Archive for the Economics Nobel Category

Everything Monopolized, Nothing Economized.  Completion Of “The General Theory Of Economics” Is In Remission . . .  Oh, And Happy Halloween! (October 29, 2018)

Posted in Economics, Economics Nobel, Market Solutions, Markets, Monopoly, Noble Prize in Eco-nomics, Price, Technology on October 29, 2018 by e-commentary.org

. . .

J          “Bummer.  After all that time and thought.”

K          “And all that fun.  I tell you I realized that if it was going to be done and if it was going to be done right, I would have to do it to get it done right.”

J          “Been there.  Done that.”

. . .

K          “A construct such as the IS-LM model is largely malarkey but is heuristically valuable.  Today, the fundamental problem trying to describe and direct the operation and function of the economy is that there really is not an operating and functioning economy.  With all of the distortion, intervention and manipulation, price is not tied to anything real.  Every business, every single business in every single industry, is a monopoly.  The business is the industry; the industry is the business.  From pork to politics.”

J          “Yet only a few folks have discovered and understand that we cannot discover price.  Price discovery now is so passé.  Without price, we cannot communicate in the economic marketplace.  And the central bankers working alone and together destroyed the language of the marketplace.”

. . .

K          “He left Iowa with his father marketing the hogs to five potential buyers and returned to find that one buyer sets the price.”

J          “And both Senators from Iowa are Republicans.  You don’t have to ‘go figure’ when ‘it figures’ so clearly.”

. . .

J          “And the Swedish central bankers reward those individuals who provide the economic cover for the crimes and misdemeanors of all the central bankers by giving their ignoble ‘Nobel’ Prize in E-con-omics to the most successful errand boy or girl.”

K          “The Noble Prize in Eco-nomics is the part of the answer.”

. . .

J          “The most vexing monopoly is the government/corporate syndicate that precludes any competing alternative entity.”

K          “The twisted irony is that most industries, and all the major tech industries without exception, are basically ‘natural monopolies’ and thus ‘utilities’ such as the water company.  A utility is a monopoly.  A monopoly must be regulated.  Yet the tech companies/tech utilities own the government and quash any regulation.”

. . .

J          “The Republican political monopoly firmly supports the current economic monopolies who in turn own the Republican political monopoly.  The Death Spiral is spiraling but not changing.”

K          “In a fortnight, the slow boiling coup d’état by the Republicans could be completed by the Republicans.  If the Democrats do not take the House, the control of government will be concentrated in one mega-corporation – the Republican Party, Inc. / the Corporation, Inc.  The political ‘campaign’ is aptly namely for battle because the Democrats are charging east up Jenkins Hill trying to retake the southern flank of the Capitol and the House of Commons under intense enemy fire.  We need to hire the friends and fire the enemy.”

J          “The Presidency is a lock, the Judiciary is the stock and the Congress is the barrel.  Lock, stock and barrel.” 

K          “For the next two years at least, the Presidency is indeed a lock for the Republicans.  For the rest of our time on this Planet, the judiciary is a laughing stock and a wholly-owned subsidiary of the Republican Party, Inc. / the Corporation, Inc. doing their bidding.  And the Republican Congress has the ordinary citizen over a barrel.”

J          “Hook, line and sinker.  We are hooked, they have us firmly on the line and all of us are sunk.”

. . . 

[See the discussion in “This is Not a Market” in “The Automatic Earth” by Raul Ilargi Meijer dated April 23, 2018.]

[See the scary e-commentary last Halloween at “Are ‘Prices’ Language?  Are Antitrust Laws Grounded In The First Amendment?  How Do We Forestall The ‘Frightful Five’ And Other Monopolies. Oh, And Happy Halloween! (October 30, 2017)”.]

Bumper sticker of the week:

Free markets now!

Third Annual Noble Prize In Eco-nomics (October 8, 2018)

Posted in Awards / Incentives, Economics, Economics Nobel, Nobel Prize, Noble Prize, Noble Prize in Eco-nomics on October 8, 2018 by e-commentary.org

. . .

