Month: February 2022

HA-JOON CHANG ~ SCHOOLS OF ECONOMICS ~ ECONOMICS — THE USER’S GUIDE ~ 2014

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~ C:TMKAPATC-SLIA ~ Classical: The Market Keeps All Producers Alert Through Competition – So Leave It Alone

~ N-C:IKWTAD~ Neo-Classical: Individuals Know What They Are Doing – So Leave Them Alone – Except When Markets Malfunction

~ M: CIAPVFEP-B-IWC-APPOBAOTFP ~ Marxist: Capitalism Is A Powerful Vehicle For Economic Progress – But – It Will Collapse – As Private Property Ownership Becomes An Obstacle To Further Progress

~ DT:BECDITLTETTM ~ Developmentalist Tradition: Backward Economies Can’t Develop If They Leave Things Entirely To The Market

~ A:NOKE-SLEA ~ Austrian: No One Knows Enough – So Leave Everyone Alone

~ (N)-S:CIAPVOEP-B-IWA-AFBLAMB ~ (Neo)-Schumpeterian: Capitalism Is A Powerful Vehicle Of Economic Progress – But – It Will Atrophy – As Firms Become Larger And More Bureaucratic

~ K:WIGFIMNBGFTWE ~ Keynesian: What Is Good For Individuals May Not Be Good For The Whole Economy

~ I:OAN?:IAPOTS-ETTMCIR ~ Institutionalist – Old And New?: Individuals Are Products Of Their Society – Even Though They May Change Its Rules

~ B:WANSE-SWNTDCOOFOCT-R ~ Behaviouralist: We Are Not Smart Enough – So We Need To Deliberately Constrain Our Own Freedom Of Choice Through – Rules

HA-JOON CHANG ~ ECONOMICS — THE USER’S GUIDE ~ 2014

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~ 95%-O-E-I-CS-MTLD-WTUOJAM ~ 95 Per Cent – Of – Economics – Is – Common Sense – Made To Look Difficult – With The Use Of Jargons And Mathematics

~ ECNBASITSTPOCI ~ Economics Can Never Be A Science In The Sense That Physics Or Chemistry Is

~ NEHYCTECETU ~ No Economist Has Yet Claimed That Economics Can Explain The Universe

~ HGAETMB-IISTITAS ~ However Great An Economic Theory May Be – It Is Specific To Its Time And Space

~ TMW:CWTBWAGI ~ The Middle Way: Capitalism Works The Best With Appropriate Government Interventions

~ TM-I-IA-C-RT-S-O-IIBO-DD-RAR-T-PCT-DO-A-ESO-TBOTMHBRDART-DPD-MOLOOME-S/CL/CN-HBWFTM-ATST-MFUTHBMDT-PD ~ The Market – Itself – Is A – Constructed – Rather Than – Spontaneous – Order – It Is Based On – Deliberately Designed – Rules And Regulations – That – Prohibit Certain Things – Discourage Others – And – Encourage Still Others – The Boundaries Of The Market Have Been Repeatedly Drawn And Redrawn Through – Deliberate Political Decisions – Many Once-Legal Objects Of Market Exchange – Slaves / Child Labour / Certain Narcotics – Have Been Withdrawn From The Market – At The Same Time – Many Formerly Unmarketable Things Have Become Marketable Due To – Political Decisions

~ TIAHGITWMATSCACAWC-IT-‘SS’-E-WWHTKOD ~ There Is A Huge Gradation In The Ways Markets And The State Combine Across Countries And Within Countries – If The – “Slippery Slope” – Existed – We Wouldn’t Have These Kinds Of Diversity

~ ‘BR’-OTMCOOD-MINTLOIBOLCTPTIWH ~ “Bounded Rationality” – Often The Main Constraint On Our Decision-Making Is Not The Lack Of Information But Our Limited Capability To Process The Information We Have

~ HTMEB-PEDAEC-FOI ~ How To Make Economics Better – Preserving Intellectual Diversity And Encouraging Cross-Fertilization Of Ideas

~ TFI-WANTKSADATEIWANTBPVOSED-BEEPACATAOL-LSETTEHITA-O-MF-IPJOWTIPWTDA ~ The Fact Is – We All Need To Know Something About Diverse Approaches To Economics If We Are Not To Become Passive Victims Of Someone Else’s Decision – Behind Every Economic Policy And Corporate Action That Affects Our Lives – Lies Some Economic Theory That Either Has Inspired Those Actions – Or – More Frequently – Is Providing Justification Of What Those In Power Want To Do Anyway

~ OWWKTTADETWWBATTTPTTAWTTUT-‘TINA’-NWLT-DETSDTPBTBODEAPV-WWHTCTDEFWIRI-A-PA-ANA-‘S’-IWTICRAW ~ Only When We Know That There Are Different Economic Theories Will We Be Able To Tell Those In Power That They Are Wrong To Tell Us That – “There Is No Alternative” – Once We Learn That – Different Economic Theories Say Different Things Partly Because They’re Based On Different Ethical And Political Values – We Will Have The Confidence To Discuss Economics For What It Really Is – A – Political Argument – And Not A – “Science” – In Which There Is Clear Right And Wrong

