MARIANA MAZZUCATO ~ THE VALUE OF EVERYTHING ~ 2018

~ ILPV-WWLCTLIPAM?-IFDNCV-HDTBSR? ~ If Labour Produced Value – Why Was Labour Continuing To Live In Poverty And Misery? – If Financiers Did Not Create Value – How Did They Become So Rich?

~ TLTOVDWN-TEOANSOITITEAT-VWNIOCOP-T-CE-LTCTAND-TN ~ The Labour Theory Of Value’s Days Were Numbered – The Emergence Of A New Set Of Ideas That Inverted The Earlier Argument That – Value Was Nested In Objective Conditions Of Production – The – Classical Economists – Lost Their Crown To A New Dynasty – The Neoclassicals

~ T-MUTOV-STAIIRFAPU ~ The – Marginal Utility Theory Of Value – States That All Income Is Reward For A Productive Undertaking

~ TMCIAT-S-O-GAA-WBM-PB-MAM-TNAMVOP-LT-COCB-BTFATSC-B-LOUFSB-TCO-IU-WHTIW-NAGOB-B-HCGCBRTEITTMTBTHOH ~ The Medieval Church Inveighed Against The – Sin – Of – Greed And Avarice – Which Broadly Meant – Profiteering By – Middlemen And Moneylenders – This Normative And Moral View Of Price – Linked To – Cheating Or Criminal Behaviour – Began To Fade After The Seventeenth Century – But – Lingered On Until Firmly Supplanted By – The Concept Of – Individual Utility – Which Held That It Was – Not About Good Or Bad – But – How Common Goals Could Be Reached Through Each Individual Trying To Maximize The Benefit To His- Or Herself

~ TN-VT-M-IBOTNO-UAS-AI-S:TVOTIMBTUTTC-TI-T-N-‘O’-SOV-SUMVBIAADT-TUDATAOATTIHOCI-P-TR-T-U-T-BGFT-TSTA-THT-MU-TMCWBWTPFT ~ The – New – Value Theory – Marginalism – It Is Based On The Notions Of – Utility And Scarcity – And Is – Subjective: The Value Of Things Is Measured By Their Usefulness To The Consumer – There Is – Therefore – No – “Objective” – Standard Of Value – Since Utility May Vary Between Individuals And At Different Times – This Utility Decreases As The Amount Of A Thing That Is Held Or Consumed Increases – Prices – Then – Reflect – The – Utility – That – Buyers Get From Things – The Scarcer They Are – The Higher Their – Marginal Utility – The More Consumers Will Be Willing To Pay For Them

~ TPAWACMIWMTHOHTTA(M)UOAC-TTMWP-IWTSII-‘E’-AIRO-HGHTUT-TS-CCOTEAEF-DASTI-P-A-P-‘O’-S-E-T-STOV-B-TRFTPOE-PIADMOV-W-NLM-TLTPTGITE-A-BTM-A-HMWWC ~ The Point At Which A Consumer’s Money Is Worth More To Him Or Her Than The Additional (Marginal) Unit Of A Commodity – That Their Money Would Purchase – Is Where The System Is In – “Equilibrium” – An Idea Reminiscent Of – How Gravity Held The Universe Together – The Smooth – Continuous Curves Of These Equilibrating And Evolutionary Forces – Depict A System That Is – Peaceful – And – Potentially – “Optimal” – Self-Equilibrating – This – Scarcity Theory Of Value – Became – The Rationale For The Price Of Everything – Price Is A Direct Measure Of Value – We – No Longer Measure – The Labour That Produced The Goods In The Economy – And – By This Means – Assess – How Much Wealth Was Created

~ T-MOU-HBEBTEST-EHB ~ The – Maximization Of Utility – Has Been Extended Beyond The Economic Sphere To – Explain Human Behavior

~ B-DTC-MUT-P-AI-HI-TNEVTWWABFPC-H-I-A-CTI-GPATOPMB ~ But – Despite The Critiques – Marginal Utility Theory – Prevails – And Is – Highly Influential – The Narrow Equilibrium View That We Will All Benefit From Perfect Competition – Has – Influenced – And – Continues To Influence – Government Policies And Those Of Powerful Multilateral Bodies

~ WSLAMITC-HPAD-TANTTTI-OOOMDATTAV ~ When Students Learn About Microecnomics In The Classroom – How Prices Are Determined – They Are Not Told That This Is – Only One Of Many Different Approaches To Thinking About Value