K          “An award dedicated to acknowledging and celebrating the work of someone on the planet who really knows something about eco-nomics.  Eco-nomics is about making and sharing; e-con-omics is about taking and stealing.”

J          “The Noble Prize in Eco-nomics is a delightful and playful replacement for the discredited and misnamed ‘Nobel’ Prize in Voodoo E-con-omics.  And I get it.  You get what you reward.  You need to reward what you want to get.  Who gets it this year?”

K          “The recipient of the third annual Noble Prize In Eco-nomics is . . . Ellen H. Brown who writes and speaks about money, banking, financial reform and the need for publicly run banks.  A lawyer and political candidate, Ms. Brown is the founder and president of the Public Banking Institute, a nonpartisan think tank researching and advocating for the creation of publicly run banks.  She has authored twelve books including Web of Debt and The Public Bank Solution, speaks regularly on these topics and crafts the “Web of Debt Blog.”  Her considerable corpus of work is undergirded by the conviction that eco-nomics should be concerned with pursuing the public good not just producing goods.”

. . .

J          “The ‘Nobel’ Prize in Voodoo E-con-omics is given by the Swedish Central Bank to someone who advances the interests of the central bankers or at least does not threaten them.  Their selections are not surprising.  Ellen Brown is number ‘n’ on the central bankers’ list of possible recipients.” 

K          “Bill Black is a co-number ‘n’ on the central bankers’ list of possible recipients.”  

. . .

K          “The Committee also examined and considered the pioneering work of Professors Mark Skidmore and Laurence  J. Kotlikoff who have contributed immensely and without enough credit to tracking and analyzing federal expenditures that are not on the books or part of the public discussion.”

. . .

[See the “Intergenerational Financial Obligations Reform Act” (INFORM Act), “Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?” in “Forbes” by Laurence Kotlikoff and Mark Skidmore dated December 8, 2017 and “Heretics welcome!  Economics needs a new Reformation” in “The Guardian” by Larry Elliott dated December 17, 2017.]

[See the e-commentary at “Second Annual Noble Prize In Eco-nomics (October 9, 2017)”, “First Annual Noble Prize In Eco-nomics (October 10, 2016)”, “Announcing The First Annual Noble Prize In Eco-nomics (May 2, 2016)”, “Award Deadlines (Livelines?) (July 25, 2016)”, “From e-con-omics to eco-nomics? (August 1, 2011)”, and “Skip the Nobel in Economics (October 6, 2009)”.]

Bumper stickers of the week:

The life cycle of American business:  Engineers build, salespersons sell, hedge funders loot

When what is known as “e-con-omics” transitioned to “behavioral economics,” the undertaking should have been moved from the department of religion to the department of psychology.  The undisciplined discipline does not require its own department.

Boycott banks; support credit unions

Second Annual Noble Prize In Eco-nomics (October 9, 2017)

Posted in Awards / Incentives, Economics, Economics Nobel, Nobel Prize, Noble Prize, Noble Prize in Eco-nomics on October 9, 2017 by e-commentary.org

. . .

K          “An award dedicated to acknowledging and celebrating the work of someone on the planet who really knows something about eco-nomics.  Eco-nomics is about making and sharing; e-con-omics is about taking and stealing.”

J          “The Noble Prize in Eco-nomics is a delightful and playful replacement for the discredited ‘Nobel’ Prize in Voodoo E-con-omics.  And I get it.  You get what you reward.  You need to reward what you want to get.  Who gets it this year?”

K          “The recipient of the second annual Noble Prize In Eco-nomics is . . . Norbert Häring of Planet Earth and Germany.  His considerable corpus of work is undergirded by the conviction that eco-nomics should be concerned with pursuing the public good not just producing goods.”

. . .