~ MBIT-IV-WRSPFTDEFR-SAA-F-TWHPAM-IGSSBITTUSSAG-N-QTSQ

~ Many Believers In The – Individualist View – Would Rather Sacrifice Political Freedom To Defend Economic Freedom – Support And Approval – From – Those Who Have Power And Money – It Gets Such Support Because It Takes The Underling Social Structure – As Given – Not – Questioning The Status Quo

~ P-AP:A(PM)MPBPTPTOIRTTOTP(S) ~ Principle-Agent Problem: Agents (Professional Managers) May Pursue Business Practices That Promote Their Own Interests Rather Than Those Of Their Principals (Shareholders)

~ GOOSIPSCIMMWTPT ~ Government Ownership Of Shares In Private-Sector Companies Is Much More Widespread Than People Think

~ ISC-TU-AC-C-P-BTNCITAWO-IO-TASANPIAB ~ In Some Countries – Trade Unions – Are Considered – Counter-Productive – Blocking The Necessary Changes In Technologies And Work Organization – In Others – They Are Seen As Natural Partners In Any Business

~ OPPAPTTPITOF-TWHMALOMMDI-A-TTTCBRITTHE-LBEFTR-TP-OATOI-BTD-FRT-LWS-LROB-A-FWR ~ Once Poor People Are Persuaded That Their Poverty Is Their Own Fault – That Whoever Has Made A Lot Of Money Must Deserve It – And – That They Too Could Become Rich If They Tried Hard Enough – Life Becomes Easier For The Rich – The Poor – Often Against Their Own Interest – Begin To Demand – Fewer Redistribute Taxes – Less Welfare Spending – Less Regulation On Business – And – Fewer Worker Rights

~ Y-MPAS-SMOTT-B-TAAMB-P/CS/A/SOF(J)/H/CTAI/SOD/V/F/L/POB/IC-A-MEB

~ Yes – Most People Are Self-Seeking Much Of The Time – But – They Are Also Moved By – Patriotism / Class Solidarity / Altruism / Sense Of Fairness (Or Justice) / Honesty / Commitment To An Ideology / Sense Of Duty / Vicariousness / Friendship / Love / Pursuit Of Beauty / Idle Curiosity – And – Much Else Besides

~ WAGTROOTP-STS-IWDNFWTCTIOOEAOTE ~ We Are Going To Run Out Of The Planet – So To Speak – If We Do Not Find Ways To Control The Impacts Of Our Economic Activities On The Environment

~ TD-CB-S-AWA-C-O-EP ~ Technological Developments – Can Be – Solutions – As Well As – Causes – Of – Environmental Problems

~ TPTTNFIMBTCTBHSWBA ~ The Possibility That These New Financial Instruments Might Be Too Complicated To Be Handled Safely Was Brushed Away

~ IC-HMT-FS-M-IAU-II-HA-HTI-OT-FS ~ Increasing Complexity – Has Made The – Financial System – More – Inefficient And Unstable – Increasing Interconnectedness – Has Also – Heightened The Instability – Of The – Financial System

~ THBAVIITFOFC ~ There Has Been A Vast Increase In The Frequency Of Financial Crises

~ TROT-‘SVM’-M-ITEO-NF-H-DRTRAF-L-TI-I-N-FC ~ The Rise Of The – “Shareholder Value Maximization” – Model – In The Era Of – New Finance – Has – Dramatically Reduced The Resources Available For – Long-Term Investments – In – Non-Financial Corporations

~ N-FC-HBIDOTFAFTP ~ Non-Financial Companies – Have Become Increasingly Dependent On Their Financial Activities For Their Profits

~ F-NTBSREBIIS-P ~ Finance – Needs To Be Strictly Regulated Exactly Because It Is So – Powerful

~ CL-WCWIAJ-TMAPDAA-T-B-WFAYA-IMNFTPTTF ~ Child Labour – When Children Work In Adult Jobs – Their Mental And Physical Developments Are Arrested – Thus – By – Working From A Young Age – Individuals May Not Fulfill Their Potential To The Full

~ TWS-WITMDAOLFTMOP-EWTAOCA-‘NW’-DAT-IM-ED-PAMCA-C-RT-W-TRITWHAWAWI-ATDL-WSWWA ~ Taking Work Seriously – Work Is The Most Dominant Aspect Of Life For The Majority Of People – Even When They Are Officially Classified As – “Not Working” – Despite All This – In Most – Economic Discussions – People Are Mainly Conceptualized As – Consumers – Rather Than – Workers – The Reality Is That What Happens At Work Affects Workers Immeasurably – At The Deepest Level – Work Shapes Who We Are

