Retired Professor of Political Economy (Lancaster University, UK - retired 2021) (also #ProfDJ across the Lune Valley) Contributor: North West Bylines #NoBridge
Well, I'd be happy to come down to Manchester, which would (given the travel infrastructure here) likely be easier.... it would be an interesting lunch for both of us I'm sure....
Well, I spent most of my academic career hanging out with a pretty small group fo folk, most of whom, like me, had had a career before becoming university academics... a small bunch
No, I used to say it quite often when I was getting frustrated with the idiocy of some academics... and as a result, never on the invite list for the Xmas parties (wouldn't have gone anyway)
@ChrisMayLA6 Wow! The fact that you would not be invited to the Christmas party because of something like that is a fine marker of the psychological make up of academics.
NOTHING has changed in this wicked #conservative story in 5 decades, except that rich got richer, poor got poorer, infrastructure crumbled, and services vanished!
I'm increasingly coming to the point where while accepting that the internet offers all sorts of major social advantages, the part of the world wide web that social media occupies is poisoning the well....
Looking back & I wonder if we knew what we know now, whether we would have been so enthusiastic about the expansion of the net into the WWW & the explosion in the scope of social media.
its a Pandora's box that we can no longer shut, I know... but the Q. is: where is the hope?
Hmmm.... FT has just given a pulpit to Peter Thiel to explore his views of the internet & social media among other things... which includes this rhetorical Q.:
'Did we muster up even two minutes’ criticism of the UK, which has arrested hundreds of people a year for online speech triggering, among other things, “annoyance, inconvenience or needless anxiety”? '... presumably inviting the answer; 'we should have'.
Just in case you thought Musk was an outlier on 'free speech'....
If Reagan's economists where Keynsians, then they were the bastardisation called neo-Keynsianism that was an out growth of neo-classical economics that sought to mimic some of the discourse of Keynsianism with none of the progressive content... just calling yourself a Keynsian (if they did) doesn't;t make you one....
The problems you identify are real, but they are not due to Keynsian economics - that is all about 'effective demand' not enriching the already wealthy!
Per #IMF, "Keynesians believe that… fluctuations in ANY component of spending,… [e.g.] investment,… cause output to change. If government spending increases, for example, and all other spending components remain constant, then output will increase".
#Reagan's connivers substituted "rich" for "government" and claimed the RICH would drive growth by reinvesting money saved in taxes.
Well, a Keynsian approach would see the need to dampen down some over-heating, certainly.... where that might be for the UK is an interesting point; one might argue that any growth over round 1.5% GDP a year was over-heating relatively.
But whenever it was, already you can see the possible use if interest rate policy to reign in over-heating - albeit with less justification the BoE has been doing that for the last 18 months, separate from austerity - Govt. does have other levers
Its one of the great conundrums of economics... and revelatory of the skewed notions of incentivisation.
You can (sort of) square the circle, if you want by taking the line that only work should pay, and so the wealthy execs need more money to incentivise them, while the poor need to have their benefits taken way to ensure they work to stay alive (the ultimate incentivisation); but that leaves the vexing question of relative rates of pay.
Sian Norris, helpful unpicks the role of disinformation (and the purveyors of disinformation) in the far right's interest in sexual abuse & violence in the UK that has been re-ignited by Elon Musk's posts & messages online.
As she concludes: 'The far right has no answers for this, as it sees sexual violence only through the prism of race & a genocidal conspiracy theory, not the misogyny & male power which its movement valorises'!
Yes, I've seen that mentioned before; which is an interesting way of rehabilitating prisoners, unless they're being used as expendable fire-fodder, of course
Well, here we hit on the division of Labour (pun intended); if I was to defend Timpson, my guess is the issues you raise are in the remit of the Justice Ministry, and while Timpson may be suggesting these things don't help, my guess is he'll be told he's not a politician & to get on with the bits he's good at - which pragmatically seems to be what's happening
>> So it's not so much #Keynes has been rejected, but rather it's only applicable when the rich are in trouble!
