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econcrit how the game is played econcrit cnn 9 january 2024 has trump saying i don t want to be herbert hoover cnn adds the us stock market crashed during former president herbert hoover s first year in office in 1929 which signaled the beginning of the great depression see my work on the trump depression sunday february 9 2020 how the game is played the explanation of wage push inflation as i imagine it is simple we demand higher wages we get higher wages which increases costs to our employer so he raises his prices this increases the cost of living so we demand wages that are even higher we get another wage increase and the cycle continues there are two teams the employers and the employees the errs and the eees playing king of the hill whoever takes the hill receives an increase and whoever loses the hill will fight to take it back so as to receive another increase it s a good story but it s not the only story in town i tell the story of the king of the hill game with three teams the errs the eees and the fins the fins are a quiet bunch they don t even want to be king of the hill and they will help anyone who wants to make it to the top for a small fee they don t take sides either the fins if you stand back and watch the game you ll see fins helping errs up the hill you ll see fins helping eees up the hill and if you watch carefully you ll see fins making a little money no matter who gets to the top of the hill as the game progresses the errs and the eees come to realize how good it is to have fins helping them up the hill so they start using teams of fins to get them to the top of the hill of course using a team of fins costs more than using just one but both the errs and the eees think the extra cost is worth it as time goes by the teams get bigger and the cost of the fins increases everyone has lots of fins helping them up the hill and everyone realizes they need the fins everyone knows that if you give up your fins you ll never make it up the hill the fins have become indispensable even though they now cost more than we like if you have 10 fins to help you up the hill and your neighbor has 12 well you d better up your fin count to 14 and so it goes eventually we get to the point where our fins cost us so much that even when we get to the top of the hill and get our raise we fall behind because of the cost of the fins the funny thing is nobody likes that extra cost but everyone is willing to pay it because everybody knows how the game is played the widely accepted story of wage push inflation as i ve seen it is a two team game that story is wrong there are three teams two impatient teams the errs and the eees and one patient team the fins and somehow after all those struggles to make it to the top it turned out that the fins got to be the kings of the hill at february 09 2020 email this blogthis share to x share to facebook share to pinterest no comments post a comment newer post older post home subscribe to post comments atom why economists must think in terms of the cycle of civilization i ve been hearing the phrase late capitalism for so long that i m forced to conclude that the very concept of late cap looks like vigor to me went to harbor freight the other day when i left there was so much traffic i had to fight my way out of the parking lot at one p m on let s see if this one gets me into trouble as i write this it is mid october in an even numbered year elections are weeks away yesterday i saw republican candidates heavily adver not the rate of interest but the cost of finance not inflation but the decline of growth it is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit the most important difference between cost push and demand pull inflation i m not a fan of diagrams in economics but sometimes this is a screen capture of slide 36 from a slideshare presentatio federal debt is the measure of economic troubles in the private sector not the cause of them the cause is excessive private sector debt private debt is too big and too costly it slows the economy it slows income growth it makes decent jobs scarce we lost our greatness to excessive private sector debt we can regain american greatness by reducing private debt if we do so before china has all the greatness note that we have many policies to encourage the use of credit and no policies to encourage repayment of debt selected fred data free ebooks forever fadedpage levy institute publications art s old vigor page click folder tab to view contents quick quotes on debt sbt hover for the quote click for the source steve keen sbe thomas palley sbe palley again same source sbe arthurian spontaneous sbe arthurian sbe id a j toynbee a study of history unabridged vol 1 page 1 abridgement vol 1 thru 10 id mostly old cost push stuff 1937 the general theory of employment 1958 the phillips curve paper 1959 charles schultze recent inflation in the united states 1960 richard lipsey on the phillips curve 1960 samuelson and solow problem of achieving and maintaining a stable price level 1962 arthur okun potential gdp its measurement and significance 1968 friedman s presidential address the role of monetary policy or alt link 1970 milton friedman the counter revolution in monetary theory 1974 f a hayek prize lecture the pretense of knowledge 1977 thomas m humphrey on cost push theories of inflation in the pre war monetary literature id papers by johannes a schwarzer sbt samuelson and solow on the phillips curve and the menu of choice a retrospective 2013 sbe growth as an objective of economic policy in the early 1960s the role of aggregate demand 2014 sbe price stability versus full employment the phillips curve dilemma reconsidered 2016 sbe retrospectives cost push and demand pull inflation milton friedman and the cruel dilemma 2018 sbe id papers by norikazu takami 1950s cost push sbt baffling inflation cost push inflation theories in the late 1950s united states 2014 sbe the baffling new inflation how cost push inflation theories influenced policy debate in the late 1950s united states 2015 sbe id archive org links sbt archive org home sbe note at archive org the upper right corner search is for all of archive org to search the open book click the search icon on the left side of the window and use quotes around search phrases sbe historical statistics thru 1970 part 1 arrighi g the long twentieth century dalio r economic principles how the economic machine works delong h a profile of mathematical logic r c k ensor england 1870 1914 finley m i the ancient economy friedman m free to choose friedman m money mischief kissinger h the meaning of history reflections on spengler toynbee