RAJ PATEL ~ THE VALUE OF NOTHING ~ 2009

~ TPOSDMIVAA ~ The Price Of Something Doesn’t Measure Its Value At All

~ TMSKB-IARRAOF-AITAGDOIAPW ~ That Markets Should Know Best – Is A Relatively Recent Article Of Faith – And It Took A Great Deal Of Ideological And Political Work

~ TPW-TEMH-IT-IDW ~ The Problem With – The Efficient Markets Hypothesis – Is That – It Doesn’t Work

~ D-AEE-TS-IWF-TIOEMRRTG ~ Despite – Ample Economic Evidence – To Suggest – It Was False – The Idea Of Efficient Markets Ran Riot Through Governments

~ TRO-‘FM’-CA-TAAMAA ~ The Rhetoric Of – “Free Markets” – Camouflages Activities – That Aren’t About Markets At All

~ ACWDSBWT-TSBWSATG-IAI ~ Anyone Concerned With Democracy Should Be Worried That – The Seam Between Wall Street And The Government – Is Almost Invisible

~ THOS-SNOTTSOTAIMCC-BA-TDEWBIMCBR-IOW-TINNABASTFPAAMTDTV ~ The History Of Slavery – Shows Not Only That The Set Of Things Allowed Into Markets Can Change – But Also – That Decrees Establishing What Belong In Markets Can Be Revoked – In Other Words – There Is Nothing Natural About Buying And Selling Things For Profit And Allowing Markets To Determine Their Value

~ BCCBBAS-THTB-OTPTCBBOS-MOTTTWBASWACITWWUTT ~ Before Commodities Can Be Bought And Sold – They Have To Become Objects That People Think Can Be Bought Or Sold – Most Of The Things That We Buy And Sell Weren’t Always Commodities In The Way We Understand Them Today

~ TMHADOS-TLOLFANASB ~ The Market Has Always Depended On Society – The Logic Of Laissez-Faire Always Needs A Social Base

~ HC-DO-EE-ETWLEITD ~ Human Civilization – Depends On – Earth’s Ecology – Even Though We’re Literally Exploiting It To Death

~ T-PQFEG-HT-H-I-AAOE-T-TSUOTESTKOEA ~ The – Perpetual Quest For Economic Growth – Has Turned – Humankind – Into – An Agent Of Extinction – Through – The Systematic Undervaluing Of The Ecosystemic Services That Keep Our Earth Alive

~ CEG-H-UIFTW-AHB-I-W-IHB-ABG ~ Current Economic Growth – Has – Uncoupled Itself From The World – And – Has Become – Irrelevant – Worse – It Has Become – A Blind Guide

~ STWTMHGUIT ~ Seeing The World Through Markets Has Got Us In Trouble

~ SFHBAM-C-C-BUTTDCBUADOPC ~ Seeing Fellow Human Beings As Mere – Co-Consumers – Blinds Us To The Deeper Connections Between Us – And – Distorts Our Political Choices

~ IIPITTTTBWFSTFITLMSP-AT-TBWFMTFIWMI ~ It Is Pure Ideology To Think That The Best Way For Society To Function Is To Let Markets Seek Profit – And That – The Best Way For Markets To Function Is With Minimal Interference

~ TTOWMOASBTP-OTITHLTH ~ The Terms On Which Markets Operate Are Set By The Powerful – Our Tragedy Is To Have Let This Happen

~ TBOTFMRAGDOV-PFB ~ The Birth Of The Free Market Required A Great Deal Of Violence – People Fought Back

~ GIACOHE ~ Gratitude Isn’t A Characteristic Of Homo Economicus

~ ‘IA’ ~ “Inequity Aversion”

~ PWBIASFBGAH ~ Psychological Well-Being – Is A Source For Both – Generosity And Happiness

~ T-OB-FNASTPE-IWPT-‘F’-I-FM ~ This – Ongoing Bailout – From Nature And Society To Private Enterprise – Is What Puts The – “Free” – In – Free Market

~ ‘E’-TC-TSSTTNO-P ~ “Externalities” – The Costs – That Somehow Slip Through The Net Of – Prices

~ AF-T-REC-IA-TB-B-WDNKETL-TECOWTCMBTFG-O-TI-CSOAMS-A-TNFMCTLLTAS ~ Accounting For – The – Real Environmental Costs – Is A – Tricky Business – Because – We Do Not Know Either The Long-Term Environmental Consequences Or What The Cost Might Be To Future Generations – Otherwise – This Is – Corporate Subsidy On A Massive Scale – And – There’s Nothing Free Marketers Claim To Like Less Than A Subsidy

~ CC-HYTPTICOWTKOS ~ Corporate Capitalism – Has Yet To Prove That It Can Operate Without These Kinds Of Subsidies

~ TR-W-RMTMB:IALPO:C-R/F/C/H/E/S/D-A-TCOT-A-P-TMFM-W-TMTO-WWITH ~ To Reproduce – Workers – Requires More Than Making Babies: It’s A Long Process Of: Child-Rearing / Feeding / Clothing / Housing / Educating / Socializing / Disciplining – And – The Costs Of This – Are – Perhaps – The Most Fundamental Misvaluation – Worldwide – The Market’s Treatment Of – Women’s Work In The Home

~ TTIOTWSDGTWOINA ~ That The Interests Of The Wealthy Should Dominate Governments The World Over Is No Accident

~ WDTP ~ We’re Destroying The Planet

~ GAC-AS-E-F-F-A-AL-B-A-T-IP-OTL-AIO-MIFTCG-O-B-TIPSDC ~ Governments And Corporations – Are Still – Enclosing – Forests – Fisheries – And – Agricultural Land – Because – Allegedly – The – Indigenous People – On The Land – Are Incapable Of – Managing It For The Common Good – Or – Because – The Indigenous People Simply Don’t Count

~ CSABSITTFC-TBD ~ Commons Systems Aren’t Being Supported In The Twenty-First Century – They’re Being Dismantled

~ T-WLFP-ADT-TA-TCTBWF ~ The – World’s Least Free People – Are Discovering That – They Are – The Change They’ve Been Waiting For

~ U-C-M-I-TRTHR ~ Under – Capitalism – Money– Is – The Right To Have Rights

~ TEOP ~ The Empire Of Prices

~ TMDFCTTWCAT ~ The Market Delivers Few Choices To Those Who Cannot Afford Them

~ ATO-TAWO-GR-ISB-A-CA-RT-A-PO ~ All Too Often – The Abundant Will Of – Government Representatives – Is Shaped By – A – Corporate Agenda – Rather Than – A – Popular One

~ EIAC-B-INSWGTMT ~ Economics Is About Choices – But – It’s Never Said Who Gets To Make Them

~ OA ~ Owning Air

~ C-N-RAR-A-TOTHMEAOTTMOPHHAHID ~ Commons – Need – Rules And Regulations – And – The Ones That Have Most Effect Are Ones That The Majority Of People Have Had A Hand In Devising

~ TM-EWN-A-SAN-CAS-PBTI ~ The Market – Exists Within Nature – And – Society And Nature – Can And Should – Provide Boundaries To It

~ WBTTE-NTOWA ~ We Belong To The Earth – Not The Other Way Around

LI PARISER ~ THE FILTER BUBBLE ~ 2011

~ D-RCTSTFOAPOV-B-I-WMAMEI-OOB ~ Democracy – Requires Citizens To See Things From One Another’s Point Of View – But – Instead – We’re More And More Enclosed In – Our Own Bubbles

~ T-NI-DJKYAD;IKYBAWTSYABOPK ~ The – New Internet – Doesn’t Just Know You’re A Dog; It Knows Your Breed And Wants To Sell You A Bowl Of Premium Kibble

~ I-P-ITA-ICPUFCICW-T-M-B-P-S-E-A-I-TCHWTATWAO ~ If – Personalization – Is Too Acute – It Could Prevent Us From Coming Into Contact With – The – Mind-Blowing – Preconception-Shattering – Experiences – And – Ideas – That Change How We Think About The World And Ourselves

~ T-U-I-T-C ~ The – User – Is – The – Content

~ WHATTB-T-TWIAIATB ~ We Have A Tendency To Believe – That – The World Is As It Appears To Be

~ LAL-T-FB-ITTWWE-BC-WWSADS ~ Like A Lens – The – Filter Bubble – Invisibly Transforms The World We Experience – By Controlling – What We See And Don’t See

~ IWWTKWTWRLL-WHTUHFSASOVOI ~ If We Want To Know What The World Really Looks Like – We Have To Understand How Filters Shape And Skew Our View Of It

