Asad Zaman — Methodology of Modern Economics

My paper is a survey of the huge amount of solid empirical evidence against the utility maximization hypothesis that is at the core of all microeconomics currently being taught today in Economics textbooks at universities all over the world. It is obviously important, because if what it says is true, the entire field of microeconomics needs to be re-constructed from scratch. Nonetheless, it was summarily rejected by a large number of top journals, before being eventually published by Jack Reardon as: ” The Empirical Evidence Against Neoclassical Utility Theory: A Review of the Literature,” in International Journal of Pluralism and Economics Education, Vol. 3, No. 4, 2012, pp. 366-414. Speaking metaphorically, my paper documents the solid evidence that the earth is a round sphere in world where educational institutions teach the widely held belief that the earth is flat. Readers of RWER blog will recall that when challenged on the failure of macroeconomics after the Global Financial Crisis, economists retreated to the position that while macro theory may be in a bad shape, at least Microeconomics is solidly grounded. My paper blows this claim out of the water. As a result, nothing is left of Micro and Micro, and of economics as whole. This supports my earlier claim that a Radical Paradigm Shift is required to make progress — patching up existing theories cannot work...

The central question remains of what is to be done. A complex response which requires coordination on multiple fronts is required. The first step has to be the development of a coherent alternative. I have developed a two semester micro coursewhich starts with the Anti-Textbook of Hill & Myatt, and follows up by using two main tools OPPOSED to maximization and equilbrium. Maximization is replaced by behavioral heuristics, which allow operation in environments with genuine uncertainty. Maximization is actually IMPOSSIBLE in uncertain environments. If I have to choose between actions a and b but the outcome to me depends on unknown state of natures and unknown acts of other agents then maximization is not possible. I cannot calculate which of the two actions will yield greater utility because the outcome depends on many thing I do not know, and cannot learn. SIMILARLY, if we equip all agents with heuristic behavior and try to compute what will happen, this can only be done within an Agent Based Model using computer simulations — which will generally lead to disequilibrium outcomes. Using these two tools to replace the central micro tools, one can go quite far in replacing standard micro with sensible alternatives....

WEA Pedagogy Blog
Methodology of Modern Economics

Asad Zaman | Vice Chancellor, Pakistan Institute of Development Economics and former Director General, International Institute of Islamic Economics, International Islamic University Islamabad

David F. Ruccio — Socialism or truth

On truth and truthiness.

"We have the ocean in our bucket. We built a special bucket to contain it. So get lost."

Meanwhile, socialism rises.

Occasional Links & Commentary
Socialism or truth
David F. Ruccio | Professor of Economics, University of Notre Dame

Tyler Durden — China Threatens Apple With "Anger And Nationalist Sentiment" If It Doesn't Share The Wealth

I was just wondering a day or two ago just how long it was going to take for China to play the Apple card.

Making an offer you can't refuse.

Coming to your neighborhood soon: Chinese boycott of US and US boycott of Chinese goods by patriotic consumers.

Zero Hedge
China Threatens Apple With "Anger And Nationalist Sentiment" If It Doesn't Share The Wealth

Tyler Durden

See also

Where did that technology come from?

The Political Economy of Development
Mariana Mazzucato on the State behind trillion dollar Apple
Nick Johnson

See also

What's the big deal?

The Los Angeles Times (13 July 2018)
The Chinese view: Ten truths about U.S.-China trade
Wang Yong | professor at the School of International Studies, Peking University and a non-resident Senior Fellow at the Center for China and Globalization, a private think-tank in Beijing

Martin Sieff — The Death of US and UK Neo-Colonialism

The colossal project to re-colonialize the world started with United States President Ronald Reagan eagerly backed by United Kingdom Prime Minister Margaret Thatcher in 1981 and over the next 20 years seemed to sweep all before it.…

That would be neoliberalism, neo-imperialism and neocolonialism, and finally colonization of the domestic populations of the US and UK. The later was a fatal mistake, from which the Anglo-American Empire as the successor to the British Empire post WWII may never recover.

A new world is dawning and with it a new world order. No, not that New World Order of global government but rather multipolarism pitting the waning Global North and West against the waxing Global South and East in a struggle for power and control.

Strategic Culture Foundation
The Death of US and UK Neo-Colonialism
Martin Sieff

During his 24 years as a senior foreign correspondent for The Washington Times and United Press International, Martin Sieff reported from more than 70 nations and covered 12 wars. He has specialized in US and global economic issues.

