Source AI is not what it is supposed to be. Inspired by my son, who attends higher education, I asked chat-GPT to write an article about the energy use of bitcoin in the style of my blog post series ´The real costs of making money´. Look here. Guess what: chat-GPT did not emulate my style but… has a better style. Sadly, however, you can´t rely on it for the facts (I am impressed by the speed, however, even when superficial googling yields better results, especially when non-english...

They found nothing because it’s been there the whole time.

Another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. I’m now using Substack as a blogging platform, and for my monthly email newsletter. For the moment, I’ll post both at this blog and on Substack. You can also follow me on Mastodon here. Share this:Like Loading...

If you enjoyed this video, you might also like my most popular video, "Don't Study Economics, Study THIS Instead." https://www.youtube.com/watch?v=oO7iCv_NsPE -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is...

What the hell are government savings?

Dynamic Programming for Dummies (student stuff) .[embedded content] Dynamic programming is a cornerstone of optimal control theory. By recursively breaking down complex problems into smaller, more manageable subproblems, it serves as a powerful tool in economics. Economic analysis often involves decisions with long-term consequences, and dynamic programming helps model how different agents make optimal choices when each decision depends on the current state...

My latest from The Guardian =With the resumption of parliament this week, and an election only months away, we have seen even more of the usual point-scoring about the cost of living, tax breaks for long lunches and budget deficits. But since the return of Donald Trump to the White House, the assumptions on which Australian economic policy have always been based are obsolete. We must ditch the illusion that the US will return to normal and instead become more self-reliant With...

Open letter to my students Yours truly has a reputation for being tough on grading students. It is true. I am tough. And for a reason. Social science is hard. Getting a grade in it is not something you have a right to. You have to show that you master the material. You have to earn it! One of the popular myths of higher education is that professors are sadists who live to inflict psychological trauma on undergraduates. Perhaps you believe that we pick...

When You Are Old .[embedded content]

This video lecture focuses on the current crisis of Economics and the relevance of Political Economy as a realistic and credible alternative. The last global capitalist crisis of 2008 reopened discussions on the issue of economic crisis; an issue long forgotten by the dominant tradition within economic theory, Economics. Economics (that is the study of the economy in abstraction from social and political relations, as a ‘play’ between individuals and not between social classes) has...