~ AT-M-B-VDFP-SEAVHSIIOTPAW-ATST-AHDAJAA-ISTRTPFW:TUOWATOL ~ According To – Marginalists – Because – Value Derives From Price – Somebody Earning A Very High Salary Is Indicative Of Their Productivity And Worth – At The Same Time – Anybody Holding Down A Job At All – Is Supposed To Reflect Their Preference For Work: The Utility Of Work Against That Of Leisure

~ MUT-HAFTAFOOTKPIMC:TEAOTFS ~ Marginal Utility Theory – Has Also Failed To Account For One Of The Key Problems In Modern Capitalism: The Extractive Activities Of The Financial Sector

~ ITCOCUPIBB-SOTTP-IICA-E-TCI-‘O’-TPP-A-LA-A-I-GDP ~ If The Cost Of Cleaning Up Pollution Is Borne By – Someone Other Than The Polluter – It Is Called An – Externality – The Cost Is – “Outside” – The Polluter’s Profit-And-Loss Account – And – Increases – GDP

~ T-‘BP’-HTETPOF-PVR ~ The – “Banking Problem” – How To Estimate The Productiveness Of Finance – Profits Versus Rents

~ T-FS-FSA-U-N-ACOV ~ The – Financial Sector – Formerly Seen As – Unproductive – Now – A Creator Of Value

~ TCOF-B-PLAEB-I-H-NUSA-E ~ The Celebration Of Finance – By – Political Leaders And Expert Bankers – Is – However – Not Universally Shared Among – Economists

~ PFITVOFWUBI2008I-I-TRTTGFCWTITMOEE-‘C’-SBATP-SB-A-TSTWAU-RMP-N-ZIR-SB-CBBUOGOECBTKTPH ~ Policymakers’ Faith In The Value Of Finance Was Undiminished By Its 2008 Implosion – Indeed – Their Reaction To The Global Financial Crisis Was To Insist That More Of Each Economy’s – “Capital” – Should Be Assigned To Private-Sector Banks – And – To Support Them With An Ultra-Relaxed Monetary Policy – Near-Zero Interest Rates – Supplemented By – Central Banks’ Buying Up Of Government Or Even Corporate Bonds To Keep Their Prices High

~ FSWHR-B-ALIHOBCAFOFIS-SH-LTT-FFCELDM-A-ISD-DREAAECSU-WBC-TTTOEMIHRTSFEMRIP-UD(AB)S ~ Financial Sectors Were Heavily Regulated – Because – A Long International History Of Bank Crashes And Failed Or Fraudulent Investment Schemes – Showed How – Left To Themselves – Financial Firms Could Easily Lose Depositors’ Money – And – In So Doing – Disrupt Real Economic Activity And Even Cause Social Unrest – When Banks Competed – They Tended To Offer Ever More Improbably High Returns To Savers By Funding Ever More Risky Investment Projects – Until Disaster (And Bankruptcy) Struck

~ IITTWICOT-TTRR-BOTB ~ It Is The Taxpayer Who Is Called On To – Take The Real Risk – Bailing Out The Banks

~ TCOHRALRTOTBASI ~ The Golden Combination Of High Return And Low Risk Turned Out To Be A Statistical Illusion

~ SEGTHB-‘PK’ ~ Sustaining Economic Growth Through Household Borrowing – “Privatized Kenesianism”

~ ‘SB’- DFITCB-LABANRAB-P-L-F-MAFAMAAQOTGFS ~ “Shadow Banking” – Diverse Financial Intermediaries That Carryout Bank-Like Activities But Are Not Regulated As Banks – Pawnbrokers – Lenders – Funds – May Account For As Much As A Quarter Of The Global Financial System

~ TFSNAFASAGSOTEVAAP-B-O-15%-OTFGGT-BIN-FI-TRITBFI-MMSFMCH-S-NT-‘RE’-B-I ~ The Financial Sector Now Accounts For A Significant And Growing Share Of The Economy’s Value Added And Profits – But – Only – 15 Per Cent – Of The Funds Generated Go To – Businesses In Non-Financial Industries – The Rest Is Traded Between Financial Institutions – Making Money Simply From Money Changing Hands – Serving – Not The – “Real Economy” – But – Itself

~ MUT:FIVBIIV-A-IEPAPOTV ~ Marginalism’s Ultimate Tautology: Finance Is Valuable Because It Is Valued – And – Its Extraordinary Profits Are Proof Of That Value

~ RINP-FR-CBUT-RL-T-A-AHT-DFTTRE-AOT-FOI ~ Reform Is Not Impossible – Financial Regulation – Can Be Used To – Reward Long-Termism – And – Also Help To – Direct Finance Towards The Real Economy – As Opposed To – Feeding On Itself