~ F-E-OTMI-A-OA-PGITACC-ICTBSU-A-T-I-THCOU-EH/D/H/S-AHR ~ Full Employment – Once The Most Important – And – Often Achieved – Policy Goal In The Advanced Capitalist Countries – Is Considered To Be Something Unachievable – And – Thus – Irrelevant – The Human Costs Of Unemployment – Economic Hardship / Depression / Humiliation / Suicide – Are Hardly Recognized

~ W-TWMS-WCBAMBEAAMFS ~ Without – Taking Work More Seriously – We Cannot Build A More Balanced Economy And A More Fulfilled Society

~ PE:AM-‘H’-N ~ Political Economy: A More – “Honest” – Name

~ S-A-O-F-N-CTEOTTISDMBTTMOD-TONO-E-TSOPMOTE ~ Sometimes – An – Old – Forgotten – Name – Conveys The Essence Of The Thing It Is Describing Much Better Than The Modern One Does – The Old Name Of – Economics – The Study Of Political Management Of The Economy

~ TIAHSOOO-TAROTS-OWDF-EV-TPPOE-WTGSOSND-BM-BN ~ There Is A Huge Spectrum Of Opinion On – The Appropriate Role Of The State – Once We Depart From – Extreme Views – The Possible Permutations Of Exactly – What The Government Should Or Should Not Do – Become Mind-Bogglingly Numerous

~ TINS-‘S’-W-TDTBBMAP ~ There Isn’t A Single – “Scientific” – Way – To Draw The Boundary Between Market And Politics

~ EIAPA-YMATA-OQ-WB? ~ Economics Is A Political Argument – You Must Ask The Age-Old Question – Who Benefits?

TONY JUDT ~ ILL FARES THE LAND ~ 2010

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~ SIPWWTWWLT-WKWTCBHNIWTAW-WNLAOAJROALA:IIG?-IIF?-IIR?-WIHBAABSOABW?-TYTB-T-PQ-EITINEA-WMLOATPT-WCGOLLT-AYWSUTCOA-TTISN ~ Something Is Profoundly Wrong With The Way We Live Today – We Know What Things Cost But Have No Idea What They Are Worth – We No Longer Ask Of A Judicial Ruling Or A Legislative Act: Is It Good? – Is If Fair? – Is It Right? – Will It Help Bring About A Better Society Or A Better World? – Those Used To Be – The – Political Questions – Even If They Invited No Easy Answers – We Must Learn Once Again To Pose Them – We Cannot Go On Living Like This – And Yet We Seem Unable To Conceive Of Alternatives – This Too Is Something New

~ TRGIAWATWIITI-B-ATFTIAGSOF-‘BWCWBI?’-‘WSWD?’ ~ The Rising Generation Is Acutely Worried About The World It Is To Inherit – But – Accompanying These Fears There Is A General Sentiment Of Frustration – “But What Can We Believe In?” – “What Should We Do”

~ S-TS-IGTBWUFTFF-WWDWTTAWSOASWW ~ Since – The State – Is Going To Be With Us For The Foreseeable Future – We Would Do Well To Think About What Sort Of A State We Want

~ IBF-A-F-FOC-FOD-FOSAAUW ~ Insecurity Breed Fear – And – Fear – Fear Of Change / Fear Of Decline / Fear Of Strangers And An Unfamiliar World

~ TCAC-THBACIIM-TPSP ~ The Consequences Are Clear – There Has Been A Collapse In Intergenerational Mobility – The Poor Stay Poor

TWTSBTWFATIM-TWTSP-TFRAPCA ~ The Wider The Spread Between The Wealthy Few And The Impoverished Many – The Worse The Social Problems – True For Rich And Poor Countries Alike

~ TY-O-GI-H-C-TTIA-NCOL-AWWCDL ~ Thirty Years – Of – Growing Inequality – Have – Convinced – That This Is A – Natural Condition Of Life – About Which We Can Do Little

~ IIOTTDAIAIP;IIQATRIT ~ It Is One Thing To Dwell Amongst Inequality And Its Pathologies; It Is Quite Another To Revel In Them

~ R-PAS-R-T-SL-WACPITSRTM20CP-TWHOATOBOT ~ Restoring – Pride And Self-Respect – To – Society’s Losers – Was A Central Platform In The Social Reforms That Marked 20th Century Progress – Today We Have Once Again Turned Our Back On Them

~ AWDITLB-AD-‘FM’~ Are We Doomed Indefinitely To Lurch Between – A Dysfunctional – “Free Market” – And – The Much-Advertised Horrors Of – “Socialism”?

