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• j.k. galbraith

  • the great crash, 1929
    1955

  • the affluent society
    1958

  • the new industrial state
    1967

  • the economics of innocent fraud
    2004 978-0618013241

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• creating some slack: a household is a miniature ecosystem with inputs, outputs and flows: thinking like this can make life a whole lot better
  misty mclaughlin, michael erard 2018
  https://aeon.co/essays/households-are-mini-economies-that-need-slack-to-be-productive

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• never get a credit card

• environmental and social footprints of international trade
  thomas wiedmann, manfred lenzen 2018
  doi.org/10.1038/s41561-018-0113-9

  • Globalization has led to an increasing geospatial separation of production and consumption, and, as a consequence, to an unprecedented displacement of environmental and social impacts through international trade. A large proportion of total global impacts can be associated with trade, and the trend is rising. Advances in global multi-region input-output models have allowed researchers to draw detailed, international supply-chain connections between harmful production in social and environmental hotspots and affluent consumption in global centres of wealth. The general direction of impact displacement is from developed to developing countries—an increase of health impacts in China from air pollution linked to export production for the United States being one prominent example. The relocation of production across countries counteracts national mitigation policies and may negate ostensible achievements in decoupling impacts from economic growth. A comprehensive implementation of the United Nations Sustainable Development Goals therefore requires the inclusion of footprint indicators to avoid loopholes in national sustainability assessments.

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• collaborative consumption: strategic and economic implications of product sharing
  baojun jiang, lin tian 2015
  doi.org/10.2139/ssrn.2561907

  • Recent technological advances in online and mobile communications have enabled collaborative consumption or product sharing among consumers on a massive scale. Collaborative consumption has emerged as a major trend as the global economic recession and social concerns about consumption sustainability lead consumers and society as a whole to explore more efficient use of resources and products. We develop an analytical framework to examine the strategic and economic impact of product sharing among consumers. A consumer who purchased a firm’s product can derive different usage values across different usage periods. In a period with low self-use value, the consumer may generate some income by renting out her purchased product through a third-party sharing platform as long as the rental fee net of transaction costs exceeds her own self-use value. Our analysis shows that transaction costs in the sharing market have a non-monotonic effect on the firm’s profits, consumer surplus, and social welfare. We find that when the firm strategically chooses its retail price, consumers’ sharing of products with high marginal costs is win-win for the firm and the consumers whereas their sharing of products with low marginal costs can be lose-lose. Further, in the presence of the sharing market, the firm will find it optimal to strategically increase its quality, leading to higher profits but lower consumer surplus.

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• macroeconomic impact of stranded fossil fuel assets
  j.-f. mercure et al. 2018
  doi.org/10.1038/s41558-018-0182-1

  • Several major economies rely heavily on fossil fuel production and exports, yet current low-carbon technology diffusion, energy efficiency and climate policy may be substantially reducing global demand for fossil fuels1,2,3,4. This trend is inconsistent with observed investment in new fossil fuel ventures2,3, which could become stranded as a result. Here, we use an integrated global economy–environment simulation model to study the macroeconomic impact of stranded fossil fuel assets (SFFA). Our analysis suggests that part of the SFFA would occur as a result of an already ongoing technological trajectory, irrespective of whether or not new climate policies are adopted; the loss would be amplified if new climate policies to reach the 2 °C target of the Paris Agreement are adopted and/or if low-cost producers (some OPEC countries) maintain their level of production (‘sell out’) despite declining demand; the magnitude of the loss from SFFA may amount to a discounted global wealth loss of US$1–4 trillion; and there are clear distributional impacts, with winners (for example, net importers such as China or the EU) and losers (for example, Russia, the United States or Canada, which could see their fossil fuel industries nearly shut down), although the two effects would largely offset each other at the level of aggregate global GDP.

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• in comparison to most people who spend often, i seem frugal — i spend large amounts only on items i will often use or use long–term (“opportunity cost”), and tend not to spend otherwise (even after windfalls etc.). if they use mental “category budgeting” to justify their expenditure, then we spend very differently because they can only justify spending in their own way, not through opportunity cost.

  “scrap” is unvalued in their system, but highly valued in an opportunity–cost system; similarly maintenance and “hidden costs”.

• making rare expensive purchases is like prepayment in the sense that the use is well separated from the “pain of payment”

• dollars and sense
  dan ariely and jeff kreisler 2017
  9780062651228

  • authors believe money is storable, that it keeps its value…

  • “we don’t think about opportunity costs enough, or even at all.“

  • “when we represent money in a general way, we end up undervaluing it compared to when we have a specific representation of that money”

  • “When it is hard to measure directly the value of something, we compare it to other things, like a competing product or other versions of the same product.”