[See “There Is No Nobel Prize in Economics” in “AlterNet” by Yasha Levine dated October 12, 2012, “The Nobel family dissociates itself from the economics prize” in “Real-World Economics Review Blog” by Jorge Buzaglo dated October 22, 2010 and “The Beauty (Pageant?) of Economics” in “Federal Reserve Bank of Minneapolis” by Ronald A. Wirtz dated September 1, 1999.]

[See the e-commentary at “Announcing The First Annual Noble Prize In Eco-nomics (May 2, 2016)”, “Award Deadlines (Livelines?) (July 25, 2016)”, “From e-con-omics to eco-nomics? (August 1, 2011)” and “Skip the Nobel in Economics (October 6, 2009).”]

Bumper stickers of the week:

Eco-nomics is about good; e-con-omics is about goods

Eco-nomics is about making; e-con-omics is about taking

Eco-nomics is about making good; e-con-omics is about taking goods

“There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.”  Claude-Frédéric Bastiat

First Annual Noble Prize In Eco-nomics (October 10, 2016)

Posted in Awards / Incentives, Banks and Banking System, Courage, Credit Unions, Crime/Punishment, Economics, Economics Nobel, FDIC, Journalism, Kleptocracy, Law, Newspapers, Nobel Prize, Noble Prize, Noble Prize in Eco-nomics, Press/Media, Rule of Law, Song Reference on October 10, 2016 by e-commentary.org

. . .

K          “An award dedicated to acknowledging and celebrating the work of someone on the planet who really knows something about eco-nomics.”

J          “Novel.  Appropriate.  Necessary.  And unprecedented.”

K          “The recipient of the first annual Noble Prize In Eco-nomics is . . . Professor William Kurt Black, Esq. professor of law and economics with the University of Missouri at Kansas City.  With decades of substantial and substantive real world experience, Professor Black examines and explicates the workings of banks and the banking system in the United States and the world with insight and conviction.  In his classic, timely and timeless magnum opus The Best Way to Rob a Bank is to Own One, he advances the conservative notion that those in the banking industry who commit systematic and rampant fraud should be convicted.  In an inspiring TEDxUMKC presentation available at TED the national public forum, he notes that bankers deploy banks as weapons of mass destruction against the public.  Unlike so many other law professors and judges who explore the interface of law and economics, he contends that law and economics should serve more than the interests of the wealthy and the powerful.  A felicitous contributor to the public discourse and dialogue, Professor Black’s continuing academic and personal commitment to the common weal and greater good is a good thing.”

. . .

[“This is Walter Kingsbury Brinkley, XYZ News, New York.  Earlier today, the highly coveted Noble Prize In Eco-nomics was awarded to Professor William K. Black, Esq. of the University of Missouri at Kansas City.  In his most celebrated work, Professor Black contends among other observations that the adoption of the rule of law in America is a swell idea.  In a related development, the Swedish bankers convened and announced the 2016 Nobel Prize in E-con-omics given to the individual who has or individuals who have done the most during his, her or their career to advance the interests of the wealthy and powerful.  . . . “]

[See the e-commentary at “Announcing The First Annual Noble Prize In Eco-nomics (May 2, 2016)”, “Award Deadlines (Livelines?) (July 25, 2016)”, “From e-con-omics to eco-nomics? (August 1, 2011)” and “Skip the Nobel in Economics (Oct. 6, 2009).”]

Bumper stickers of the week:

“Yes, as through this world I’ve wandered I’ve seen lots of funny men; Some will rob you with a six-gun, and some with a fountain pen.”  “The Ballad of Pretty Boy Floyd” by Woody Guthrie (c) 1958 (renewed) Woody Guthrie Publications, Inc.

Give a man a gun and he can rob a bank; give a man a bank and he can rob the world.

Announcing The First Annual Noble Prize In Eco-nomics (May 2, 2016)

Posted in Awards / Incentives, Economics, Economics Nobel, Nobel Prize, Noble Prize on May 2, 2016 by e-commentary.org

. . .

