Post-Keynesian economist | MMT | Millennial with cognitive biases 📩 foscaecon@gmail.com
Heard and McDonald Island
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Khazbi Budunov retweeted
Não é piada! Ferramenta do Adobe descobriu que a carta do Flávio Bolsonaro se declarando presidente foi escrita pelo Chatgpt
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Khazbi Budunov retweeted
elon musk jamais imaginaria que essa tradução automática iria acabar com a extrema direita mundial
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Khazbi Budunov retweeted
The diktat.
In other words, the EU (and Britain) want to erase the entire non-aligned and neutral policy that was followed first by Yugoslavia for 4 decades, and then, under different conditions and for different reasons, by Serbia by both Djindjic and Vucic, and replace it with a mindless follow-up of the rules from Brussels and London, while Belgrade does not formally belong to either of these two capitals.
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Perhaps the most beautiful thing about Russia in the first 10-15 years after the collapse of the Soviet Union was that the spirit of the European Enlightenment still lived on in its schools, largely through inertia. Despite all the upheavals of that era, an intellectual tradition rooted in respect for knowledge, reason, and freedom of thought continued to survive.
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Using 1986–2019 data on 27 countries finds that family-friendly policies accounted for a substantial reduction in gender employment and earnings gaps and child penalties, from @FranBlau, Lawrence Kahn, Freddy Bachmann, @HelenBurkhardt, Leonardo Peñaloza-Pacheco, and David Titus nber.org/papers/w35939
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Europe’s problem is that it’s not even clear who you’re supposed to negotiate with. All 27 EU member state leaders? Or the hysterical Kaja Kallas, who “likes to eat Russians for breakfast”?
JUST IN: Kremlin declares "Europeans will not take part" in trilateral peace talks with U.S. & Ukraine.
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Khazbi Budunov retweeted
Neoclassicals as such a sad cult! Even the Bible got more revisions than their textbooks.
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Khazbi Budunov retweeted
- “Menger didn’t say money arose from barter!”
- what did he say?
- “Menger said money arose from barter among strangers”
🤦♂️
-his theory of money arising spontaneously from barter can and should be understood as referring to barter among _strangers_—that is, persons w/ no kinship ties, something Garber himself allows to have taken place and even to have occadionally given rise to…money! 2/
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Khazbi Budunov retweeted
Forthcoming in Challenge @ReviewofPE
FREE ACCESS
"The General Theory is a ‘Difficult’ Book"
Maria Cristina Marcuzzo
tandfonline.com/doi/full/10.…
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Khazbi Budunov retweeted
-There is no such thing as equilibrium, as demand and supply are never equal since goods are produced before, and more than, demanded
-Unemployment is a political decision
-Nominal wages are downward rigid because workers have debts to pay and care about relative wages
I agree. But Keynes’ GT is intellectually incoherent when viewed through the lens of General Equilibrium theory … it has no intelligible answer to the question: When faced with persistent unemployment why don’t firms offer lower wages and why don’t unemployed workers accept those offers?
When the N. American Keynesians ... based in Cambridge Massachusetts … accepted Friedman’s argument that high unemployment is caused by a temporary deviation of wages and prices from their equilibrium levels … they gave up the Keynesian Baby with the Monetarist Bathwater.
The Cambridge England Keynesians resisted but they did not have a coherent explanation for the persistence of long-term unemployment as an equilibrium phenomenon that could answer the questions of the General Equilibrium theorists.
My entire body of work has been devoted to providing an answer to the question: How can high unemployment persist? that reconciles General Equilibrium Theory with the Keynesian proposition that Walrasian Equilibrium is one of many potential resting points of a dynamical system. The answer is what I call Keynesian Search Theory. static1.squarespace.com/stat…
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Khazbi Budunov retweeted
"Keynes’ GT is intellectually incoherent when viewed through the lens of General Equilibrium theory" is another way of saying that General Equilibrium theory is incoherent.
I agree. But Keynes’ GT is intellectually incoherent when viewed through the lens of General Equilibrium theory … it has no intelligible answer to the question: When faced with persistent unemployment why don’t firms offer lower wages and why don’t unemployed workers accept those offers?
When the N. American Keynesians ... based in Cambridge Massachusetts … accepted Friedman’s argument that high unemployment is caused by a temporary deviation of wages and prices from their equilibrium levels … they gave up the Keynesian Baby with the Monetarist Bathwater.
The Cambridge England Keynesians resisted but they did not have a coherent explanation for the persistence of long-term unemployment as an equilibrium phenomenon that could answer the questions of the General Equilibrium theorists.
My entire body of work has been devoted to providing an answer to the question: How can high unemployment persist? that reconciles General Equilibrium Theory with the Keynesian proposition that Walrasian Equilibrium is one of many potential resting points of a dynamical system. The answer is what I call Keynesian Search Theory. static1.squarespace.com/stat…
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Khazbi Budunov retweeted
Ru society which hasn’t had free elections for decades = fully sanctioned for Putin’s crimes
Israeli society which voted for 1) a war criminal and 2) a proponent of war crimes in free and fair elections = not sanctioned at all by state actors (only grassroots campaigns)
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Khazbi Budunov retweeted
Thanks to rate hikes after banks have offloaded bad loans and demand for loans became less elastic due to the decline in real wages.
elgaronline.com/edcollchap/b…
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