Sunday, 20 September 2020 - 7:14pm

Published by Matthew Davidson on Sun, 20/09/2020 - 7:14pm in

This week, I have been mostly reading:

The "Noble Lie" on Public Spending and Inflation

Published by Matthew Davidson on Sat, 19/09/2020 - 11:00am in

[I suck at organising information. I've tried all sorts of fixes for this, both off-the-shelf and DIY. So now I'm going to just use tagged blog posts to organise things, so I can suck at this in public. No need to thank me.]

Introduction

Paul Samuelson, 1995

I think there is an element of truth in the view that the superstition that the budget must be balanced at all times [is necessary]. Once it is debunked [that] takes away one of the bulwarks that every society must have against expenditure out of control. There must be discipline in the allocation of resources or you will have anarchistic chaos and inefficiency. And one of the functions of old fashioned religion was to scare people by sometimes what might be regarded as myths into behaving in a way that the long-run civilized life requires. We have taken away a belief in the intrinsic necessity of balancing the budget if not in every year, [then] in every short period of time. If Prime Minister Gladstone came back to life he would say “uh, oh what you have done” and James Buchanan argues in those terms. I have to say that I see merit in that view.

Paul Samuelson on Deficit Myths — L. Randall Wray

Martin Wolf, 2020

In my view, [MMT] is right and wrong. It is right, because there is no simple budget constraint. It is wrong, because it will prove impossible to manage an economy sensibly once politicians believe there is no budget constraint.

Summer books of 2020: Economics — Martin Wolf [mirror]

Ross Gittins, 2020

But once demand was growing faster than the supply of real resources, any further money you created would simply cause inflation. This is what’s really worrying the opponents of MMT (and me). If you let the politicians off the leash to spend as much as they liked up to a point, how would you ever get them to stop once that point was reached?

We're edging towards a big change in how the economy is managed — Ross Gittins

 

 

Sunday, 13 September 2020 - 9:33am

Published by Matthew Davidson on Sun, 13/09/2020 - 9:33am in

This week, I have been mostly reading:

Sunday, 6 September 2020 - 5:44pm

Published by Matthew Davidson on Sun, 06/09/2020 - 5:44pm in

This week, I have been mostly reading:

Sunday, 30 August 2020 - 2:21pm

Published by Matthew Davidson on Sun, 30/08/2020 - 2:21pm in

This week, I have been mostly reading these comics:

Sunday, 23 August 2020 - 5:36pm

Published by Matthew Davidson on Sun, 23/08/2020 - 5:36pm in

This week, I have been mostly reading:

Sunday, 16 August 2020 - 5:17pm

Published by Matthew Davidson on Sun, 16/08/2020 - 5:17pm in

This fortnight, I have been mostly reading:

Marketing is Hard

Published by Matthew Davidson on Sun, 09/08/2020 - 10:25pm

This is cruel and unfair on the poor people who have to manage the picturesque suburban sprawl drainage ditch Bogan Bay, but as a lesson in how not to do things on the cheap, I must draw your attention to their "Things To Do At Boambee Creek Reserve - Image Gallery".

I stress, this is their context. "Things to do". I'm adding nothing to this; this is all their framing.

  • Here's a bridge:

    Great. Now what?
  • Bark chips! A king's ransom!

    You've never seen anything like it. Except, well, everywhere.
  • You can cultivate a splendid beer belly!
  • Admire some rust.

    Cook on it, if you dare!
  • Use a stick.
  • Think about all the friends you used to have.
  • Drop your car keys. Damn.
  • Watch the sad dog.
  • Oh look, there's that bridge again. Amidst all the grief and loss, I'd forgotten all about it.
  • Who is that lady? Is she following me? Is it because of… No! It can't be! That was years ago! I'm all better now!
  • Fecking bridge.
  • Leaving the car behind for a long, relaxing walk home.

    No boy, keep away from the black dog. We both have to keep away from the black dog of Bogan Bay.

Sunday, 26 July 2020 - 4:07pm

Published by Matthew Davidson on Sun, 26/07/2020 - 4:07pm in

This week, I have been mostly reading:

Sunday, 12 July 2020 - 4:23pm

Published by Matthew Davidson on Sun, 12/07/2020 - 4:23pm in

This week fortnight, I have been mostly reading:

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