F., … Merler, S. (2020). The relationship between human mobility and viral transmissibility during the COVID-19 epidemics in Italy. ArXiv:2006.03141 [Physics, Stat]. http://arxiv.org/abs/2006.03141

    1. Prof. Devi Sridhar. (2020, March 25). We will be stuck in an endless cycle of lockdown/release for next 18 months, if we do not start mass testing, tracing, & isolating those who are carriers of the virus while pursuing rapid research for antiviral treatment or vaccine. This is the message the public needs to hear. [Tweet]. @devisridhar. https://twitter.com/devisridhar/status/1242743618986745861

    1. A successful stimulus must bring investment closer to the level of available savings. But the moment financial markets get a whiff that this is about to happen, they will push interest rates up to a level reflecting the better balance between savings and investment. Immediately, corporations hooked on low interest rates will face ruin; so will their bankers.

      Sudden death by stimulus.

  8. Feb 2021
    1. Dr Phil Hammond 💙. (2020, December 6). In some parts of the country, 31% of care home staff come from the EU. Some areas already have a 26% vacancy rate. And on January 1, EU recruitment will plummet because workers earn less than the £26,500 threshold. A very predictable recruitment crisis on top of the Covid crisis. [Tweet]. @drphilhammond. https://twitter.com/drphilhammond/status/1335490431837200384

    1. There’s so much money that goes to the creditors to the top 1 percent or 5 percent that there is no money for capital investment, there is no money for growth. And, since 1980 as you know, real wages in America have been stable. All the growth has been in property owners and predators and the FIRE sector, the rest of the economy is in stagnation.
    1. So which seems likelier: that we're no better off than we were a quarter century ago, or that Shadow Stats is total bunk?

      Great Question

      This is an easy question to answer from my perspective. For me (age 62) and most of my peers, their kids and their peers, we are NO better off than we were a quarter century ago! A large part is the change from Industrial/Manufacturing to Technology and the outsourced labor and manufacturing. America has changed, this is FACT

    2. The intellectual cesspool of the inflation truthers

      Powerful Headline (words) from a Washington Post article under Economic Policy. WORDS.....! Words..... When you study Legal Theory you learn that "words" play a significant role in all aspects of social order.

      Controlling the rhetoric with consistent narrative

      This statement simply implies the use of consistent narrative (story) to allow control of the rhetoric. Narrative can be viewed as believable while Rhetoric is a general pejorative. When the rhetoric is mis or dis-information the narrative must be credible.

      Main stream media (MSM) has held a long-term standing across the world as being credible. This standing is eroding. It has eroded considerably over the last 25 years among critical thinkers and the general population has started to take notice.

      I question everything from MSM especially when narrative is duplicated with identical rhetoric across known government media assets. History is a wonderful thing when searching for Truth. Events in historical time periods can be researched, parsed and studied for patterns based on future evidence and outcomes.

      Information "Spin" is real and happens for one purpose, that purpose is to benefit a position, agenda, person, plan, etc., by manipulating (advertising, PR, propaganda) information. Spin is difficult to refute without hard facts. Spin has a short-term shelf life, but that is all it needs to chart a new course, set the "ball" in motion so to say.

      History allows Truth to overcome Spin.

    3. The Quest for Truth

      The quest for Truth is everywhere and not limited to the economic topics linked here. This is just a topic that started a thought process where I had access to a convenient tool (Hypothesis) to bookmark my thoughts and research.

      Primary thought is: The Quest for Truth. Subcategories would provide a structured topic for the thought. In this case the subcategory would be: US Economy, Inflation

      The TRUTH is a concept comprised of inconsistencies and targets that frequently move.

      Targets (data, methods, people, time, semantics, agenda, demographic, motive, means, media, money, status) hold a position in time long enough to fulfill a purpose or agenda. Sometimes they don't consciously change, but history over time shines light and opens cracks in original narrative that leads to new truth's, real or imagined.

      Verifying and validating certain Truth is very difficult. Why is That?
    1. 21st Century Economics (USA)

      Economic Theory of a Market Economy, Characteristics, Pros, and Cons

      Americans and the World believe or want to believe that the United States is built upon a Market Economy.

      Historical context validates a classic Market Economy theory as directed by our Founding Fathers and Constitution. We clearly do not have a pure Market Economy today (2021).

