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They said it was impossible. After decades of #antitrust cases over #PredatoryPricing - selling below cost to kill or prevent competitors - the #ChicagoSchool of neoliberal #economists "proved" predatory pricing didn't exist, so courts could stop busting companies for it.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/05/19/fak…
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pluralistic.net/2023/05/19/fak…
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Predatory pricing - the economists explained - was illegal, but it was also imaginary. A mirage. No one would predatory price, because it was "irrational." Even if someone irrational enough to try it, they would fail. Stand down, American judges - predatory pricing is solved.
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If you've followed me a long time, you've seen my transition from a "#linkblogger" (5-15 short hits/day) to an "essay-#blogger" (5-7 articles/week). I'm loving the new mode but returning to linkblogging is also intensely, unexpectedly gratifying:
pluralistic.net/2023/05/02/wun…
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pluralistic.net/2023/05/02/wun…
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/05/13/fou…
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pluralistic.net/2023/05/13/fou…
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My last #linkblogging foray was so great - and my link-backlog is so large - that I'm doing another one.
Link the first: "Siphon," @xkcd's delightful, whimsical "#physics-how-the-fuck-does-it-work" one-shot (visit the link, the tooltip is great):
xkcd.com/2775/
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Link the first: "Siphon," @xkcd's delightful, whimsical "#physics-how-the-fuck-does-it-work" one-shot (visit the link, the tooltip is great):
xkcd.com/2775/
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During the reign of #Atal Bihari Vajpayee, a famous company called #Enron planned to set up a factory in Dabol, #Maharashtra!... However, this did not happen due to the opposition of the local people. As a result, Enron was angered by the changing circumstances.
38,000 crore compensation case filed against the Indian govt in the #ICJ.
Vajpayee appointed #HarishSalve and #KulbhushanJadhav as advocates for the #GovtofIndia. But, Do you know who was the lawyer for #Eron? None other than #Chidambaram of congress.
Vajpayee appointed #HarishSalve and #KulbhushanJadhav as advocates for the #GovtofIndia. But, Do you know who was the lawyer for #Eron? None other than #Chidambaram of congress.
The #Vajpayee government #won the case!...
That is, the verdict came in favor of India. Time has passed!
Later, the Vajpayee government ended and the Congress government was formed!#ManmohanSingh is the Prime Minister. Cabinet Minister #Chidambaram. #Enron #appealed the case.
That is, the verdict came in favor of India. Time has passed!
Later, the Vajpayee government ended and the Congress government was formed!#ManmohanSingh is the Prime Minister. Cabinet Minister #Chidambaram. #Enron #appealed the case.
.@FT's @sarahoconnor_
I also think that making economics more understandable is a worthy endeavour, especially right now....Because the profession suffers from what Andy Haldane, former chief economist at the Bank of England, calls a “twin deficit”, of understanding and of trust.
I also think that making economics more understandable is a worthy endeavour, especially right now....Because the profession suffers from what Andy Haldane, former chief economist at the Bank of England, calls a “twin deficit”, of understanding and of trust.
@FT @sarahoconnor_ "In a UK survey in 2019, 40 per cent of respondents said it had become more difficult to understand economics."
"Part of this is a translation problem. Most economic concepts are not complicated, but they’re couched in a language that makes no sense to people who don’t speak it."
"Part of this is a translation problem. Most economic concepts are not complicated, but they’re couched in a language that makes no sense to people who don’t speak it."
@FT @sarahoconnor_ Here's the link to the article:
ft.com/content/e14d93…
#economics #EconTwitter #economy #economists
ft.com/content/e14d93…
#economics #EconTwitter #economy #economists
September witnessed a somewhat disappointing nonfarm #payroll gain of 194,000 jobs, which was weaker than the upwardly revised August gain of 365,000 and was well below #economists’ consensus estimates of nearly 490,000 jobs.
Clearly, there are significant #labor supply issues limiting the pace of recovery. Further, the #unemployment rate declined meaningfully, from 5.2% to 4.8% in Sept, and average hourly #earnings saw gains of 0.62% m-o-m, which brings the measure to 4.58% greater on a y-o-y basis.
The most interesting part of today’s #JobsReport, and much of the other recent #economic/corporate data, is that it’s the supply of resources that’s creating systemic pricing pressure, as well as consequently dulling growth of an #economy not lacking demand in virtually any area.
Is doing a PhD in finance better than doing a PhD in economics and concentrating in finance?
Both have their own merits and demerits!
