Economics - the Dismal Science.

Anyone remember the joke about the chemist, physicist, and economist
stranded on a desert island?  They had a supply of canned food but nothing
with which to open them.

On Wed, Apr 15, 2020 at 8:35 AM Meade Dillon via Mercedes <
mercedes@okiebenz.com> wrote:

>  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).
> >
> >
> >
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