CNBC on hidden -- and not so hidden -- economic costs of #climate change: "Climate change could cost Americans born in 2024 nearly $500,000 in their lifetime"

https://www.cnbc.com/2024/04/26/climate-change-may-cost-americans-born-in-2024-nearly-500000-in-lifetime.html

#climate #economics #us

@economics-that-works

#SteveKeen #economics

Ann Pettifor is another one for the heterodox clan. She'll be showing up as a guest on the Steve Keen and Friends stream in a few weeks, I think.

🧵

https://annpettifor.substack.com/p/how-money-flows-uphill

How Money Flows Uphill

The Lucas Paradox, Anthony Minghella and the worst ever global debt crisis

^{Ann Pettifor (System Change)}

Caveat Emptor

#Capitalism / #Economics explained by #CalvinAndHobbes

When you think #greedflation, the image that comes to mind should be #Amazon.

"Amazon now makes up about 40% of all online retail — the company started raising prices on the products it sells directly."

"Nearly 50% of sellers' revenue goes to Amazon in fees," much of which is passed on as higher prices.

This is a prime example of Monopoly rent as Corey Doctorow, @pluralistic, discussed in a recent piece.

https://www.axios.com/2024/04/22/amazon-price-inflation

https://locusmag.com/2024/03/cory-doctorow-capitalists-hate-capitalism/

#economics

Cory Doctorow: Capitalists Hate Capitalism

In conflict, we find clarity. We all hold contradictory views: We love our families, but they drive us crazy. We want more housing in our cities, but we don’t want our property values to decrease w…

^{Locus Online}

@economics-that-works #SteveKeen #economics #uspol

Clipped from an interview that took place 1+ years ago, 170% private debt v GDP in US is a huge vulnerability. Per his work regarding debt’s role in financial instability, we’re in a crazy place, as the safe limit is 30% . Wages suffer from the debt overhang in the wake of a crisis as companies pay down debt.

mainstream economics is blind to all this, yet their theory guides US policy. It has to go.

🧵

https://www.youtube.com/shorts/pjPykhdM3ro

Mastering Financial Success: Tackling Debt

^YouTube

(Neoliberal) Evonomic Theory: the pursuit of profits will ensure resources are put to their most efficient use, best meeting the needs of society.

Capitalism in Practice: potato-chip-holster-boots.

https://www.axios.com/2024/04/16/pringles-crocs-swicy-chips

#economics #capitalism #TeachEcon

Rescued a meme without alt-text.

Beyond including #UBI, the original version of what is now called monopoly had a cooperative or "Prosperity" mode.

The whole point of the game was to show how competing for profit destroys society!

The game was created to be a "practical demonstration of the present system of land grabbing with all its usual outcomes and consequences".

https://en.wikipedia.org/wiki/The_Landlord%27s_Game

#economics #capitalism

Say it with me folks, inheritance tax.

We are entering into "the great wealth transfer" where about $5.2 trillion (that's the one with more zeros than I can count) is about to pass from the, largely undeserving, super rich to their entirely undeserving heirs.

"Research by Forbes magazine found there were 15 billionaires aged 30 or under but that none had created their own wealth, instead benefitting from huge inheritances."

https://www.theguardian.com/business/2024/apr/03/all-billionaires-under-30-have-inherited-their-wealth-research-finds

#economics #TaxTheRich #EatTheRich

All billionaires under 30 have inherited their wealth, research finds

Fifteen young billionaires are among the first wave of a $5.2tn transfer of wealth by the ageing super-rich

^{Rupert Neate (The Guardian)}

#strongtowns

@economics-that-works

9 min video

Explainer for commercial and residential housing and loans.

Landlords have a reason to keep rents high even in high vacancy.

Short form on this low demand does not necessarily mean rents go down, under certain types of lending.

Supply and demand mean diddly and "market forces" don't exist as neoclassicals assert they do.

https://youtu.be/ZP_aNaSP2rk
#economics #housing #uspol

Does Building More Units Always Mean Lower Rents?

This is a follow up to my previous video about balloon mortgages before the great depression. How does commercial real estate function with similar loans, an...

^YouTube

#SteveKeen #economics @academicchatter

"A fundamental requirement for realistic economics is to abandon the 19th century (in)convenience of assuming equilibrium, and to instead model the economy as a dynamic (and evolving) system. This raises the question of how to treat time itself, and the appalling pun in the title of this chapter highlights the fact that economic modellers in general, ... have habitually treated time as a discrete rather than a continuous ..."

https://profstevekeen.substack.com/p/im-not-discreet-and-neither-is-time-bcb

I’m not Discreet, and Neither is Time

Chapter 6 from Rebuilding Economics from the Top Down

^{Steve Keen (Building a New Economics)}