We have traded time at home for time at work. The result is that home is now the morning and evening utility, not a place we take creative pleasure in. Economy serves the business world, owned be elites which is really the world of consumerism and the supporting infrastructure: accounting, computing, legal, service, police … Continue reading 1937. The shift from home to workplace.
If we make a model of a set of data, the model necessarily represents past or near contemporary states of the economy. By the very nature of data we can’t have data about future states unless they are similar to past states. Since we are looking for new economic thinking we probably need to think … Continue reading 1936. Economics, big data and imagination
The very serious danger with Trump as President is that he grew up in such a narrow world of business and corruption that he only nows the value of winning - at all costs. He thinks, I surmise, that those who do not have those values are just cowards. Such a view is dangerous because … Continue reading 1935. Trump and character
The problem with pushing the humanities out of economics is that political science anthropology, novels, philosophy sociology are all loops of feedback about how the economy is doing. Getting rid of humanities means breaking the feed-back loops that would help economics meet its midlife crisis with meaningful changes.A t one or more points in our … Continue reading 1934. Humanities: missing feedback to economics.
A society in order to function must have a structure. Generations, talents, skills, motives, people linked by path dependent histories and interlocking interests. How can a democracy get there without pretending, as the US has done, that these aren't really important?
Provocation # 120 Math and economics. Math has a dampening effect on an economics of observation and participation in real lives. Prep for war, chaos of poverty, dynamics of hope and despair eddy around all economic activity - but is largely ignored in main stream economics which favors formalism. We know that in the ancient … Continue reading 1932. Math, humanities and economics
A friend sent me James Sherry The Oligarch Rewriting Machiavelli’s The Prince for Our Time It goes CHAPTER I: HOW MANY FORMS OF GOVERNANCE THERE ARE AND HOW THEY OPERATE All states and all companies that rule and have ever ruled function and have functioned as oligarchies. While there are multiple forms of governance such … Continue reading 1931. Oligarchies and us.
I am concerned that the anticipation of the chaos caused by Trump’s leaving office voluntarily or involuntarily deeply scares a lot of people including Republicans and Democrats, especially in the Congress, in halls of power, and finance. It might be that this would cause them to coalesce as a group to keep Trump in place … Continue reading 1930. Trump and chaos.
Provocation #119 Labor and capital as a caste system. Why is the split between labor and capital treated as if we had been assigned by fate into a two caste system? Political philosophy suggests that the unending task for politics is to keep elites from taking the fruits of society for their own. There is … Continue reading 1929. Labor and capital as a caste system
Provocation #118. Competition and economics. Why does economics have such an appreciation for competition? Competition creates winners but also losers, and can we afford more losers? Change always has losers, but a good society would be concerned that the changes help society, and compensate those who have been hurt, not just work for the few. … Continue reading 1928. Economy, economics and competition.