tag:blogger.com,1999:blog-2761684730989137546.post4375956633127001045..comments2024-03-29T09:32:34.853-04:00Comments on Mike Norman Economics: circuit — Employment and productivity growthmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-2761684730989137546.post-37927219326589684692012-06-28T20:38:35.842-04:002012-06-28T20:38:35.842-04:00The nonsense is in Ralph's comment to the FRB ...The nonsense is in Ralph's comment to the FRB post. It's obvious to anyone who follows one of the best Canadian post on MMT that the author intends manufacturing as demand driven. One thing about Tom Hickey is that he reads his recommendations before he suggests them. And his suggestions are always quality!keynespendulumhttps://www.blogger.com/profile/13131440671864761119noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-73570880871205149702012-06-28T11:06:54.074-04:002012-06-28T11:06:54.074-04:00A lot of the problems of the US economy can be tra...A lot of the problems of the US economy can be trace 1) to Madison Avenue, which pioneers advertising in the 50's and 60's based on new research in cognitive bias, and 2) to the proliferation of consumer credit with the introduction of the credit card by Visa, which went viral in the 70's. The national mindset got skewed as a result and a lot of what has happened since is uneconomic, based on irrational behavior.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-55612525116176505102012-06-28T07:04:54.799-04:002012-06-28T07:04:54.799-04:00"what the consumer wants"
Ralph, isn..."what the consumer wants"<br /><br />Ralph, isn't "what the consumer wants" often times what the corporates want the consumer to want? The 'genius' of advertising is to make consumers think that they actually desire things such as more cupcakes, visits to the spa and trips on cheap cruiselines. Should the economy be left to run along these lines?<br /><br />In any event, meeting the needs of consumers and seeking to promote and maintain a manufacturing base are not incompatible goals. For from it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-50868588590282132432012-06-28T06:48:52.244-04:002012-06-28T06:48:52.244-04:00It's Fictional Reserve Barking,
not Fictional ...It's Fictional Reserve Barking,<br />not Fictional Reserve Banking.ynoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-20852252160728583552012-06-28T01:54:32.252-04:002012-06-28T01:54:32.252-04:00I think that is an extreme example, Ralph. Governm...I think that is an extreme example, Ralph. Government constantly encourages some industries and discourages others. Each regulation, expenditure and tax has implications for the mixture of products and services produced in a country. The government can have a strategy to ensure their influence on markets achieves social goals.Ryan Harrishttps://www.blogger.com/profile/04815033054435303399noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-12047978631053148972012-06-28T01:37:43.616-04:002012-06-28T01:37:43.616-04:00“it is best if policymakers seek to prioritize emp...“it is best if policymakers seek to prioritize employment growth in the manufacturing sector, the sector that is most amenable to improvements in productivity..” That’s nonsense.<br />The basic purpose of economic activity is to produce what the consumer wants, not to maximise productivity for the sake of it. If it looks like productivity in microchip manufacture can be increased twenty-fold, would it make sense to produce thousands of tons of microchips that nobody wants?Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.com