vezzy-fnord

12 ms·

61.
by vezzy-fnord 11y ago
The local money is the lubricant that would drive various plans to use the local capital stock. Municipal governments would certainly play a discretionary role in the short term precisely so as to negotiate with existing property owners.
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by vezzy-fnord 11y ago
Well, its form could conceivably be different. "Generally accepted medium of exchange" is one definition. But in the case of national fiat, it's also the unit of account and store of value. More broadly, it's an accounti
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by vezzy-fnord 11y ago
The "mutual credit" doesn't have to replace the prior monetary order. It can coexist and the point is it provides a resilient fallback, as well as the ability to finance projects without waiting for a higher political autho
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by vezzy-fnord 11y ago
I'm aware of Hayek's 1974 work on denationalization of currency. Actually Hayek himself was somewhat confused on the subject. He didn't favor free banking. Lawrence H. White later wrote a paper in 1999 entitled "Why Didn
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by vezzy-fnord 11y ago
What's your explanation for the much-observed fact that most of the productivity gains of the last thirty years haven't trickled down to most of the workforce? Monetary policy is one of the main reasons. Instead of letting a sec
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by vezzy-fnord 11y ago
The monetary theories come from E.C. Riegel and Thomas J. Greco. Both models are fine. Private currencies have historically come from a variety of institutions. You could have a particular mutual credit bank issuing certificates convertible
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by vezzy-fnord 11y ago
Subsidiarity is decentralization. You can't consistently abide by the principle of subsidiarity otherwise. The United States has tried, and the result is what is called "marble cake federalism". The demarcation between federa
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by vezzy-fnord 11y ago
Your definition is non-standard. You seem to be conflating public with common . They're two different things.
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by vezzy-fnord 11y ago
It was the "profit seekers" who were some of the hardest advocates for mass public education. See, for instance, John D. Rockefeller's General Education Board. The education system that we ultimately got was a far cry from Jo
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by vezzy-fnord 11y ago
Distinction without a difference. Of course there will always be some unemployment for disability or other reasons. As far as I can see, only industrialists who profit from lower wages and a more docile workforce would be against this. Jo
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by vezzy-fnord 11y ago
I presume Canada has legal tender laws, which effectively create a Gresham's law situation of bad money crowding out the good in the process. There are likely other confounding reasons, as well. The private organizations are certainly
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by vezzy-fnord 11y ago
But the whole sentiment that looks down on poverty and exalts exorbitant wealth in of itself which the author underlines, emerges from the same train of thought that treats labor and full employment as the end of all ends. There's li
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by vezzy-fnord 11y ago
One of the great ironies of contemporary left-leaning commentators is that despite their insistence on paying attention to institutional factors that others allegedly neglect (see how Pfeffer constructs the popular but false dichotomy of &q
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by vezzy-fnord 11y ago
I never voiced a categorical opposition to all forms of regulation. I just have a general preference for endogenously emerging one over exogenous statute. Remember we are discussing theory, not the actually existing mixed economy. Of course
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by vezzy-fnord 11y ago
There is sometimes a need for strong regulation to prevent larger participants from using their size to gain an unfair advantage in the market. The Coasian revolution and public choice schools have since challenged this narrative quite si
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by vezzy-fnord 11y ago
The benefit that a free market is expected to give to society is, as far as I know, that it will cause a "survival of the fittest" scenario in which the best solutions for a problem gain widespread acceptance and bad solutions di
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by vezzy-fnord 11y ago
Firstly, most common standards for gauging market failure and inefficiency are based on static, institution-less Paretian general equilibrium and/or social choice models that require interpersonal utility comparisons, among other thing
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by vezzy-fnord 11y ago
I'm advocating for actually getting acquainted with economic literature and not repeating moronic talking points about "redistributive and regulatory role of governments" that are filled with theoretical and empirical problem
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by vezzy-fnord 11y ago
"Perfect information" is an assumption used in static Paretian general equilibrium models, but it does not reflect any existing dynamic reality, and it is not at all a necessary prerequisite for free markets. Market power is vulne
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by vezzy-fnord 11y ago
A "free market" means lots of buyers and sellers participating on even playing field. I've never seen this definition used before. Even playing field is a grossly inappropriate and unattainable normative ideal. Even playi
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by vezzy-fnord 11y ago
In case you haven't noticed, this has been how virtually all first-world states have operated for decades. This social democratic ideal has not worked out, but has led to a dysfunctional corporate statism where mere "deregulation&
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by vezzy-fnord 11y ago
Scarcity is not a property of physical abundance, but of use. To say that scarcity is over would effectively mean all wants have been satisfied and the economy has reached its final state of rest, and this is ludicrous. You can have a bundl
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by vezzy-fnord 11y ago
The web's lack of "installation" is countervailed by its ad-hoc persistence methods like local storage, cookies, cache and sessions, as well as its forms of authentication in relation thereof. You can hang yourself on the web
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by vezzy-fnord 11y ago
Self-fulfilling prophecy: "Real people" are using web applications at higher rates because of programmers inevitably using the web as their main platform, creating a self-sustaining feedback loop. But, what the herd can adopt, it
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by vezzy-fnord 11y ago
Or, speaking of Sun, something akin to NeWS: https://en.wikipedia.org/wiki/NeWS
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by vezzy-fnord 11y ago
The marginalist conception of value is indeed underwhelming, but it's also a compromise. Determining value through mathematical exercises using hypothetical n-commodity worlds with homogeneous factors and units is at best useful as an
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by vezzy-fnord 11y ago
Library mismatches, dependency conflicts and progressive destabilization/entropy (system package configurations approaching global failure conditions like boot stalling as time passes and upgrades are made) were all frequent experience
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by vezzy-fnord 11y ago
But use value cannot be quantified, since utility is not a mathematical scale, but a subjective feeling that varies from person to person and with time as preferences shift or swing. I'm also unaware of how you can explain diverse busi
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by vezzy-fnord 11y ago
In an interview, he clearly states that he favors maximization of state power in some narrowly defined "short term," and largely believes that the only alternative to a state is anarcho-syndicalism. He's relying on it witheri
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by vezzy-fnord 11y ago
What you're describing might explain fluctuations, but it's inadequate and incomplete for the business cycle. Virtually no one, not even Keynesian or other left-economists support make-work. It's mostly an idea favorable to l

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