~ TD-WTPIBTETIPOO ~ These Days – We Take Pride In Being Tough Enough To Inflict Pain On Others

~ WCCTEOWATCWMIAMV ~ We Cannot Continue To Evaluate Our World And The Choices We Make In A Moral Vacuum

~ MDNAG-T-C-O-CAFTCG-SB-TR-A-TCAOSAEE-C-‘IH’-BFTFITIUCFTMSOIP ~ Markets Do Not Automatically Generate – Trust – Cooperation – Or – Collective Action For The Common Good – Sustained By – Traditional Restraints – And – The Continuing Authority Of Secular And Ecclesiastical Elites – Capitalism’s – “Invisible Hand” – Benefited From The Flattering Illusion That It Unerringly Corrected For The Moral Shortcomings Of Its Practitioners

~ HSWBTMAFRAGOWTPOMWAITSME?-PWMSBROAOCTIWAT-T-‘E’-AWHDNFTY-INITH ~ How Should We Begin To Make Amends For Raising A Generation Obsessed With The Pursuit Of Material Wealth And Indifferent To So Much Else? – Perhaps We Might Start By Reminding Ourselves And Our Children That It Wasn’t Always Thus – Thinking – “Economistically” – As We Have Done Now For Thirty Years – Is Not Intrinsic To Humans

~ NCNLWSVLWOA ~ Neither Capitalism Nor Liberalism Would Survive Very Long Without One Another

~ IWT-FAD-O-T-MC-WHGRTF ~ It Was The – Fear And Disaffection – Of – The – Middle Class – Which Had Given Rise To Fascism

~ ACURT ~ All Collective Undertakings Require Trust

~ TMETS-TGTT ~ The More Equal The Society – The Greater The Trust

~ N-OC-IEQAGAWR ~ Nothing – Of Course – Is Ever Quite As Good As We Remember

~ WWHBWITSSOPROTPSTNDCA-CTETAPM-PII ~ What We Have Been Watching Is The Steady Shift Of Public Responsibility Onto The Private Sector To No Discernible Collective Advantage – Contrary To Economic Theory And Popular Myth – Privatization Is Inefficient

~ ITSR-DCSTIOTC ~ In The Short Run – Democracies Can Survive The Indifference Of Their Citizens

~ PITWYAG-NOHACSORFTTGD-IAKORHAHAEAB ~ Participation In The Way You Are Governed – Not Only Heightens A Collective Sense Of Responsibility For The Things Government Does – It Also Keeps Our Rulers Honest And Holds Authoritarian Excess At Bay

~ IWFEFTMOOCA-WSNBTSUAT-ITC-WSNBSTDTNOILTUU ~ If We Feel Excluded From The Management Of Our Collective Affairs – We Shall Not Bother To Speak Up About Them – In That Case – We Should Not Be Surprised To Discover That No One Is Listening To Us

~ CT-TILTCD-TDL ~ Convinced That – There Is Little They Can Do – They Do Little

~ TOTWTTMGITL;IFS-PSALAMVAIAUAR ~ The Only Thing Worse Than Too Much Government Is Too Little; In Failed States – People Suffer At Least As Much Violence And Injustice As Under Authoritarian Rule

~ A-CCOOOI-IWDOOINA-O-AOWCASL-LICTREOITNC ~ A – Closed Circle Of Opinion Or Ideas – Into Which Discontent Or Opposition Is Never Allowed – Or – Allowed Only Within Circumscribed And Stylized Limits – Loses Its Capacity To Respond Energetically Or Imaginatively To New Challenges

~ WNTR-LHT-CTWGU ~ We Need To Re-Learn How To – Criticize Those Who Govern Us

~ DAD-AO-TWOTY ~ Dissent And Dissidence – Are Overwhelmingly – The Work Of The Young

~ DMRWTLASIGTPC ~ Dissent Must Remain Within The Law And Seek Its Goals Through Political Channels

~ CADAYP:WITBOTIWDNTSTIOGW? ~ Cynicism And Despair Among Young People: What Is To Become Of Them If We Do Not Take Seriously The Implications Of Global Warming?

~ TWBFW-HDOTTWAAW ~ Those Who Benefit From War – Have Different Objectives Than Those Who Are Against War

~ SACACCI-TDDOCOWOI-IJAWTPOSOIAA ~ Societies Are Complex And Contain Conflicting Interests – To Deny Distinctions Of Class Or Wealth Or Influence – Is Just A Way To Promote One Set Of Interests Above Another

~ TPDLTBROTP ~ The Privileged Don’t Like To Be Reminded Of Their Privileges

~ ICFCTEDPR ~ International Capital Flows Continue To Elude Domestic Political Regulation

~ TS-MNBTP-II’-SB-P-I-C-A-U-U-C-O-IA-A-TS-OALT-DS-RAULITEOIC-IAATTATTI ~ The State – May Now Be The Primary – “Intermediate Institution” – Standing Between – Powerless – Insecure – Citizens – And – Unresponsive – Unaccountable – Corporations – Or – International Agencies – And – The State – Or At Least The – Democratic State – Retains A Unique Legitimacy In The Eyes Of Its Citizens – It Alone Answers To Them And They To It

~ F-R-CIR-O-RTDWTSPAEOOOAG-WFOR ~ Freedom – Rather – Consists In Retaining – Our – Right To Disagree With The State’s Purposes And Express Our Own Objections And Goals – Without Fear Of Retribution

~ PG-ITATRP-NTBPAPE ~ Public Goods – If They Are To Remain Public – Need To Be Provided At Public Expense

