Message from @DEUTERIUM ISOTOPovich

Discord ID: 800210492727492609

2021-01-16 21:02:06 UTC  


2021-01-16 21:02:55 UTC  

LVT is based indeed

2021-01-16 21:03:05 UTC  

LVT is the best feudalism

2021-01-16 21:03:12 UTC  

we love our feudalism

2021-01-16 21:03:19 UTC  

every citizen a feudal lord

2021-01-16 21:13:07 UTC  

bad take

2021-01-16 21:13:39 UTC  

Personally I have come to believe that interest – or, rather, too high a rate of interest – is the ‘villain of the piece’ in a more far-reaching sense than appears from the above. But to justify this belief would lead me into a longer story than would be appropriate in this place.

Keynes, ‘Saving and Usury’, 1932

2021-01-16 21:13:41 UTC  


2021-01-16 21:17:22 UTC  

well having too high an interest rate is obviously bad but I don't think you can have an economy without interest due to the time value of money

2021-01-16 21:18:08 UTC  

you mean time preference?

2021-01-16 21:18:18 UTC  

you can have time preference without interest

2021-01-16 21:18:34 UTC  

most people care about the expected return on capital (basically the profit businesses make)

2021-01-16 21:18:36 UTC  

not return on savings

2021-01-16 21:22:09 UTC  

well its an implication of time preference, but specifically the time value of money

2021-01-17 02:28:24 UTC  

Fuck Free Tradeeeeee

2021-01-17 02:34:26 UTC  

whats it say

2021-01-17 03:20:47 UTC  

Competitive advantage works up to a point but it doesn't scale to infinity like some people would like you to think

2021-01-17 03:50:13 UTC  

It doesn't work at all really

2021-01-17 03:50:41 UTC  

tl;dr wrong because full employment assumption, industry stripping, etc

2021-01-17 03:50:48 UTC  

@slavecaste What is the concept of "free trade" exactly?

2021-01-17 03:51:05 UTC  

The fact that we can trade globally without any tariffs and it'd be all good

2021-01-17 03:54:08 UTC  

So what is the problem with it?

2021-01-17 04:01:59 UTC  

Yes it does

2021-01-17 04:02:54 UTC  

In principle it works, specialisation and labour division increases efficiency

2021-01-17 04:03:36 UTC  

If there was no cost to transport or sell/buy goods (ie no tax, costs to enter market ect.) Then it would be fine

2021-01-17 04:04:06 UTC  

The reason it doesn't work is because of geopolitical concerns and unfactored costs

2021-01-17 04:09:30 UTC  

You can have that without free trade

2021-01-17 04:09:57 UTC  

There are way more reasons that it won't work that aren't even that

2021-01-17 04:10:52 UTC  

Because it doesn't work how theorized (wages fall, industries disappear, unemployment rises, etc)

2021-01-17 04:11:15 UTC  

Competitive advantage had nothing to do with free trade, I do not agree with the author combining the two. Unemployment may rise in the short term but will fall in the long term

2021-01-17 04:11:33 UTC  

And industries dissapering is not it "not working"

2021-01-17 04:11:44 UTC  

You would expect industries to dissaper

2021-01-17 04:11:47 UTC  

It only falls due to government stimulus, not free trade

2021-01-17 04:11:55 UTC  

That is not how it is theorized.

2021-01-17 04:12:29 UTC  

Yes it did? What? LOL

2021-01-17 04:12:37 UTC  

Inefficient industries wither away leaving only what is nessicary

2021-01-17 04:13:00 UTC  

Its an argument in favour of free trade but the concept is still sound without free trade

2021-01-17 04:13:30 UTC  

But the industries that do wither away are efficient, not inefficient.

2021-01-17 04:13:55 UTC  

No. Take coal in the UK for example

2021-01-17 04:13:58 UTC