Tuomas Muraja - Universal basic income hasn’t made me rich. But my life is more enriching

Trying out the scheme in Finland pushed me to find better work opportunities. It beats a complicated benefits system

Toumas Muraja believes that the Basic Income trail in Finland was a massive success. I can see how it could really help people to start their own business as it would reduce stress and enable them to take more risks. KV

Basic income models do come with a small increase in taxation. For a large number of employed people this will, however, be compensated for by the basic income. As more people manage to find work while supported by basic income, taxation for everyone can be eased. In terms of purchasing power, basic income would have a predominantly positive effect as it would help people in low-income jobs the most. The critics fear that basic income will make people lazy. However, limited evidence from several basic-income trials from around the world prove that people use basic income to improve their quality of life and not as a licence to do nothing. Research has shown that unemployed people do not have a low motivation for work. Neither is it justified to say that unemployment on a large scale is the result of an unwillingness to work. The isolated cases of lazy, work-averse individuals so eagerly highlighted by the media do not represent the situation accurately.

I hope this trial encourages future governments to examine fresh options. My living costs today stand at nearly €2,000 a month – it’s a sum I would never be able to pay with just the basic income. And that was not the idea. Rather, basic income acts as the perfect incentive – it gives you security to chase other opportunities. It pushes you to seek fulfilling work – and isn’t that what unemployment benefits should do?

The Guardian 

Tuomas Muraja - Universal basic income hasn’t made me rich. But my life is more enriching

Timothy Taylor — Some Facts on Global Current Account Balances

Maybe the trade war with China isn't actually about MAGA at all, but just economic warfare against a rising competitor. If trade surplus are so "unfair," why is the focus not on Germany given the figures, enquiring minds want to know. Or, do Donald Trump and his economic team not realize this?

Conversable Economist
Some Facts on Global Current Account Balances
Timothy Taylor | Managing editor of the Journal of Economic Perspectives, based at Macalester College in St. Paul, Minnesota

Brad DeLong — Nikita Sergeyevitch Khrushchev to John Fitzgerald Kennedy

Brad DeLong pulls up couple of letters from the files that are relevant now.

Grasping Reality
Nikita Sergeyevitch Khrushchev to John Fitzgerald Kennedy
Brad DeLong | Professor of Economics, UCAL Berkeley

Roger Harris — U.S. Foments Regime Change in Nicaragua

In Noam Chomsky’s words, Nicaragua poses a threat of a good example to the US empire. Since Ortega’s return election victory in 2006, Nicaragua had achieved the following, according to NSCAG, despite being the second poorest country in the hemisphere:

• Second highest economic growth rates and most stable economy in Central America.
• Only country in the region producing 90% of the food it consumes.
• Poverty and extreme poverty halved; country with the greatest reduction of extreme poverty.
• Reaching the UN Millennium Development Goal of cutting malnutrition by half.
• Free basic healthcare and education.
• Illiteracy virtually eliminated, down from 36% in 2006.
• Average economic growth of 5.2% for the past 5 years (IMF and the World Bank).
• Safest country in Central America (UN Development Program) with one of the lowest crime rates in Latin America.
• Highest level of gender equality in the Americas (World Economic Forum Global Gender Gap Report 2017).
• Did not contribute to the migrant exodus to the US, unlike neighbouring Honduras, El Salvador, and Guatemala.
• Unlike its neighbours, kept out the drug cartels and pioneered community policing. 

The World Bank, IMF, and EU countries have certified Nicaragua for its effective use of international loans and grants. Funds were spent for the purposes they were given, not syphoned off into corruption....

Can't have that, can we.

True Publica (UK)
U.S. Foments Regime Change in Nicaragua

Roger Harris, board member of the Task Force on the Americas, a 32-year-old anti-imperialist human rights organization

Liao Yue — This Chinese village has embraced collectivization

Interesting article, that also suggests that Elinor (Lin) Ostrom was likely correct about the commons. See also tragedy of the commons. 

A better title would have been "This Chinese village has re-embraced collectivization." Villagers concluded that they had better results in certain respects under Maoism than Dengism, although they have combined the two approaches in addressing their contemporary opportunities and challenges, which have been emergent as China developed rapidly.