~ PF-CU-CB-B-SOEIAANO-F-TFB-SUWIWWWAF(AAA)-MUOIOMF-S-IRFOESOTKPTMUWTL ~ Personalized Filters – Can Upset – Cognitive Balance – Between – Strengthening Our Existing Ideas And Acquiring New Ones – First – The Filter Bubble – Surrounds Us With Ideas With Which We’re Already Familiar (And Already Agree) – Making Us Overconfident In Our Mental Frameworks – Second – It Removes From Our Environment Some Of The Key Prompts That Make Us Want To Learn

~ E-HALIITTTDTETW-A-AAFYOWOT-TTTSTE ~ Experts – Have A Lot Invested In The Theories They’ve Developed To Explain The World – And – After A Few Years Of Working On Them – They Tend To See Them Everywhere

~ TFB-TT-DA-CB-CITCTOIOTWIEAP;CITCUTTINWOQOAIFAD ~ The Filter Bubble – Tends To – Dramatically Amplify – Confirmation Bias – Consuming Information That Conforms To Our Ideas Of The World Is Easy And Pleasurable; Consuming Information That Challenges Us To Think In New Ways Or Question Our Assumptions Is Frustrating And Difficult

~ ITB-TPOCTVWYKGWU ~ In The Bubble – The Proportion Of Content That Validates What You Know Goes Way Up

~ SOTMICB-ASB-TIOTERITFADTRO ~ Some Of The Most Important Creative Breakthroughs – Are Spurred By – The Introduction Of The Entirely Random Ideas That Filters Are Designed To Rule Out

~ ITFB-TLD-YDSTTTDIYAA-YNELATTAMEAIYM ~ In The Filter Bubble – Things Look Different – You Don’t See The Things That Don’t Interest You At All – You’re Not Even Latently Aware That There Are Major Events And Ideas You’re Missing

~ ABTOY ~ A Bad Theory of You

~ HWB-IABAB-OFAPS ~ How We Behave – Is A Balancing Act Between – Our Future And Present Selves

~ WIAWF-WAWWC ~ With Information As With Food – We Are What We Consume

~ TIAYL ~ Trapped In A You Loop

~ SWHWTITYD? ~ So What Happens When The Internet Thinks Your Dumb?

~ RT-DP-AIEPP-ISW-TI-I-CI ~ Rather Than – Decentralizing Power – As Its Early Proponents Predicted – In Some Ways – The Internet – Is – Concentrating It

~ LOTC ~ Lords Of The Cloud

~ PD-S-ITC-I-MEFTGTS-T-IOAHC ~ Personal Data – Stored – In The Cloud – Is – Much Easier For The Government To Search – Than – Information On A Home Computer

~ I-KIP-T-AIKAAIP ~ If – Knowledge Is Power – Then – Asymmetries In Knowledge Are Asymmetries In Power

~ FWS-TFBWOBOTTIOSTAIBCOU ~ Friendly World Syndrome – The Filter Bubble Will Often Block Out The Things In Our Society That Are Important But Complex Or Unpleasant

~ IIBTH-SBFT-TNAA ~ It Is Better To Have – Some Bar For Truthfulness – Than None At All

~ WWCLSOOSP-TDLSOU ~ While We Can Lose Sight Of Our Shared Problems – They Don’t Lose Sight Of Us

~ U-DW-OI-WCACOTBONS-I ~ Ultimately – Democracy Works – Only If – We Citizens Are Capable Of Thinking Beyond Our Narrow Self-Interest

~ ‘CIL’ ~ “Code Is Law”

~ MOTT-E-RTITTWH-MOPC-AA ~ Much Of The Time – Engineers – Resist The Idea That Their Work Has – Moral Or Political Consequences – At All

~ $50BSC ~ $50 Billion Sand Castle

~ I-P-ROI-CT-TNFCB-SAMP-TMOUWI ~ If – Personalization – Remains On Its – Current Trajectory – The Near Future Could Be – Stranger And More Problematic – Than Many Of Us Would Imagine

~ A-A-VB-WA-CP ~ Advertar – A – Virtual Being – With A – Commercial Purpose

~ NSTA-AFVL ~ No Such Thing As – A Free Virtual Lunch

~ ‘AFM’ ~ “Advertiser-Funded Media”

~ A-T-GBABADOA-WNTWC-WIIDOAT ~ As – Technology – Gets Better And Better At Directing Our Attention – We Need To Watch Closely – What It Is Directing Our Attention Toward

~ SIASTJ ~ Serendipity Is A Shortcut To Joy

~ TNF-CSB-MT-FS-M-T-TTP-STIPTHADAHTETRITFP ~ The New Filterers – Can Start By – Making Their – Filtering Systems – More – Transparent – To The Public – So That It’s Possible To Have A Discussion About How They’re Exercising Their Responsibilities In The First Place

~ YSKWHYPD-WDTH-A-HIU ~ You Should Know Who Has Your Personal Data – What Data They Have – And – How It’s Used

~ YSBATPICAYFOPFBUFO ~ You Should Be Able To Prevent Information Collected About You For One Purpose From Being Used For Others

~ YSBATCIIAY ~ You Should Be Able To Correct Inaccurate Information About You

~ YDSBS ~ Your Data Should Be Secure

MARK BLYTH ~ AUSTERITY ~ 2013

~ A-IAFO-VD-IWTEATT-R-O-W-P-A-PS-TR-C-WI(S)BAB-CTS-B-D-A-D-DS-IAB-WI-‘BC’ ~ Austerity – Is A Form Of – Voluntary Deflation – In Which The Economy Adjusts Through The – Reduction – Of – Wages – Prices – And – Public Spending – To Restore – Competitiveness – Which Is (Supposedly) Best Achieved By – Cutting The State’s – Budget – Debts – And – Deficits – Doing So – Its Advocates Believe – Will Inspire – “Business Confidence”

~ TPOA-IMOTN-ETWTTD-PBIPTVOYATTA ~ The Policy Of Austerity – Is More Often Than Not – Exactly The Wrong Thing To Do – Precisely Because It Produces The Very Outcomes You Are Trying To Avoid

~ IWITTP-WSIPTB? ~ I Wasn’t Invited To The Party – Why Should I Pay The Bill?

~ T-ADW-I-TFRIADI ~ That – Austerity Doesn’t Work – Is – The First Reason It’s A Dangerous Idea

~ TWCIA-‘SDC’-SAVIPO-‘BAS’-AP ~ That We Call It A – “Sovereign Debt Crisis” – Suggests A Very Interesting Politics Of – “Bait And Switch” – At Play

~ TCO-STGBS-HEUO-TBSOG-ATATCO-TB-WIWWMCT-A-SDC-WIFIIQ-TAWC-BC ~ The Cost Of – Saving The Global Banking System – Has Ended Up On – The Balance Sheets Of Governments – As They Absorb The Costs Of – The Bust – Which Is Why We Mistakenly Call This – A – Sovereign Debt Crisis – When In Fact It Is A – Transmuted And Well Camouflaged – Banking Crisis

~ ‘TBTF’-‘TBTB’ ~ “Too Big To Fail” – “Too Big To Bail”

~ ISAA-STB-TWN-OOGS-TGUT ~ It’s Still All About – Saving The Banks – There Was No – Orgy Of Government Spending – To Get Us There

~ AINJ-TPOSTB-T-TPTTBWSETP ~ Austerity Is Not Just – The Price Of Saving The Banks – It’s – The Price That The Banks Want Someone Else To Pay

~ S-A-I-ITT-YCCDWMD-I-TBATPTDECATDSOPTPABUAD-T-APSWNW ~ So – Although – If – Its True That – You Cannot Cure Debt With More Debt – If – Those Being Asked To Pay The Debt Either Cannot Afford To Do So Or Perceive Their Payments As Being Unfair And Disproportionate – Then – Austerity Policies Simply Will Not Work

~ EITWND-DHLIAMEF-‘ZE’~ Economic Ideas That Will Not Die – Despite Huge Logical Inconsistencies And Massive Empirical Failures – “Zombie Economics”

~ FOUWITTP-B-WAABATPTB ~ Few Of Us Were Invited To The Party – But – We Are All Being Asked To Pay The Bill

~ A-IFAFA-PPOD-A-NAEPOA ~ Austerity – Is First And Foremost A – Political Problem Of Distribution – And – Not An Economic Problem Of Accountancy

~ F-ND-AGI ~ Facts – Never Disconfirm – A Good Ideology

~ ACFWTCFHWT-NOCHSIC-SCAN ~ A Common Refrain When The Crisis First Hit Was That – No One Could Have Seen It Coming – Such Claims Are Nonsense

~ BS-ALP(GTSAAD)-A-(V)H-I-E ~ Black Swan – A Low Probability (Given The Sample And Assumed Distribution) – And – (Very) High-Impact – Event

~ TTOAGOETWOESMAGATSAB-TMUW-WTI ~ The Theories Of A Generation Of Economic Thinkers Who Only Ever Saw Markets As Good And The State As Bad – The Models Used Were – Worse Than Inaccurate

~ NOAHNOTHATDW-TSSH-O-IM ~ Note Once Again How None Of This Has Anything To Do With – The State’s Spending Habits – Or – Individual Morality

~ TPPOFI ~ The Political Power Of Financial Ideas

~ TWCWTTSTS? ~ The World Changes While The Theory Stays The Same?

