Malcolm Reavell @auchentrachle.bsky.social
@malcolm_reavell
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Aircraft engineer, helicopter operations, IT and business process and projects. Internationally renowned composer. @auchentrachle.bsky.social
Aberdeen, Scotland
Joined March 2016
It’s not true what the grocer’s daughter said. This may be a shock, but there’s no such thing as “taxpayer money”. She lied. There’s only government money, and if government doesn’t spend enough money into the economy, taxpayers don’t have money to pay taxes. Or live on.🧵👇
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Poppycock! Food prices are rising because of greed! The boss of Tesco made £9,230,000 last year The shareholders made £1,900,000,000 Asda made £2,100,000,000 for it's parent company last year The partners of Asda's owners took a £43,900,000 payout https://t.co/ZtgX2iEys7
bbc.co.uk
The bosses of the UK's largest supermarkets warn the chancellor against imposing higher taxes on the industry.
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"We must strive to give everybody greater security against poverty, unemployment, sickness and old age. Above all, we must tackle the housing problem with the same drive which we put into our war effort." (Churchill, 1945) Never mind him, I wish this described our priorities now.
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Neoclassical economics : “much of its core is wrong, and in fascinating ways”
No more criticism from me of the neoclassical paradigm. Its practitioners are often highly intelligent, but trapped by narrow blinkers imposed by its axioms. Its insights are the obvious (excepting maybe comparative advantage): much of its core is wrong, and in fascinating ways.
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"[T]he fundamental instability of a capitalist economy is upward. The tendency to transform doing well into a speculative investment boom is the basic instability in a capitalist economy. (Minsky, 1982: 66)" Socrates, Buddha, Confucius and the Jainists all had the same insight
realprogressives.org
Professor Steve Hall talks about ‘possessive individualism’, its roots, and how the left can combat it.
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No. I was a neoclassical economist. No longer. Neoclassical economics has developed a hegemony due largely to sociological reasons, not scientific ones. Neoclassical economists are generally unaware of the philosophical basis for their approach, and that there are alternatives.
Many people cannot accept that they know too little to have an opinion about issues they care about, so the only way to rationalize disagreement with economists is to assume that economists are morally or philosophically naive.
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OK. Not in any realistic description of oligopoly. Not in any approach to supported by evidence relating to surveys or other data. Only in an abstract model you have been taught not questioned. Why is it arrogant to point out the neoclassical theory of the firm is misleading?
Supply curves do exist outside of perfect competition! Best response curves under oligopolistic competition are also supply curves! The arrogance in these declarations is astounding.
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@joohn101 @DanNeidle @typingduck @wbmosler @MMTmacrotrader @ProfSteveKeen @StephanieKelton @MMT101DotORG @PatriciaNPino I love your optimism John, but he’s addicted to the trickle-down model. Cut taxes, shrink state. It’ll be interesting to see how long they can cling to this failed dogma while China rubs everyone’s nose in it. The genie is out of the bottle.
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If you want to know how China is shocking the economic world with levels of growth they say are impossible - the answer is that China doesn’t have an IFS, OBR or an Institute for Economic Affairs.
Latest line from Rachel Reeves seems that insisting the manifesto commitments on tax "still stand” isn't the same as promising not to break them... 🤷♀️
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There is no point arguing with most neoclassicals about economic theory. I occasionally fall for it and then remember that they (like me once) are not interested in realism and solidly trapped in their approach by a set of axioms which cannot be questioned without giving offence
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How much longer will the media run round in circles chasing the Treasury imposed economic narrative, quoting the ‘influential’ IFS and the OBR and their stupid fiscal rules while the economy collapses in front of them? Fiscal rules aren’t working. #MMT
bbc.co.uk
Chancellors rarely reveal tax plans before the Budget, but Reeves has softened her language on raising income tax.
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Well we all understand what he’s saying. Crystal clear. Sorry you’re struggling. If you need to verify Christian’s status as an establishment gaslighter, he’s followed by Greg Hands - ‘nuff said.
"Put VAT on financial services, because they're only bought by the wealthy." Inexplicable.
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I have read much of it and been a neoclassical economist for decades, before changing my mind. I recommend these three for people who want to go a bit further and thoroughly reject the corpus of NEOCLASSICAL economics, without Follynomics being able to react with snide remarks.
This is my holy trinity for books people read and think they're ready to over throw the entire corpus of economics despite usually never having read any of it
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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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Never do I accuse neoclassical economists of being stupid or lose my temper with them, because I used to be one. I understand how hard it is to lose those blinkers which were installed in your first year and which are so unobtrusive to you that you don't know they are there.
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Health Warning ‼️ Every wicked, pernicious, insidious, policy that has been inflicted on this nation - from Thatcher, to Farage - has been sold to us as, “common sense”.
Digital ID isn’t Big Brother. It’s common sense.
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The cognitive dissonance is strong. "get debt off our backs"—it's not our debt, it's our savings. "lower taxes"—you will increase taxes because fiscal "golden rules" need policies of austerity—more taxes, more spending cuts. "clear the way for growth"—it will recess the economy.
Our new Golden Economic Rule will get debt off our backs and clear the path for lower taxes, growth and higher living standards.
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Mainstream economics has caused immense social harm with this simplistic incapable S-D diagram It is a pre-historic tool, not fit for our complex world
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Starmer stuck in a mire here. If an ID card is such a nothing burger, if it only holds information held elsewhere, why has he made it his number one priority? This stinks to high heaven.
"We're not going to allow private companies to use data for any purpose." Keir Starmer claims that data collected through Digital IDs will never be sold off to companies like Palantir.
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⬇️ You. You have accumulated the debt. That’s where it is. In your bank account. In your pension fund. Where did you think the money went?
If a government can accumulate $38 trillion in debt, they are too big. Period. It is time to break up big government.
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