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from Lars Syll [embedded content] Varoufakis is undoubtedly right — there is indeed something about the way mainstream economists construct their models that obviously doesn’t sit right. One might have hoped that humbled by the manifest failure of its theoretical pretences during the latest economic-financial crises, the one-sided, almost religious, insistence on axiomatic-deductivist modelling as the only scientific activity worthy of pursuing in economics would give way to...

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...

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.

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...

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:

Tags: Open Thread Aug 5. 2022

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...

Still in positive growth: A bit softer after a post-Covid acceleration: Took a zig down last month but still very high and still trending higher: Lending continues higher well after the rate hikes, which presumably work to cut demand by dampening lending: