Patricia
@PatriciaNPino
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CEng, MSc Econ & Finance. PhD Candidate at @IIPP_UCL. Co-host of @MMTPodcast . Associate @GowerInitiative . https://t.co/E1Y0IcUbic
UK
Joined May 2011
This is what actually existing libertarianism looks like, in Javier Milei's Argentina: “The middle class no longer exists; you’re either poor or rich”, said a humble shopkeeper. “The purchasing power of society has fallen dramatically”. Domestic manufacturing is in a “great
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Sometimes I wish Keynes had been a little less polite about it.
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Spritz Vibe. Limited Edition. Frosted over & fresh for the season, Spritz Vibe Sparkling Snowball Frost Limited Edition is here! CELSIUS. LIVE. FIT. GO.
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They are not questioning whether expectations form. They are questioning how accurate these expectations are. Mainstream economics simply assumes these are accurate.
No, it’s not. The idea of expectations is that agents form predictions about the future based on their information today. These predictions reflect beliefs over a distribution of possible outcomes. You could argue that this distribution is not known ex ante, but it’s hard to deny
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Mainstream econ excuses for bad models be like: “Physics makes assumptions. Hence any assumption goes.” “Truth is unreachable. Hence any lie goes.” “Science isn’t perfect. Hence quality doesn’t matter.”
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I wish these kinds of tasks burnt these many calories for me, ngl
@RealJimChanos This PR stunt had to be cut short because the generator they used to keep Optimus charged was too small and the thing drained it's battery and died.
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It really is the best ROI investment you can make in software all year ...
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This seems like **immensely** useful information to the "tax the rich" crowd!
People only really want to tax billionaires more when you emphasize their lavish consumption. Emphasizing luck and/or the scale of their fortunes doesn’t matter. And emphasizing their (current) effective tax rates actually decreases support.
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What often happens during austerity, is that public spending that was formerly proactive public purpose enhancing, turns into purely reactive, barely addressing the harms caused by the state’s own retreat.
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There is spending the govt can control, discretionary spending, & spending that the govt cannot (immediately) control, automatic stabilisers. + tax revenues are a function of spending. Which means that efforts to reduce deficits can actually increase them.
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Unemployment is a macroeconomic tool used to weaken workers’ bargaining power. Anyone blaming the unemployed is either cynically aware of that fact or conveniently ignorant of it.
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“Austerity has left scars, so we need more austerity to fix that” is a bizarre strategy.
Austerity, a chaotic Brexit and the pandemic have left deep scars on the British economy that are still being felt today. The task facing our country is not to relitigate the past but to turn our backs on decline and build a better future for tomorrow. https://t.co/IFyDEteWbF
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This is the point! You Neoclassical economists treat every anomaly as a friction that delays a return to equilibrium. It’s the belief that equilibrium is the normal state of a free market system that is erroneous!
@PatriciaNPino @BachmannRudi I have to say I am hugely in favour of a more open-minded discipline in which we listen to a broader array of takes, but your criticism seems directed at a strawman of contemporary economics? At least in Labor, my field, my impression is that today everybody is studying frictions
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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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Choosing not to, is a policy choice, in favour of allowing capital to use unemployment as a disciplinary tool.
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Unemployment isn’t “normal”. Using the government’s currency issuing powers to employ anyone who is looking for employment but cannot find it in the private sector isn’t “intervention”. It is the baseline.
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Mainstream economics focuses on the twin deficits - public and current account - leaving out the crucial private sector balance. We have now released a new dataset showing all three sectoral balances for 195 countries covering 1980-2024. #MMT #LearnMMT
https://t.co/UoFYsySYEK
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I knew the OBR modelling was bad, I didn't realise it was this bad. They still use a loanable funds assumption. A "useful" model no doubt.
Here is the link to my analysis: https://t.co/FAK7GRBRGn
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Here is the link to my analysis: https://t.co/FAK7GRBRGn
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And i admit my indignation with mainstream econ comes from my engineering training, were we know bad modelling/design has catastrophic consequences. And i find that difficult to square against the lax attitude of mainstreamers to how their flawed modelling affects people’s lives.
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Furthermore in engineering we use safety factors to safeguard against flawed modelling and unforeseen circumstances. Since we know how our model translates to reality we know where to apply these. No reliable analogue alternative in mainstream econ.
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As a result you have no idea what relationship your model bears to real outcomes and therefore cannot be “useful”. The finance examples provided have relatively mild outcomes. But if your policy is meant to increase employment and instead cuts them, people die.
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