Relearning Economics
@RelearningEcon
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Following
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World
Joined February 2022
“Milton Friedman’s misfortune is that his economic policies have been tried.” . -John Kenneth Galbraith
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“In fact, there is not a single key technology behind the iPhone that has not been State-funded.”. -Mariana Mazzucato
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"The difficulty lies not so much in developing new ideas as in escaping from old ones." . -John Maynard Keynes
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“In fact, there is not a single key technology behind the iPhone that has not been State-funded.”. -Mariana Mazzucato
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"The decline of the West is not necessary or historically inevitable. It is the result of choosing policies dictated by its rentier interests.". -Michael Hudson
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''Even a modest Basic Income program could become a stepping-stone toward the most profound transformation of all: to unlatch work from livelihood entirely.''. -David Graeber
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"Economics is extremely useful as a form of employment for economists." . -John Kenneth Galbraith
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“Milton Friedman’s misfortune is that his economic policies have been tried.”. -John Kenneth Galbraith
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"There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure.". -Michael Hudson
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"The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.". -Joan Robinson
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"The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.". -Joan Robinson
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"It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest. Nor is it true that self-interest generally is enlightened.". -John Maynard Keynes
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"In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around.". -David Graeber
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''Most World Bank loans are for transportation, roads, harbor development and other infrastructure needed to export minerals and plantation crops. The World Bank doesn’t make loans for projects that help the country develop in its own currency.''. -Michael Hudson
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"There is one good thing about Marx: he was not a Keynesian." . -Murray Rothbard
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"It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest. Nor is it true that self-interest generally is enlightened.". -John Maynard Keynes
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"What we call 'the economy' is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is." . -David Graeber
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"The decline of the West is not necessary or historically inevitable. It is the result of choosing policies dictated by its rentier interests.". -Michael Hudson
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"Under capitalism, man exploits man. Under communism, it's just the opposite.". -John Kenneth Galbraith
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"The only function of economic forecasting is to make astrology look respectable." . -John Kenneth Galbraith (see imagine description)
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"Blaming today’s price inflation on workers earning too much is simply an excuse to impose a new class war against labor. It is obvious that wage levels did not force up prices for oil, gas, fertilizer and grain.". -Michael Hudson
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"Mathematics brought rigor to Economics. Unfortunately, it also brought mortis." . -Kenneth E. Boulding
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"What we call 'the economy' is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is.". -David Graeber
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''Most World Bank loans are for transportation, roads, harbor development and other infrastructure needed to export minerals and plantation crops. The World Bank doesn’t make loans for projects that help the country develop in its own currency.''. -Michael Hudson
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"There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure.". -Michael Hudson
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"In fact, communism is the foundation of all human sociability. It is what makes society possible.". -David Graeber
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"Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist.". -Kenneth Boulding
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"The study of money, above all other fields in economics, is the one in which complexity is used to disguise truth or to evade truth, not to reveal it.". -John Kenneth Galbraith
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"How can I accept a doctrine which sets up as its bible, above and beyond criticism, an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world?". -John Maynard Keynes
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"We may have democracy, or we may have wealth concentrated in the hands of a few, but we cannot have both.". -Louis Brandeis
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"The difficulty lies not so much in developing new ideas as in escaping from old ones.". -John Maynard Keynes
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"When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.". -John Maynard Keynes
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“Shit jobs tend to be blue collar and pay by the hour, whereas bullshit jobs tend to be white collar and salaried.”. -David Graeber
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"Free trade is extremely destructive to economies that are relatively unsuccessful. Instead of making them more prosperous and better-off, it destroys them." . -Wynne Godley
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"Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist.". -Kenneth Boulding
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''The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.''. -John Maynard Keynes
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“The tax is there to create a demand for the government’s currency. Before anyone can pay the tax, someone has to do the work to earn the currency.”. -Stephanie Kelton
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"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative.". –John Stuart Mill
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"The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.". -John Maynard Keynes
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“The tax is there to create a demand for the government’s currency. Before anyone can pay the tax, someone has to do the work to earn the currency.” . -Stephanie Kelton
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"There are two kinds of (economic) forecasters: those who don't know, and those who don't know they don't know." . -John Kenneth Galbraith
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"The solutions offered by economists were no less delusory than those of the theologians that they displaced.". -Joan Robinson (Economic Philosophy 1962)
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"We may have democracy, or we may have wealth concentrated in the hands of a few, but we cannot have both.". Louis Brandeis
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“it (government) can't run out of dollars any more than a carpenter can run out of inches.” . -Stephanie Kelton
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"There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.". -Joan Robinson
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"It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services. The connection between 'external' profits and imperialism is obvious." . -Michał Kalecki
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"The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.". -John Kenneth Galbraith
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"It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services. The connection between 'external' profits and imperialism is obvious." . -Michał Kalecki
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''In truth, the gold standard is already a barbarous relic.''. -John Maynard Keynes
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"The worker has become a commodity, and it is a bit of luck for him if he can find a buyer, And the demand on which the life of the worker depends, depends on the whim of the rich and the capitalists.". -Karl Marx
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“Most finance goes back into finance, insurance and real estate rather than into productive uses. The acronym for this is FIRE (finance, insurance, real estate)”. -Mariana Mazzucato
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"In fact, communism is the foundation of all human sociability. It is what makes society possible." . -David Graeber
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“Most finance goes back into finance, insurance and real estate rather than into productive uses. The acronym for this is FIRE (finance, insurance, real estate)”. -Mariana Mazzucato
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“The debt isn’t the reason we can’t have nice things. Our broken thinking is. To fix our broken thinking, we need to overcome more than just an aversion to big numbers with the word debt attached.”. -Stephanie Kelton
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@JonathanKadmon @FOX26Houston Leave it to fox news to get the plain visual indisputable facts wrong.
