Saturday, May 26, 2018

Lars P. Syll — Mainstream economics – peddling fake knowledge

Say's Law ("money is a hot potato").

Lars P. Syll’s Blog
Mainstream economics — peddling fake knowledge
Lars P. Syll | Professor, Malmo University


Konrad said...

LARS P. SYLL: Why has inflation remained persistently low (below 2 percent) during this period?

Inflation is rampant in the price of housing and of college tuition. In general, however, the U.S. inflation rate remains low because average people have no money to exchange with each other. All their money is stolen by debt slavery and rent extraction.

LARS P. SYLL: During the first and second quarters of 2014, the velocity of the monetary base2 was at 4.4, its slowest pace on record.

The horizontal velocity of money is sluggish, but the vertical velocity is strong, and it accelerates each day as money is increasingly sucked up by the 1%.

Lars P. Syll says that money velocity is low because of the “private sector’s dramatic increase in their willingness to hoard money instead of spend it.” Syll must mean the 1%, since average people have no money to “hord.”

Lars P. Syll says that the “private sector” hoards money because of
[1] A glooming economy after the financial crisis
[2] The dramatic decrease in interest rates that has forced investors to readjust their portfolios toward liquid money and away from interest-bearing assets such as government bonds.


Average people have no money to “hoard,” unless Lars P. Syll considers $25.00 in a bank account to be “hoarding.”

[Incidentally, what is a "glooming" economy?]

Huge corporations are indeed hoarding money (i.e. sitting on record profits) because executives use that money for stock buybacks. This boosts stock values, which in turn boosts executive pay.

Moreover, the captains of industry no longer care about industry. They only care about making money from money. They play in the casinos, while the rest of us are trapped in a wasteland.

Ryan Harris said...

90% of so called "empirical" economics uses underpowered studies. Meaning statistically the studies are of dubious value. Just another iteration of the hundreds of years of economic quackery. We need to ban government employing economists and spending money on Economics because it never gets better. The same people doing the same be, spewing the same harmful ideology.

AXEC / E.K-H said...


Stop beating mainstream economics ― it is long dead

The stupidity of Heterodoxy is the life insurance of Orthodoxy

Both orthodox and heterodox economists are cargo cult scientists

Economists’ three-layered scientific incompetence

Economics: Defending the indefensible

Egmont Kakarot-Handtke

#Economics #FailedScience #FakeScience #CargoCultScience #ScientificIncompetence #Economists #MicroFoundations #MacroEconomics #OrthodoxEconomics #HeterodoxEconomics #Pluralism #DeleteEconomics #ParadigmShift #NewParadigm #Science