Sunday, 19 November 2017

The Purity of the Wild ISN'T Nirvana

Next time some idiot tells you that animals only kill to eat & in self-defence, show them this

Tuesday, 7 November 2017

Romanian wisdom from its commie years

During Romania's communist years there was a saying - The communists pretended to pay us, and we pretended to work.

Monday, 6 November 2017

Keen is not good for Corbyn, LoL

See this

Sorry, Billy, I do not concur.

You seem unable to dissociate between MMT (descriptive theory) and prescription (actual policy), which depends on desired means & ends. Corbyn would be lucky to have Keen as advisor.

Monday, 23 October 2017

Coppola's "beyond disappointment" is beyond disappointing

Read her entry here

So if there had been POC men or POC women spewing the same old orthodox economic narrative, would that have made a difference? There are plenty of white male heterodox economic thinkers, whether they are part of the academia or not. Could we please stop demonizing the skin colour and the genitals, please? And she thinks ex nihilo theorists are something "new" under the sun, lol. If Coppola thinks it's interesting or "new" the question of whether or not banks earn seignorage when they issue loans, then she doesn't understand that they are claiming that banks print the Gov's money (that they are counterfeiting). Let's say I become famous overnight in my town & everyone in my town accepts my IOUs in transactions & people come asking me to borrow my IOUs so they can do their own thing & I charge them in return HPM (High Powered Money, aka Government IOUs, aka Government tax-credits) + a markup. How the hell is that seignorage? There is NO seignorage forgone by the Government when it allows institutions to issue contracts & make entries on their own ledgers. The banking system is certainly inequitable & unnecessary under its present architecture, but that's a story about public purpose & asset side regulations for another time. There's a reason I stopped following Coppola's bullshit (for about 2 years now), and I'm glad for it. Especially since she adopted this faux pissed off feminist SJW nonsense, on top of her labeling ex nihilo ideas as something new & worthwhile, especially since they're not new & are debunked by stock-flow consistent analysis & institutional inquiry.

Here's an example of how mental she is:
"One of the old white males (I forget which one, they all looked the same to me)"
Give me a fucking break. She has a problem with white men, but only mentions 3 white women, herself, Pettifor, and Mazzucato (who were not invited to speak at the conference). Damn, Coppola. Where is that colour diversity again?

Friday, 6 October 2017

Kemp and Stephens' representation of economic rent for oil and gas industry

However, these were not just simple errors of judgment at particular conjunctures—they reflected a more general perspective on a government's role with respect to its oil and gas sector, a perspective which Mommer (2002) conceptualises as 'Non-Proprietorial Governance'. The presence of nonproprietorial governance in oil and gas is signalled by a fiscal regime which in effect assumes a certain responsibility for the profitability of oil and gas companies operating on its territory by basing taxation increasingly just on the profitability of the sector, a perspective which draws succour from an academic literature concerned to promote the virtues of 'efficient', 'neutral', Ricardian rent-seeking resource taxation (see Abdo, 2008). This contrasts with 'Proprietorial Governance' under which a government is more simply a landlord seeking to maximise rent from sovereign ownership of its resources—the profitability of oil and gas companies is a function of international oil prices, and not a legitimate concern of government seeking to represent the interests of its citizens.


Friday, 25 August 2017

Highest quality, telling the truth? A convenient truth is what you mean. Also, don't compare the hierarchy of 6 million years ago with the hierarchy from Antiquity up to the present - as those people sitting at the top are rent seekers, not "heroes".
Also, Peterson needs to read The Mothers: The Matriarchal Theory of Social Originsby, Robert Briffault, 1931.

Monday, 7 August 2017

I have a beef with the claims this paper makes regarding economic rent

"[...]The model, which is calibrated to the euro area as a whole and also to individual euro member countries for 1980–2003, performs well vis-à-vis the data.[...]For the euro area as a whole, our model suggests that some 18% of collected tax revenues are extracted as rents, which corresponds to public spending and tax privileges equal to 7% of output produced. If we assume complete rent dissipation, these values are also social costs of rent seeking.3 At the individual country level, Ireland and the Netherlands exhibit essentially zero rent extraction and rent seeking, followed by Finland. Greece, Portugal and Italy exhibit the highest rent extraction and rent seeking, followed by post-reunification Germany."

No way rent seeking in Ireland and Netherlands was/is zero or near zero. Less rent seeking compared to the other euro countries, yes. But not zero or near zero.

Rent seeking / Economic rent = rent from natural monopolies, finance & insurance, patents, and the grey economy of political favors.

Finland's basic income trial

~In February, Finland’s biggest union said the experiment was unaffordable and would encourage some people to work less while driving up wages in undesirable professions.~


~The union, which represents almost 1 million members, or a fifth of the Finnish population, said the model being tested is, “impossibly expensive, since it would increase the government deficit by about 5 per cent” of gross domestic product.~

5% is NOTHING 

Let's see it from their POV. UBI helps those sectors in which union presence is low or absent, thus increasing wages in direct employee/employer negotiations. And since a percentage of the population might drop from the regular workforce, that could potentially translate into lower union memberships.

Read the story here