@jjGravitas Welcome! #CoSo is great. I left 🐦 for CoSo and I have not regretted it.

#puzzles #wordle Wordle 538 4/6

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#puzzles #wordle
Wordle 537 6/6

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@corlin @MrGoat
That is... Science fiction? A genre that I like very much. I find Ministry for the Future by KS Robinson to be a more likely future scenario. His writing on economics in that book is hilariously on point.

@MrGoat @corlin
I know it's sloppy but I am using "AI" as a catch-all for all kinds of capital substitution for labor that has been happening continuously but at an accelerating rate over the last 30 years.

@corlin
The thing we are all going to have to come to grips with is that moving off of fossil fuels at the speed necessary to avert EOTWAWKI level crisis is going to end a lot of work, and not create nearly as much as we need to give all the people who need it 'full time work.'

@corlin Yep, this is what Kelton talks about as well, but I think it misses another largish problem: that "work" as in full wage, full time employment has been decreasing for some time, and advances in AI are going to accelerate that.

Coming out of the pandemic-induced recession, the economy reached the 2019 level of production with about 10% fewer "hous worked."

I think we are going to need some version of #UBI.

@Thumprhare
The best time to start would be today. I strongly advocate reading Stephanie Kelton's stuff on #MMT--I had a whole stack of her stuffed saved on 🐦 .

The tl;dr version is that govt does not *ever* spend tax revenue. The "pay for it" argument has always been a diversion.

@corlin Yeah, this stuff drives me freaking crazy and I can't help but rant about it.

The recession that is certain to result from reducing aggregate demand through interest rate increases will require direct intervention in the form of a guaranteed minimum income or #UBI. The sooner we get to that point the better off will be the vast majority of humans who need to work for a living.

#SupplyChain issues can be addressed directly by expanding resources/complementary products available or developing infrastructure to improve the speed of goods reaching markets.

When the increase in prices is being led (as is the case now) by increased energy prices due to (among other things) a war in Europe, interest rate increases simply cause pain where none is needed. We need to acknowledge that.

The only sensible, #PeopleFirst strategy to deal with #inflation is that proposed by #MMT Modern Monetary Theory.

Instead of focusing on reducing aggregate demand by removing wage income from the economy through interest rate increases (classical monetary theory), #MMT focuses attention at what are the root causes of inflation and addresses them directly.

Workers pay two ways: through direct loss of employment, and the decreased ability to individually or collectively bargain for higher wages to address the rise in prices.

When central banks 'wage war on Inflation" the only casualties are workers and their families.

#MonetaryPolicy that uses higher interest rates to decrease inflation puts all of the costs onto wage earners.

Higher interest rates slow the economy by decreasing business investment and increasing the cost of inventory. The result is lower levels of employment: more people out of work.

Inflation pressure is eased by taking Wage Income out of the economy.

#economics
#inflation #InterestRates #MMT #UBI

This article asks the right questions but skirts around the answers.

https://www.cbc.ca/news/canada/inflation-interest-rate-hikes-1.6678050

@WordsmithFL @th3j35t3r

It would provide a new definition of "space junk" though.

Whoohoo! Two!
#puzzles #wordle

Wordle 536 2/6

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