Relearning Economics

"Teach a parrot the terms 'supply and demand' and you've got an economist." -Thomas Carlyle

''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

@sigmahamster2 It's true there is no need to attack Uncle Friedman on false allegations, only for his epic failure of his resurrection of the QTM.

Dispelling the myth of Chilean Neoliberalism and defending Friedman's legacy. open.substack.com/pub/hampsters/…

@sigmahamster2 A little secret I learned from Vogue...

@RelearningEcon You AId his wrinkles away

"In economic theory the conclusions are sometimes less interesting than the route by which they are reached." -Piero Sraffa

@_A_Ksenofontov_ Thank you for the nice reply, rare on this platform nowadays.

@RelearningEcon Thanks for sharing.

"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

@sigmahamster2 Nothing like torturing data to have it tell you what you want to hear.

@RelearningEcon Throwing everything into the rows category and watching it spit out a monstrosity

I checked in on one of my HS classmates’ LinkedIn who majored in art and they’re now a full time desk receptionist.💀 Anyways, 5 hours until my spreadsheet shift starts! #pretentious #swag #antiwelfare #vegan #😄

@redeagletrader @terminator_2000 Finance is the source of ecological malinvestment. Some Gov sectors are not all that better or even worse, but their motives can be changed via public will, profit motives of the firm are static in a capitalist system, the best system we currently have.

@RelearningEcon @terminator_2000 How so? Have businesses go without financing? Entrepreneurs will have to simply use earnings alone to fund expansion? Workers will invest less? Or are we talking a reduction in the finance workforce using AI?

"Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist." -Kenneth Boulding

"In a sense the budget deficit can be considered as an artificial export surplus." -Michał Kalecki

@redeagletrader @terminator_2000 Correct. Lets work on reducing the size and complexity of the financial sector, to create the space for the public sector. Thanks for pointing that out. 💀

@RelearningEcon @terminator_2000 Austerity then right!?!?!

@terminator_2000 Converting one form of "useful" energy to another form of "useless" energy can't happen all that many times. Thermodynamics... This directly translates into mass as well... 😉

@RelearningEcon Nope, you must have missed that bit about recycling The economy can continue to grow forever infinitely

Oil is heading to $150 a barrel. And the people who will feel it hardest are the ones who voted for the man who caused it. I sat down to break down exactly what the Iran crisis means for oil markets, private debt, and working class Americans in my latest conversation. Watch the full breakdown here: youtube.com/watch?v=pZSIJl… #Warflation #OilShock #PrivateDebt #MacroEconomics #SteveKeen

@terminator_2000 You can only cut the pie slices so small and learn to (innovate) eat them quicker before you die of starvation. Resources are finite on a finite planet and innovation to use "less" of those resources "faster" must necessarily be constrained by that fact. 😉

@RelearningEcon But the world is not finite Innovation has no limit & resources can be recycled The growth may not be "exponential" but it can continue to grow forever

@LR99Gaming Might have the "fullest" game I have seen from him since January 2024.

Wow!!! #Canucks #TimeToHunt youtu.be/xk3synMXaFc

I have launched a S.I.M.P.L.E. SD simple-sd.com a browser based system dynamic modeling tool The S.I.M.P.L.E. language reads like a description of your system. Define stocks, flows, and relationships in a clear, readable format that anyone can understand. The name itself is a nod to history. In 1958, MIT programmer Richard Bennett created a system called SIMPLE (Simulation of Industrial Management Problems with Lots of Equations) as a proof-of-concept for Jay Wright Forrester's industrial dynamics work. That prototype evolved into DYNAMO (DYNAmic MOdels), a dedicated simulation language developed by Dr. Phyllis Fox, Alexander L. Pugh III, Grace Duren, and others at the MIT Computation Center. DYNAMO became the standard tool for system dynamics modeling for nearly three decades. It powered the groundbreaking resource depletion simulations behind the Club of Rome's Limits to Growth report and was applied across fields from urban planning to population studies. The language prioritized accessibility over programming expertise, letting researchers and analysts describe systems rather than write software. It progressed from mainframes to minicomputers in the late 1970s and arrived on personal computers as "micro-Dynamo" in the early 1980s, going through several revisions up to DYNAMO IV in 1983. S.I.M.P.L.E. SD carries that same philosophy into the browser age: anyone should be able to model a dynamic system without being a programmer first. Version 1.0.0. of the project brings back the old style of code and tandem with a modern GNU. So you can code old school to create your stock-flow diagram or use the diagram to create the old code. This is great for both loading old Dynamo code models you have saved in txt files and doubles as a great learning tool for #SystemDynamics More futures and updates are yet to come, you can sign up for free and start deploying models right away!

@greg16676935420 The last three words are killer word play.

Been watching hockey for over 4 weeks. That’s the greatest goal of all time. Period.

@JohnnyGiunta_ x.com/i/status/20341…

USA fans talked all that shit about “losing in your own sport” to lose on their own soul in the World Baseball Classic

@MLBONFOX x.com/i/status/20341…

Another heartbreak for team USA 😢