~ TFT-TROO-TAOT20C-AWTLCOAHRTDT-WTFGT-I/L/S/R-TWHIFTGAO20CR-IITTROTAOTWUIARA-1929-WATFBOATWSAIWU-TIMTD ~ The First Task – To Remind Ourselves Of – The Achievements Of The 20th Century – Along With The Likely Consequences Of A Heedless Rush To Dismantle Them – We Take For Granted The – Institutions / Legislation / Services / Rights – That We Have Inherited From The Great Age Of 20th Century Reform – It Is Time To Remind Ourselves That All Of These Were Utterly Inconceivable As Recently As – 1929 – We Are The Fortunate Beneficiaries Of A Transformation Whose Scale And Impact Was Unprecedented – There Is Much To Defend

~ WAIFWIO-I/U/I/I-WHJFHTTAT ~ We Are Intuitively Familiar With Issues Of – Injustice / Unfairness / Inequality / Immorality – We Have Just Forgotten How To Talk About Them

CHARLES MACKAY ~ WITCH MANIA ~ EXTRAORDINARY POPULAR DELUSIONS AND THE MADNESS OF CROWDS ~ 1841

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~ E-FAPO-TCAAH-BUTI-NOT-PSWTETMITAOM-B-TMH-PTSESTTATWWUTF-AETSUTN-ECTB-ATAW-NVO-P-B-TWOSNH-W-WOI-CTITRTFAPAHAAW-TWWOET-TUTOUPFVTTCAAD ~ Europe – For A Period Of – Two Centuries And A Half – Brooded Upon The Idea – Not Only That – Parted Spirits Walked The Earth To Meddle In The Affairs Of Men – But – That Men Had – Power To Summon Evil Spirits To Their Aid To Work Woe Upon Their Fellows – An Epidemic Terror Seized Upon The Nations – Every Calamity That Befell – Attributed To A Witch – Not Visitations Of – Providence – But – The Works Of Some Neighbouring Hag – Whose – Wretchedness Or Insanity – Caused The Ignorant To Raise Their Finger And Point At Her As A Witch – The Word Was One Everybody’s Tongue – Thousands Upon Thousands Of Unhappy Persons Fell Victims To This Cruel And Absurd Delusion

~ PFW-IWACIWSME-A-RWSMD-T-TP-WTWT-RTW-A-CFNOIUT-HOTATOWTETD-TCWMTPFTMVP-BOIAOC-WROWP-POR ~ Prosecutions For Witchcraft – It Was A Crime Imputed With So Much Ease – And – Repelled With So Much Difficulty – That – The Powerful – Whenever They Wanted To – Ruin The Weak – And – Could Fix No Other Imputation Upon Them – Had Only To Accuse Them Of Witchcraft To Ensure Their Destruction – This Crime Was Made The Pretext For The Most Violent Persecution – Both Of Individuals And Of Communities – Whose Real Offences Were Purely – Political Or Religious

~ TTCOTFABOTFC-MWWB-IDPO-E ~ Towards The Close Of The Fourteenth And Beginning Of The Fifteenth Century – Many Witches Were Burned – In Different Parts Of – Europe

~ AANCOTSP-TCOTPTI-I-TWFTAATWTP-ITHTBPOABAMD-WTHTPITT-TTMBRUTP ~ As A Natural Consequence Of The Severe Persecution – The Crime Or The Pretenders To It – Increased – Those Who Found Themselves Accused And Threatened With The Penalties – If They Happened To Be Persons Of A Bad And Malicious Disposition – Wished They Had The Power Imputed To Them – That They Might Be Revenged Upon Their Persecutors

~ W-RAL-A-RTC-IINWT-TWIRATSII-EWTWOANT-FTEWT-TP-OWATWWS ~ When – Religion And Law – Alike – Recognized The Crime – It Is No Wonder That – The Weak In Reason And The Strong In Imagination – Especially When They Were Of A Nervous Temperament – Fancied Themselves Endued With The – Terrible Powers – Of Which All The World Was Speaking

~ TR-TCIF-MTA-CA ~ The Rack – That Convenient Instrument For – Making The Accused – Confess Anything

~ UT-C-JWP:T-POW-AUISC-W-HABITM-P;TM-WD-WATE-UPOLS ~ Upon These – Confessions – Judgment Was Pronounced: The – Poor Old Women – As Usual In Such Cases – Were – Hanged And Burned In The Market-Place; The More – Wealthy Delinquents – Were Allowed To Escape – Upon Payment Of Large Sums

~ TMTB-TMTFTB-UIBA-CP-W-WITHWOL-TTMNLTGO-IWSTB-A-P-A-I-T-TE-DATSOTS ~ The More They Burned – The More They Found To Burn – Until It Became A – Common Prayer – With – Women In The Humbler Walks Of Life – That They Might Never Live To Grow Old – It Was Sufficient To Be – Aged – Poor – And – Ill-Tempered – To Ensure – Death At The Stake Or The Scaffold

~ ‘CEC’ ~ “Convicta Et Combusta”

