4 ms·
These comments at least try to use real economics, even when amateur. Its refreshing when the vast majority of online discourse about inflation is just shoutin
by HEmanZ 3y ago
These comments at least try to use real economics, even when amateur.
Its refreshing when the vast majority of online discourse about inflation is just shouting “We have inflation because business are so much more greedy than they have EVER been!!!!”
- kranke155 3y agoJoseph Stiglitz, Nobel Prize winning economist, has said that most of the inflation we saw was markups - ie firms raising their prices due to inadequate amount of competition. Here is an 50 min long talk on the subject https://www.youtube.com/watch?v=4BAsZIHp9HI&t=1217s https://www.youtube.com/watch?v=4BAsZIHp9HI&t=1217s Let me know where he's wrong.
- HEmanZ 3y agoI’m not sure what argument you think I’m making, what argument you think he’s making, and what argument you think you’re making, that deserves a mic drop. His point is basically that the most recent inflation was caused by a supply shock and high uncertainty, not aggregate demand from fiscal policy, and that broad monetary tightening is a worse strategy for calming this kind of inflation than <insert set of> targeted policies. None of this is “evil corporation have monopoly.” The example he even uses for service side under-supply is a local mechanic, hardly what people think of as “big business monopoly” He was wrong about not getting real wage growth, which did appear just months after this was posted, and is now back on track. But it’s not key to his argument, just an interesting thing I noticed.
- kranke155 3y agoAh fair. You actually watched it! I watched it months ago and I had the idea that he said that most of inflation was markups due to lack of competition. But I might be thinking of someone else, like Steve Keen.
- refurb 3y agoYou know how else is a Nobel Prize winner in economics? Paul Krugman Don't fall for the "appeal to authority" fallacy.
- hef19898 3y agoAnd we should take "first principle thinking" instead?
- latency-guy2 3y agoWe should take Obama's principles instead, let us send drones to Joseph Stiglitz house in Obama's honor and memory, similarly a nobleman.
- hef19898 3y agoWhat are you talking about?
- latency-guy2 3y agoIt's mostly a mock of the Noble. The user's last N comments have been effectively spam in my eyes.
- hef19898 3y agoYou do realize that you respond to the same person, right?
- latency-guy2 3y agoYes.
- DeathArrow 3y agoThat sounds like something Marx and Lenin would say.