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Ralph Musgrave
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I'm on the scrounge.....The journal I'm submitting the paper to asks authors to suggest people who might review submissions. Anyone like to review my paper? It's about 5,000 words.
Neoliberalism, at least in the UK, was in part a reaction by Thatcher & Co to the excesses of previous Labour administrations: excesses in the form of “if an industry looks like going bust, let’s pour whatever amount of taxpayer’s money into it needed to save it”. Thatcher & Co’s reaction was: “s*d that for a lark – the rules of the free market are better than industrial subsidies (especially industrial subsidies in cabinet ministers’ constituencies)”
Toggle Commented May 16, 2018 on On neoliberalism at Stumbling and Mumbling
I’m grateful for being informed by Chris that “the fact that a policy is supported by racists…..alerts us to the type of policy we’ll get.” The Labour Party is clearly racist: a million Muslims killed in Iraq for no good reason, anti-semitism, etc. I conclude that all Labour policies are liable to be thoroughly wicked and evil. Hope I got that right.
Toggle Commented May 14, 2018 on On guilt by association at Stumbling and Mumbling
Francesco Chini’s claim that Minsky first thought of JG is wide of the mark: there was a very large scale JG scheme in the US in the 1930s when Minsky was still a teenager: the WPA. Plus Pericles implemented JG scheme in Ancient Greece 2,600 years ago. Re Chris’s doubts about whether local governments have the ability to identify suitable JG work and manage JG schemes, those doubts are underline by some research Bill Mitchell (one of the main advocates of JG) did: has asked a selection of local authorities if they could think of suitable JG type jobs, and the clear answer (much to Bill’s annoyance) was “no”.
I suspect Chris has a point. I've read a broadsheet newpaper every day for the last 40 years (a variety of different ones), but now regard them as not worth the paper they're printed on. So I've given up.
If power posing is not effective, the basic principle behind it is nevertheless valid: to win votes, don’t bother saying anything remotely intelligent. The best ploy is just to repeat the same phrases over and over till you’re blue in the face: e.g. “strong and stable”, “Sieg Heil”, “Allahu Akbar”, “Tory sleaze”, etc. Hitler, Goering and several other politicians spelled out the importance of mindless repetition. Sticking one’s arm up at a 45 degree angle worked for Hitler. Who knows: pulling one’s pants down and displaying one’s bum might work, and power posing might work too.
The Irish border issue is an entirely contrived problem deliberately set up by the Irish Republic and the EU so as to mess up the UK’s attempt to escape the EU. Irish and EU politicians may not have tumbled to this very elementary point, but the dividing line between two trading blocks is very often pretty hard. That is almost INEVITABLE. To ask for a 100% soft border is a bit like expecting steam rollers to fly. If the boot was on the other foot and for example the Irish Republic wanted to become the next state of the USA and the British started wittering on about the horrors of a hard border, you can be sure the Irish Republic would be complaining about the beastly Brits trying to treat Ireland the same way it did prior to Irish independence.
Toggle Commented May 1, 2018 on On forecasting failures at Stumbling and Mumbling
The assumptions that Modigliani Miller makes are very reasonable and common sense ones. In contrast, the alleged defects in those assumptions are mainly an exercise in nit picking. I’ve set out reasons on p.24 onwards here:
Toggle Commented Apr 22, 2018 on Good bad theories at Stumbling and Mumbling
Re Modigliani Miller, I'm almost certain that Anat Admati said in one of her works that Google was 90% funded by equity, which she said, indicated that high capital ratios did not add to the costs of funding a corporation - bank or non-bank. Anyone know of some sort of chart which shows the capital ratio of US or UK corporations? That might confirm or disprove my point.
