— John Michael Greer in The Archdruid Report. Dark Age America: The Population Implosion
— Gwynne Dyer at Straight. Ebola and the economics of infection
'Is the margin of society unstable?' Here there are two policy prescriptions. One is repression, the other is subsidizing the margins. Both of these lead to problems with the first question. The subsidy route directly. So subsidy answers to the instability problem invariably come with a back end repression component, or a bureaucratic one. Subsidize food? Then make sure people don't buy food cheaply and find ways of reselling it. Subsidize medical care? Then make it crappy, so no sane person who can pay private health insurance, won't.
But the repression answer also breaks the neo-classical economy. Military and police force, as Adam Smith pointed out in 1776, are worthless: the value disappears as soon as it is done. That means repression creates a larger and larger subsidized sector, one whose price will rise above the cost of subsidies.
There is no answer to this problem in micro- or macro- economics because, drum roll, stability is largely based on food prices, food prices are largely based on forces which do not answer to capital incentives. Food is based on land rents, energy rents, and weather conditions. The land can be massaged to respond to capital incentives, but basically, the oil in the ground, and the sun above us, do not care a whit what our economic system does. They don’t move in nice equilibrium friendly marginal increments."
— Sterling Newberry at The Sorcerers Apprentice. A Short Post
Felix Salmon at Medium. The #Griefault trade
Why Argentina’s bonds may be worth even more in default
The revolution in IT and how it is transforming our world in ways that even economists are struggling to understand.
— Dimitri Orlov at Club Orlov. Review: Age of Limits 2014
George Monbiot in The Guardian. It’s simple. If we can’t change our economic system, our number’s up
It’s the great taboo of our age – and the inability to discuss the pursuit of perpetual growth will prove humanity’s undoing
— Deirdre McCloskey in Journal of Economic Literature (June 1983, PDF). The Rhetoric of Economics
Students from 19 countries argue economics courses failing wider society by ignoring need to address 21st-century issues
International Student Initiative for Pluralism in economics, Open Letter
Satya Gabriel with a very brief Introduction to Heterodox Economic Theory
Dylan Matthews at Washington Post Wonk Blog with a brief history of how the economics department at University of Massachusetts became pluralist, Inside the offbeat economics department that debunked Reinhart-Rogoff
- “It had been known earlier to women.”—
from an encyclopedia entry where the author discusses the discovery of the clitoris. the most true sentence ever...
- Forever My Love
It was 1903 and we were newly married
night had fallen and we were alone in our room
a kerosene hurricane lamp provided light