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the year of donald trump s inauguration that is at the very least an odd coincidence mann the panic that gripped europe and north america following the bankruptcy of lehman brothers in fall 2008 was partly motivated by rich people s frantic effort to stay rich but it was also motivated by lots of not that rich people s fears that we were at some tipping point in the social order decline of civilization again again the concern of many people who are not keynes so even if mann is right about the concern he is not right to attribute it to keynes who has been dead since 1946 in case i didn t make that clear before those people were not primarily trying to save capitalism they were trying to stave off a calamity caused by capitalism in the hope that something better will come along that is what keynesianism is and always has been all about mann makes assumptions about what people were hoping and what people were fearing he treats his assumptions as fact and he attributes these as facts to keynes and to keynesianism this is some bold bullshit far as i m concerned mann finishes his paragraph this book is a mostly sympathetic critique of that sensibility which i cannot help but see everywhere i look perhaps because i have yet been unable despite my best efforts to escape it completely myself so maybe these thoughts and hopes and fears that geoff mann attributes to keynes to keynesians and to many people are actually thoughts and hopes and fears that pester mann despite his best efforts to escape it completely okay so mann says people think the end is near he even thinks so himself why try to escape it own it don t try to convince us that you have almost completely escaped it don t attribute it to other people and above all else don t say it is all keynes s idea unless you damn well show keynes himself saying it i don t understand this geoff mann at all at march 14 2022 3 comments email this blogthis share to x share to facebook share to pinterest sunday march 13 2022 price index gasoline graph 1 price index for gasoline at march 13 2022 no comments email this blogthis share to x share to facebook share to pinterest friday march 11 2022 political economy notes while reading wikipedia s oikonomos article under the heading in ancient greece the oikos household was the base unit for the organization of social political and economic life in the ancient greek world the person in charge of all its affairs was the oikonomos 2 3 the oikos was composed of a nuclear family as well as extended family members such as grandparents or unmarried female relatives 3 their note 3 links to household greek at oxford research encyclopedias which reads in part the household oikos was the fundamental social political and economic unit of ancient greece though its precise links into larger political and economic structures changed regionally and over time let me grab that sentence and emphasize that the way the oikos fits into larger political and economic structures differed regionally and changed over time regional differences are to be expected i think but the changed over time thing strikes me as important it ties in to economic evolution both within human lifetimes and on the scale of civilization the oxfordre article continues at one level it the oikos was a co resident group many though not all of whose members were kin or affines related by marriage though a nuclear family parents and children might form the household s core there is considerable evidence for the regular appearance of stem families nuclear family plus a grandparent and various kinds of extended families especially incorporating unmarried female relatives aunts sisters nieces cousins etc the senior man in the household usually took charge of official relations with the outside world and acted as the head of household kyrios so the ancient greeks had a word for head of household and a different word for household manager but really the household manager was head of business operations what had me confused for many years until i was out with the dogs the other day was that the old greek oikonomos is always translated as household manager no connection to business activity is ever indicated i finally made the connection myself when i realized that in that time and place the home base of most business activity must have been the home the point is the word that means household manager was used to identify a key job title in the primary unit of economic organization the oikos the home based business and now i think i finally figured it out back to the wikipedia article in addition to family members by kinship or marriage slaves or metics foreigners might have lived and worked within the household wealthy households would have had many slaves and metics working for them 3 the oikonomos of the household would have played a role in directing the labor of the slaves and metics a small oikos would have had only a few household slaves known as oiketai 8 of the oiketai the men might have had the responsibility to work in the field in a larger oikos many slaves would be entirely dedicated to agricultural work this is generally considered to be less favorable than work in the house itself the oikos was the household but it was really more like a small business ancient greece was like a society of small businesses and where we have employees working for employers ancient greece had slaves working for the household manager and this for me turns today s wage slave notion into something a bit closer to a valid economic concept wikipedia the oikos was the primary unit of economic organization within the ancient greek world an oikos was expected to be self sufficient in what it produced for itself 9 thinkers such as aristotle considered the self sufficient oikos to be the fundamental indivisible constituent of the polis in order to be a true oikos it had to be entirely self sustaining it what it produced and consumed so aristotle saw successful small business as the fundamental element of the greek society of his time carrying that thought to its logical conclusion for him the economy was of the greatest importance for me also note 9 links to economy greek at oxford research encyclopedias it reads in part greece itself was not a single entity but a congeries of more than a thousand separate communities one should therefore speak of greek economies rather than the greek economy our economy is derived from the ancient greek word oikonomia but this meant originally and usually the management of a private household oikos rather than that of a national economy see household greek see this is a perfect example of defining oikonomia as the management of a private household while giving no indication that the private household was typically the location of some small business and no indication that the head of household was the entrepreneur in charge but they do note the distinction between private household economy and national economy this is the distinction i was trying to emphasize in the previous post regarding individual households versus society as a whole the distinction is an important one because the economics of the private household slash small business in our day is microeconomics and the economics of the national economy is macro i picture society in ancient greece as similar to feudal europe a society of self sufficient manors but smaller and more numerous than manors consisting of households and estates economic thought in both