ON REQUEST: A SELECTION OF POSTS RELATED TO BITCOIN
Simple consistent message. Tech yes, assuming improvements. Money No.
Source date (UTC): 2019-08-07 15:26:04 UTC
Original post: https://gab.com/curtd/posts/102576394364949507
Category: Economics, Finance, and Political Economy
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THE VEIL OF MONEY by Michael Churchill There is a concept called “the veil of mo
THE VEIL OF MONEY
by Michael ChurchillThere is a concept called “the veil of money” which is that money is the means of exchange (and/or unit of account) but that that’s basically all it is. You change the number of zeros on the currency but it doesn’t really change anything. Somebody still has to make widgets. And each widget will have a certain value relative to a bushel of corn etc etc
MONEY IS A VEIL IN THE LONG RUN
The veil of money and, as a related issue, the quantity theory of money have special importance in economic theory throughout the 20th century. Actually, 20th century economics can be interpreted as a sequence of theoretical answers to the question whether money is only a veil or not. Different theories can be judged by their implied ideas as to the neutrality of money. In the simplest models and in the simplest form of the quantity theory of money, money is completely neutral, that is, changes in the money supply do not affect anything real. However, in the more elaborated models the neutrality theorem was applied rather to long-run considerations. For both Milton Friedman and Robert E. Lucas money was not a mere veil in the short run, so money was assumed to have real effects in the short run. The mechanisms through which money could exert these real effects were radically different and so were the sets of assumptions these authors created to establish their models. For example, Friedman postulated adaptive expectations, while Lucas assumed his economic agents to be able to form rational expectations. For both of them, money was only neutral in the long-run – that is, money was not just a veil in the short-run – but the scope of countercyclical economic policy was radically curtailed in new classical macroeconomics. In the case of rational expectations the monetary authority is not able to carry out systematic countercyclical economic policy – that is, it cannot exploit the existing short-run Phillips curve. However, it can be realized that if any of the conditions necessary to the ineffectiveness of systematic economic policy is not met, economic policy can be effective again, so, money is not only a veil.
Source date (UTC): 2019-08-07 15:25:33 UTC
Original post: https://gab.com/curtd/posts/102576392223596795
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THE MONEY ILLUSION (from wiki) In economics, money illusion, or price illusion,
THE MONEY ILLUSION
(from wiki)In economics, money illusion, or price illusion, is the tendency of people to think of currency in nominal, rather than real, terms.
In other words, the face value (nominal value) of money is mistaken for its purchasing power (real value) at a previous point in time. Viewing purchasing power as measured by the nominal value is false, as modern fiat currencies have no intrinsic value and their real value depends purely on the price level.
Money illusion influences economic behaviour in three main ways:
Price stickiness. Money illusion has been proposed as one reason why nominal prices are slow to change even where inflation has caused real prices or costs to rise.
Contracts and laws are not indexed to inflation as frequently as one would rationally expect.
Social discourse, in formal media and more generally, reflects some confusion about real and nominal value.
Money illusion can also influence people’s perceptions of outcomes. Experiments have shown that people generally perceive an approximate 2% cut in nominal income with no change in monetary value as unfair, but see a 2% rise in nominal income where there is 4% inflation as fair, despite them being almost rational equivalents. This result is consistent with the ‘Myopic Loss Aversion theory’.[4] Furthermore, the money illusion means nominal changes in price can influence demand even if real prices have remained constant.[5]
Source date (UTC): 2019-08-07 15:25:17 UTC
Original post: https://gab.com/curtd/posts/102576391294062587
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THE CONSISTENCY ILLUSION VS PRODUCTION CYCLES (economics, social science, politi
THE CONSISTENCY ILLUSION VS PRODUCTION CYCLES
(economics, social science, politics)Those of us raised on production cycles and Hayekian Triangles make fewer mistakes about Ideal statements in economics, because we are conscious of whether we are making statements about:
1. The SHORT, MEDIUM, or LONG RUN;
2. Whose PRODUCTION cycle (life cycle) are we talking about (ideal, or each stage of human life and the demographic distribution of those stages in the present terms);
3. The bias toward INDIVIDUAL CONSUMPTION regardless of outcome (liberal) and the bias toward QUALITY OF COMMONS over time because of outcome (conservative);
4. The capital we are measuring because of our bias toward individual consumption or quality of long term commons.That these four dimensions also reflect the male vs female and by consequence Aristocratic vs Underclass reproductive strategies;
That these four dimensions also reflect the Moral Foundations:
… M..F..-.. Caretaking (consumption, redistribution)
… M..F..L.. Fairness (proportionality vs reciprocity),
… M..-..L.. Liberty (openness to experience, novelty)
… M..-..-.. Ingroup (loyalty)
… M..-..-.. Hierarchy (Authority, Respect)
… M..-..-.. Purity (disgust response)
Where.