World Economic Forum
This Chinese village has embraced collectivization

Liao Yue, Ph.D. student in anthropology at the University of Illinois Urbana-Champaign

Barkley Rosser — Real Wages Decline

Before you go get all excited about 4% GDP — if you are a worker or live on a fixed income.

Econospeak
Real Wages Decline
J. Barkley Rosser | Professor of Economics and Business Administration James Madison University

Michael Hudson — Life & Thought: An Autobiography

This interview was conducted at Peking University for the Second World Conference on Marxism, May 7, 2018. It was conducted by Lau Kin Chi of the Global University for Sustainability....

Michael Hudson inherited impeccable Marxist credentials.

When I was 3 years old my father was put in jail under the Smith Act as a political prisoner for having the works of Lenin and Marx on his shelves and for being one of the leaders of the Minneapolis general strikes from 1934 to 1936. So I grew up knowing many members of the Russian Revolution, members of the Central Committee when Lenin was in power....

In 1960 when Leon Trotsky’s widow Natalia died, the executor of his estate Max Schachtman assigned me the copyrights, saying that since I was Trotsky’s godson, I should do a publishing company....

Good read, even if you are not a fan. It's pretty funny to hear him tell the tales of what shaped him as an economist and historian of economics. Quite remarkable, actually.

Michael Hudson — On Finance, Real Estate And The Powers Of Neoliberalism

Life & Thought: An Autobiography
Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

Tom Luongo — The Curious Case of Bill Browder

The plot thickens — and widens. Tom Luongo explains how Browder is just a symptom.

Interesting that people on the so-called right are on this, while people on the so-called left are gobbling blue pills.

Back in the Sixties and Seventies, it was folks on the left that were into these things. Now the situation is reversed. It's the Libertarian and Alt-Right that are on it.

Tom Luongo Blog
The Curious Case of Bill Browder

Tom Luongo

Louis Allday — Social Imperialism in the 21st century

Owen Jones, Paul Mason & the problem with the UK left

 Owen Jones and Paul Mason are widely considered to be the UK’s pre-eminent left-wing commentators; both appear frequently on television and radio, write regularly for mainstream publications like The Guardian and The New Statesman, have had books published (and subsequently translated into multiple languages) and attract enormous followings on social media: as of August 2018, their Twitter accounts have 742,000 and 597,000 followers, respectively. By many of their detractors on the right, Jones and Mason are depicted as socialists and radicals, members of what is referred to dismissively in the UK as the “looney left.” Indeed, both men claim to be socialists and Marxists of some kind themselves. However, what becomes clear upon a sober analysis of their positions on a wide range of issues is that they are in fact distinctly un-radical, frequently opportunist in nature, and particularly in Mason’s case, openly reactionary and imperialist.…

MR Online
Social Imperialism in the 21st century

Louis Allday

Martin Armstrong — Why Has the Magnitsky Film Been Banned in USA & Europe?

Inquiring minds want to know. Martin Armstrong zeros in. This is not about Magnitksy's death, which even his family agrees was not the result of the Russian government, or even Bill Browder's machinations. It's too pervasive not to be state sponsored. Armstrong suggests why. It's quite possible that Vladimir Putin explained this to Donald Trump privately, but the president is too boxed in to use the information publicly. High intrigue, indeed, and at the state level, if Armstrong is even remotely in the ball park.

Armstrong Economics
Why Has the Magnitsky Film Been Banned in USA & Europe?

Martin Armstrong

See also

In my view, MA is biased against the left as while, to which he attributes the "sins" of socialism, and he tends to accentuate what confirms his view. Conversely, he tends to overlook the "sins" of the right in the direction of fascism. At the same time, he makes many relevant points and is often in a position to report from the inside, for example, in the Magnitsky affair, having been an investor in Hermitage Capital.

I definitely agree that Donald Trump is a symptom rather than a cause and that is social and political dynamic, exacerbated by economic inequality, has a way to run. It is becoming not only increasingly divisive but also alarmingly so.

What Comes After Trump Will Be a Major Political Confrontation that May Lead to Civil War

A "Tour d'horizon" of the ME — Lang's opinion

Comprehensive update for those following MENA affairs.

Sic Semper Tyrannis
A "Tour d'horizon" of the ME - Lang's opinion

Col. W. Patrick Lang, US Army (ret.)

