Pikety is a commie who (continued on Okietalk). ------------- Max Charleston SC
On Tue, Apr 14, 2020 at 5:04 PM Peter Frederick via Mercedes < mercedes@okiebenz.com> wrote: > Lol, you need to read Pikety's books. > > Seems that economists mostly sit around doing imaginary "mathematics" > making up meaningless equations that prove whatever they want to prove. > > Not news to me, I figured that out decades ago when our faculty sponsor > for the sailing club while I was in graduate school was an econ professor > and getting disgusted with the subject. > > Airy fairy bullshit is what I would call most of it. > > When the currency is pegged to a physical object (like gold) increases in > production, harvest, efficiency, or mining all result in lower prices as > the amount of gold is more or less fixed, and the available currency is > infelxible. One of the major causes of the Depression was the gold > standard -- as industrial production ramped up in the 20's -- one of the > golden ages of efficiency increases and productivity increase per worker > hour (mostly due to automation) -- and the US had some really nice crop > years, the amount of goods increased rapidly at a time when gold mining was > yeilding very little gold. If you had twice as much wheat this year as > last, it can only cost half as much per bushel if there is no more gold. > > Add in the collapse of the embargo on Russian wheat when the Whites lost > the civil war and the Reds took over and the consequent collapse of the > European wheat market for American wheat, and prices plummeted. > > The flip side of that equation, to my mind, is that when you inflate your > way out of massive debt, as the Western world has been doing since the > 1960s, prices inevitably must rise as the value of the floating currency > declines -- and vast "fortunes" made by high speed stock trading and real > estate speculation decrease the value of the currency (also known as > inflation). > > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