~ DET-E-A-D-D-PAEC ~ Different Economic Theories – Empower – And – Disempower – Different – Political And Economic Constituencies

~ TPWPT-TB-DH-SITG ~ The Problem Was Precisely That – The Banks – Didn’t Have – Skin In The Game

~ Systemic Risk – The Risk – That You Cannot – Diversify Away

~ TS-PAGASAFC-IDN-DAFDTPS ~ The State – Plugged A Gap And Stopped A Financial Collapse – It Did Not – Dig A Fiscal Ditch Through Profligate Spending

~ TBMHMTL-B-TCWPFT ~ The Banks May Have Made The Losses – But – The Citizenry Will Pay For Them

~ R-WSTB-C-B-FDAR-MT-B-I-TTST-AAS-RT-RAC-TRITS ~ Risks – Were Supposed To Be – Controlled – By – Financial Derivatives And Risk-Management Tools – But – Instead – These Technologies Seemed To – Amplify And Spread – Rather Than – Reduce And Control – The Risk In The System

~ TINNAM-TPIWL-STPOOL-E-ICAPIMF-AA-DPP-TI-C-R-E-B-A-ATR ~ There Is Nothing Natural About Markets – Turning People Into Wage Laborers – Securing The Private Ownership Of Land – Even – Inventing Capital And Preserving Its Monetary Form – Are All – Deeply Political Projects – That Involve – Courts – Regulation – Enforcement – Bureaucracy – And – All The Rest

~ TS:CLWI/CLWI/DWTPFI ~ The State: Can’t Live With It / Can’t Live Without It / Don’t Want To Pay For It

~ A-R-AI-IT-FABER ~ Austerity – Remains – An Ideology – Immune To – Facts And Basic Empirical Refutation

~ ADW-P-IATFRCAFCOWLL-‘EFC’-TCAEDBFOTWTAPM-O-TPSGTCW-IHIBU-CP-R-PI-MRTLD-A-A-W-IHNO-‘DWISOTT’ ~ Austerity Doesn’t Work – Period – Insofar As The Fossil Record Contains A Few Cases Of What Look Like – “Expansionary Fiscal Consolidations” – These Cases Are Either Driven By Factors Other Than What The Austerity Proponents Maintain – Or – Those Proponents Simply Get The Cases Wrong – It Has Instead Brought Us – Class Politics – Riots – Political Instability – More Rather Than Less Debt – Assassinations – And – War – It Has Never Once – “Done What It Says On The Tin”

~ A-IGIPB-TIOS-TAO-AEDOTTB ~ Austerity – Is Generated In Part By – The Inability Of Societies – To Agree On – An Equitable Distribution Of The Tax Burden

~ H-PAD-EACOTP-F-MHEIOGM ~ Having – Pumped And Dumped – Every Asset Class On The Planet – Finance – May Have Exhausted Its Own Growth Model

~ TIHWAGTDWOD-T-T-AN-A-NBAIU-WII-NBTAMDTC-WTA-A-NBDHAIB-WID-B-B-ASDW ~ This Is How We Are Going To Deal With Our Debts – Through – Taxes – And Not – Austerity – Not Because Austerity Is Unfair – Which It Is – Not Because There Are More Debtors Than Creditors – Which There Are – And – Not Because Democracy Has An Inflationary Bias – Which It Doesn’t – But – Because – Austerity Simply Doesn’t Work

JAMES KWAK ~ ECONOMISM ~ 2017

~ BEATROI ~ Bad Economics And The Rise Of Inequality

~ E-ROTPT-PCAM-BAT-TA-TDIOAE101T-ETTABTDVNHTITRW ~ Economism – Rests On The Premise That – People – Companies – And – Markets – Behave According To – The Abstract – Two-Dimensional Illustrations Of An Economics 101 Textbook – Even Though The Assumptions Behind Those Diagrams Virtually Never Hold True In The Real World

~ EIAILTWPMSOR-BICTAO-‘E’-ECBAPRT ~ Economism Is An Interpretive Lens Through Which People Make Sense Of Reality – Because It Claims The Authority Of – “Economics” – Economism Can Be A Powerful Rhetorical Tool

~ WSEACSMP-ITWTMOJ-TESO-ATITIG-WETFOAATCI ~ While Superficial Economic Arguments Can Serve Multiple Purposes – In Today’s World They Most Often Justify – The Existing Social Order – And The Inequality That It Generates – While Explaining The Futility Of Any Attempt To Change It

~ RARWQTSM-A-ATITST-ITS-EILAI ~ Reducing All Real-World Questions To Simple Models – And – Answering Them In The Same Terms – In This Sense – Economism Is Like An Ideology

~ TCJFGDOW-INLTTSHWDBG-OTTSOTFIRFTPOTS-I-IIN-EC-BIITNOOAESTPTGGTTGN ~ The Common Justification For Great Disparities Of Wealth – Is No Longer That The Social Hierarchy Was Dictated By God – Or That The Survival Of The Fittest Is Required For The Progress Of The Species – Instead – Inequality Is Necessary – Even Celebrated – Because It Is The Natural Outcome Of An Economic System That Provides The Greatest Good To The Greatest Number

~ TAOETPA-AS-RT-RD-IOSOIS ~ The Ability Of Economism To Pass As– Abstract Science – Rather Than – Rhetorical Device – Is One Source Of Its Strength

~ EIAIBOISEAEP-A-C-U-POTW-WCBCQAE-DW-MAUF ~ Economism Is Also Influential Because Of Its Sedative Elegance And Explanatory Power – A – Clean – Uncluttered – Picture Of The World – Which Can Be Communicated Quickly And Easily – Dispensing With – Messy And Uncooperative Facts

~ ASSOAC-BOAUA-HB-WICS ~ A Small Set Of Abstract Concepts – Based On Admittedly Unrealistic Assumptions – Has Become – Widespread In Contemporary Society

~ IALETMAC-ITAWOSADC-TII-ITRWOPAI ~ It’s A Lot Easier To Make A Case – In The Abstract World Of Supply And Demand Curves – Than It Is – In The Real World Of People And Institutions

~ IGPPWTBUTAISOS-WTSTIOTG-O-PIWAFIOTW ~ Ideas Gain Power Precisely When They Become Useful To An Important Segment Of Society – When They Support The Interests Of That Group – Or – Provide It With A Favorable Interpretation Of The World

~ BBTPO-PT-SI-A-WP-CCTBUWEFTPOPTO ~ Befuddled By The Popularity Of – Progressive Taxes – Social Insurance – And – Welfare Programs – Commentators Continue To Blame Unfamiliarity With Economics For The Popularity Of Policies They Oppose

~ M-IC-WDNSIEI-ARATVOE ~ Many – Influential Commentators – Who Do Not Specialize In Economic Issues – Also Routinely Adopt The Vocabulary Of Economism

~ TM-NE-BMIASWOPADSAEI ~ The Media – Normalize Economism – By Making It A Standard Way Of Presenting And Discussing Social And Economic Issues

~ FC-WSGWHBACPQ-ERTQFTPSTTAROT-IWT-CLM-PT-P-I-S ~ For Centuries – Who Should Get What Has Been A Central Political Question – Economism Removes The Question From The Political Sphere To The Abstract Realm Of Theory – In Which The – Competitive Labor Market – Provides The – Perfect – Indisputable – Solution

~ OOTCPOEIT-T-A-V-V-B-AU-YCMTAEUAS-A-DD-TITHTDPFWATMSWOIPTSMDETOE ~ One Of The Core Principles Of Economism Is That – Taxes – Are – Very – Very – Bad – As Usual – You Can Make The Argument Easily Using A Supply-And-Demand Diagram – The Idea That Higher Taxes Discourage People From Working And Therefore Make Society Worse Off Is Probably The Single Most Deeply Entrenched Tenet Of Economism

~ MPABUOTTR-MHBFDABNOSCIROR-B-OPR-SA-‘SWILOAE’ ~ Many People Are Blissfully Unaware Of Their Tax Rates – Most Human Beings’ Financial Decisions Are Based Not On Sophisticated Calculations Involving Rates Of Return – But – On Primitive Rules – Such As – “Save Whatever Is Left Over After Expenses”

~ LTRITAOMTTGHTB-RTCATTPS ~ Lower Tax Revenues Increase The Amount Of Money That The Government Has To Borrow – Reducing The Capital Available To The Private Sector

~ TSMST-LITWISAG-DHUTS-LPKMOTSDNAMTTWM ~ The Simple Model Saying That – Lower Investment Taxes Will Increase Savings And Growth – Doesn’t Hold Up To Scrutiny – Letting People Keep More Of Their Salaries Does Not Always Motivate Them To Work More

~ AGISAMBWWOCAOSTWDNTTPSTLAE-AS-TQOWTAWDOWFWEFOGAHWIFT ~ A Government Is Simply A Mechanism By Which We Organize Certain Aspects Of Society That We Do Not Trust The Private Sector To Look After Effectively – And So – The Question Of Whether Taxes Are Worthwhile Depends On What Functions We Expect From Our Government And How Well It Fulfills Them

~ TGPOAWITSTBOWPBIEP ~ The Greatest Power Of A Worldview Is To Set The Boundaries Of What People Believe Is Even Possible

~ ERM-FTP-HBIACWBIAWOE-IFC ~ Economism’s Rosy Model – Failed To Predict – How Both Individuals And Companies Would Behave In A World Of Ever-Increasing Financial Complexity

~ I2008-WRTLTACMDNMETCFTIMPU-I-P-SBLBPACTMTIGIWTDLDAWR-SOATMS ~ In 2008 – We Relearned The Lesson That A Competitive Market Does Not Magically Ensure That Capital Flows To Its Most Productive Uses – Instead – Profit-Seeking Behavior Leads Both People And Companies To Maximize Their Individual Gains In Ways That Distort Lending Decisions And Waste Resources – Sometimes On A Truly Monumental Scale

~ TMTNCALAMCTE-A-CRASTLTETTBWSTNCI ~ The Megabanks That Nearly Collapsed Are Larger And More Complex Than Ever – And – Capital Requirements Are Still Too Low To Ensure That Those Banks Will Survive The Next Crisis Intact

~ IARWLM-TADCCL ~ In A Real-World Labor Market – Trade Agreements Do Create Clear Losers

~ TGAOEHBT-RAPI-AAL-E-T-U-SN-FFSTW ~ The Great Achievement Of Economism Has Been To – Repackage A Political Ideology – As A Lightweight – Easy-To-Use – Seemingly Neutral – Framework For Seeing The World

~ BCTSO-AT-EDTTIADAA-TWSITWII-IYDA-YMNU-E101 ~ By Claiming The Status Of – Absolute Truth – Economism Denies That There Is Any Debate At All – The World Simply Is The Way It Is – If You Don’t Agree – You Must Not Understand – Economics 101

~ EPAIRIOCPI-PCTOAAA-WPOTTM ~ Economism Plays An Important Role In Our Contemporary Political Institutions – Prioritizing Certain Types Of Analyses And Arguments – While Pushing Others To The Margins

~ FASTBR-CMANE-TMAB-PDPI-TPEF-MP-SC-A-SAESOR ~ For A Society To Become Rich – Competitive Markets Are Not Enough – There Must Also Be – Pluralistic Democratic Political Institutions – That Prevent Elites From – Monopolizing Power – Suppressing Competitors – And – Seizing An Excessive Share Of Resources

~ U-IWTA-NW-TDBWTO ~ Ultimately – It Will Take A – New Worldview – To Do Battle With The Old

JOSEPH STIGLITZ ~ THE PRICE OF INEQUALITY ~ 2012

~ SGVFCTC-TWSST-TWACUT-IMW-T-EAPS-HF-A-T-BWFU ~ Specific Grievances Varied From Country To Country – There Were Some Shared Themes – There Was A Common Understanding That – In Many Ways – The – Economic And Political System – Had Failed – And – That – Both Were Fundamentally Unfair

~ TGBWOEAPSASTD-WWWTTDD-AWTAC-BTLTBI ~ The Gap Between What Our Economic And Political Systems Are Supposed To Do – What We Were Told They Did Do – And What They Actually Do – Became Too Large To Be Ignored

~ TBHTB-T-WGA-WHBTATEED-ACLATSSTTWNAA-TBHITBTW ~ The Bankers Had Taken Bets – That – Without Government Assistance – Would Have Brought Them And The Entire Economy Down – A Closer Look At The System Showed That This Was Not An Accident – The Bankers Had Incentives To Behave This Way

~ TMOINE ~ The Market Obviously Is Not Efficient

~ U-TIOTMTGJFSMC-ITWFOTM-TGSOI-AAMCOI ~ Unemployment – The Inability Of The Market To Generate Jobs For So Many Citizens – Is The Worst Failure Of The Market – The Greatest Source Of Inefficiency – And A Major Cause Of Inequality

~ WHEHAHP ~ We Have Empty Homes And Homeless People

~ WAPAHPFO-I-AESTISSALE-WLG-A-ADTHBPIP ~ We Are Paying A High Price For Our – Inequality – An Economic System That Is Less Stable And Less Efficient – With Less Growth – And – A Democracy That Has Been Put Into Peril

~ TPOMIE-B-THNIMC ~ The Power Of Markets Is Enormous – But – They Have No Inherent Moral Character

~ ATB-MHPACRITSIIPASOLITPTHY-BGHAPAMRITA-AFTF-MATFTA ~ At Their Best – Markets Have Played A Central Role In The Stunning Increases In Productivity And Standards Of Living In The Past Two Hundred Years – But Government Has Also Played A Major Role In These Advances – A Fact That Free-Market Advocates Typically Fail To Acknowledge

~ OTOH-MCACW-PECOTS-A-AWAC ~ On The Other Hand – Markets Can Also Concentrate Wealth – Pass Environmental Costs On To Society – And – Abuse Workers And Consumers

~ TFIPAEAR-ATREO-PHSTM-ASIIWT-ATT-ATEOTR ~ The Failures In Politics And Economics Are Related – And They Reinforce Each Other – Politics Have Shaped The Market – And Shaped It In Ways That – Advantage The Top – At The Expense Of The Rest

~ UMDNWW-AWHS ~ Unfettered Markets Do Not Work Well – As We Have Seen

~ TLOI-A-TAOO-INI-NIIRRSTPOIMF ~ The Level Of Inequality – And – The Absence Of Opportunity – Is Not Inevitable – Nor Is Its Recent Rise Simply The Product Of Inexorable Market Forces

~ IA-ATAM-ATTCTGMMTTTWBE-PBIWLTMG-TIAIC-T-DE-IHALP-AHLBD-HIHNLTMG ~ Inequality’s Apologists – And They Are Many – Argue To The Contrary That Giving More Money To The Top Will Benefit Everyone – Partly Because It Would Led To More Growth – This Is An Idea Called – Trickle-Down Economics – It Has A Long Pedigree – And Has Long Been Discredited – Higher Inequality Has Not Led To More Growth

~ SDIIFTBIP-TETERTTSAA-‘PT’ ~ So Difficult Is It For Those Born Into Poverty To Escape – That Economists Refer To The Situation As A – “Poverty Trap”

~ MOIIDFCCAOI ~ Measures Of Income Inequality Don’t Fully Capture Critical Aspects Of Inequality

~ MOTITETIARO-GP-BWTGDAWIDND-IITROPFAMAOEO ~ Much Of The Inequality That Exists Today Is A Result Of – Government Policy – Both What The Government Does And What It Does Not Do – Inequality Is The Result Of Political Forces As Much As Of Economic Ones

~ TMTMA-TMCTALTB-WGI-CMCEAD ~ The More Transparent Markets Are – The More Competitive They Are Likely To Be – Without Good Information – Capital Markets Can’t Exercise Any Discipline

~ T-WAS-CWI;IC-T-T-‘R’-O-L/NR-WMTD ~ Taxing – Work And Savings – Can Weaken Incentives; In Contrast – Taxing – The – “Rents” – On – Land / Natural Resources – Won’t Make Them Disappear