~ MSV ~ Maximizing Shareholder Value

~ S-TAUI ~ Short-Termism And Unproductive Investment

~ FAI ~ Financialization And Inequality

~ SV ~ Stakeholder Value

~ PVE ~ Patented Value Extraction

~ IA-COTFT-TI-SB-RTT-N-STB ~ If Anything – Companies Owing Their Fortunes To – Taxpayer Investment – Should Be – Repaying The Taxpayer – Not – Seeking Tax Breaks

~ UTPS ~ Undervaluing The Public Sector

~TMOA~ The Myths Of Austerity

~ MN-TOOTA-SBNTNP ~ Magic Numbers – Taken Out Of Thin Air – Supported By Neither Theory Nor Practice

~ T-A-PO-CTAGS-DNRIAEG-WTRPIWD ~ The – Austerity – Policy Of – Cutting Taxes And Government Spending – Does Not Revive Investment And Economic Growth – When The Real Problem Is Weak Demand

~ TOIHWOE ~ Too Often Ideology Has Won Over Experience

~ TCOVMOAFIRPATCOET ~ The Concept Of Value Must Once Again Find Its Rightful Place At The Centre Of Economic Thinking

ROBERT FRANK ~ RICHISTAN ~ 2007

~ TRWJGR-TWB-FF-C-TOCWAC-TOSWAS-A-TOEWAE-TWC-R ~ The Rich Weren’t Just Getting Richer – They Were Becoming – Financial Foreigners – Creating – Their Own Country Within A Country – Their Own Society Within A Society – And – Their Own Economy Within An Economy – They Were Creating – Richistan

~ R-ARTNO-CC ~ Richistanis – Are Reinventing The Notion Of – Conspicuous Consumption

~ ‘A’-TURI ~ “Affluent” – The Ultimate Richistani Insult

~ TLOURHBIC-TRT-TC-‘FO’-LCDETSAFD-T-DN-FIALWTTPAHHS ~ The Lives Of Upper Richistanis Have Become Incredibly Complicated – To Run Them – They’re Creating – “Family Offices” – Large Companies Dedicated Entirely To Serving A Family’s Day-To-Day Needs – From Investments And Legal Work To Travel Plans And Hiring House Staff

~ B ~ Billionaireville

~ B-OOTF-GJ ~ Butlering – One Of The Fastest-Growing Jobs

~ Y-IITGI-F-MTAOF-APTB-R-F-TEB ~ Yet – It Is The Growth In – Finance – More Than Any Other Factor – Allowing People To Become – Richer – Faster – Than Ever Before

~ EOW-EC-CNATKOWORF-R-TE ~ Executives Of Well-Established Companies – Can Now Amass The Kind Of Wealth Once Reserved For – Risk-Taking Entrepreneurs

~ I ~ Instapreneurs

~ TNLC ~ The New Leisure Class

~ F-R-WHBTP-A-PHBTW-YAJ-ANLWCGTATRTKW-EITFITMOSATA ~ For – Richistanis – Work Has Become Their Play – And – Play Has Become Their Work – Yachts And Jets – Are Now Loaded With Communications Gear To Allow The Rich To Keep Working – Even If They’re Floating In The Mediterranean Or Soaring Above The Atlantic

~ TCE-R-LTTOTAOP-AWEF ~ The Conflicted Elite – Richistanis – Like To Think Of Themselves As Ordinary People – Albeit With Extraordinary Fortunes

~ FOF-WTNRCMGFIRT-TCLTJAQ ~ Fear Of Falling – While The New Rich Can Make Giant Fortunes In Record Time – They Can Lose Them Just As Quickly

~ BBB ~ Beach Blanket Billionaires

~ Y:WTSPCS ~ Yachts: When The Stripper Pole Comes Standard

~ B-DC-ART-FR ~ Big-Dog Cars – A Return To – Flashy Rides

~ PBN ~ Painting By Numbers – The Art Market

~ P ~ Plutonomics

~ PP-GFR ~ Performance Philanthropy – Giving For Results

~ CA-PHNBMF-RWAC ~ Competitive Altruism – Philanthropy Has Never Been More Fashionable – Rebel With A Cause

~ WW-TTWM-TFTO-WSG ~ Worried Wealth – The Trouble With Money – They’d Formed Their Own – Wealth Support Groups

~ TIM ~ The Inner Millionaire

~ A-WTNTW-CDLSOMOD-THTD-BLS-CU-MM-WWOP-STUTROHSAP-TPGITWOHM ~ Aristokids – Without The Need To Work – Children Develop Little Sense Of Motivation Or Drive – They Have Trouble Developing – Basic Life Skills – Cleaning Up – Managing Money – Working With Other People – Since They’re Used To Relying On House Staff And Parents – The Privilege Gets In The Way Of Healthy Maturation

