An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, July 27, 2018
Lee Camp — American Society Would Collapse If It Weren’t for These 8 Myths
Things to contemplate while you are at the beach this weekend.
I work every day because I want to, I'd probably do what I want to do everyday, more or less, whether the government in DC existed, or Mexico, or Spain or Rep. of Texas or some other imaginary one or none.
I broadly chose what I work on and how much I sell to others and how much I keep for myself. Government does require I share, by force of gunpoint, but Government also publishes statistics on how society values the surpluses of various types of human labor and what their tax rates are, generally positive net payout over lifetime or at worst zero for most people in society except those that earn alot.
People that claim they are oppressed by the system are trapped in their own heads, I think, not actually trapped by society.
Nearly all humans due to their industriousness and intellect are ridiculously productive, we each produce far more than we could ever use or consume. We, by necessity, share and organize with each other to get what we want and need using our surpluses. Equality or fairness isn't the objective. From my vantage, the the objective of the system appears to be to prevent abject poverty, ensure basic human needs are met for everyone, even if they chose not to or can not physically or mentally participate in production and sharing with the rest of society while not removing incentives for each individual to produce more for themselves and society.
Beyond education needed for democracy and basic system function, government doesn't dictate what or how people use their time or labor.
For example look at Bills post this week saying art people shouldn’t get paid... and should be forced to work at Starbucks pouring burnt coffee for minimum...
Art people funnel all the money to the top.. $250 to see the geezer Rolling Stones and they sell out 20,000 ... some kids in a garage band have to pay to play can’t even get their expenses covered...
I like Lee Camp a lot, he has a very similar viewpoint to me. We can have a more equalitarian society which still leaves talent and hard work rewarded. In fact, more people will be able to aspire to the middle-class.
I saw this interview of Keith Richards and he was asked why do the Stones keep touring when they must have enough money already. Keith Richards thought about it and then said, 'do you know, we might be deluding ourselves, but we actually think we are getting better at it'. I loved that answer.
Ryan have you seen this Ocasio (BA Economics and International Relations Boston University) going all around talking? Oh brother... she’s a prime example... probably $50k per year at BU four years ... probably tons of student debt that Art school put on her now she’s all pissed off... and rightfully so..
Matt, that's what I think. The people who complain about housing or health care or roads generally live in the blue states where their own regulations don't allow themselves access to those goods, it has nothing to do with federal government.
They constricted supply, create extreme zoning, years long building permit processes, create rent controls... their own policy choices.
Go to a red state, you can get a building permit for a couple thousand dollars and minor costs to connect to public utilities and in a day or two and you're building a new house. In California or New York it make take years and hundreds of thousands of dollars to get a permit to build a house. Then you aren't allowed to do it, you have to hire "professionals" with regulatory monopolies. An ordinary person is prohibited by law from building their own house. In a red state your right to construct your house with your own hands is protected by law. You have to meet codes and do it right but the prices are anchored.
MMT won't solve these problems, it will make it worse. Healthcare provisioning suffers similar boondoggles in the US. We need to remove regulatory monopolies from health care providers and pharma while retaining ability to enforce and monitor quality.
"They are Art Degree people Ryan not material science oriented..."
Matt, ask an engineer what he thinks about public finances. He will tell you that it is obvious that the government should always maintain the budget equilibrated (spend just its income).
I'm myself an engineer and had trouble understanding MMT at first. All my friends engieneers are under the "intuition" spell that limits them into thinking that the government is like a household.
I tried and tried again to explain to them. I'm trying until that day. I failed miserably.
Maybe it's me, you know, but something tells me that it is their intuitive ignorance...
I don't live in his reality.
ReplyDeleteI work every day because I want to, I'd probably do what I want to do everyday, more or less, whether the government in DC existed, or Mexico, or Spain or Rep. of Texas or some other imaginary one or none.
I broadly chose what I work on and how much I sell to others and how much I keep for myself. Government does require I share, by force of gunpoint, but Government also publishes statistics on how society values the surpluses of various types of human labor and what their tax rates are, generally positive net payout over lifetime or at worst zero for most people in society except those that earn alot.