~ I-ACOM-SUIE-WMITSBOTL-T-DABW ~ Immediately – A Class Of Men – Sprang Up In Europe – Who Made It The Sole Business Of Their Lives – To – Discover And Burn The Witches

~ T-NF-TETARBTI ~ Torture – Never Failed – To Educe The Answer Require By The Inquisitor

~ TTI-T-PWD-FIWTNOCHCOTSOAWWWNAADITA:THWFATWHITS ~ The Truth Is – That – Pity Was Dangerous – For It Was Thought No One Could Have Compassion On The Sufferings Of A Witch Who Was Not A Dabbler In The Art: To Have Wept For A Witch Would Have Insured The Stake

~ ITMOTE-RWTGOM;FIAUR-OA-A-TP-WTCWW ~ In The Midst Of These Executions – Rare Were The Gleams Of Mercy; Few Instances Are Upon Record – Of Any – Acquittal – Taking Place – When The Charge Was Witchcraft

~ W-F-O-W-P-BAT-A-ASOMVRATCPW-LP-T-RITFOSC-SS-DOF-NUT-I-AP-WDNB-WPUI-WDTTD ~ Witch-Finding – Or – Witch-Pricking – Became A Trade – And – A Set Of Mercenary Vagabonds Roamed About The Country Provided With – Long Pins – To – Run Into The Flesh Of Supposed Criminals – Some Spot – Devoid Of Feeling – No Unusual Thing – In – Aged Persons – Who Did Not Bleed – When Pricked Upon It – Was Doomed To The Death

~ TPWWIGAOTC-W-P-I-MAW-WDNUTNOTA-A-WMTOSFFW ~ The Persons Who Were In General Accused Of This Crime – Were – Poor – Ignorant – Men And Women – Who Did Not Understand The Nature Of The Accusation – And – Who Mistook Their Own Superstitious Fears For Witchcraft

~ SDRASETACRT-S-IICTT-T-TDHPA-T-TRMHGPTAMF-AT-WMNCBUTVOAS-WIFA-NIVBTTAIVBM ~ So Deeply Rooted Are Some Errors That Ages Cannot Remove Them – Still – It Is Consoling To Think – That – The Delirium Has Passed Away – That – The Raging Madness Has Given Place To A Milder Folly – And That – We May Now Count By Units The Votaries Of A Superstition – Which In Former Ages – Numbered Its Victims By The Thousands And Its Votaries By Millions

STEPHANIE KELTON ~ THE DEFICIT MYTHS THAT HAVE HOBBLED US ~ THE DEFICIT MYTH ~ 2020

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MYTH #1:

~ TFGSBLAH ~ The Federal Government Should Budget Like A Household

REALITY:

~ DTOAH ~ Don’t Think Of A Household

~ UAH-TFGITCIS-ASPTMBEWGC-TSCROOP-TGITC-A-EE-H.PB/SALG/F-MUI ~ Unlike A Household – The Federal Government Issues The Currency It Spends – A Special Power That Must Be Exercised With Great Care – The Scorekeeper Can’t Run Out Of Points – The Government Issues The Currency – And – Everyone Else – Household / Private Business / State And Local Governments / Foreigners – Merely Uses It

MYTH #2

~ DAEOO ~ Deficits Are Evidence Of Overspending

REALITY

~ TOI ~ Think Of Inflation

~ FEOO-LT-I-ADIOEOOIISI ~ For Evidence Of Overspending – Look To – Inflation – A Deficit Is Only Evidence Of Overspending If It Sparks Inflation

MYTH #3

~ OWOA-WAOTH ~ One Way Or Another – We’re All On The Hook

REALITY

~ TND(TI) ~ The National Debt (That Isn’t)

~ TNDPNFBW ~ The National Debt Poses No Financial Burden Whatsoever

MYTH #4

~ GDCOPI-MUP ~ Government Deficits Crowd Out Private Investment – Making Us Poorer

REALITY

~ TRIIOBI ~ Their Red Ink Is Our Black Ink

~ FDIOWACS-GD=NS-TTITPTDFGTBOTS ~ Fiscal Deficits Increase Our Wealth And Collective Savings – Government Deficit = Nongovernment Surplus – The Trick Is To Prevent The Deficit From Getting Too Big Or Too Small

MYTH #5

~ TD-M-L ~ Trade Deficit – Means – Losing

REALITY

~ TS-I-‘S’-S ~ Trade Surplus – Is – “Stuff” – Surplus

~ TPISSWCA;ISWCANTA ~ Trade Peace Isn’t Simply Something We Can Achieve; It’s Something We Can’t Afford Not To Achieve

REALITY

MYTH #6

~ ‘E’-P-L-SSAM-A-FU-WCATAM ~ “Entitlement” – Programs – Like – Social Security And Medicare – Are – Financially Unsustainable – We Can’t Afford Them Any More

REALITY

~ YE! ~ You’re Entitled!