~ TSWTASMIGTGTGYO ~ The Simplest Way To A Sustainable Monopoly Is Getting The Government To Give You One

~ IOTTWIAFG-IQATBATWTROTG-A-IEW-IYCCYOR ~ It’s One Thing To Win In A Fair Game – It’s Quite Another To Be Able To Write The Rules Of The Game – And – It’s Even Worse – If You Can Choose Your Own Referees

~ ‘RC’-TOTRC-CFARTTSTTASTR-STSW-GWRITP-GC ~ “Regulatory Capture” – Those On The Regulatory Commissions – Come From And Return To The Sector That They Are Supposed To Regulate – Serve The Sector Well – Get Well Rewarded In Their Post-Government Career

~ ITGGYTRT-E-R-F-F-IDTAGTMAF ~ If The Government Grants You The Right To – Extract – Resources – For – Free – It Doesn’t Take A Genius To Make A Fortune

~ OESRP-NMHTM-AIA-M-CE-INSTSMSPTTS ~ Our Economic System Rewards Profits – No Matter How They’re Made – And In A – Money-Centric Economy – It’s Not Surprising To See Moral Scruples Put To The Side

~ TMDOAIS-IC ~ The Major Determinant Of An Individual’s Success – Initial Conditions

~ LIR-LR-A-ADADFS-CTTROTE-FAM ~ Low Interest Rates – Lax Regulations – And – A Distorted And Dysfunctional Financial Sector – Came To The Rescue Of The Economy – For A Moment

~ R-ATROTG-TEC-TPA-TPTTCPT ~ Regulations – Are The Rules Of The Game – To Ensure Competition – To Prevent Abuses – To Protect Those That Cannot Protect Themselves

~ MOTIIOE:TROR-S ~ Much Of The Inequality In Our Economy: The Result Of Rent-Seeking

~ TFSIST-STROTE-NTOWA ~ The Financial Sector Is Supposed To – Serve The Rest Of The Economy – Not The Other Way Around

~ MOT-‘FI’-WDT-CR-AALL-REP ~ Many Of These – “Financial Innovations” – Were Designed To – Circumvent Regulations – And Actually Lowered Long-Run Economic Performance

~ TCBDAWACC ~ There Can Be Destructive As Well As Constructive Competition

~ IF-ATPOF-IP ~ Increasing Fairness – And The Perception Of Fairness – Increases Productivity

~ TSTOEAPSIU-UT-WIEFTFOOS ~ The Sense That Our Economic And Political System Is Unfair – Undermines Trust – Which Is Essential For The Functioning Of Our Society

~ G-ITFITWWAT-C-TSTNP ~ Government – Is The Formal Institution Through Which We Act Together – Collectively – To Solve The Nation’s Problems

~ CATAIIESOS ~ Cooperation And Trust Are Important In Every Sphere Of Society

~ WOU-TROT-IMOEW-O-TIOTSC-TBUT ~ We Often Underestimate – The Role Of Trust – In Making Our Economy Work – Or – The Importance Of The Social Contract – That Binds Us Together

~ SC-ITGTHST ~ Social Capital – Is The Glue That Holds Societies Together

~ OCSH-D-NS-D-A-FAUG ~ One Cannot Simultaneously Have – Democracy – National Self-Determination – And – Full And Unfettered Globalization

~ N-ITHOTP-HSM-GSM-TSF-WWSR-WAAIR ~ Never – In The History Of The Planet – Had So Many – Given So Much – To So Few – Who Were So Rich – Without Asking Anything In Return

~ MH-BBHRAPLTERTBB ~ Moral Hazard – Bank Bailouts Had Repeatedly And Predictably Led To Excessive Risk Taking By Banks

~ RBBHIHCOT ~ Repeated Bank Bailouts Have Imposed High Costs On Taxpayers

~ ATW-TEO-FP-AL ~ Around The World – The Examples Of – Failed Privatizations – Are Legion

~ MOCWIHWTTC ~ Much Of Corporate Welfare Is Hidden Within The Tax Code

~ MCWITISD-ICGOTUOTR-WTBTL ~ Markets Can’t Work If There Isn’t Some Discipline – If Companies Get Only The Upside Of The Risks – With Taxpayer Bearing The Losses

~ WTWIO-DHTBTFCOTA-TWHII-NTIT-A-TTPTAROI ~ When Those Who Injure Others – Don’t Have To Bear The Full Consequences Of Their Actions – They Will Have Inadequate Incentives – Not To Injure Them – And – To Take Precautions To Avoid Risks Of Injury

~ IEPIACBTUD-PCWF ~ If Economic Power In A Country Becomes Too Unevenly Distributed – Political Consequences Will Follow

~ IAD-API-APAIM-ACBIAPI-MHSDOA-OTMSTTINM-ABDAEP ~ In Any Democracy – A Public Institution – And Pretend As It Might – A Central Bank Is A Public Institution – Must Have Some Degree Of Accountability – Oversight To Make Sure That There Is No Malfeasance – A Central Bank’s Decisions Are Essentially Political

~ AWIP ~ Another World Is Possible

~ N-TPOE-TPOEAF ~ Not – The Politics Of Envy – The Politics Of Efficiency And Fairness

NAOMI KLEIN ~ THE SHOCK DOCTRINE ~ 2007

~ DC-OR-O-TPS-ITWO-CE-CW-TTODAEMO ~ Disaster Capitalism – Orchestrated Raids – On – The Public Sphere – In The Wake Of – Catastrophic Events – Combined With – The Treatment Of Disasters As Exciting Market Opportunities

~ DCC ~ Disaster Capitalism Complex

~ CSI ~ Corporate Supremacist Ideology

~ AP-RA-B-AFVLC-A-ACO-MW-P-WHAE-SLBTTG ~ A Powerful – Ruling Alliance – Between – A Few Very Large Corporations – And – A Class Of – Mostly Wealthy – Politicians – With Hazy And Ever-Shifting Lines Between The Two Groups

~ The Ideologies That Long For That Impossible – Clean Slate – Which Can Be Reached Only Through – Some Kind Of Cataclysm – Are The Dangerous Ones

~ T-TITMO-W-P-TMIG ~ Then – There Is The Matter Of – Where – Precisely – The Money Is Going

~ WID-BC ~ When In Doubt – Blame Corruption

~ TPO-ST-ITOUAWF-EPTBMVQ-N-DTL-B-PBOI-CSL-F-CTC-MOASATLCU ~ The Point Of – Shock Therapy – Is To Open Up A Window For – Enormous Profits To Be Made Very Quickly – Not – Despite The Lawlessness – But – Precisely Because Of It – Constantly Shifting Location – From – Crisis To Crisis – Moving On As Soon As The Law Catches Up

~ BCF-LAO-A-TPHABMO-IRJAWO-LTTEPF ~ But Calling For – Law And Order – After – The Profits Have All Been Moved Offshore – Is Really Just A Way Of – Legalizing The Theft Ex Post Facto

~ T-G-R-O-D-T-D ~ The – Get-Rich-Or-Die-Trying – Dystopia

~ TUSO-‘S’-IT-TVMNCBA-TEU-IS-IB-O-ICSC-TA-TD ~ The Ugly Secret Of – “Stablization” – Is That – The Vast Majority Never Climb Back Aboard – They End Up – In Slums – In Brothels – Or – In Cargo Ship Containers – They Are – The Disinherited

~ TTI-TWRDBGAI ~ Then There Is – The Whirling Revolving Door Between Government And Industry

~ NCR ~ No Conspiracies Required

~ THOSMW-B-ATMOTWP-WNAPP-N-O-WIALO ~ The Hoarding Of So Much Wealth – By – A Tiny Minority Of The World’s Population – Was Not A Peaceful Process – Nor – Often – Was It A Legal One

~ OTMOTSDADACU-WCBHTTBS-MDTC-SR ~ Once The Mechanics Of The Shock Doctrine Are Deeply And Collectively Understood – Whole Communities Become Harder To Take By Surprise – More Difficult To Confuse – Shock Resistant

~ TBWT-R-F-H-TOTB-H-HTRTBPOA-CR ~ The Best Way To – Recover – From – Helplessness – Turns Out To Be – Helping – Having The Right To Be Part Of A – Communal Recovery

ROBERT FRANK ~ THE DARWIN ECONOMY ~ 2011

~ ITI-NRA-TLUAGWTPTL-MT-OBOITTTCOTW-DTMVFOM ~ If There Is – No Realistic Alternative – To Living Under A Government With The Power To Levy – Mandatory Taxes – Our Best Option Is To Try To Create One That Will – Deliver The Most Value For Our Money