Toggle Commented Apr 20, 2018 on Good bad theories at Stumbling and Mumbling
I support the Miller-Modigliani theory. It’s a good basis for arguing that bank capital ratios should be much increased, because according to MM there is no effect on the cost of funding banks if capital ratios are increased. And the higher bank capital ratios are, the less likely the bank is to go insolvent: hey presto – fewer 2008 type bank crises. Re Chris’s suggestion that MM is not valid because of the different tax treatment of income from capital and deposits, that is the most popular criticism of MM in my experience. The flaw in that criticism is that tax is an entirely artificial imposition which should thus be ignored for the purpose of working out real costs. If government taxed red cars more heavily than other cars, that would make red cars SEEM more expensive than other cars, but of course that “red car tax” would not mean the REAL COST of red cars was higher than other cars.
GivitaRest, Normal procedure is to use words (e.g. "racism") as per dictionary definition, which is what I have done above. "Not liking them because they look different" does not remotely accord with the dictionary definition - you silly old fool.
I realise that arguing with Dipper on race and IQ is a sisyphean task, but the fact that IQ is not a robust measure, like height or weight is wholly irrelevant. (Moreover, the average three year old has tumbled to the fact that IQ is not a robust measure.) My point was that there are VARIOUS measures of what can loosely be called the “inferiority of superiority” of different races, and my question was whether those doing those measurements should be prosecuted for racism. My answer is “no”, because while some measures are clearly a bit vague, they are nevertheless of interest. Next, I’m deeply grateful to Dipper for his second statement of the obvious, namely that “People have a right to be accepted on their individual merits..”. Whoever suggested they shouldn’t be accepted for their individual merits? I didn’t. I’d guess that 99% of BNP members accept that if blacks have lower IQs than say Orientals on average, a black with a high IQ or obvious academic talent nevertheless has a right to go to university.
There's not necessarily anything wrong with racism. Racism is defined in my Concise Oxford dictionary as basically the idea that some races are "inferior or superior" to others. Some psychologists claim that some races have higher IQs than others, indeed it would be odd if every race had EXACTLY THE SAME IQ, given the large number of other differences between different races: average body weight, skin color, susceptability to different diseases, etc. So what do we do with those psychologists: lock them up or something? Plus I saw some research recently indicating that Brits were more honest than southern Europeans. Do we lock up those researchers as well or ban that sort of research?
Re Chris’s “four ways” point are nonsense. For a start, there are only three of them. Next… 1. Re “unjust economic systems” IQ is almost certainly required to get to top in unjust systems. Is it realistic to suppose any with a very low IQ would get to the top in Nazi Germany? 2. No one ever claimed IQ was of “moral worth”. 3. The fact that there are inequalities other than IQ is not evidence that IQ differences are not of importance.
Toggle Commented Mar 30, 2018 on Irrelevant IQ research at Stumbling and Mumbling
The right to speak at a university cannot be equated with the right to a column in the Daily Telegraph. The Telegraph is a privately owned right wing publication which is has a right to reject left of centre authors, with the opposite applying to the Guardian. In contrast, universities are publicly owned. They have an obligation to allow all points of view apart from clearly illegal ones.
Toggle Commented Mar 21, 2018 on The free speech dilemma at Stumbling and Mumbling
Nice article, except that Chris says “…when interest rates are at rock-bottom, governments should relax fiscal policy to raise interest rates to give the Bank of England room for conventional monetary policy to work when the next slowdown hits.” That amounts to saying “Interest rates should be artificially raised, with every mortgagor paying more interest on their debt than they need, just so that the BoE can cut rates come the next recession.” Given that any amount of stimulus can be imparted simply by having the BoE and government print money and spend it (and/or cut taxes), why bother with artificially high interest rates? Warren Mosler (founder of MMT) and Milton Friedman advocated a permanent zero rate on government debt: i.e. they argued that governments should pay no interest to anyone on their liabilities. I think M&F were right.