~ ALATFGCTMTP-ICAATSTP-EPWHMOUAOTOA-OSSNSOSBWOAAHTSTEAAW ~ As Long As The Federal Government Commits To Making The Payments – It Can Always Afford To Support These Programs – Entitlement Programs Will Help Most Of Us At One Time Or Another – Our Social Safety Nets Strengthen Our Social Bonds With One Another And Help To Support The Economy As A Whole

STEPHANIE KELTON ~ THE DEFICIT MYTH ~ 2020

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~ HC-I-E-CC-B-HAYGTPFI? ~ Health Care – Infrastructure – Education – Climate Change – But – How Are You Going To Pay For It?

~ B-WIT-FB-W-FD-TY-HB? ~ But – What If The – Federal Budget – Was – Fundamentally Different – Than Your – Household Budget?

~ WICT-IOPW-B-WHFMOTWR-B-WDNTSTTMTHBHUB ~ When It Come To – Increasing Our Public Well-Being – We Have Far More Options Than We Realize – But – We Desperately Need To See Through The Myths That Have Been Holding Us Back

~ MMT ~ Modern Monetary Theory

~ B-TITTPFWTGSIPF ~ But – The Idea That Taxes Pay For What The Government Spends Is Pure Fantasy

~ JBTANFCOTFB-DMTARLTWTGC(AS)D-RB-TAOORPR-TSOT-A-TQAQO-L/W/F/M/OM-ITGTTSTMIAETARAFS-IWA ~ ~ Just Because There Are Not Financial Constraints On The Federal Budget – Doesn’t Mean There Aren’t Real Limits To What The Government Can (And Should) Do – Regulated By – The Availability Of Our Real Productive Resources – The State Of Technology – And – The Quantity And Quality Of – Land/Workers/Factories/Machines/Other Materials – If The Government Tries To Spend Too Much Into An Economy That’s Already Running At Full Speed – Inflation Will Accelerate

~ MMT-DTRLFDAUS-IC ~ MMT – Distinguishes The Real Limits From Delusional And Unnecessary Self-Imposed Constraints

~ SONSIAPD-O-TEROABSBTC-B-SSNBCB-ABT-O-ABATS-CSF ~ Spending Or Not Spending Is A Political Decision – Obviously – The Economic Ramifications Of Any Bill Should Be Thoroughly Considered – But – Spending Should Never Be Constrained By – Arbitrary Budget Targets – Or – A Blind Allegiance To So-Called Sound Finance

~ TMICOGSII ~ The Most Important Constraint On Government Spending Is Inflation

~ IOAOTMC-LSBFAWPSTBCOMTNOOEP-TMCABT-TQI-WWTMB? ~ Instead Of Arguing Over The Monetary Cost – Lawmakers Should Be Fighting About Whose Policies Stand The Best Chance Of Meeting The Needs Of Our Entire Population – The Money Can Always Be There – The Question Is – What Will That Money Buy?

~ TRCTWFHNTDWT-FD-O-E-P/I/I/VNRWGST1970/CC-TA-RC ~ The Real Crises That We’re Facing Have Nothing To Do With The – Federal Deficit – Or – Entitlements – Poverty / Infrastructure / Inequality / Virtually No Real Wage Growth Since The 1970s / Climate Change – These Are – Real Crises

~ WNTSTTMAROATWHTPAA ~ We Need To See Through The Myths And Remember Once Again That We’ve Had The Power All Along

~ UAH-TFGITCIS-ASPTMBEWGC ~ Unlike A Household – The Federal Government Issues The Currency It Spends – A Special Power That Must Be Exercised With Great Care

~ W-C-WLON-MS-FTPBD-T-CFUDJLAH ~ When – Countries – With Little Or No – Monetary Sovereignty – Fail To Prioritize Budget Discipline – They – Can Face Unsustainable Debts Just Like A Household

~ ATTDSBLUAT-TACI-B-TNRTATGMRTWIWTIIOE ~ Adding To The Deficit Shouldn’t Be Looked Upon As Taboo – Taxes Are Critically Important – But – There’s No Reason To Assume The Government Must Raise Taxes Whenever It Wants To Invest In Our Economy

~ DSITN ~ Deficit Spending Is The Norm

~ BTGC-S(D)-ADAFU-IMF-A(C)-T-SMCF-O-WWAHGTDTNTPTT? ~ Before The Government Could – Subtract (Debit) – Any Dollars Away From Us – It Must First – Add (Credit) – Them – Spending Must Come First – Otherwise – Where Would Anyone Have Gotten The Dollars They Needed To Pay The Tax?

~ T-ITT-CADFTGC-BACPTT-SHTDTWTETC-INO-TM-TGW-IO-T-T-PTFTS-TGATSDRATTD ~ Tax – Is There To – Create A Demand For The Government’s Currency – Before Anyone Can Pay The Tax – Someone Has To Do The Work To Earn The Currency – It’s Not Our – Tax Money – The Government Wants – It’s Our – Time – To – Produce Things For The State – The Government’s Ability To Spend Doesn’t Revolve Around The Taxpayer Dollar

~ ITCHB-T-DM-WEWTUTJWS? ~ If They Couldn’t Hide Behind – The – Deficit Myth – What Excuse Would They Use To Justify Withholding Support?