~ ATOAA-NOGR-B-A-DTA ~ A Tax On Any Activity – Not Only Generates Revenue – But – Also – Discourages The Activity

~ AA-RD-‘SE’-AT-‘COB’-‘SOC’-A-‘CTWWLOL’-B-IAVC-B-VE-LAR-C-SE ~ Antigovernment Activists – Reliably Denounce – “Social Engineering” – Attempts To – “Control Our Behaviour” – “Steer Our Choices” – And – “Change The Way We Live Our Lives” – But – It’s A Vacuous Compliant – Because – Virtually Every – Law And Regulation – Constitutes – Social Engineering

~ LAHAT-O-SL-SS-TL-SE-I-I-SB-NS-IWOLPTCUHTO ~ Laws Against Homicide And Theft – Noise Ordinances – Speed Limits – Stop Signs – Traffic Lights – Social Engineering – Is – Inescapable – Simply Because – Narrow Self-Interest Would Otherwise Lead People To Cause Unacceptable Harm To Others

~ EDRBTHAIODLTWMRBTUO ~ Every Dollar Raised By Taxing Harmful Activities Is One Dollar Less That We Must Raise By Taxing Useful Ones

~ WGS-OC-SBCWP ~ Wasteful Government Spending – Of Course – Should Be Cut Whenever Possible

~ IETSH-S-WCPITGHNUM-MSNHIACWLIITTAH-AIFWDCATMOTGATH-OPOP ~ It’s Easy To See How – Someone – Whose Core Philosophy Is That Government Has No Useful Mission – Might See No Harm In Appointing Cronies With Little Interest In The Task At Hand – Appointing Incompetent Friends Who Don’t Care About The Mission Of The Government Agencies They Head – Often Plays Out Poorly

~ TSFWT-EPW-ISIII-PW-IAMETET-PW ~ The Search For Ways To – Eliminate Private Waste – Is Still In Its Infancy – Private Waste – Is Actually Much Easier To Eliminate Than – Public Waste

~ TIP-ITTUDA-WRMS-SHO-PPQ-ATEOPRR-SATAPOIFDHASQ ~ The Important Point – Is That The Ultimate Decision About – Whether Regulation Makes Sense – Should Hinge On – Purely Practical Questions – About The Efficacy Of Proposed Regulatory Remedies – Slogans About The Absolute Primacy Of Individual Freedom Don’t Help Answer Such Questions

~ ICBAI? ~ Is Cost Benefit Analysis Immoral?

~ DAGR-EBCAB-ITE-QRWSRTDAQPO-WRSWD? ~ Defending Any Given Right – Entails Both Costs And Benefits – In The End – Questions Regarding Which Specific Rights To Defend Are Quintessentially Practical Ones – Which Rights Should We Defend?

~ DAGRCBFTWVI-B-IAGC-NJFTTWETR-BA-FTWBIRBI ~ Defending Any Given Right Creates Benefits For Those Who Value It – But – It Also Generates Costs – Not Just For Those Tasked With Enforcing The Right – But Also – For Those Whose Behavior Is Restricted By It

~ TITMTWPWPFBT ~ The Infrastructure That Made Their Wealth Possible Was Paid For By Taxes

~ TOAT-SE-I-CA ~ The Only Alternative To – Social Engineering – Is – Complete Anarchy

~ AT-RMF-HBAC-IOI-FO-HSFTB-U-MOTAHBCBMPABEOTPS-APWBML-I-WCA-I-FV-A-TRBSAM ~ Attempts To – Remedy Market Failure – Have Been A Central – If Often Implicit – Focus Of – Human Societies From The Beginning – Unfortunately – Many Of Those Attempts Have Been Compromised By Misguided Perceptions At Both Ends Of The Political Spectrum – Additional Progress Will Be More Likely – If – We Can Abandon – Ill-Founded Views – About – The Relationship Between Success And Merit

~ IWTOBTAATSUPCSTRBTU-IAINTRA ~ If We Think Of Being Taxed As Akin To Some Unknown Person Confiscating Something That Rightfully Belongs To Us – It’s Almost Impossible Not To React Angrily

~ IPTTOTROGLITOS-TATTOTROBLIOF ~ If People Tend To Overlook The Role Of Good Luck In Their Own Success – They Also Tend To Overlook The Role Of Bad Luck In Others’ Failures

~ TPFITTWJL ~ The Plan Fact Is That They Were Just Lucky

~ TPFPTPHANRTKTFBTTAECITLM-GTETWIROPIFBT-TPHNMMS ~ The Prevailing Framework Presumes That People Have A Natural Right To Keep The Full Bounty Their Talents And Efforts Command In The Labor Market – Given The Extent To Which Incomes Rest On Public Investment Financed By Taxes – That Presumption Has Never Made Much Sense

~ WHNPRTBT-HTOTEWIEG-TCIOR-A-SQ ~ We Have No Persuasive Reasons To Believe That – Higher Taxes On Top Earners Would Inhibit Economic Growth – This Claim Is Often Repeated – And – Seldom Questioned

~ IWC-TTR-TNHORTRWN-B-TGN-IT-CTCBLOTEWHTIIAW ~ If We Can’t – Tax The Rich – There’s No Hope Of Raising The Revenue We’ll Need – But – The Good News – Is That – Certain Taxes Can Be Levied On Top Earners Without Harming Their Interest In Any Way

~ TOHACTBKA-PT ~ Taxes On Harmful Activities Came To Be Known As – Pigouvian Taxes

~ TPOAPTGHSESRTC ~ The Price Of Any Product That Generates Harmful Side Effects Should Reflect Their Cost

~ MPSDHV ~ Many Public Services Deliver High Value

~ TPSOO-PP-IRDHB-ACOS-T-CMTTNOTACWF ~ The Primary Source Of Our – Political Paralysis – In Recent Decades Has Been – A Collection Of Slogans – That – Completely Misrepresent The True Nature Of The Actual Choices We Face

~ PA-WABC-U-APSFATCHTO-A-RE ~ Personal Autonomy – Will Always Be Compromised – Unless – All Problems Stemming From Activities That Cause Harm To Others – Are – Resolved Efficiently

~ T-BL-ITI-SR-DMT-TEP-ALAP-TSAOTE-TPAOEC ~ The – Bottom Line – Is That If – Society’s Rules – Don’t Make The – Total Economic Pie – As Large As Possible – They Squander An Opportunity To Enhance – The Personal Autonomy Of Every Citizen

~ B-GG-DJH-IMBNC-STB-R-SHHUFTKOSMOUWTLI ~ But – Good Government – Doesn’t Just Happen – It Must Be Nurtured Carefully – Starve The Beast – Rhetoric – Surely Hasn’t Helped Us Forge The Kind Of Society Most Of Us Want To Live In

~ ANOW-AGTTTREB-ATEGWFOO-BTCRH-TOCEAOTO-IWTTDTBWTLTP ~ Almost No One Wants – A Government That Tries To Regulate Every Behavior – A Truly Effective Government Would Focus Only On – Behaviors That Cause Real Harm – That Others Cannot Easily Avoid On Their Own – It Would Try To Discourage Those Behaviors With The Lightest Touch Possible

JAMES KWAK ~ ECONOMISM ~ 2017

~ BEATROI ~ Bad Economics And The Rise Of Inequality

~ E-ROTPT-PCAM-BAT-TA-TDIOAE101T-ETTABTDVNHTITRW ~ Economism – Rests On The Premise That – People – Companies – And – Markets – Behave According To – The Abstract – Two-Dimensional Illustrations Of An Economics 101 Textbook – Even Though The Assumptions Behind Those Diagrams Virtually Never Hold True In The Real World

~ EIAILTWPMSOR-BICTAO-‘E’-ECBAPRT ~ Economism Is An Interpretive Lens Through Which People Make Sense Of Reality – Because It Claims The Authority Of – “Economics” – Economism Can Be A Powerful Rhetorical Tool

~ WSEACSMP-ITWTMOJ-TESO-ATITIG-WETFOAATCI ~ While Superficial Economic Arguments Can Serve Multiple Purposes – In Today’s World They Most Often Justify – The Existing Social Order – And The Inequality That It Generates – While Explaining The Futility Of Any Attempt To Change It

~ RARWQTSM-A-ATITST-ITS-EILAI ~ Reducing All Real-World Questions To Simple Models – And – Answering Them In The Same Terms – In This Sense – Economism Is Like An Ideology