  • “If we compared everything to all other things, we would consider our opportunity costs and all would be well. But we don’t. We compare the item to only one other (sometimes two)”

  • “When we have no idea what something should cost, we believe we’re making the best decision if we neither overspend on the deluxe model nor go too cheap on the basic one. So we opt for the middle one … a choice made for reasons that have little to do with true value.”

  • “Happiness too often seems … a reflection of the ways in which we compare ourselves to others … regret is … comparison … to alternative versions of ourselves.”

  • “We don’t handle it in a way that makes sense, we handle it in a way that feels good”

  • herding and self–herding
    “we base our decisions not on those of other people, but on similar decisions we ourselves have made in the past. We assume something has high value because we valued it highly before. We value something at what it “normally” or has “always” cost, because we trust ourselves with our own behaviors. We remember that we’ve made a specific value decision over and over, so, without spending the time and energy to evaluate that decision over and over, we assume it was a good one. After all, we are fantastic decision makers, so if we made that decision before, it has to be the best, most well reasoned one.”

  • anchoring and arbitrary coherence
    “the random starting points, and the subsequent pattern of valuations that began with these anchors, created an illusion of order”

    “we gain insight—sometimes humbling insight, but still—only from decisions about which we’re conscious. We don’t ever get to doubt decisions that we make unconsciously, that we don’t pay attention to, that we’ve forgotten, or those we’ve been using thoughtlessly forever as a foundation for our lives.”

    “That we are so easily and unconsciously swayed by a suggested price—by an anchor—should reinforce how hard it is to assess value”

  • “Don’t believe everything you think.”

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• economics

  • savings glut
    blog.mpettis.com/2014/05/why-a-savings-glut-does-not-increase-savings/

    • As surprising as it might sound, global savings gluts do not result in higher global savings except under specific, often unlikely, conditions.

  • european imbalances
    blog.mpettis.com/2015/02/syriza-and-the-french-indemnity-of-1871-73/

    • The European debt crisis is not a conflict among nations. All economic systems— and certainly an entity as large and diverse as Europe— generate volatility whose balance sheet impacts are mediated through different political and economic institutions, among which usually are domestic monetary policy and the currency regime. With the creation of the euro as the common currency among a group of European countries, monetary policy and the currency regime could no longer play their traditional roles in absorbing economic volatility. As a result, for much of the euro’s first decade, a series of deep imbalances developed among various sectors of the European economy. Because Europe’s existing economic and political institutions had largely evolved around the national sovereignty of individual countries, and also because the inflation and monetary histories of individual countries varied tremendously before the creation of the euro, it was probably almost inevitable that these imbalances would manifest themselves in the form of trade and capital flow imbalances between countries.

  • imagine a town where the only shops are theatres. the admission charge is different for each theatre. the funny thing is the theatres are the gateways to produce and other markets. so the theatres are charging based on how much people want to go to the markets which they contain.

  • stagflation — rising inflation (rising prices) with rising unemployment — but underlying cause is bad economic policy combined with (imposed) fuel price inflation

  • current deflation (lowering prices) with rising unemployment — they try to combat the deflation by quantitive easing (printing new money) — but underlying cause is bad economic policy combined with (imposed) fuel price deflation

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• the real adam smith: he might be the poster boy for free-market economics, but that distorts what adam smith really thought
  paul sagar 2018
  aeon.co/essays/we-should-look-closely-at-what-adam-smith-actually-believed

  • The Theory of Moral Sentiments
    “[The man of system] seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard. He does not consider that the pieces upon the chessboard have no other principle of motion besides that which the hand impresses upon them; but that, in the great chessboard of human society, every single piece has a principle of motion of its own, altogether different from that which the legislature might choose to impress upon it. If those two principles coincide and act in the same direction, the game of human society will go on easily and harmoniously, and is very likely to be happy and successful. If they are opposite or different, the game will go on miserably, and the society must be at all times in the highest degree of disorder.”

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• neoliberalism

  • inventing the future; postcapitalism and a world without work
    nick srnicek and alex williams 2015

  • frustrating arguments that dismiss current environmental and social movements, ironically attributes planning and foresight to neoliberals…

  • entirely misses the point that using abusive methods to coerce people will turn you into an abusive person — they advocate those methods

  • how democrats killed their populist soul
    matt stoller 2016
    theatlantic.com/politics/archive/2016/10/how-democrats-killed-their-populist-soul/504710/

    • in the 1970s, a new wave of post-watergate liberals stopped fighting monopoly power. the result is an increasingly dangerous political system.
    • use as example of real–life fathers–and–sons cycle

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• the capitalocene
  benjamin kunkel 2017
  lrb.co.uk/v39/n05/benjamin-kunkel/the-capitalocene

  • learning to die in the anthropocene
    roy scranton 2015 not yet read

  • capitalism in the web of life: ecology and the accumulation of capital
    jason moore 2015 978 1 78168 902 8
    not yet read

