Tuesday , August 9 2022
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Tag Archives: Uncategorized

Machine age musings on algorithmic growth theory

from Peter Radford Don’t mind me.  I am just thinking out aloud… That we live in a Machine Age is indisputable.  Our lifestyles depend entirely upon the mediation of machines.  Without them modernity collapses back to whatever existed in the prior ages and we surrender most of what we currently cherish. And it is important to use the phrase “machine age” because other phrases such as Industrial Age and so on limit us.  Some say we are now entering a Digital Age, but this too is a...

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Consumer credit, Supply Chain, China exports

This is about borrowing to spend, indicating positive spending and GDP: Pressures easing here: And this may indicate global spending is holding up: So in short we had Covid deficit spending north of 15% of GDP supporting strong growth, followed by a collapse in deficit spending that resulted in a strong deceleration of growth. However sufficient deficit spending remains (about 5% of GDP) to sustain more modest levels of growth.

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Frank Ramsey — a portrait and a critique

from Lars Syll Mainstream economics nowadays usually assumes that agents that have to make choices under conditions of uncertainty behave according to Bayesian rules, axiomatized by Ramsey (1931) and Savage (1954) — that is, they maximize expected utility with respect to some subjective probability measure that is continually updated according to Bayes theorem. If not, they are supposed to be irrational, and ultimately — via some “Dutch book” or “money pump” argument — susceptible to...

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Exports, employment

This is adding support to employment and output, even as consumption weakens. The relatively low cost of energy should keep it going for a while: No sign of recession here: Still falling short of price increases so obviously not the cause:

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The left debating basic income

from Norbert Häring Universal basic income has a lot of support among the left but also faces a lot of criticism or even hostility from the left. As on of the critics of I have used a book defending basic income against criticism from the left to check my beliefs against counter-arguments from the same side of the political spectrum and to clarify the reasons for not being convinced. One of Karl Reitter’s arguments in his book “Kritik der linken Kritik am Grundeinkommen” has indeed...

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Mental health and mental fitness

Until now, I’ve always thought about mental health as the absence of mental illness, much as I have typically thought about the absence of physical illness. In both cases, health is the default state or unmarked category. But as I have gone through the Covid pandemic, and become more pessimistic about the state of the world, I have reached the view that a better analogy is with physical fitness. That is, something that requires sustained effort to achieve and maintain, and is rarely...

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Economics and the law of the hammer

from Lars Syll [embedded content] As yours truly has reported repeatedly during the last couple of years, university students all over the world are increasingly beginning to question if the kind of economics they are taught — mainstream economics — really is of any value. Some have even started to question if economics is a science. My own take on the issue is that economics — and especially mainstream economics — has lost immensely in terms of status and prestige...

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