      • To Big to Fail - (Bailouts)
      • Farm Subsidies
      • Political Influence (money, lobbying, tenure)
      • Government Agencies
      • Military/Industrial Complex
      • Federal Reserve (Central Banking)
      • Social Security
      • Medicare
      • Other

      Most Americans lump (through education) the concept of economics and government together, into 3 basic categories; Capitalism, Socialism and Communism.

      The U.S. is a Capitalist Nation with a corresponding market economy.

      Is this statement Fact or Hypothesis ?

      Can we still rely on textbook economic models in the 21st Century?

    1. Πρώτον, οι κυβερνήσεις πρέπει να καταργήσουν όλους τους κανόνες και τις ρυθμίσεις που εμποδίζουν τη συσσώρευση κέρδους, το οποίο θα πρέπει να είναι αφορολόγητο. Δεύτερον, οφείλουν να πουλήσουν όλη τη δημόσια περιουσία σε ιδιωτικές εταιρείες και τα κέρδη, αντί να πηγαίνουν στο κράτος και να τα ξαναεπενδύει στην κοινωνία (δημόσια έργα, παιδεία, υγεία, κ.λπ.), να δίνονται όλα στους ιδιώτες. Τρίτον, κατάργηση του κράτους πρόνοιας και περικοπή όλων των κοινωνικών δαπανών. Αυτά συνοδεύονται με ένα πλήθος λεπτομερειών: ιδιωτικοποίηση ιατροφαρμακευτικής περίθαλψης, ταχυδρομείων, παιδείας, συγκοινωνιών, λιμανιών, δασών κ.λπ. Ακόμα και πάρκων. Επιπλέον η εργασία δεν θα έχει καμία προστασία και δεν θα υπάρχει κατώτερος μισθός

      Σύνοψη του νεοφιλελεύθερου μοντέλο σε 3 βήματα, με τα λόγια του Κοροβέση.

  9. Jan 2021
    1. How can it be bad for things to come into the U.S. cheaply? How can it be bad to have a bargain at Wal-Mart?’ Sure, it’s held inflation down, and it’s great to have bargains,” says Dobbins. “But you can’t buy anything if you’re not employed. We are shopping ourselves out of jobs.
      • Wal-Mart can help keep inflation down and give great bargins
      • This comes at the sacrifice of having local and American business go out of business.
      • No employment due to companies going out of business will mean we are "shopping ourselves out of jobs"
  10. Dec 2020
    1. ReconfigBehSci @SciBeh (2020) For those who might think this issue isn't settled yet, the piece include below has further graphs indicating just how much "protecting the economy" is associated with "keeping the virus under control" Twitter. Retrieved from: https://twitter.com/i/web/status/1306216113722871808

  11. Nov 2020
    1. The Ideology of Hacking

      [..]

      The hacker movement is a political project. Like the activity of many 'alternative' subcultures that are not directly defined by their political engagement, "the struggles are at once economic, political, and cultural - and hence they are biopolitical struggles, struggles over the form of life. They are constituent struggles, creating new public spaces and new forms of community" [46]. The chief uniting and mobilising force for the hacker underground is the common enemy of Microsoft (Bezroukov, 1999a). Opposition to Microsoft draws both from socialist anarchistic principles, and from high-tech libertarianism. The rightwing drift, dubbed as the Californian Ideology, is a recent transition, and not surprising given the hegemonic dominance of the corporate sector in the United States and the greater stakes in free software for business. However, it runs counter to the roots of hacking, which essentially is a reaction against Taylorism (Hannemyr, 1999). Basic motivations to engage in free programming are the rush of technological empowerment (Sterling, 1994), the joy of un-alienated creativity (Moglen, 1999), and the sense of belonging to a community (commonly recognised by hackers themselves as 'ego', but reputation only viable within a group of peers, i.e. a community). Those values may not seem political at first sight, but they are on collision course with the commercial agenda of turning the Internet into a marketplace. The rising tension within the hacker community are illuminated by the words of Manuel Castells: "The struggle between diverse capitalists and miscellaneous working class is subsumed into the more fundamental opposition between the bare logic of capital flows and the cultural values of human experience"

      [..]

  12. Oct 2020
    1. In the past two decades, the policy concept of a knowledge economy hasincreasingly become an object of knowledge and governance

    Tags

    Annotators

    1. The backlash from gig economy companies was immediate, and Uber and similar app-based businesses have committed nearly $200 million to support a state ballot measure — making it the costliest in state history — that would exempt them from the law.