  • fossil capital: the rise of steam-power and the roots of global warming
    andreas malm 2015 978 1 78478 129 3
    not yet read

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• leading marxist scholar david harvey on trump, wall street, and debt peonage
  jeremy scahill 2018

  theintercept.com/2018/01/21/marxist-scholar-david-harvey-on-trump-wall-street-and-debt-peonage/

  • marx, capital and the madness of economic reason
    david harvey 2018 9780190691486 to read next

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• the impact of neutral reward on cooperation in public good game
  chunpeng du et al. 2018
  doi.org/10.1140/epjb/e2018-90052-6

  • The free-rider behavior is widespread in the system, which will not only lead to social dilemma, and even make the entire system collapse. In order to overcome this complex problem, scientists have done a strenuous endeavor. The public goods game is significant for the study of cooperative behavior among complex interactive social system. And much attention has been paid to the proposal of reward and punishment system. Although people always want to reward cooperative behavior in many cases, antisocial behavior is also common in complex human and biological communities, and free-riders may be rewarded, especially without their information. Therefore, we study the public good game with neutral reward in order to explore the evolution of cooperation. In our public good game, individuals with a few strategies reward other individuals with most strategies in a same group, and the dominant players will receive a fixed bonus provide by other vulnerable players. We show that increasing the bonus will directly promote cooperation and resolve the social dilemma.

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• freetrade app (currently evaluating this)

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• to read next

  • global inequality: a new approach for the age of globalization
    branko milanovic

    • nothing here yet

  • mariana mazzucato

    • the entrepreneurial state: debunking public vs. private sector myths
      mariana mazzucato 2013

    • rethinking capitalism: economics and policy for sustainable and inclusive growth
      michael jacobs, mariana mazzucato 2016

    • the value of everything: making and taking in the global economy
      mariana mazzucato 2018

  • mind over money: the psychology of money and how to use it better
    claudia hammond 2016

  • 23 things they don’t tell you about capitalism
    ha-joon chang 2012

  • ecological debt: global warming and the wealth of nations
    andrew simms 2009

  • the progress of this storm: nature and society in a warming world
    andreas malm 2018

  • the age of stagnation: why perpetual growth is unattainable and the global economy is in peril
    satyajit das 2016

  • climate shock: the economic consequences of a hotter planet
    martin weitzman 2015

  • ekonomie dobra a zla: po stopách lidského tázání od gilgameše po finanční krizi
    economics of good and evil: the quest for economic meaning from gilgamesh to wall street
    tomáš sedláček 2011 9780199767205

    • does not understand disorder
    • joseph stiglitz, globalization and its discontents, 10 : “labour is unlike any other commodity. The work environment is of no concern for steel; we do not care about steel's well-being” — maybe we should care about all well-being, including that of steel
    • “The price we pay for independence from the whims of nature is dependence on our societies and civilizations”
    • mumford, the city in history, 44 : “The expansion of human energies, the enlargement of the human ego ( . . .) and differentiation at many points in the structure of the city were all aspects of a single transformation: The rise of civilization”

  • why the future is workless
    tim dunlop 2017

  • sacred economics: money, gift, and society in the age of transition
    charles eisenstein 2011

  • economics: the user’s guide
    ha-joon chang 2014

  • who gets what – and why: the new economics of matchmaking and market design
    alvin roth 2015

  • molecular red: theory for the anthropocene
    kenneth mckenzie wark 2015

    • marxist?

  • postcapitalism: a guide to our future
    paul mason 2015

  • the econocracy: the perils of leaving economics to the experts
    joe earle 2016

  • elinor ostrom

    • commons without tragedy
    • understanding institutional diversity elinor ostrom 2005
    • elinor ostrom: an intellectual biography
      vlad tarko 2016 not yet read

  • the age of surveillance capitalism
    shoshana zuboff 2019

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• not recommended
  • the birth of the anthropocene
    jeremy davies 2016 978 0 520 28997 0

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• 강남스타일
  gangnam style
  psy

  • jayesslee
    youtube.com/watch

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• price tag
  jessie j

  • jayesslee
    youtube.com/watch

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• monetary values are insufficient information — we must take into account their vector, from where they come and where they go. money is scalar but value is vector.
• in pensions and other schemes like stocks, what you put in is not what you get out. this is the basic wrong assumption. there is no equivalence, even in the special case where the values are monetarily the same. instead, what you get out is coming from others who have put in after you, because what you put in has already been taken out by those leaving before you. thus the second assumption is that there will be people after you to join the scheme. these two assumptions are very often disastrous because they lead to the belief that the scheme will continue, when it is very likely to end — and ruin many lives in the process.

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• arsenic As (persian: zarnikh, yellow)
• leda rudbek
  • casting vote
• CC
• http link back to 00100