~ WTILONI-IUCAROWITBE ~ When There Is Little Or No Inflation – It’s Usually Considered A Reflection Of Weakness In The Broader Economy

~ MP-INAP-IINTIT-HLP-IWMBDCABID ~ Monetary Policy – Is Not A Panacea – It Is Not The Ideal Tool – Has Limited Potency – It Works Mainly By Driving Consumers And Businesses Into Debt

~ WMINWTGBIISOD-B-WTGIUIBTAGOFTROTE ~ What Matters Is Not Whether The Governments Budget Is In Surplus Or Deficit – But –Whether The Government Is Using Its Budget To Achieve Good Outcomes For The Rest Of The Economy

~ TTTOCW-B-I-T-BD-I-EI ~ The Threat To Our Common Well-Being – Isn’t – The – Budget Deficit – It’s – Excessive Inflation

~ AIC-MMT-IARA-A(R)C-WA-R(I)C ~ At It’s Core – MMT – Is About Replacing An – Artificial (Revenue) Constraint – With A – Real (Inflation) Constraint

~ OIAAOP-B-SIRTAWMCBDTETHCWRI ~ Overspending Is An Abuse Of Power – But – So Is Refusing To Act When More Can Be Done To Elevate The Human Condition Without Risking Inflation

~ WDNTFTD-WNTFOT-NJTPSCTPTSTOM-B-ATHAMEDATFROTWCAIWWSA-TDITRWCHNT-OBTI ~ We Don’t Need To Fix The Debt – We Need To Fix Our Thinking – Not Just To Prevent Senseless Cuts To Programs That Support Tens Of Millions – But – Also To Have A More Enlightened Debate About The Full Range Of Things We Could Accomplish If We Weren’t So Afraid – The Debt Isn’t The Reason We Can’t Have Nice Things – Our Broken Thinking Is

~ FEDTEIOPOTE-TIAEAOSISOP-TJNWAI-GD=NS-EDTGSHTGS-A-TIOOPTDG-TN-TTITPTDFGTBOTS ~ For Every Deficit That Exists In One Part Of The Economy – There Is An Equal And Opposite Surplus In Some Other Part – There’s Just No Way Around It – Government Deficit = Nongovernment Surplus – Ever Dollar The Government Spends Has To Go Somewhere – And – There Is Only One Place Those Dollars Can Go – The Nongovernment – The Trick Is To Prevent The Deficit From Getting Too Big Or Too Small

~ STM-O-TTL-CLTP ~ Spending Too Much – Or – Taxing Too Little – Can Lead To Problems

~ DCBTB-B-TCABTS ~ Deficits Can Be Too Big – But – They Can Also Be Too Small

~ ITGI-BSP-WNFDTCRME-FE-II-HC/E/P-B-W-BPS-A-WFDHL-AM-IF-TDAHIO-SBA-TGSBITE ~ If The Goal Is – Broadly Shared Prosperity – We Need Fiscal Deficits That Channel Resources More Equitably – For Example – Investing In – Health Care / Education / Public Infrastructure – Benefit – Workers – Better Public Services – And – When Fiscal Deficits Help Low- And Middle-Income Families – Those Dollars Aren’t Hoarded In Off-Shore Bank Accounts – They Get Spent Back Into The Economy

~ CWMSANATMOFM ~ Countries With Monetary Sovereignty Are Not At The Mercy Of Financial Markets

~ TSNPRBFDAIR ~ There’s Simply No Preordained Relationship Between Fiscal Deficits And Interest Rates

~ J-AAOP ~ Joblessness – Is An Official Policy

~ AFJG-N-P-B-IBTTTPOUD(AOTSTEOU)WA-JG-FT-INLATTFE-A-TWANLNTPU ~ A – Federal Job Guarantee – No – Panacea – But – It Begins To Tackle The Problem Of Unemployment Directly (As Opposed To Subsidizing The Effects Of Unemployment) – With A – Job Grantee – Free Trade – Is No Longer A Threat To Full Employment – And – Trade Wars Are No Longer Necessary To Prevent Unemployment

~ MCATWASIASWTCROTOC-IPTBAGEFAOTP ~ Many Countries Around The World Are Stuck In A Situation Where They Can’t Rely On Their Own Currency-Issuing Powers To Build A Good Economy For All Of Their People

~ F-WMDWOPA ~ First – We Must Decide What Our Priorities Are

~ WSSATQ-HWWPFI?-A-SA-HWWRI? ~ We Should Stop Asking The Question – How Will We Pay For It? – And – Start Asking – How Will We Resource It?

~ TDTM:GJ/S/H-C/E-I/C/D ~ The Deficits That Matter: Good Jobs / Savings / Health-Care / Education / Infrastructure / Climate / Democracy

~ AEFTP-IOE-IOMS-WCMIWFU ~ An Economy For The People – It’s Our Economy – It’s Our Monetary System – We Can Make It Work For Us