At the Defense Intelligence Agency, Lang was the Defense Intelligence Officer (DIO) for the Middle East, South Asia and counter-terrorism, and later, the first Director of the Defense Humint Service. At the DIA, he was a member of the Defense Senior Executive Service. He participated in the drafting of National Intelligence Estimates. From 1992 to 1994, all the U.S. military attachés worldwide reported to him. During that period, he also briefed President George H. W. Bush at the White House, as he had during Operation Desert Storm.

He was also the head of intelligence analysis for the Middle East for seven or eight years at that institution. He was the head of all the Middle East and South Asia analysis in DIA for counter-terrorism for seven years. For his service in the DIA, Lang received the Presidential Rank Award of Distinguished Executive. — Wikipedia

Reuters Facebook, Apple remove most of U.S. conspiracy theorist's content

"It can't happen here."

"Hate-speech" is different.

Note that this is a voluntary action taken by the private sector. So there is no violation of the First Amendment, which prohibits government censorship.

Reuters
Facebook, Apple remove most of U.S. conspiracy theorist's content
Rich McKay

Also at Reuters

This is kind of a big deal. Chinese state media is usually pretty moderate. This is an attack on POTUS and it represents ratcheting up.

Chinese state media slams Trump for 'extortion' in trade dispute
Andrew Galbraith, Michael Martina


UPDATE

SFgate
YouTube, Pinterest Pull Alex Jones and InfoWars Channels Following Bans by Apple, Facebook

also

Liberty Blitzkrieg
Stop Complaining and Just Delete Facebook
Michael Krieger

Rostislav Ishchenko — It’s Time for the Putin Revolution

This is the best analysis of the political situation in Russia after Putin's recent election by an overwhelming margin that I have seen and I look at quite a bit on Russia. It's a big picture approach that looks at Russia's future based on the present state.

Most of the analysis in the Western media is so biased as to be nonsense. The best analysis in the West by professors like Stephen F. Cohen and Paul Robinson is good, but it takes a Russian on the ground there to do the nuance. Anatoly Karlin, who writes at The Unz Review, is also worthy of mention.

Ishcnenko's analysis is also relevant to the theory of democratic republic as a political concept and system.

While he doesn't mention it these terms, his analysis points to the decline of the relevance of the party system and the rising need for more participatory democracy, now made possible through electronic communications and digital technology.

Fort Russ
Ishchenko: It’s Time for the PUTIN REVOLUTION

Rostislav Ishchenko, translated by Jafe Arnold from Derzhava

Michael Roberts — China’s ‘Keynesian’ policies

China’s policy in the Great Recession was not just ‘fiscal stimulus’ in the Keynesian sense, but outright government or state investment in the economy. It actually was ‘socialised investment’. Investment is the key here –as I have argued in many posts – not consumption or any form of spending by government.…

As John Ross said on his blog at the time, “China is evidently the mirror image of the US …If the Great Recession in the US was caused by a precipitate fall in fixed investment, China’s avoidance of recession, and its rapid economic growth, was driven by the rise in fixed investment. Given this contrast, the reason for the difference in performance between the US and Chinese economies during the financial crisis is evident.”...

I would argue that "Keynesianism" is not Keynes of the General Theory, the full tile of which is the The General Theory of Employment, Investment, and Money. Investment drives production, which produces not only goods but also employment, and investment in capital goods occurs owing to the flow of funding to firm investment in capital goods, both as fixed capital — plant and technology, and also human capital owing to augmented "labor power" as knowledge and skill though investment in training.

Regardless of economic system, real (firm) investment, in contrast to financial investment in saving vehicles, leads to real growth (a flow) and "real savings" (stocks of capital goods and quality of labor).

Keynes realized this and so-called paleo-Keyensianism was about public investment in addition to temporary stimulus to address economic contraction. Public investment is not only in infrastructure, R&D, and other economic factors that directly relate to firms, but also welfare investment that indirectly do so, in particular education and health services. Public investment need not be limited to addressing economic and financial crises, and should not be in a modern monetary production economies, where growth must keep pace with population growth and increased productivity is desirable.

The notion that Keynes was chiefly focus on welfare and stimulus is simplistic. He understood the primacy of investment in the production-distribution-consumption cycle and addressed it specifically, as shown in the title of his major work.

Addressing effective demand is key in addressing demand-leakage to saving is central for Keynes. Effective demand is important since without it, investment will fall. Moreover, when private investment slows, public investment needs to pick up the slack. Investment, both public and private, are key to economic performance and social wellbeing, which is the intended meaning of "welfare," rather than transfer payments as "welfare" has come to be interpreted.

