Tim Johnson — Lady Credit

Economics is can be seen as being primarily concerned with managing resources when faced with scarcity; the maximisation of expected utility. An alternative view is that aspects of economics, particularly finance, are concerned with managing resources when faced with uncertainty. This distinction is not new, Moses ben Maimon, Maimonides, argued that the suffering of mankind is not because they were expelled from the Garden of Eden into a world of scarcity but because they were expelled into a world of uncertainty. In the Garden of Eden humans had perfect knowledge, which was lost with the Fall, and it is the loss of this knowledge which is at the root of suffering: If we know what will happen we can manage scarcity

Magic, Maths, and Money
Lady Credit
Tim Johnson | Academic Fellow, Department of Actuarial Mathematics and Statistics and the Maxwell Institute for Mathematical Sciences, Heriot-Watt University

(h/t geerussell via email)

This post is really about the philosophy of economics set forth in terms of the history of economic thinking. Really insightful and lots of good info. It's not perfect, but very good. You will want to read this one.Yes, MMT and Chartalism make an appearance.