~ TCJFGDOW-INLTTSHWDBG-OTTSOTFIRFTPOTS-I-IIN-EC-BIITNOOAESTPTGGTTGN ~ The Common Justification For Great Disparities Of Wealth – Is No Longer That The Social Hierarchy Was Dictated By God – Or That The Survival Of The Fittest Is Required For The Progress Of The Species – Instead – Inequality Is Necessary – Even Celebrated – Because It Is The Natural Outcome Of An Economic System That Provides The Greatest Good To The Greatest Number

~ TAOETPA-AS-RT-RD-IOSOIS ~ The Ability Of Economism To Pass As – Abstract Science – Rather Than – Rhetorical Device – Is One Source Of Its Strength

~ EIAIBOISEAEP-A-C-U-POTW-WCBCQAE-DW-MAUF ~ Economism Is Also Influential Because Of Its Sedative Elegance And Explanatory Power – A – Clean – Uncluttered – Picture Of The World – Which Can Be Communicated Quickly And Easily – Dispensing With – Messy And Uncooperative Facts

~ ASSOAC-BOAUA-HB-WICS ~ A Small Set Of Abstract Concepts – Based On Admittedly Unrealistic Assumptions – Has Become – Widespread In Contemporary Society

~ IALETMAC-ITAWOSADC-TII-ITRWOPAI ~ It’s A Lot Easier To Make A Case – In The Abstract World Of Supply And Demand Curves – Than It Is – In The Real World Of People And Institutions

~ IGPPWTBUTAISOS-WTSTIOTG-O-PIWAFIOTW ~ Ideas Gain Power Precisely When They Become Useful To An Important Segment Of Society – When They Support The Interests Of That Group – Or – Provide It With A Favorable Interpretation Of The World

~ BBTPO-PT-SI-A-WP-CCTBUWEFTPOPTO ~ Befuddled By The Popularity Of – Progressive Taxes – Social Insurance – And – Welfare Programs – Commentators Continue To Blame Unfamiliarity With Economics For The Popularity Of Policies They Oppose

~ M-IC-WDNSIEI-ARATVOE ~ Many – Influential Commentators – Who Do Not Specialize In Economic Issues – Also Routinely Adopt The Vocabulary Of Economism

~ TM-NE-BMIASWOPADSAEI ~ The Media – Normalize Economism – By Making It A Standard Way Of Presenting And Discussing Social And Economic Issues

~ FC-WSGWHBACPQ-ERTQFTPSTTAROT-IWT-CLM-PT-P-I-S ~ For Centuries – Who Should Get What Has Been A Central Political Question – Economism Removes The Question From The Political Sphere To The Abstract Realm Of Theory – In Which The – Competitive Labor Market – Provides The – Perfect – Indisputable – Solution

~ OOTCPOEIT-T-A-V-V-B-AU-YCMTAEUAS-A-DD-TITHTDPFWATMSWOIPTSMDETOE ~ One Of The Core Principles Of Economism Is That – Taxes – Are – Very – Very – Bad – As Usual – You Can Make The Argument Easily Using A Supply-And-Demand Diagram – The Idea That Higher Taxes Discourage People From Working And Therefore Make Society Worse Off Is Probably The Single Most Deeply Entrenched Tenet Of Economism

~ MPABUOTTR-MHBFDABNOSCIROR-B-OPR-SA-‘SWILOAE’ ~ Many People Are Blissfully Unaware Of Their Tax Rates – Most Human Beings’ Financial Decisions Are Based Not On Sophisticated Calculations Involving Rates Of Return – But – On Primitive Rules – Such As – “Save Whatever Is Left Over After Expenses”

~ LTRITAOMTTGHTB-RTCATTPS ~ Lower Tax Revenues Increase The Amount Of Money That The Government Has To Borrow – Reducing The Capital Available To The Private Sector

~ TSMST-LITWISAG-DHUTS-LPKMOTSDNAMTTWM ~ The Simple Model Saying That – Lower Investment Taxes Will Increase Savings And Growth – Doesn’t Hold Up To Scrutiny – Letting People Keep More Of Their Salaries Does Not Always Motivate Them To Work More

~ AGISAMBWWOCAOSTWDNTTPSTLAE-AS-TQOWTAWDOWFWEFOGAHWIFT ~ A Government Is Simply A Mechanism By Which We Organize Certain Aspects Of Society That We Do Not Trust The Private Sector To Look After Effectively – And So – The Question Of Whether Taxes Are Worthwhile Depends On What Functions We Expect From Our Government And How Well It Fulfills Them

~ TGPOAWITSTBOWPBIEP ~ The Greatest Power Of A Worldview Is To Set The Boundaries Of What People Believe Is Even Possible

~ ERM-FTP-HBIACWBIAWOE-IFC ~ Economism’s Rosy Model – Failed To Predict – How Both Individuals And Companies Would Behave In A World Of Ever-Increasing Financial Complexity

~ I2008-WRTLTACMDNMETCFTIMPU-I-P-SBLBPACTMTIGIWTDLDAWR-SOATMS ~ In 2008 – We Relearned The Lesson That A Competitive Market Does Not Magically Ensure That Capital Flows To Its Most Productive Uses – Instead – Profit-Seeking Behavior Leads Both People And Companies To Maximize Their Individual Gains In Ways That Distort Lending Decisions And Waste Resources – Sometimes On A Truly Monumental Scale

~ TMTNCALAMCTE-A-CRASTLTETTBWSTNCI ~ The Megabanks That Nearly Collapsed Are Larger And More Complex Than Ever – And – Capital Requirements Are Still Too Low To Ensure That Those Banks Will Survive The Next Crisis Intact

~ IARWLM-TADCCL ~ In A Real-World Labor Market – Trade Agreements Do Create Clear Losers

~ TGAOEHBT-RAPI-AAL-E-T-U-SN-FFSTW ~ The Great Achievement Of Economism Has Been To – Repackage A Political Ideology – As A Lightweight – Easy-To-Use – Seemingly Neutral – Framework For Seeing The World

~ BCTSO-AT-EDTTIADAA-TWSITWII-IYDA-YMNU-E101 ~ By Claiming The Status Of – Absolute Truth – Economism Denies That There Is Any Debate At All – The World Simply Is The Way It Is – If You Don’t Agree – You Must Not Understand – Economics 101

~ EPAIRIOCPI-PCTOAAA-WPOTTM ~ Economism Plays An Important Role In Our Contemporary Political Institutions – Prioritizing Certain Types Of Analyses And Arguments – While Pushing Others To The Margins

~ FASTBR-CMANE-TMAB-PDPI-TPEF-MP-SC-A-SAESOR ~ For A Society To Become Rich – Competitive Markets Are Not Enough – There Must Also Be – Pluralistic Democratic Political Institutions – That Prevent Elites From – Monopolizing Power – Suppressing Competitors – And – Seizing An Excessive Share Of Resources

~ U-IWTA-NW-TDBWTO ~ Ultimately – It Will Take A – New Worldview – To Do Battle With The Old

JARON LANIER ~ YOU ARE NOT A GADGET ~ 2010

~ LOFCC ~ Lords Of The Computing Clouds

~ FANP ~ Fragments Are Not People

~ TMITAATIHICP ~ The Most Important Thing About A Technology Is How It Changes People

~ PIIT ~ Politics Influences Information Technology

~ ESP-B-ITU ~ Entrenched Software Philosophies – Become – Invisible Through Ubiquity

~ TCSBLTTL ~ Technology Criticism Should Be Left To The Luddites

~ NE ~ Network Effect

~ CT ~ Cybernetic Totalists

~ DM ~ Digital Maoists

~ MOMFDWM ~ Many Of My Friends Disagree With Me

~ WDYDWTTACTTL? ~ What Do You Do When The Techies Are Crazier Than The Luddites?

~ LOD ~ Levels Of Description

~ OI ~ Oracle Illusion

~ RTBTMM ~ Race To Be The Most Meta

~ ATPLOA ~ Aggregate The Previous Layers Of Aggregation

~ TIOHLM ~ The Illusion Of High-Level Metaness

~ IDDTBF ~ Information Doesn’t Deserve To Be Free

~ WIOHARAIIN? ~ What If Only Humans Are Real And Information Is Not?