~ MGPTATBTWOOLE ~ Money Gives People The Ability To Buy Their Way Out Of Life Experiences

~ IWOG-WC-H-TTWUTWTHTSDP ~ Inequality Will Only Grow – We Can – Hope – That They Will Use Their Wealth To Help Target Society’s Deepest Problems

DALE CARNEGIE ~ BE A LEADER ~ CHANGING YOUR PEOPLE’S ATTITUDES AND BEHAVIORS ~ HOW TO WIN FRIENDS AND INFLUENCE PEOPLE ~ 1936

~ BS-DNPATYCD-FATBTYACOTBTTOP ~ Be Sincere – Do Not Promise Anything That You Cannot Deliver – Forget About The Benefits To Yourself And Concentrate On The Benefits To The Other Person

~ KEWIIYWTOPTD ~ Know Exactly What It Is You Want The Other Person To Do

~ BE-AYWIITOPRW ~ Be Empathetic – Ask Yourself What It Is The Other Person Really Wants

~ CTBTPWRFDWYS-MTBTTOPW ~ Consider The Benefits That Person Will Receive From Doing What You Suggest – Match Those Benefits To The Other Person’s Wants

~ WYMYR-PIIAFTWCTTOPTIT[S/]HPWB ~ When You Make Your Request – Put It In A Form That Will Convey To The Other Person The Idea That [S/]He Personally Will Benefit

~ BWPAHA ~ Begin With Praise And Honest Appreciation

~ CATPMI ~ Call Attention To People’s Mistakes Indirectly

~ TAYOMBCTOP ~ Talk About Your Own Mistakes Before Criticizing The Other Person

~ AQIOGDO ~ Ask Questions Instead Of Giving Direct Orders

~ LTOPSF ~ Let The Other Person Save Face

~ PTSIAPEI ~ Praise The Slightest Improvement And Praise Every Improvement

~ GTOPAFRTLUT ~ Give The Other Person A Fine Reputation To Live Up To

~ UE-MTFSETC ~ Use Encouragement – Make The Fault Seem Easy To Correct

~ MTOPHABTTYS ~ Make The Other Person Happy About Doing The Thing You Suggest

DALE CARNEGIE ~ WIN PEOPLE TO YOUR WAY OF THINKING ~ HOW TO WIN FRIENDS AND INFLUENCE PEOPLE ~ 1936

~ TOWTGTBOAAITAI ~ The Only Way To Get The Best Of An Argument Is To Avoid It

~ SRFTOPO-NS-‘YW’ ~ Show Respect For The Other Person’s Opinions – Never Say – “You’re Wrong”

~ IYAW-AIQAE ~ If You Are Wrong – Admit It Quickly And Emphatically

~ BIAFW ~ Begin In A Friendly Way

~ GTOPS-‘Y-Y’-I ~ Get The Other Person Saying – “Yes – Yes” – Immediately

~ LTOPDAGDOTT ~ Let The Other Person Do A Great Deal Of The Talking

~ LTOPFTTIIHOH ~ Let The Other Person Feel That The Idea Is His Or Hers

~ THTSTFTOPPOV ~ Try Honestly To See Things From The Other Person’s Point Of View

~ BSWTOPIAD ~ Be Sympathetic With The Other Person’s Ideas And Desires

~ ATTNM ~ Appeal To The Nobler Motives

~ DYI ~ Dramatize Your Ideas

~ TDAC ~ Throw Down A Challenge

MAUDE BARLOW ~ FOUR PRINCIPLES ~ BLUE FUTURE ~ 2013

~ WIAHR-AI-AIO-J-N-C ~ Water Is A Human Right – And Is – An Issue Of – Justice – Not – Charity

~ WIACHAPT-A-T-ATWMNBATBDB-P-F-P-I ~ Water Is A Common Heritage And Public Trust – And – Therefore – Access To Water Must Not Be Allowed To Be Decided By – Private – For-Profit – Interests

~ WHRBISTH-A-MBRAPFTE ~ Water Has Rights Beyond Its Service To Humans – And – Must Be Respected And Protected For The Ecosystem

~ RTBASOCAD-W-CB-NGTTUHWMLTLMLOTPAIHWOA ~ Rather Than Being A Source Of Conflicts And Division – Water – Can Be – Nature’s Gift To Teach Us How We Might Learn To Live More Lightly On The Planet And In Harmony With One Another