Doing a PhD is a matter of great honour and will turn you into a scholar-practitioner in your area of work. So if the financial markets are down, you can always move out of the banks/ hedge funds and get into the world of academics and continue to make a living.
The #deficit #myth #deficitmyth by @StephanieKelton #MMT modern monetary theory
Myth N. 1: The #state should budget like a #household
#RealityCheck : unlike a household, a #SovereignNation, which owns its national #centralbank, issues the #currency it spends
Myth N. 1: The #state should budget like a #household
#RealityCheck : unlike a household, a #SovereignNation, which owns its national #centralbank, issues the #currency it spends
Myth N. 2: #deficit is evidence of #overspending
#RealityCheck: look to #inflation for evidence of over spending
#RealityCheck: look to #inflation for evidence of over spending
The purpose of #taxes is not to pay for #government expenditures but to help rebalancing the #wealth distribution #MMT
1) If you claim to be a #Liberal today, your world must be incredibly strange. There are two types of Liberal, the #elite overlords, and the useful idiots. You can decide for yourself where you fit. But there is no doubt that you EMPOWER the CORRUPT ESTABLISHMENT. Lets sum it up:
2) You believe that killing a baby is your "right", but killing newborn puppies or bird eggs should land you in jail.
3) You believed, without evidence, that #Trump was a puppet of #Russia. When he imposed brutal sanctions, you ignored it to preserve your world view.
thehill.com/opinion/white-…
thehill.com/opinion/white-…
Let us talk about the #FED #FOMC's 1st #MonetaryPolicy meeting of 2020. Specifically, let us talk about the puzzle that is a flatter #PhillipsCurve...
The #FederalOpenMarketCommittee (#FOMC) of the #FederalReserveBank (#FED) of the #US concluded its 1st meeting of 2020 on the 29th January 2020. As expected, the FED did not change rates but left the #KeyPolicyRate, the #FederalFundsRate (#FFR) in the 1.5%-1.75% range...
Indeed, if one considers the #FED #Dotplot of December 2019, the decision to keep rates unchanged would not come as a surprise. What I wanted to focus on today is some key passages in the statement, highlighted in yellow in the screenshot below...its all #PhillipsCurve...
Lets talk about how important it is to frequently #Review #CentralBank #MonetaryPolicy #Frameworks...
I will set things off by pointing out that the various facets of #BusinessCycles (early, mid, late / boom & busts) consistently keep reminding us that what goes up, must come down. We might find ourselves in a prolonged #expansion, but eventually it decelerates into a #recession
As part of #Macroeconomic management (counter cyclical), a #CentralBank's objective (through its #MonetaryPolicy) is to maintain #PriceStability & #FinancialStability & in other cases, to promote #FullEmployment. It does this hand in hand with #FiscalPolicy...
Thread: Nobel Jean #Tirole gave a public lecture at UCL tonight: 10 years after the #financialcrisis where do we stand. Key points:
1)#Finance is good if used and regulated properly. We seem to be making the same mistakes of 10 years ago. #Subprimes are up again in US. 1/
1)#Finance is good if used and regulated properly. We seem to be making the same mistakes of 10 years ago. #Subprimes are up again in US. 1/
2) Its crazy for banks to hold a lot of their nation’s sovereign bonds. It creates a #doomloop. a bank fails>government needs more debt to bail it>brings down sovereign bond prices and more banks under stress> more public money needed. And yes he used Italy as an example.2/
3) #cryptocurrencies are a bubble. Fiat money and central banks have worked quite well in developed economies in the last 30 years. And with cryptocurrencies seignorage goes into private hands and not to the goverment.
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001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
#tariffs #NoDeal #Brexit #WTO #ProjectFear #shortages #food #medicines
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
@JoukoSalonen @TokenHash 1/ Working on a white paper laying out true 2 layer -- transaction/DLT -- crypto-economic system. Work on #DLTs far more along than true #p2p transaction layer. Missing piece in market design to replace 2 sided auctions (order book)
@JoukoSalonen @TokenHash 2/ Only 3 cos positioned for p2p transaction layer with "battle tested" pub-sub platform: @litbysatori , @facebook with WhatsApp, and #tencent with WeChat. #satori capable of 500 Million "event" messages /ps built on top of #DTL @hashgraph capable of 100K tps.
@JoukoSalonen @TokenHash @litbysatori @facebook @hashgraph 3/ here is a quick and dirty post about the evolution of @litbysatori from game co to leader in developing true p2p crypto economy transaction layer glomoinvesting.com/satori-crypto-… glomoinvesting.com/papers-on-mz/