China appears to understand this and increases the rate of public investment in addition to providing stimulus for welfare to address crises. This did not happen in the Western capitalist countries in the follow-up to the crisis and they suffered for it as a result.

While Michael Roberts is out of paradigm with MMT, he makes some points worth considering from the Marxian perspective, too.

Michael Roberts Blog
China’s ‘Keynesian’ policies
Michael Roberts

See also

Kaldor, the famous Hungarian economist of Cambridge University, claimed in 1978 that countries with the most dynamic economic growth tended to record the fastest growth in labor costs as well. The renown “Kaldor-paradox” may be confusing for policymakers influenced by the neoclassical mainstream. It tells us that keeping costs low may not lead to competitive advantages and faster economic growth. So let’s resurrect the Kaldorian ideas and see whether the relationship has changed at all (hint: it has not)....

Wages as dynamic investment.

Could the Kaldor-paradox imply that most of the examined countries are wage-led (or demand-led) economies?…

Economic Questions ± formerly The Minskys
There is no such thing as low-wage competitiveness
Daniel Olah, economics editor, writer and PhD student, and Viktor Varpalotaiis, Deputy Head of Macroeconomic Policy Department at Ministry for National Economy, Hungary

Daniel Taylor — Socialism is back, with good reason

Good read. Relatively short and on point.

RedFlag
Socialism is back, with good reason

Daniel Taylor  

William K. Black — Bank Whistleblowers United Told DOJ to use 4506-T as Kryptonite v Banksters

Sheriff Bill at his best. Long and detailed analysis of liar's loans.

New Economic Perspectives
Bank Whistleblowers United Told DOJ to use 4506-T as Kryptonite v Banksters
William K. Black | Associate Professor of Economics and Law, UMKC

Berkshire Report

Wow they murdered it.

Net income rose to $12.01 billion, or $7,301 per Class A share, from $4.26 billion, or $2,592 per share, a year earlier. 

Results also reflected a decline in Berkshire's effective income tax rate to 20 percent from 28.9 percent, following last year's cut in the federal corporate tax rate.

#sp500 #nasdaq #DowJones #cnbc #CNBCFastMoney Berkshire Hathaway's profit skyrockets on insurance, other businesses gains https://t.co/k9FUgjUxSX

— Yuxing Sun (@SigP226) August 6, 2018

Oxford Study: Political Data Mining Companies are Manipulating Elections Around the World — Sharmini Peries interviews Samantha Bradshaw

An extensive new Oxford University study shows that governments, political parties, and NGOs spend well over half a billion dollars around the world to influence elections and public opinion, most of it in a completely unregulated and secretive manner. We speak to the study’s co-author, Samantha Bradshaw….

TRNN
Oxford Study: Political Data Mining Companies are Manipulating Elections Around the World

Sharmini Peries interviews Samantha Bradshaw, senior fellow at the Canadian International Council, where she researches computational propaganda, and a doctoral candidate at the Oxford Internet Institute, where her dissertation is on the government use of social media to spread disinformation.

Brad DeLong — Sunday Morning Twitter: Functional Finance/A Better World Is Possible Tweeting...

This is a good Twitter thread and I suggest reading it. I am sure MMT economists will jump in.

Here's an excerpt.

... 

Brad DeLong: MMT is Abba Lerner's Functional Finance with bells & whistles & some confusions. Manipulate G to stabilize Y & π, manipulate M to get an i to make debt finance sustainable, and rely on π to tell you if your policies are sustainable... If π↑ need G↓

 Suresh Naidu: Clearest exposition of MMT in a tweet. Fight me deficit owls! 

...

BDL has thought this through. That means taking MMT seriously.

Grasping Reality
Sunday Morning Twitter: Functional Finance/A Better World Is Possible Tweeting...Brad DeLong | Professor of Economics, UCAL Berkeley

Raphael Machado — Native Brazilian Traditions Against Liberal Globalism

Traditionalism versus liberalism.

Fort Russ
Native Brazilian Traditions Against Liberal Globalism

Raphael Machado

Dr. Charles Eastman was the son of a European American father and Native American woman. He was raised as a Native American (Sioux) and subsequently became a physician. He reported on his upbringing and the culture that was native to him. His works are available for download at the Internet Archive. I particularly recommend The Soul of the Indian.

