With the simple insight that “labour without energy is a corpse, and capital without energy is a sculpture”, Steve Keen realised why economists have failed to properly incorporate the role of energy in production for so long.

The Tree of Life . [embedded content]

Wenn die Logik des Haushalts nicht die des Staates ist Im Februar 2024 kündigte die französische Regierung ein Sparpaket von 10 Mrd. € an, um das fiskalische Defizit zu senken. Politico berichtete: “Wir verdienen weniger, wir geben weniger aus”, sagt Finanzminister Bruno Le Maire. Diese Logik gilt zwar für einen Haushalt, aber nicht für eine nationale Regierung wie die von Frankreich. Warum? … Wenn Frankreich die Staatsausgaben kürzt und die anderen...

The recurring bleat of vaccine denialists is that COVID should be addressed through “herd immunity.” Well, OK, a vaccinated population has herd immunity, but that’s not what they mean. They mean herd immunity in the sense of the Black Plague—the people who didn’t die were immune.Apart from all the deaths caused by COVID infections in unvaccinated people, there’s the issue of long COVID. While its etiology is poorly understood, its reality is certain....

I am not sure I would call this similar to Chicago politics. Which is something I lived with or observed for a number of years. It is a bit of crooked mixed with a bit of silly. Read on . . . Low move by high court may nullify Arizona votes on Make Elections Fair Act, AZCentral The Make Elections Fair Act would flush Arizona’s partisan primary election system down the toilet. It will be on the ballot in November. And we all will vote on...

Largely speaking direct labor is not the issue of costs have I have presented in another post. It is the overhead such as healthcare insurance which can better handled in another manner. Inflation grows and minimum wage income is stagnant. Studies have found little or no job loss due to Minimum Wage Laws, Economic Policy Institute There is always political heat around minimum wage increases, largely driven by concerns about job losses. The...

.[embedded content] For more on the pitfalls and intricacies of statistical tests and confidence intervals, have a look at this article by Sander Greenland et al.

Today (October 3, 2024), MMTed releases Episode 6 in the Second Season of our Manga series – The Smith Family and their Adventures with Money. Have a bit of fun with it while learning Modern Monetary Theory (MMT) and circulate it to those who you think will benefit. Episode 6 was delayed by two weeks…William Mitchell — Modern Monetary TheoryEpisode 6 of the Smith Family Manga (Season 2) is now availableBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and...

A lot of investors are fixated on price and they don’t focus on the process. It’s the latter you need to focus on. 

I picked up the novel that the following quotation is from because I think I recall Kress participating in conversations on Usenet years ago. This novel ended up more a political argument than I expected. It is for Genetically Modified Organisms (GMOs), done right. We should rather strive for plants for food resistant to insects, not resistant to pesticides, for example. I assume that Kress agrees with her heroine. "He had spent the two-week winter vacation from school,...