I always enjoy articles by members of the political left on house prices: they nearly always fail to mention immigration. But in this case there is even more irony, namely that immigration allegedly "culturally enriches" us (i.e.genital mutilation, wife beating and hate preachers are culturally enriching apparently). But hang on: it now seems high house prices result in cultural impoverishment. Thus in addition to be culturally impoverished by wife beating etc, it seems the cultural effects of immigration (via house prices) are even more damaging. Now for a very different point: I saw some study recently which claimed that the "economies of agglomeration" effect has become more powerful. That might help explain the increasing attractions of London.
e, It is complete nonsense to say that accusing economists is a cop out. The fact is that numerous economists at the top of the profession were advocating austerity during the recent recession. As for your suggestion that some disagreement among economists is inevitable, that’s almost as daft as saying we can expect disagreement among mathematicians as to whether two plus two makes four. I.e. any economist who argues for holding back on stimulus during a recession is grotesquely INCOMPETENT.
Toggle Commented Mar 7, 2018 on Getting away with murder at Stumbling and Mumbling
Two further reasons Tories have got away with it: first, the political left world-wide (i.e. not just in the UK) has been forced to go along with the daft "we must balance the books" story because that is a very plausible story. It appeals to lefties and "righties" alike. Second there is grotesque incompetence at the top of the economics profession. Indeed that's where the real scandal is. That is, the IMF and OECD were spouting nonsense about the need to balance the books at height of the recession. Plus there is a clutch of economists at Harvard (e.g. Kenneth Rogoff and Carmen Reinhart) who were spouting the same "balance the books" nonsense.
Toggle Commented Mar 6, 2018 on Getting away with murder at Stumbling and Mumbling
“We’ve seen a rise in fake news (and misplaced allegations thereof), asymmetric Bayesianism, shrillness, intolerance and xenophobia.” Really? So prior to 1990 right wing newspapers didn’t tell all that number of lies on behalf of the political right and ditto on the left? As for “xenophobia” that is simply a myth dreamed up by the nasties who make up much of the political left. There isn't a scrap of evidence that members of UKIP or any other so called “far right” party actually hate foreigners: they simply want to see Britain keep its culture, identity, etc. Moreover, treatment of foreigners during the time of the British Empire was a long way from being entirely saintly. Bizarrely, the political left is all for Tibetans preserving their culture, but as soon as whites try to do that, the left screams abuse, which proves that a significant section of the left is too dumb to attract attention to itself by doing anything constructive, so it draws attention to itself by doing what vandals do: trashing their own neighbourhood. I.e. it’s the left which is motivated by hatred. And that is a classic example of what Sigmund Freud called “projection”: seeing your own worst faults in others.
TickyW, What's so "unethical" about that Home Office experiment? Many children are punished whenever they do something wrong - verbal dressing down or whatever. That way they learn.
The Merkel / Macron plan is to turn Europe into something resembling the Islamic part of Nigeria in 50 years time. I want no part of that, so I voted Brexit. I notice that much of Eastern Europe doesn't want any part of that either. But what's truly hilarious is that Merkel and Macron's schizophrenic supporters don't want that either, is is evidenced by the fact that not one in a thousand of them chooses to migrate to the alleged nirvana that is the Islamic part of Nigeria.
Toggle Commented Feb 9, 2018 on Brexiters' blind-spot at Stumbling and Mumbling
Chris could well be right to claim grid girls will not get “as good” jobs when they quit “grid girling”. But isn't that in a sense half the purpose of banning grid girling? I.e. the purpose (as I understand it) is to curtail the supposedly immoral practice of girls with nice assets flaunting their assets in public. Obviously if a grid girl gets £50 an hour for doing that, and then has to resort to a MacDonalds job, she doesn’t get “as good” a job to use Chris’s phrase. But that, to repeat, is the object of the exercise, isn't it?
Toggle Commented Feb 3, 2018 on Brexiter feminists at Stumbling and Mumbling
Test post. (Couldn't place comment here the other day, so test is to see if problem is still there).
Toggle Commented Feb 3, 2018 on Brexiter feminists at Stumbling and Mumbling
Can’t for the life of me see why open minded Marxists are any more open minded than open minded Keynsians, open minded MMTers, open minded you name it.
Toggle Commented Jan 18, 2018 on Marxism as anti-ideology at Stumbling and Mumbling