Lars P. Syll — Rethinking public budget

The balanced budget paradox is probably one of the most devastating phenomena haunting our economies. The harder politicians — usually on the advice of establishment economists — try to achieve balanced budgets for the public sector, the less likely they are to succeed in their endeavour. And the more the citizens have to pay for the concomitant austerity policies these wrong-headed politicians and economists recommend as “the sole solution.”

There are three budget views.

1. Balanced budget in every fiscal year. (Sound finance, debt phobes and deficit hawks)

2. Budget balanced over the cycle. (John Maynard Keynes, many Keynesians, deficit doves)

3. Budget determined dynamically by economic need and opportunity rather than financial rules. (Abba Lerner, functional finance, MMT, deficit owls)

Lars P. Syll’s Blog
Rethinking public budget
Lars P. Syll | Professor, Malmo University

Rostislav Ishchenko — Will the End of the US Empire mean World War 3?

Basically a good analysis.

I would add a few of things that I think he misses:

1. The analysis of the EZ as a failed currency union that is increasingly unsustainable and will implode when the next crisis hits.

2. The objective of the US to dominate the Chinese domestic market with US finance and industry by preventing the rise of Chinese-developed and owned high-services and technology through intellectual property that denies China access to developing its own domestic firms capable of competing with the Western firms that an open-door policy is intended to force. However, the Chinese already experienced something similar in the colonial period and unlikely to fall into that trap.

3. The US attempting to strangle Russia economically to avoid a kinetic conflict that risks nuclear war, but the current American thinking seems to be that Russia will not use nukes in the event of the conflict going kinetic conventionally owing to MAD.

At any rate, the danger level is accelerating exponentially as the West sees the window closing on Western hegemony unless action is taken soon. China and Russia are on to the game and are rising quickly as well as acting more and more in co-ordination against a common threat.

Fort Russ
ISHCHENKO: Will the End of the US Empire mean World War 3?

Rostislav Ishchenko, translated by Jafe Arnold from Derzhava

See also

“All of a sudden all of our equipment shuts off. You cannot ask for fire support or warn off an enemy attack because your radars are blocked and you see nothing. This may be more dangerous than a conventional weapon because there is no protection against it,” retired US Colonel Laurie Moe Buckhout told Foreign Policy magazine.

Daniel Goure, a national security expert at the Lexington Institute, added that Russian electronic warfare systems cannot only block communication channels but also change data: “The fact is they are really capable of distorting the operational image on the battlefield, which can lead to dire consequences,” he warned.…

Throw more money at it.

US Military Stunned by Russia’s Cutting Edge Electronic Warfare in Syria

Paul Antonopoulos

See also

Maybe "relieved" is more neutral than "stolen."

The Numbers Are In: NAFTA Has Stolen More Resources from Mexico than 300 Years of Colonialism

Jared Bernstein — Trump 2020 game plan: Fake Laffer, Go Keynes.

Summary and implications of Goldman Sachs economic research team forecast.
On the Economy
Trump 2020 game plan: Fake Laffer, Go Keynes.Jared Bernstein | Senior Fellow at the Center on Budget and Policy Priorities and former Chief Economist and Economic Adviser to Vice President Joe Biden in the Obama Administration

Artist's Squabble

I can't even make this up, notice he doesn't say "better at Art than Science", this is revealing...:

My first appearance in a political cartoon, lol. The MMT folks are definitely better at art than economics. :-) https://t.co/dJgXL1F5IO

— Jeffrey Brown (@IlliniBizDean) August 4, 2018

Denis Churilov — Op-Ed: Fake Liberalism As A Tool For Trans-Atlantic Globalists

You will recognize "fake liberalism" as neoliberalism.

He says pretty much what we have been saying here for a long time.

Fort Russ
Op-Ed: Fake Liberalism As A Tool For Trans-Atlantic Globalists
Denis Churilov

Steve Roth — Four Definitions of Money. All Correct.

Understanding what we mean by the most important word in economics.

The meaning of ordinary language terms is relative to use in context. Conversely, technical terms are defined operationally. The same sign can be used for different technical terms, although such use is discouraged as confusing, but not in the same context, where only one operational definition applies.

Unfortunately, economics often employs ordinary language terminology with specifying the meaning operationally. Confusion ensues.

Evonomics
Four Definitions of Money. All Correct.

Steve Roth | Publisher of Evonomics