feudal society and ancient greece focused on the small unit the manor or the oikos the primary unit of economic organization that economic thought would have been a version of microeconomics macroeconomic thinking first arose it would seem in 1615 with antoine de montchrestien and his notion of political economy montchrestien demonstrates that this knowledge of human nature can be used to promote the wealth of the people and the power of the monarch the science of commerce in general is thus essentially different from political economy which aims to be a source of inspiration for good government jérôme maucourant in the ambiguous birth of political economy montchrestien vs cantillon where maucourant says good government i would say good policy the conclusion reached in my previous was this the word household is always used when the meaning of oikonomos is given but the guy with that job title managed the household business i picture this as the decisions of one individual directing the business activity of one firm in other words again it is a version of microeconomics political economy on the other hand is macroeconomics and it becomes relevant only when the economic unit is not the personal property of its leader today i reach the same conclusion based on old greek words rather than on thoughts that pop into my head while i m out with the dogs at march 11 2022 no comments email this blogthis share to x share to facebook share to pinterest labels what is political economy thursday march 10 2022 a household economy for the polis the economy has been my hobby and my passion since 1977 but i still don t know what political economy means now it has come up though and i have to figure it out from investopedia political economy is an interdisciplinary branch of the social sciences that focuses on the interrelationships among individuals governments and public policy political economy is a branch of social science that studies the relationship that forms between a nation s population and its government when public policy is enacted it is therefore the result of the interaction between politics and the economy and is the basis of the social science discipline political economy may draw upon sociology economics and political science to define how government an economic system and politics influence each other so assuming we trust investopedia on this that s what political economy is today it describes how the economy influences and is influenced by politics and government okay i guess but investopedia doesn t make it real for me there are no specifics you wouldn t even know that money might be involved but they do link to antoine de montchrétien and the birth of political economy at storep this montchrétien guy wrote a book back in 1615 that analyzed how economics and politics are interrelated investopedia says apparently that was the beginning of political economy but i can t find the book online in english so i don t know what i think that guy said this isn t helping me understand the meaning of the term political economy i have to try a different approach based on this bit from the investopedia article the term is probably best ascribed to the french writer and economist antoine de montchrestien he wrote a book called traité de l économie politique in 1615 in which he examined the need for production and wealth to be distributed on an entirely larger scale not in the household as aristotle suggested and this from britannica the term political economy is derived from the greek polis meaning city or state and oikonomos meaning one who manages a household or estate political economy thus can be understood as the study of how a country the public s household is managed or governed i get the impression that in montchrestien s time his version of the word economy still referred to the household economy so he used the term political economy to describe the entirely larger scale economy he had in mind if economy did still mean in 1615 the same as it meant in ancient greece something like household budgeting and it might have as even today we try to economize when we spend money then this montchrestien was apparently the one who developed the idea of the economy as applying not simply to the household but also to society as a whole which is how we think of the economy today how i think of it anyway now i can picture what the term political economy would have meant when it was invented in the 17th century it meant then the same that economics means today i didn t get that impression from the investopedia article i ve known of this ancient greek word oikonomos for a long time it has to do with household management but i was thinking about it while i was out with the dogs the word household is always used when the meaning of oikonomos is given but i doubt it was only used in ancient greece and rome in reference to places where people lived as in the britannica excerpt it referred to a household or estate in ancient times at least as i picture ancient times there was not a lot of factory work most people may have lived where they worked at home or on the estate but either way oikonomos must have mostly meant planning and tracking business revenue and expenses sure a guy that only worked on the estate could do oikonomos for his personal budgeting at home after work that might have been part of it sure if this is correct then oikonomos included budgeting andor accounting as needed for consumers and businesses both if the government also had the oikonomos and they must have i would think then in all sectors of the economy there was oikonomos now it makes sense to me but let me make a distinction between the oikonomos of government and the political economy of government i read the other day that the income of the roman empire was the personal income of the emperor the empire was his magnificent estate his accounting was oikonomos political economy is horse of a different color one that becomes relevant when the nation is not the personal property of its leader at march 10 2022 no comments email this blogthis share to x share to facebook share to pinterest labels what is political economy monday march 7 2022 pointing out the financialization of 1820 1850 from blackwood s edinburgh magazine of february 1851 at project gutenberg for thirty years past it has been the uniform policy of the british government directed by the pressure of the money power and the influence of realised capital to augment the value of realised wealth by enhancing its price and cheapening everything else to effect this gold was first selected as the standard because it was the most valuable of the precious metals and as its price had for a long course of years been slowly but steadily advancing it was thought with reason that the assumption of it as the standard could not fail to enhance the value of realised capital of every kind by cheapening the money price of all the articles in which every one else dealt next small notes were extinguished because they formed a currency commensurate to the wants of the nation and consequently their abundance tended to raise prices then the issue of notes beyond 32 000 000 in the whole empire was made to depend on an amount of gold coin corresponding to the notes issued being in the coffers of the banks issuing in other words the currency beyond that limited amount not half of what the nation required was made entirely metallic free trade was next introduced in order stil...
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