Cory DoctorowApr 16, 2023

"Contrary to what neoclassical economists claim, there are no neutral market forces that allocate income in proportion to productivity. Instead there are only ideas and the power to implement them. In other words, people have ideas about what their income should be (and also what other people’s income should be). And they have the power (or lack thereof) to make these ideas a reality. That’s it."

@blair_fix, How #InterestRates Redistribute Income

https://economicsfromthetopdown.com/2023/04/16/how-interest-rates-redistribute-income/

How Interest Rates Redistribute Income – Economics from the Top Down

Are interest rates a neutral policy variable? Or are they a tool for class warfare? It turns out that the evidence speaks for itself. Here are three ways that higher interest rates redistribute income.

Economics from the Top Down
Show threadShephallmassiveApr 16, 2023
@blair_fix @pluralistic yes indeed- how true is that! Everyday everyone should be productive and those that cannot through no fault of their own should be supported. There is no place for those that only extract productivity from others and horde the output so the world and its people cannot improve their lives or ability to thrive.
Show threadBlair Fix

@Shephallmassive @pluralistic

Agreed. Also, I prefer the term 'creative'. To me, 'productive' has been co-opted by economists. And the nice thing about creativity is that everyone agrees that it can't be quantified.

Apr 16, 2023 at 4:07pmWeb
Show threadeyrea 🇨🇦Apr 16, 2023
@blair_fix @Shephallmassive @pluralistic Not to mention that sometimes "productive" is entirely the wrong metric. Someone solving a problem might look very unproductive prior to finding a good solution. People shouldn't be penalized for being creative and thoughtful.