          “This year, the first annual Noble Prize in Eco-nomics is to be awarded to the individual or individuals who have made the greatest contribution to the understanding of eco-nomics and the operation of the eco-nomy.  To be announced on the second Monday each October and this year on October 11, the award is established and endowed with a prize purse of $250.  Nominations are accepted through the last Friday each August and this year on August 26.”

. . .

[Send a nomination and a supporting letter to e-ssay@gci.net by August 26, 2017 and send the entry fee to your favorite charity.]

[See the e-commentary at “From e-con-omics to eco-nomics? (August 1, 2011)” and “Skip the Nobel in Economics (October 6, 2009).”]

[See “The Beauty (Pageant?) of Economics.”]

Bumper sticker of the week:

If all economists were laid end to end, they would not reach a conclusion.

National Financial Literacy Month: Teaching Financial Literacy In The “Debt Age” (April 25, 2016)

Posted in Awards / Incentives, Consumerism, Economics, Economics Nobel, Federal Courts, Kleptocracy, Nobel Prize, Noble Prize, Schooling on April 25, 2016 by e-commentary.org

. . .

K          “But do they really want them to be financially literate.”

J          “Who wants a citizenry to be financially literate.  Illiteracy is so profitable.”

K          “What would they teach.”

. . .

K          “For a few hours, they should teach them simply to consume less.  That is the answer.  Devour less.  That goes against the spend and spend and spend and consume and consume and consume mantra they are fed every waking moment on every medium everywhere they venture.”

J          “The same corporations and institutions that ceaselessly propagandize them to spend then underwrite a few hours of instruction advising them, in effect, not to spend.”

. . .

K          “You could teach supply and demand, yet supply and demand no longer drive or dictate price.”

J          “Price/earnings ratios remain a sound financial metric in an economy with accurate price discovery.  With all the government and private sector manipulation and intervention, they are not relevant or reflective metrics of reality.”

. . .

K          “Markets do not exist.  The ‘stock market’ is a Racket.  What few insider trading cases are prosecuted are overturned and repudiated by obliging federal appellate courts doing their job protecting the Kleptocracy.”

. . .

K          “Personal finance courses would at core contradict all the carpet bombing saturation advertising inflicted on the public.  And look how the consequences define our age.  We have evolved from the ‘Stone Age’ to the ‘Bronze Age’ and now to the ‘Debt Age’.”

J          “Still prudent to avoid debt at any cost unless the return is nearly certain.  The debt one assumes to spend time around a college may not be worth the return.”

K          “To the individual and also to society.  Buying a used car and not eating at a restaurant are sound pieces of financial literacy advice.  However, someone must buy new cars and frequent restaurants on occasion.”

J          “The loans for new cars exceed the expected life of the cars.  Restaurants are moving to computer ordering and eliminating the wait staff.” 

. . .

K          “All prices are manipulated and manufactured.  What would you teach.” 

J          “Most current economic curricula in America’s colleges and universities is a secular religion built on inaccurate assumptions and the conviction that growth can continue forever.”

K          “To educate the Nobel Prize winners in Economics in economics, night classes in financial literacy could be offered.”

J          “The classes for them would need to be scheduled around their daily teaching schedules propagandizing the religious orthodoxy.”

. . .

[See the discussions of the “Save” program and the “Credit Abuse Resistance Education” program.]

[See the e-commentary at “Consume, Don’t Invest (Nov. 9, 2009).”]

Bumper sticker of the week:

“The more flak you get the closer you are to the target.”  World War Two bomber’s observation

One Book Wonders: Scan Another Book (September 29, 2014)

Posted in Awards / Incentives, Banks and Banking System, Bernanke, Book Reference, Economics, Economics Nobel, Education, Greenspan, Minimum Wage, Monopoly on September 29, 2014 by e-commentary.org

. . .

1          “Two books do offer more insight.  But that is just me.”

2          “Three if you have a spare three-day weekend.”

. . .

1          “Former Chief Justice William Rehnquist often said that his world view was strongly influenced by a book he read as a young man, The Road to Serfdom, by Friedrich von Hayek.  The best-seller was published in 1944 during the last days of World War II.”

