Banking is an ongoing area of controversy in popular discussion of economics and finance. What sets it apart from other areas of economic controversy is that it is not seen as contentious by the mainstream. This has meant that arguments are largely done at the fringes, and generally ignored by conventional economists. I see two main drivers of the difficulties in dealing with the subject: ideology and theoretical intractability.Editorial note: this article is meant to be an introductory...

"Utility," derived from Bentham and Mills' Utilitarianism, is a fancy word that economists use to mean satisfaction, which is the contemporary term for 18 c. Utilitarian "happiness" that was inspired by Greek: εὐδαιμονία eudaimonía)," itself derived from Aristotle's Nichomachean Ethics. The Greek term eudaimonía is also translated as "welfare," another term in use in economics. Literally, it means "good spirits." This could be thought of as wellbeing.But what is happiness? Is it just...

►► Sponsored by PRIME XBT! Sign up for a new trading account using the link below & receive up to a $7,000 deposit bonus with “wolfofallstreets” promo code. https://u.primexbt.com/WolfOfAllStreets Macro Monday special guests: Frances Coppola, Financial economist: https://twitter.com/Frances_Coppola Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence: https://twitter.com/mikemcglone11 Dave Weisberger, CEO of CoinRoutes: https://twitter.com/daveweisberger1...

Identity politics and enlightenment There has developed in recent years an impassioned debate about the Enlightenment, which both supporters and critics present as a peculiarly European phenomenon. For the one, it is a demonstration of the greatness of Europe; for the other, a reminder that its ideals are tainted by racism and colonialism. Both miss the importance of the non-European world in shaping many of the ideas we associate with the Enlightenment....

A different viewpoint by myself which is not so new and very workable. Dean Baker at CEPR offers up his viewpoint on saving Social Security. I believe we are in close proximity to a solution except I would suggest a different source of funds. Dale, Bruce, and Arne have talked this simple solution up until blue in the face. People still want to tax other entities and impair the existing Social Contract with Labor or the Worker. “Big Victory on...

Weekly Indicators for January 2 – 6 at Seeking Alpha  – by New Deal democrat My Weekly Indicators post is up at Seeking Alpha. No big changes from the past month or so. The overall economic picture continues to be driven by the effects of the price of gas. As usual, clicking over and reading will bring you up to the virtual moment as to the trends in the economy, and reward me a little bit for my efforts. Weekly Indicators for December...

The 15th time and McCarthy’s selling of his soul to legislate in favor of radicalism was the charm. Care to fetch, Kevin? Prof. Heather presents additional history and politics along with Weldon’s commentary, and Peter Dorman piece explaining Republican politics and the actors who display little incentive to compromise. A trifecta of excellent posts. January 7, 2023, Letters from an American, Prof. Heather Cox Richardson (substack.com) Early...

Ο Γραμματέας του ΜέΡΑ25 Γιάνης Βαρουφάκης στην εκπομπή ΣΥΝΔΕΣΕΙΣ με την Χριστίνα Βίδου και τον...

Biden’s consigliere:Larry Summers reclining on a tropical island and instructing the proles that "there's going to need to be increases in unemployment to contain inflation" ☠️pic.twitter.com/t1ONYePsUZ— David Adler (@davidrkadler) January 6, 2023 Nice guy!

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