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). > > > > > > > > _______________________________________ > > 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 > > _______________________________________ 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
