The chronic problem of overaccumulation of modern capitalism - Page 7 - Politics Forum.org | PoFo

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#14996957
ralfy wrote:Obviously not!

Thanks for your contribution of silly nonsense.
Economics is measured in terms of money.

?? What on earth do you incorrectly imagine you think you might be talking about? Money is only meaningful in relation to things that aren't money, that money can be used to buy: labor, products, natural resources (land), obligations, etc.
Physical universe. LOL.

<sigh> Workers, products of labor, and natural resources are all part of the physical universe, and all very much of concern to economics. So you are merely making a fool of yourself, here. But that's OK. I am here to help you.
The rest of your post is worthless. You don't even know the basics of economics.

BWAHAHHAHAAAAAA!!

That's pretty funny, coming from a clown who doesn't even know that money is only economically meaningful inasmuch as it can be used to buy things in the physical universe that aren't money.
#14999044
Truth To Power wrote:Thanks for your contribution of silly nonsense.


If only you can defend yourself. Just one. Give it a shot. LOL.


<sigh> Workers, products of labor, and natural resources are all part of the physical universe, and all very much of concern to economics. So you are merely making a fool of yourself, here. But that's OK. I am here to help you.


Yes, I'm sure that $1.2 quadrillion in shadow derivatives are backed by "workers, products of labor, and natural resources."

You're here to help me. Oh, the irony.


BWAHAHHAHAAAAAA!!

That's pretty funny, coming from a clown who doesn't even know that money is only economically meaningful inasmuch as it can be used to buy things in the physical universe that aren't money.


Actually, that's my point, genius.
#14999422
ralfy wrote:If only you can defend yourself. Just one. Give it a shot. LOL.

Defend the facts? No problem.
Yes, I'm sure that $1.2 quadrillion in shadow derivatives are backed by "workers, products of labor, and natural resources."

OK, so you don't understand that derivatives are just bets, and are backed by nothing but the other guys' bets.
You're here to help me. Oh, the irony.

You won't progress if you resist learning.
Actually, that's my point, genius.

No, actually, it's not, which is why you made a fool of yourself.
ralfy wrote:Increasing debt coupled with increasing material resources and energy needed to back up that debt, and the latter facing diminishing returns.

Debt is backed by the debtor's legal obligation to repay it, not by material resources or energy, and it faces diminishing returns because asset prices rise too high for debt to be serviced from their yield.
#14999456
Rancid wrote:A more precise definition of what economics is, is the process/study of how people make decisions in a world were resources are scarce.

That seems too broad, as it would include how people decide which profiles to swipe right on, how a quarterback decides which receiver to throw to, etc. IMO economics more accurately studies how people relieve scarcity by means of production, allocation and exchange.
#14999561
Truth To Power wrote:That seems too broad, as it would include how people decide which profiles to swipe right on, how a quarterback decides which receiver to throw to, etc. IMO economics more accurately studies how people relieve scarcity by means of production, allocation and exchange.


Economist in fact do study things like how quarter backs make decisions. Same with how people pick mates. Of course, this starts to blur in with psychology and what not. However, that is a field of economics, which is called behavior economics.
#14999570
Rancid wrote:Economist in fact do study things like how quarter backs make decisions. Same with how people pick mates.

Maybe (sources?); but when they do, they are not doing economics. Not all decisions are economic decisions.
Of course, this starts to blur in with psychology and what not. However, that is a field of economics, which is called behavior economics.

It may be called behavior economics, but it is psychology, not economics. Economists, like many "experts" who don't actually understand much of their own field, like to claim their expertise has wider application than it does. See the climatologists who think they know how to run the world.
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