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"Those who obtain or inherit predatory wealth and privilege realize the ultimate means of imposing austerity and demolishing the power of democracies is deception and junk economics". -Michael Hudson
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"The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.". -John Kenneth Galbraith
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"Teach a parrot the terms 'supply and demand' and you've got an economist.". -Thomas Carlyle
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“I am often asked what I would keep of Neoclassical economics in a new paradigm. My answer is that I would keep as much of Neoclassical economics as modern astronomy kept of Ptolemaic astronomy – which is to say, nothing at all.”. -Steve Keen
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"When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.". -John Maynard Keynes
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"It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest.". -John Maynard Keynes
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''The great tragedy of the global economic malaise is that it is caused by a shortage of something that is essentially costless to produce: money.''. -Steve Keen
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"Economics is extremely useful as a form of employment for economists.". -John Kenneth Galbraith
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"Economics limps along with one foot in untested hypotheses and the other in untestable slogans.". -Joan Robinson
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"How can I accept a doctrine which sets up as its bible, above and beyond criticism, an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world?" . -John Maynard Keynes
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"Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits.". -Hyman Minsky
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"Mathematics brought rigor to Economics. Unfortunately, it also brought mortis.". -Kenneth E. Boulding
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''In truth, the gold standard is already a barbarous relic.''. -John Maynard Keynes
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"It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest." . -John Maynard Keynes
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"Economics is not the Emperor of the social sciences, but the Humpty Dumpty." . -Steve Keen
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���The point is that we run our economy like a six-foot-tall guy who wanders around perpetually hunched over in a house with eight-foot ceilings because someone convinced him that if he tries to stand up tall he’ll suffer a massive head trauma.”. ― Stephanie Kelton
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Maybe I need to take a 2nd look at Austrian Econ. "The boom is called good business, prosperity, and upswing. Its unavoidable aftermath, the readjustment of conditions to the real data of the market, is called crisis, slump, bad business, depression." . -Ludwig von Mises (1940)
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''Progress is slow partly from mere intellectual inertia. In a subject (economics) where there is no agreed procedure for knocking out errors, doctrines have a long life.''. -Joan Robinson
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“it (government) can't run out of dollars any more than a carpenter can run out of inches.”. ― Stephanie Kelton
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"In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around.". -David Graeber
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''Coming up with the money is the easy part. The real challenge lies in managing your available resources—labor, equipment, technology, natural resources, and so on—so that inflation does not accelerate.''. -Stephanie Kelton
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"The values of a society totally preoccupied with making money are not altogether reassuring.". -John Kenneth Galbraith
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''It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.''. -John Kenneth Galbraith
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"There is no such thing as a normal period of history. Normality is a fiction of economic textbooks." . -Joan Robinson
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''Coming up with the money is the easy part. The real challenge lies in managing your available resources—labor, equipment, technology, natural resources, and so on—so that inflation does not accelerate.''. -Stephanie Kelton
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"Free trade is extremely destructive to economies that are relatively unsuccessful. Instead of making them more prosperous and better-off, it destroys them.". -Wynne Godley .(interview from the magazine Marxism Today in 1981)
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"Words ought to be a little wild, for they are the assaults of thoughts on the unthinking.". -John Maynard Keynes
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"The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.". -John Maynard Keynes
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"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative." . –John Stuart Mill
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“Shit jobs tend to be blue collar and pay by the hour, whereas bullshit jobs tend to be white collar and salaried.”. -David Graeber
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"The study of money, above all other fields in economics, is the one in which complexity is used to disguise truth or to evade truth, not to reveal it." . -John Kenneth Galbraith
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“Governments and central banks were quietly admitting something they were still reluctant to announce publicly: the extraordinary power of private-sector banks lending to determine the pace of money creation, and therefore economic growth.”. -Mariana Mazzucato
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"One might even say that it's one of the scandals of capitalism that most capitalist firms, internally, operate communistically.". -David Graeber
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“I am often asked what I would keep of Neoclassical economics in a new paradigm. My answer is that I would keep as much of Neoclassical economics as modern astronomy kept of Ptolemaic astronomy – which is to say, nothing at all.” . -Steve Keen
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"In a sense the budget deficit can be considered as an artificial export surplus.". -Michał Kalecki
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“Remember that MMT says the government deficit is always someone else’s surplus.”. ― Stephanie Kelton @StephanieKelton . Note: I think it's important for the "MMTers" out there to stay focused on the basic message, as so nicely put in the quote above.
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“The point is that we run our economy like a six-foot-tall guy who wanders around perpetually hunched over in a house with eight-foot ceilings because someone convinced him that if he tries to stand up tall he’ll suffer a massive head trauma.” . -Stephanie Kelton
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"Generally speaking, changes in the prices of finished goods are cost determined while changes in the prices of raw materials inclusive of primary foodstuffs are demand determined". -Michał Kalecki
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"It is the rate of investment which governs the rate of saving, and not vice versa.". -Joan Robinson
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Here is a way better one Elon.
Great book by Hayek.
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"How can great minds be produced in a country where the test of a great mind is agreeing in the opinions of small minds?". -John Stuart Mill
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"Of all classes the rich are the most noticed and the least studied.". -John Kenneth Galbraith
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"Teach a parrot the terms 'supply and demand' and you've got an economist." . -Thomas Carlyle (See image description for attribution considerations)
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"The solutions offered by economists were no less delusory than those of the theologians that they displaced." . -Joan Robinson
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Been working on a new #macroeconomic model for about 6 months, have a first draft. Have to give credit to @StephanieKelton and @ProfSteveKeen for the underlying framework. I'll do a blog post on some of my (interesting) initial findings, and provide a download of the model.
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