#Keynsian theory formed the underpinnings of #Reagan's obscene #TrickleDown theory in which the rich would reinvest money saved in taxes to drive growth.
#US has the rich getting richer while infrastructure like bridges and airports crumble, and services like #heathCare are only for those who can afford to pay.
Emeritus Prof Christopher May's Posts
Emeritus Prof Christopher May has 222 posts.
Emeritus Prof Christopher May
@h4890
Ha ha, as I reach 65 this year, and with no kids (but some nephews & nieces), I can see his point....
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Emeritus Prof Christopher May
@h4890
Well, I'd be happy to come down to Manchester, which would (given the travel infrastructure here) likely be easier.... it would be an interesting lunch for both of us I'm sure....
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Emeritus Prof Christopher May
@h4890
Well, I spent most of my academic career hanging out with a pretty small group fo folk, most of whom, like me, had had a career before becoming university academics... a small bunch
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Emeritus Prof Christopher May
@h4890
No, I used to say it quite often when I was getting frustrated with the idiocy of some academics... and as a result, never on the invite list for the Xmas parties (wouldn't have gone anyway)
@ChrisMayLA6 Wow! The fact that you would not be invited to the Christmas party because of something like that is a fine marker of the psychological make up of academics.
by h4890 ;
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MiniMia 🏴 🇵🇸
Gotta say I'm not a fan of "move fast and break things" being applied to global politics.
#EndTimes
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Emeritus Prof Christopher May
@rameshgupta @alexproe
Indeed; classic bait & switch
⬆️ @ChrisMayLA6
>> Indeed; classic bait & switch
Indeed.
In a nutshell, their line of persuasion was:
1. Government is too big.
2. Cut down the government.
3. Why pay taxes to government?
4. Give tax cuts to the rich instead.
5. The rich will take care of the poor.
6. More succinctly, #PrivatizationOfGovernment
NOTHING has changed in this wicked #conservative story in 5 decades, except that rich got richer, poor got poorer, infrastructure crumbled, and services vanished!
@alexproe
by Ramesh #NotGoingBack ;
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Emeritus Prof Christopher May
@PoliceStateUK
ha ha, yes I know.... it hardly news is it?
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Emeritus Prof Christopher May
I'm increasingly coming to the point where while accepting that the internet offers all sorts of major social advantages, the part of the world wide web that social media occupies is poisoning the well....
Looking back & I wonder if we knew what we know now, whether we would have been so enthusiastic about the expansion of the net into the WWW & the explosion in the scope of social media.
its a Pandora's box that we can no longer shut, I know... but the Q. is: where is the hope?
#SocialMedia
Tags: #socialmedia
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Emeritus Prof Christopher May
Hmmm.... FT has just given a pulpit to Peter Thiel to explore his views of the internet & social media among other things... which includes this rhetorical Q.:
'Did we muster up even two minutes’ criticism of the UK, which has arrested hundreds of people a year for online speech triggering, among other things, “annoyance, inconvenience or needless anxiety”? '... presumably inviting the answer; 'we should have'.
Just in case you thought Musk was an outlier on 'free speech'....
#SocialMedia
@ChrisMayLA6 The PayPal Mafia in 'not great human beings' shocker. 🙂
by Police State UK ;
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Emeritus Prof Christopher May
@rameshgupta @alexproe
If Reagan's economists where Keynsians, then they were the bastardisation called neo-Keynsianism that was an out growth of neo-classical economics that sought to mimic some of the discourse of Keynsianism with none of the progressive content... just calling yourself a Keynsian (if they did) doesn't;t make you one....
The problems you identify are real, but they are not due to Keynsian economics - that is all about 'effective demand' not enriching the already wealthy!
⬆️ @ChrisMayLA6
They spun the basic tenet of #Keynsian or #Keynesian Theory:
Per #IMF, "Keynesians believe that… fluctuations in ANY component of spending,… [e.g.] investment,… cause output to change. If government spending increases, for example, and all other spending components remain constant, then output will increase".
