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| Complexity Economics Shows Us Why Laissez-Faire Economics Always Fails; Why markets are like gardens, not machines | |
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| Tweet Topic Started: May 8 2016, 10:20 PM (578 Views) | |
| Ronin | May 8 2016, 10:20 PM Post #1 |
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During 2007 and 2008, giant financial institutions were obliterated, the net worth of most Americans collapsed, and most of the world’s economies were brought to their knees. At the same time, this has been an era of radical economic inequality, at levels not seen since 1929. Over the last three decades, an unprecedented consolidation and concentration of earning power and wealth has made the top 1 percent of Americans immensely richer while middleclass Americans have been increasingly impoverished. To most Americans and certainly most economists and policymakers, these two phenomena seem unrelated. In fact, traditional economic theory and contemporary American economic policy does not seem to admit the possibility that they are connected in any way. And yet they are—deeply. We aim to show that a modern understanding of economies as complex, adaptive, interconnected systems forces us to conclude that radical inequality and radical economic dislocation are causally linked: one brings and amplifies the other. If we want a high-growth society with broadly shared prosperity, and if we want to avoid dislocations like the one we have just gone through, we need to change our theory of action foundationally. We need to stop thinking about the economy as a perfect, self-correcting machine and start thinking of it as a garden... http://evonomics.com/complexity-economics-shows-us-that-laissez-faire-will-never-work/ |
| The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. | |
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| estonianman | May 8 2016, 10:23 PM Post #2 |
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If you think the 2008 financial crisis was Laissez-Faire, after the government was determined for 8 years to generate a wealth effect - you and the author of this article have already crashed and burned.
Edited by estonianman, May 8 2016, 10:23 PM.
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| MEEK AND MILD | |
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| Robert Stout | May 9 2016, 01:24 AM Post #3 |
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It took a village to raise Ronin...He plagiarizes others writings...........
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| Jesus can raise the dead, but he can't fix stupid | |
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| Robert Stout | May 9 2016, 01:25 AM Post #4 |
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DP
Edited by Robert Stout, May 9 2016, 01:26 AM.
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| Jesus can raise the dead, but he can't fix stupid | |
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| Ronin | May 9 2016, 01:42 AM Post #5 |
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What has been plagiarized? |
| The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. | |
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| Robert Stout | May 9 2016, 01:55 AM Post #6 |
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The lack of quotes , as in "....."..............................
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| Jesus can raise the dead, but he can't fix stupid | |
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| Ronin | May 9 2016, 02:06 AM Post #7 |
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You should stick to making fun of brown skinned people. |
| The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. | |
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| Ronin | May 9 2016, 02:13 AM Post #8 |
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Expand on this? |
| The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. | |
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| estonianman | May 9 2016, 02:39 AM Post #9 |
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The government and Keynesians wanted a housing bubble after the NASDAQ collapsed at the end of Clinton's term. Pulling multiple switches like the Community Reinvestment Act and lowering interest rate they made that happen. It was all about political expediency - bread and circuses now called the "wealth effect". The wealth effect wasn't about buying houses - it was about appreciating home values to where people felt wealthy enough to spend even more - via equity loans and what not. This is also known as the demand side economy that Keynesians call the save all - which instead actually xxxxed us, again. This was a bubble of course, and once the market figured it out that these properties were overvalued - it corrected itself. The derivatives based on these values were also effected and the FDIC almost guaranteed a bailout. Yes the market was bad - but it was only adapting to conditions set by government. This is anything but Laissez-Faire, which means non-interference. There are 115 agencies regulating the financial sector. This was a grand scale government xxxx-up by every definition of the word xxxx. https://en.wikipedia.org/wiki/Wealth_effect https://en.wikipedia.org/wiki/Community_Reinvestment_Act Edited by estonianman, May 9 2016, 02:47 AM.
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| MEEK AND MILD | |
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| clone | May 9 2016, 04:40 PM Post #10 |
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Director @ Center for Advanced Memetic Warfare
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Only liberals can choose not to go down the road to widespread, systematic violence. | |
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| Member013 | May 9 2016, 06:17 PM Post #11 |
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Trump will save us
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| clone | May 9 2016, 06:20 PM Post #12 |
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Director @ Center for Advanced Memetic Warfare
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Obama stop printing money brah? |
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Only liberals can choose not to go down the road to widespread, systematic violence. | |
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