and kant leuchtenburg w franklin d roosevelt and the new deal leuchtenburg w the perils of prosperity lot ferdinand the end of the ancient world and the beginnings of the middle ages montagu a toynbee and history critical essays and reviews mullineux a w business cycles and financial crises quigley the evolution of civilizations rostovtzeff the social and economic history of the roman empire terborgh george the new economics tooke thomas an inquiry into the currency principle toynbee aj a study of history volumes i vi abridged wanniski jude the way the world works sbe id timelines industrial capitalism sbe mercantile capitalism sbe 10000 years of economy sbe id blog themes and on the pedestal these words appear my name is ozymandias king of kings look on my works ye mighty and despair nothing beside remains shelley toynbee maintained that the fate of civilizations is determined by their response to the challenges facing them stefan zenker the ideas of economists and political philosophers both when they are right and when they are wrong are more powerful than is commonly understood indeed the world is ruled by little else j m keynes economic policy encourages credit use and discourages the repayment of debt that s how we in the private sector got so indebted nathan becker attempts to describe complex interactions in the economy with overly simple adages can lead to incorrect conclusions meyer and tasci i remarked that a plurality of suffrages is no guarantee of truth where it is at all of difficult discovery as in such cases it is much more likely that it will be found by one than by many descartes i have thought it important not only to explain my own point of view but also to show in what respects it departs from the prevailing theory j m keynes blogthemes blog archive 2025 136 october 4 september 19 august 12 july 6 june 10 may 11 april 23 march 19 february 11 january 21 2024 100 december 15 november 9 october 14 september 10 august 7 july 12 june 7 may 3 march 13 february 7 january 3 2023 118 december 6 november 15 october 8 september 8 august 4 july 3 june 16 may 15 april 12 march 8 february 12 january 11 2022 159 december 22 november 17 october 13 september 6 august 4 july 9 june 12 may 4 april 11 march 22 february 15 january 24 2021 204 december 8 november 21 october 15 september 17 august 11 july 13 june 22 may 19 april 17 march 22 february 18 january 21 2020 139 december 20 november 20 october 8 september 11 august 13 july 8 may 2 april 18 march 16 february 19 labor share follow up labor share at bottom some say regulation some say debt accumulation the key to a good economy lies in maintaining the tyrants two pages from the lessons of history how s trump doing the last quarter inch on the r well the day wasn t a total waste americans don t see economy as a nation s most im like the stopped clock sometimes we are right how the game is played a particular set of relative prices snippets the growth of financial cost snippets finance is unique snippets a cost problem snippets volcker ignored the cost no valid ngrams about 7 results january 4 2019 202 december 9 november 13 october 18 september 15 august 16 july 20 june 18 may 15 april 27 march 25 february 12 january 14 2018 202 december 12 november 13 october 20 september 11 august 8 july 8 june 19 may 20 april 30 march 31 february 30 labels gothedistance 1966 3 inflation target 400k smoothing an alternative to the wage push inflation thesis apr13 arnold j toynbee attitude brooks adams civilization and decay calculating labor share civilization cmz cost pressure and the decline of civilization cycle of civilization debt and inequality debt ceiling 2023 debt service before 1980 debt to gdp companion economic concerns drive political action economic decline as the source of polarization equilibrium excessive finance fall of rome fallacy of composition finance before 1960 financial cost push financial cost push in the 1950s financialization in the 19th century fix the economy google s ai overview and units household debt in the long run we are all dead income inequality industrial productivity july 2021 keynes on civilization labor share levels labor share of personal income little piggies making use of the cycle of civ math ulc measuring profits milton fried man more debt than money is policy n2r nobody says this stuff but me but that doesn t make it wrong not falsifiable on average productivity profit v interest prosperity quigley evolution of civ real to real debt to gdp s s 1960 secular cycles slow growth terms of the times the 2021 inflation panic the continuing cost problem the cost push problem the end of life as we know it the plan the trump depression they think like bankers throwback too much opinion and not enough econ whack a mole what is political economy whelan s guide report abuse home search this blog this work is licensed under a creative commons attribution noncommercial noderivatives 4 0 international license for reference armstrongeconomics on ancient interest rates michael hudson on ancient interest rates schmelzing 700 years of real interest rates schmelzing the suprasecular stagnation schmelzing eight centuries of global real interest rates commentary on the long trend of interest rates and schmelzing s work at the daily reckoning when did sustained growth start europe s rise to riches voxeu harbingers of modernity monetary injections and european economic growth 1492 1790 from convergence to divergence portuguese economic growth 1527 1850 religious change preceded economic change in the 20th century economics of medieval guilds with links taking malthus seriously helps to explain the economic stagnation from the dark ages to the industrial revolution andy blunden s home page on ancient rome ancient rome s collapse is written into arctic ice at the atlantic via reddit also via reddit the ups downs of ancient rome s economy all 1 900 years at open culture see links at end of article capitalism without classes the case of classical rome rome during the last two centuries of the republic and the first two of the principate was an unequivocally capitalist society in the sense that it was based on the private ownership of property and the transaction of social relations through the market at priceonomics how maritime insurance built ancient rome on medieval life and agriculture the peasants advances in agricultural technology 800 1000 the laxton village survey farming in the middle ages the nature and limits of the money economy in late anglo saxon and early norman england my simulations interest rate art was here graph techniques hp in a fred graph about me the arthurian view my complete profile powered by blogger