Lars P. Syll

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How money is created Everything we know is not just wrong – it’s backwards. When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There’s really no limit on how much...

Düütschland word nich armer durch anner Spraken  [embedded content] Advertisements

Kan Chile så kan Sverige! På SvD Debatt argumenter idag Gunilla Andersson och yourst truly för att beslutet att släppa in vinstdrivande företag i välfärdssektorn har varit ett dyrköpt misstag. I Chile satte man på skolområdet stopp för detta för ett par år sedan. Sverige är nu det enda land i världen som accepterar vinstintresse i skattefinansierade skolor. Men — kan Chile rätta till misstag så borde vi också kunna! Grundfrågan är inte om skattefinansierade...

Paul Rosenbaum’s latest book — Observation and experiment: an introduction to causal inference — is a well-written introduction to some of the most important and far-reaching ideas in modern statistics. With only a minimum of mathematics, ​the author manages to give a lively and interesting​ account of how statisticians try to use statistics to make causal inferences from observational studies and experiments. For non-graduate social science students with no or little...

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The belief in the power and necessity of formalizing economic theory mathematically has thus obliterated the distinction between cognitively perceiving and understanding concepts from different domains and mapping them into each other. Whether the age-old problem of the equality between supply and demand should be mathematically formalized as a system of inequalities or equalities is not something that should be decided by mathematical knowledge or convenience. Surely it would...

Because I was there when the economics department of my university got an IBM 360, I was very much caught up in the excitement of combining powerful computers with economic research. Unfortunately, I lost interest in econometrics almost as soon as I understood how it was done. My thinking went through four stages: 1. Holy shit! Do you see what you can do with a computer’s help. 2. Learning computer modeling puts you in a small class where only other members of the caste can...

Woman is the nigger of the world  [embedded content] The economic implications of gender discrimination are most serious. To deny women is to deprive a country of labor​ and talent, but — even worse — to undermine the drive to achievement of boys and men. One cannot rear young people in such wise that half of them think themselves superior by biology, without dulling ambition and devaluing accomplishment … To be sure, any society will have its achievers no...

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