~ IIAE ~ Information Is Alienated Experience

~ EITOPTCDI ~ Experience Is The Only Process That Can De-Alienate Information

~ IOTKTP-WTBF-INBASOOOM-A-WNOIO-IWNSIIDGWIW ~ Information Of The Kind That Purportedly – Wants To Be Free – Is Nothing But A Shadow Of Our Own Minds – And – Wants Nothing On Its Own – It Will Not Suffer If It Doesn’t Get What It Wants

~ MICOBKIARS-ITEOAHB ~ Machine Intelligence Can Only Be Known In A Relative Sense – In The Eyes Of A Human Beholder

~ PDTIOTMMSS-ATT ~ People Degrade Themselves In Order To Make Machines Seem Smart – All The Time

~ COE-WYCTCOYC-YCYCOY ~ Circle Of Empathy – When You Change The Contents Of Your Circle – You Change Your Conception Of Yourself

~ ITD ~ Infelicitous Technological Designs

~ OMRTTCOSNANTMOTN-TRCITAOTF-B-TCHYTAIASW ~ One Must Remember That The Customers Of Social Networks Are Not The Members Of Those Networks – The Real Customer Is The Advertiser Of The Future – But – This Creature Has Yet To Appear In Any Significant Way

~ TNDDI ~ The Net Doesn’t Design Itself

~ AFPP ~ Anonymous Fragmentary Pseudo-People

T-INASO-II-B-TSQOTOW ~ Trolling – Is Not A String Of – Isolated Incidents – But – The Status Quo In The Online World

~ IOV ~ Ideology Of Violation

~ TROTCAPTR ~ The Rules Of The Cloud Apply Poorly To Reality

~ MEPITC ~ Meta Equals Power In The Cloud

~ MNTIITDAG ~ Morality Needs Technology If It’s To Do Any Good

~ PWFOAOTFAKOAOSLATCTCUWWTILSFEAO ~ People Will Focus On Activities Other Than Fighting And Killing One Another Only So Long As Technologists Continue To Come Up With Ways To Improve Living Standards For Everyone At Once

~ TDOE ~ The Devaluation Of Everything

~ U&U ~ Unobtrusive And Useful

~ IYWTK-WRGO-IA-SOI-FTM ~ If You Want To Know – What’s Really Going On – In A – Society Or Ideology – Follow The Money

~ RTTFOS-P ~ Reciprocity Takes The Form Of Self-Promotion

~ CITBPNBA ~ Culture Is To Become Precisely Nothing But Advertising

~ IMIFT-A-IO-M-J-A-A-TASIMCWMTTOB ~ If Money Is Flowing To – Advertising – Instead Of – Musicians – Journalists – And – Artists – Then A Society Is More Concerned With Manipulation Than Truth Or Beauty

~ ICIW-TPWSTB-EAC ~ If Content Is Worthless – Then People Will Start To Become – Emptyheaded And Contentless

~ PALOTC ~ Peasants And Lords Of The Clouds

~ AWBTDUFPOM-IIFP-WHAP ~ Are We Building The Digital Utopia For People Or Machines – If It’s For People – We Have A Problem

~ MAAGOTWPM-SNHWETWBTB ~ Maybe After A Generation Or Two Without Professional Musicians – Some New Habitat Will Emerge That Will Bring Them Back

~ TF-ACRTBBHA-EC-B-T-F-A-ER-AAR-TIOEIT-AOI-HB-THD ~ Thus Far – All Computer-Related Technologies Built By Humans Are – Endlessly Confusing – Buggy – Tangled – Fussy – And – Error-Ridden – As A Result – The Icon Of Employment In The – Age Of Information – Has Been – The Help Desk

~ POTHD ~ Planet Of The Help Desks

~ CEC ~ Computationally Enhanced Corruption

~ CHMIEFCTPETTTTANAOTOS ~ Computers Have Made It Easier For Criminals To Pretend Even To Themselves That They Are Not Aware Of Their Own Schemes

~ TWOFCTTPI2008WSCB ~ The Wave Of Financial Calamities That Took Place In 2008 Were Significantly Cloud Based

~ NOITP-DEHTMVCTLTHOHITWWRAATN ~ No One In The Pre-Digital Era Had The Mental Capacity To Lie To Him- Or Herself In The Way We Routinely Are Able To Now

~ WOTCTCTC?-ALF ~ Who Owns The Cloud That Connects The Crowd? – A Lucky Few

~ EHAISABI-UTAAIP ~ Entitlement Has Achieved Its – Singularity – And – Become Infinite – Unless The Algorithm Actually Isn’t Perfect

~ TGUSOTNI ~ The Grand Unified Scam Of The New Ideology

~ ASCIWBHVIOBF-AEWGPFTB ~ A Social Contract In Which Bits Have Value Instead Of Being Free – And Everyone Would Get Paid For Their Bits

~ WADOIS-MWB ~ Without A Degree Of Imposed Scarcity – Money Would Be Valueless

~ AVITAOTLT ~ A Volunteer In The Army Of The Long Tail

~ TWPOTOWARHS ~ The Wrong People Often Take Over When A Revolution Happens Suddenly

~ ETMELMATFCHT-FTCTATG ~ Even The Most Extreme Libertarian Must Admit That – Fluid Commerce Has To Flow Through Channels That Amount To Government

~ WMSOH-A-EOR-IOTBB ~ We Must See Ourselves Honestly – And – Engage Ourselves Realistically In Order To Become Better

~ E-IA-HTB-M-ASORWCC-W-RTWCC ~ Economics – Is About – How To Best – Mix – A Set Of Rules We Cannot Change – With – Rules That We Can Change

~ TUTOF ~ The Unbearable Thinness Of Flatness

~ OCIFOTWAIWBTWWB ~ Online Culture Is Fixated On The World As It Was Before The Web Was Born

~ TOAHBATC-L-PC-IHBSGAC-NO ~ The Open Approach Has Been Able To Create – Lovely – Polished Copies – It Hasn’t Been So Good At Creating – Notable Originals

~ WITNM?-EI-R/R/R ~ Where Is The New Music? – Everything Is – Retro / Retro / Retro

~ WMS-R-IS-IIITRITC ~ What Makes Something – Real – Is That – It Is Impossible To Represent It To Completion

~ ESAP ~ Encapsulation Serves A Purpose

~ BFSL-FLS ~ Been Fast So Long – Feels Like Slow

~ SJ ~ Silicon Juvenilia

~ DC:WAWOJ ~ Digital Culture: Wave After Wave Of Juvenilia

~ PC ~ Postsymbolic Communication

WILLIAM MARSDEN ~ FOOLS RULE ~ 2011

~ TGB-WTSIAUTD-A-WMPAWTA-WTCI-‘P’-GUV ~ The Gap Between – What The Science Is Asking Us To Do – And – What Most People Are Willing To Accept – What They Claim Is – “Possible” – Gives You Vertigo

~ D-KRDM-A-BLSWIC ~ Deniers – Keep Repackaging Debunked Material – And – Badgering Legitimate Scientists With Irrelevant Concerns

~ WLIA-PC-WT-SO-O-AOCE-AP-O-ATC-CAMWFTGPA-TSKOAG ~ We Live In A – Public Cyberspace – Where The – Scientific Opinions – Of – An Oil Company Executive – A Politician – Or – A Television Commentator – Carry As Much Weight For The General Public As – The Scientific Knowledge Of A Geophysicist

~ WDPBTTAPF? ~ Why Do People Believe Things That Are Patently False?

~ AOM ~ Axis Of Melt

~ ML-IWWTOA-TPA-ABF-THITW-TMFITAMTFSIC-V-AAOC ~ Mercury Levels – In What We Think Of As – The Pristine Arctic – Are By Far – The Highest In The World – The Mercury Found In The Arctic Migrated There From Southern Industrial Centers – Via – Atmospheric And Ocean Currents

~ MGH-BOMLIWC-‘FH’-LEIBTOSATDP-CATAMOCAAOFFROE ~ Methane Gas Hydrates – Bits Of Methane Locked Inside Water Crystals – “Frozen Heat” – Literally Everywhere In Both The Ocean Sediment And The Deep Permafrost – Contains About Twice As Much Organic Carbon As All Other Fossil Fuel Reserves On Earth

~ TDTARAEI ~ They Describe Themselves As Research And Educational Institutions

~ WCTPOFI-APS-HBC-A-RB-LAPOASOTS ~ We Continue To Place Our Faith In – A Political System – Hijacked By Corporations – And – Run By – Liars And Propagandists On All Sides Of The Spectrum

~ OBMIFUT-SSITREOTWWHCTKAT-Y-OBAHAAATCNC ~ Our Brains May Instinctively Force Us To – Seek Shelter In The Reassuring Equilibrium Of The World We Have Come To Know And Trust – Yet – Our Brains Also Have An Amazing Ability To Chart New Courses