      This is a pretty good indicator that it will save them 10x to 100x this amount to get rid of this law.

      One should ask: "Why don't they accept it and just pass this money along to their employees."

    1. The attention of the audience is a writer's most precious possession, and the value of audience attention is seldom more clear than in writing for the Web. The time, care, and expense devoted to creating and promoting a hypertext are lost if readers arrive, glance around, and click elsewhere. How can the craft of hypertext invite readers to stay, to explore, and to reflect?

      A very early statement about what was about to become the "attention economy"

    1. We need to debate what kind of hypermedia suit our vision of society - how we create the interactive products and on-line services we want to use, the kind of computers we like and the software we find most useful. We need to find ways to think socially and politically about the machines we develop. While learning from the can-do attitude of the Californian individualists, we also must recognise that the potentiality of hypermedia can never solely be realised through market forces. We need an economy which can unleash the creative powers of hi-tech artisans. Only then can we fully grasp the Promethean opportunities of hypermedia as humanity moves into the next stage of modernity.

      Great ending. These words are as true today as they were 25 years ago.

    1. Third, content collapse puts all types of information into direct competition. The various producers and providers of content, from journalists to influencers to politicians to propagandists, all need to tailor their content and its presentation to the algorithms that determine what people see. The algorithms don’t make formal or qualitative distinctions; they judge everything by the same criteria. And those criteria tend to promote oversimplification, emotionalism, tendentiousness, tribalism — the qualities that make a piece of information stand out, at least momentarily, from the screen’s blur.

      This is a terrifically painful and harmful thing. How can we redesign a system that doesn't function this way?

    1. Anomie (/ˈænəˌmi/) is a "condition in which society provides little moral guidance to individuals".[1] It is the breakdown of social bonds between an individual and the community, e.g., under unruly scenarios resulting in fragmentation of social identity and rejection of self-regulatory values.

      I can't help but see this definition and think it needs to be applied to economics immediately. In particular I can think of a few quick examples of economic anomie which are artificially covering up a free market and causing issues within individual communities.

      College Textbooks: Here publishers are marketing to professors who assign particular textbooks and subverting students which are the actual market and consumers of those textbooks. This causes an inflated market and has allowed textbook prices to spiral out of control.

      The American Health Care Market In this example, the health care providers (doctors, hospitals, etc.) have been segmented away from their consumers (patients) by intermediary insurance companies which are driving the market to their own good rather than a free-er set of smaller (and importantly local) markets that would be composed of just the sellers and the buyers. As a result, the consumer of health care has no ability to put a particular price on what they're receiving (and typically they rarely ever ask, even more so when they have insurance). This type of economic anomie is causing terrific havoc within the area.

      (Aside: while the majority of health care markets is very small in size (by distance), I will submit that the advent of medical tourism does a bit to widen potential markets, but this segment of the market is tiny and very privileged in comparison.)

    1. But that state of consciousness that permits the growth of liberalism seems to stabilize in the way one would expect at the end of history if it is underwritten by the abundance of a modern free market economy.

      Writers spend an awful lot of time focused too carefully on the free market economy, but don't acknowledge a lot of the major benefits of the non-free market parts which are undertaken and executed often by governments and regulatory environments. (Hacker & Pierson, 2016)

    1. Long, H., correspondentEmailEmailBioEmailFollowEmail, H. L., Dam, rew V., Fowers, rew V. D. focusing on economic dataEmailEmailBioEmailFollowEmailAlyssa, visualization, A. F. reporter focusing on data, data, analysisEmailEmailBioEmailFollowEmailLeslie S. S. reporter focusing on, & storytellingEmailEmailBioEmailFollowEmail, multimedia. (n.d.). The covid-19 recession is the most unequal in modern U.S. history. Washington Post. Retrieved October 2, 2020, from https://www.washingtonpost.com/graphics/2020/business/coronavirus-recession-equality/

  13. Sep 2020
  14. Aug 2020
    1. Bartik, A. W., Cullen, Z. B., Glaeser, E. L., Luca, M., Stanton, C. T., & Sunderam, A. (2020). The Targeting and Impact of Paycheck Protection Program Loans to Small Businesses (Working Paper No. 27623; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27623