People that claim they are oppressed by the system are trapped in their own heads, I think, not actually trapped by society.
Nearly all humans due to their industriousness and intellect are ridiculously productive, we each produce far more than we could ever use or consume. We, by necessity, share and organize with each other to get what we want and need using our surpluses. Equality or fairness isn't the objective. From my vantage, the the objective of the system appears to be to prevent abject poverty, ensure basic human needs are met for everyone, even if they chose not to or can not physically or mentally participate in production and sharing with the rest of society while not removing incentives for each individual to produce more for themselves and society.
Beyond education needed for democracy and basic system function, government doesn't dictate what or how people use their time or labor.
They are Art Degree people Ryan not material science oriented...
ReplyDeleteThe leadership of the Art Degree people is failing them... Science people find ways to get their people paid from entry level on up...
ReplyDeleteFor example look at Bills post this week saying art people shouldn’t get paid... and should be forced to work at Starbucks pouring burnt coffee for minimum...
ReplyDeleteSame with the military people they get their people paid...
ReplyDeleteArt people funnel all the money to the top.. $250 to see the geezer Rolling Stones and they sell out 20,000 ... some kids in a garage band have to pay to play can’t even get their expenses covered...
ReplyDeleteMike Trout gets $210M for 10 years and little leaguers have to go all around door to door selling cans of popcorn to raise money...
ReplyDeleteAppalling, isn't it.
ReplyDeleteI would say all of the problems are centered around the Art Degree people...
ReplyDeleteI like Lee Camp a lot, he has a very similar viewpoint to me. We can have a more equalitarian society which still leaves talent and hard work rewarded. In fact, more people will be able to aspire to the middle-class.
ReplyDeleteI saw this interview of Keith Richards and he was asked why do the Stones keep touring when they must have enough money already. Keith Richards thought about it and then said, 'do you know, we might be deluding ourselves, but we actually think we are getting better at it'. I loved that answer.
ReplyDeleteRyan have you seen this Ocasio (BA Economics and International Relations Boston University) going all around talking? Oh brother... she’s a prime example... probably $50k per year at BU four years ... probably tons of student debt that Art school put on her now she’s all pissed off... and rightfully so..
ReplyDeleteWell why don’t the Keith Richards and Hollyweirdos build some art venues for the next generation to use and charge admission to get paid...
ReplyDeleteEvery hear of Carnegie libraries?
ReplyDeleteThe science side is already egalitarian ...
ReplyDeleteMatt, that's what I think. The people who complain about housing or health care or roads generally live in the blue states where their own regulations don't allow themselves access to those goods, it has nothing to do with federal government.
ReplyDeleteThey constricted supply, create extreme zoning, years long building permit processes, create rent controls... their own policy choices.
Go to a red state, you can get a building permit for a couple thousand dollars and minor costs to connect to public utilities and in a day or two and you're building a new house. In California or New York it make take years and hundreds of thousands of dollars to get a permit to build a house. Then you aren't allowed to do it, you have to hire "professionals" with regulatory monopolies. An ordinary person is prohibited by law from building their own house. In a red state your right to construct your house with your own hands is protected by law. You have to meet codes and do it right but the prices are anchored.
MMT won't solve these problems, it will make it worse. Healthcare provisioning suffers similar boondoggles in the US. We need to remove regulatory monopolies from health care providers and pharma while retaining ability to enforce and monitor quality.
"They are Art Degree people Ryan not material science oriented..."
ReplyDeleteMatt, ask an engineer what he thinks about public finances. He will tell you that it is obvious that the government should always maintain the budget equilibrated (spend just its income).
The problem is not just about Arts people...
Andre they have other jobs...
ReplyDeleteI could explain it to them in 10 minutes...
It's amusing to listen to the cognitively dissonant talk about material competence.
ReplyDelete"I could explain it to them in 10 minutes..."
ReplyDeleteI'm myself an engineer and had trouble understanding MMT at first. All my friends engieneers are under the "intuition" spell that limits them into thinking that the government is like a household.
I tried and tried again to explain to them. I'm trying until that day. I failed miserably.
Maybe it's me, you know, but something tells me that it is their intuitive ignorance...