… M = Dominant, Established, Communal Male, Conserve.
… F = Female, Consumption
… L = Libertarian or Ascendant (Individual) Male, production.
Where these biases reflect demonstrated property (political) biases.
… Male Private Property (concentration in male genes – merit)
… Female Community Property (concentration in female genes – regardless of merit)
Source date (UTC): 2019-08-07 15:25:01 UTC
Original post: https://gab.com/curtd/posts/102576390233347703
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THE ECONOMY IS THE THIRD ACTOR IN EVERY RELATIONSHIP BETWEEN A MAN AND WOMAN. by
THE ECONOMY IS THE THIRD ACTOR IN EVERY RELATIONSHIP BETWEEN A MAN AND WOMAN.
by Michael ChurchillThe problem seems like a sort of “time mismatch.” Men need women when the women are young, and women need men when the women are older. Obviously marriage was a compromise of these two needs. But the urgency of making the compromise in the first place lessens as a society gets richer. The economy is the third actor in every relationship between a man and woman.
Source date (UTC): 2019-08-07 15:21:57 UTC
Original post: https://gab.com/curtd/posts/102576378137043808
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I hope you understand you can’t feed yourselves, and we’re going to repatriate a
I hope you understand you can’t feed yourselves, and we’re going to repatriate all our technology and destroy your ability to move up the production complexity scale. America is effectively Autarkic. China is of necessity Dependent. Your crash is coming – soon.
Source date (UTC): 2019-08-06 13:45:55 UTC
Original post: https://twitter.com/i/web/status/1158735959363588098
Reply addressees: @zyf9032a @PeterSchiff
Replying to: https://twitter.com/i/web/status/1158732417886117888
IN REPLY TO:
Original post on X
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Original post: https://twitter.com/i/web/status/1158732417886117888
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And why isnt this the opportunity to rebuild the middle class?
And why isnt this the opportunity to rebuild the middle class?
Source date (UTC): 2019-08-06 00:54:14 UTC
Original post: https://twitter.com/i/web/status/1158541757505822725
Reply addressees: @theiwordnow @stmilonyc @JonSwift16 @LHSummers @gtconway3d
Replying to: https://twitter.com/i/web/status/1158541609119690758
IN REPLY TO:
Unknown author
@theiwordnow @stmilonyc @JonSwift16 @LHSummers @gtconway3d Why are they just fine? The party can clamp down, sure, but how are they fine?
Original post: https://x.com/i/web/status/1158541609119690758
IN REPLY TO:
@curtdoolittle
@theiwordnow @stmilonyc @JonSwift16 @LHSummers @gtconway3d Why are they just fine? The party can clamp down, sure, but how are they fine?
Original post: https://x.com/i/web/status/1158541609119690758
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Larry, can you suggest or link to a scenario or set of scenarios if a recession
Larry, can you suggest or link to a scenario or set of scenarios if a recession comes about?
Source date (UTC): 2019-08-06 00:33:11 UTC
Original post: https://twitter.com/i/web/status/1158536460842209288
Reply addressees: @LHSummers
Replying to: https://twitter.com/i/web/status/1158520853606404098
IN REPLY TO:
@LHSummers
We may well be at the most dangerous financial moment since the 2009 Financial Crisis with current developments between the US and China.
Original post: https://twitter.com/i/web/status/1158520853606404098
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He did. Lots of us did. Counter argument is they think he will blink, because th
He did. Lots of us did. Counter argument is they think he will blink, because they can hope he is out before they collapse.
Source date (UTC): 2019-08-06 00:31:10 UTC
Original post: https://twitter.com/i/web/status/1158535954380009474
Reply addressees: @stmilonyc @JonSwift16 @LHSummers @gtconway3d
Replying to: https://twitter.com/i/web/status/1158532369143517186
IN REPLY TO:
@stmilonyc
@JonSwift16 @LHSummers @gtconway3d They are fcking command economy!!! They don’t have to blink. Their people have more elasticity in their standard of living. Very high savings rates. You would imagine Trump would have looked into this.
Original post: https://twitter.com/i/web/status/1158532369143517186
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( I am, on the other hand, one of the few that predicted 08, 14, 17 and this eve
( I am, on the other hand, one of the few that predicted 08, 14, 17 and this event as either 19 or 20, and no later than 25. Numbers are numbers are numbers. Intuition belongs to the frog boiling in the water. Lessons of history. Every mass migration causes the same consequence.)
Source date (UTC): 2019-08-05 22:47:16 UTC
Original post: https://twitter.com/i/web/status/1158509806250057728
Reply addressees: @askthetrainman @rezaaslan
Replying to: https://twitter.com/i/web/status/1158508433169166336
IN REPLY TO:
@askthetrainman
@curtdoolittle @rezaaslan Oh please, you are such a tool.
Original post: https://twitter.com/i/web/status/1158508433169166336