#Reagan's connivers substituted "rich" for "government" and claimed the RICH would drive growth by reinvesting money saved in taxes.
@alexproe
https://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm
by Ramesh #NotGoingBack ;
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Emeritus Prof Christopher May
@iivariArttu
Well, a Keynsian approach would see the need to dampen down some over-heating, certainly.... where that might be for the UK is an interesting point; one might argue that any growth over round 1.5% GDP a year was over-heating relatively.
But whenever it was, already you can see the possible use if interest rate policy to reign in over-heating - albeit with less justification the BoE has been doing that for the last 18 months, separate from austerity - Govt. does have other levers
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Emeritus Prof Christopher May
@bobthomson70
Its one of the great conundrums of economics... and revelatory of the skewed notions of incentivisation.
You can (sort of) square the circle, if you want by taking the line that only work should pay, and so the wealthy execs need more money to incentivise them, while the poor need to have their benefits taken way to ensure they work to stay alive (the ultimate incentivisation); but that leaves the vexing question of relative rates of pay.
but as an approach its morally bankrupt
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Emeritus Prof Christopher May
@fkamiah17 @linuxgnome
It'll all be about Chinese EV plants & investment in Nuclear.... with (at a stretch, perhaps) Chinese nurses?
@ChrisMayLA6 @linuxgnome So yeah, begging bowl.
I wonder how they'd square the immigration circle with the nurses.
by MiniMia 🏴 🇵🇸 ;
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Emeritus Prof Christopher May
Sexual violence; Elon Musk
Sian Norris, helpful unpicks the role of disinformation (and the purveyors of disinformation) in the far right's interest in sexual abuse & violence in the UK that has been re-ignited by Elon Musk's posts & messages online.
As she concludes: 'The far right has no answers for this, as it sees sexual violence only through the prism of race & a genocidal conspiracy theory, not the misogyny & male power which its movement valorises'!
#SocialMedia
https://www.opendemocracy.net/en/far-right-elon-musk-grooming-gangs-britain-keir-starmer-tommy-robinson-great-replacement/
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Emeritus Prof Christopher May
@John_Loader
Yes, I've seen that mentioned before; which is an interesting way of rehabilitating prisoners, unless they're being used as expendable fire-fodder, of course
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Global Museum
A word to the younger generation:
Your grandmother wore very mini mini skirts, tall boots, and bell bottom jeans.
She went to Led Zeppelin, Janis Joplin, Fleetwood Mac, and The Rolling Stones concerts.
She drove a mini car, rode motorcycles, and fast scooters.
She used to smoke and drink whiskey and gin & tonics.
She would sneak in at 4 am and still make it to work the next day.
So as cool as you think you are... you'll never be as cool as your grandma!! #grandparents #1960s
Tags: #grandparents #1960s
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Emeritus Prof Christopher May
@rmblaber1956 @junesim63
Well, here we hit on the division of Labour (pun intended); if I was to defend Timpson, my guess is the issues you raise are in the remit of the Justice Ministry, and while Timpson may be suggesting these things don't help, my guess is he'll be told he's not a politician & to get on with the bits he's good at - which pragmatically seems to be what's happening
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Emeritus Prof Christopher May
@Pionir
pretty much....
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Emeritus Prof Christopher May
@alexproe
so it is working, then; just not for us....
⬆️ @ChrisMayLA6 @alexproe
>> so it is working, then; just not for us...
>> So it's not so much #Keynes has been rejected, but rather it's only applicable when the rich are in trouble!
#Keynsian theory formed the underpinnings of #Reagan's obscene #TrickleDown theory in which the rich would reinvest money saved in taxes to drive growth.
#US has the rich getting richer while infrastructure like bridges and airports crumble, and services like #heathCare are only for those who can afford to pay.
by Ramesh #NotGoingBack ;
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Emeritus Prof Christopher May
@iivariArttu
ha ha, if only the real economy was booming....
@ChrisMayLA6 The next time the UK economy achieves a good chunk of real growth, are you in favor of austerity?
by Arttu Iivari ;
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