"Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits."
-Hyman Minsky
"Money is nothing more than a form of debt, which is to say a commitment to pay money at some time in the future. The whole system is therefore fundamentally circular and self-referential. There is nothing underneath, as it were, holding it up."
-Perry Mehrling
"Economic privation proceeds by easy stages, and so long as men suffer it patiently the outside world cares little."
-John Maynard Keynes
''The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.''
-John Kenneth Galbraith
"In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around."
-David Graeber
"It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest. Nor is it true that self-interest generally is enlightened."
-John Maynard Keynes
"Technological progress frequently results in more unemployment rather than in an easing of the burden of work for all."
-Albert Einstein
"But once we bring historical time into the argument, it is not so easy to present the free play of the market as an ideal mechanism for maximizing welfare and securing social justice."
-Joan Robinson
"The tax is there to create a demand for the governmentβs currency. Before anyone can pay the tax, someone has to do the work to earn the currency."
-Stephanie Kelton
There is really nothing more fraudulent than Academic Austrian Economics. It's totally useless if you want to make money as an economist in the private sector.
It's very satisfying as a Canadian to see how attractive our energy resources have become on the global market over the past week considering Donald Trump's comments towards Canada over the last year.
Hey Don... Fuck you...
#Canada
"Systems thinking is a discipline for seeing wholes. It is a framework for seeing interrelationships rather than things, for seeing βpatterns of changeβ rather than static snapshots."
βPeter Senge
"Those who obtain or inherit predatory wealth and privilege realize the ultimate means of imposing austerity and demolishing the power of democracies is deception and junk economics"
-Michael Hudson
"I've listened to a lot of economic briefings, and Iβve had a lot of visits from economists, and I've never encountered one who was right consistently."
-Howard Marks
"Economics is not the Emperor of the social sciences, but the Humpty Dumpty."
-Steve Keen
"The first thing a man will do for his ideals is lie."
-Joseph Schumpeter
"Economists have never allowed their analysis to be influenced by psychologists of their time, but have always framed for themselves such assumptions about 'psychical' processes as they have thought it desirable to make."
-Thorstein Veblen
"The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state."
-Adam Smith
Shout out to women in heterodox economics #WomensHistoryMonth
"Of all classes the rich are the most noticed and the least studied."
-John Kenneth Galbraith
βGovernments and central banks were quietly admitting something they were still reluctant to announce publicly: the extraordinary power of private-sector banks lending to determine the pace of money creation, and therefore economic growth.β
-Mariana Mazzucato
"By what modus operandi does credit restriction attain this result? In no other way than by the deliberate intensification of unemployment."
-John Maynard Keynes
"Generally speaking, changes in the prices of finished goods are cost determined while changes in the prices of raw materials inclusive of primary foodstuffs are demand determined".
-MichaΕ Kalecki
It's become clear to me that the claim social media talking heads are more unbiased and factual than those in legacy media is largely an illusion. And that's without saying the legacy media is largely an illusion...
Engineers and Physicists will be fine with the advancements of Large Language Models, however Economists will not. LLMs are far more efficient at hallucinating and presenting fallacious stories about why things happen.
My conversation with Prof Steve Keen and Prof Mike Radzicki about the economics of sports betting.
www.youtube.com/live/0313kpL...
"I began to read Capital, just as one reads any book, to see what was in it; I found a great deal that neither its followers nor its opponents had prepared me to expect."
-Joan Robinson
"The study of money, above all other fields in economics, is the one in which complexity is used to disguise truth or to evade truth, not to reveal it."
-John Kenneth Galbraith
What he is trying to say is: The economy is endogenous, and/or the system itself generates its own behaviour. Policy by economists is metaphorically like farting in the wind and hoping the smell goes in the general direction of their enemies.
"The economy depends about as much on economists as the weather does on weather forecasters."
-Jean-Paul Kauffmann