2          “I can see why Fred’s missive captivated the young private from Milwaukee.  He was conscripted by Big Government to fight other privates conscripted by other Big Governments.  Fred warned of the dangers of what he called collectivism and big government and predicted that the path to socialism, the ‘road to serfdom’ of his title, would eventually collapse.  The world sure looked like it was collapsing.”

1          “My original edition notes that the printing has been redesigned by the publisher to conform to the government’s request to conserve paper during that War.  Government making reasonable requests?”

2          “The government was right, we tattoo far too many fallen trees.  My copy warns the reader right on the cover that Fred may not have any idea what he is talking about.  The publisher warns the prospective purchaser that Hayek got the Nobel Prize in E-con-omics.”

1         “What if Rehnquist had stumbled on a book that warned of the dangers of raw selfishness and big corporations and predicted that the path to corporatism and kleptocracy, the ‘road to serfdom’ of the new publication, would eventually collapse.”

2          “Fred lived during a period of time when the governments of many world powers, at the direction of their military and financial elites, marketed much evil and inflicted great pain, grief, and violence on the world.  His distrust is not unfounded but myopic.”

1          “He intuits that big is often bad, but he only got half the story right.  We do not have a market economy.  Today, Big Government is Big Business; Big Business is Big Government.  Sit down and analyze the major industries in America.  Each one of them is monopolized.  The business is the industry; the industry is the business.  In this Internet era, when someone concocts a new application or gizmo, that person has a monopoly on the application or gizmo.”

2          “We are racing down the road to serfdom.  Yet the guvmit, not the private sector, has always enforced speed limits.”

1          “The government is a wholly-owned subsidiary of the monopoly corporations.  There are now no limits and no governors.”

. . .

1          “Let’s say that someone is deeply and genuinely concerned about the road to serfdom.  Would the concerned citizen support a higher minimum wage or not?  The folks who have minimum wage jobs today are serfs.  They are at the end of the road to serfdom in a hopeless cul-de-sac.  If the rate is raised, some folks will lose some of their serf status and yet a few may lose their job.”

2          “What I have noticed is that the opponents of a minimum wage increase do not give a hoot about the workers and only seek to do everything to cut the costs for the Owners.”

1          “Now that you mention it, Fred surely would support an increase in the minimum wage to avoid the nefarious road to serfdom.”

2          “What happened to Bill along his journey?”

. . .

1          “In The Age of Turbulence, Alan ‘Easy Al’ Greenspan describes the influence that Ayn Rand had on his intellectual development.  So many young men are distracted by shiny objects.”

2          “So many things in life just are not a surprise.”

1          “Raw self-interest is not genius, but it sure does appeal to our baser instincts.”

2          “And it advanced her and his financial interests.”

1          “But not ours.  I do not hold her exclusively responsible for the economic violence that he unleashed on the world, yet she is at the top of the list.”

. . .

1          “Think about the folks who look to the Good Book and only the Good Book for insight and inspiration.  At one time, a person could only carry one gun, one knife, one bed roll and one book.  That book was dubbed the Good Book.  The struggle to exist limited one’s time to contemplate one’s existence.  Space only allowed for one book and time only allowed for reading one book that had to provide all the answers.”

. . .

1          “Those who have access to more resources need to get a life.  And scan a second book.”

2          “Asking someone to read two books is a lot to ask.  Life is short.”

. . .

1           “When the smarter gender takes over, Nancy Drew will reign supreme.”

. . .

[Banned Book Week – September 21 – 27]

[Search the name “Carmen Segarra” on the Internet.  She should receive the Profile in Courage Award for 2014, but it will likely go to someone like Greenspan or Bernanke.  See the previous e-ssay at Profile In Cowardice Award (May 12, 2014).]

Bumper stickers of the week:

Scan a book, don’t ban books.

Read a second book; get a second opinion.

What we really need is a moment of science in the public schools.