Ian McLean
sjolsen (MP3 & JPEG compatible!)
Tyrone Slothrop@sjolsen This post has somehow taught me more than a semester of macroeconomics
hugo roy
ourobouros@sjolsen Truly a gross domestic product
Nicky๐ฆจโ๏ธ
Kickstink@ourobouros @sjolsen you win.
Harish Narayanan@ourobouros @sjolsen This is a good tweet.
Dan Portales ๐ฒ๐ฝ 
Sane Thinker@sjolsen The pile of "shit "we're eating is the Earth. It's unsustainable. https://geoffreydeihl.substack.com/p/the-economy-we-need-to-save-ourselves
Stuck HereThe hardest thing to wrap my mind around when it comes to the economy is that only debt actually creates money. Someone's debt supposedly brings new money into the world.
Don't ask me how. It's all voodoo when it comes down to it.
Johannes Borgstrรถm@MyWoolyMastadon @sjolsen Your checking account balance is just a measure of the bankโs debt to you. When a bank lends (eg a housing loan), it actually creates debts in both directions: the bankโs debt to you is recorded as an increase in the balance of your checking account (โnew moneyโ).
Coralie Renรฉe@MyWoolyMastadon @sjolsen I think of it rather like "money IS debt". We can create new debt and this is expressed as "money"
gkrnours@MyWoolyMastadon @sjolsen when a bank accepts to give you a credit, they write in their big book you have a debt and X money. That money doesn't come from the bank cash reserve, it's created ex nihilo. When you pay back, the bank writes you have less money. It doesn't go in the bank cash reserve.
TheJen@sjolsen And that, my friends, is why economists are full of shit.
Levi Kornelsen@sjolsen - The real Economist answer is that each has derived $100 worth of enjoyment out of watching the other eat shit, to their net benefit, because they are rational actors.
Very, very rational.
antipode77The assumption, that the Economy only consists of *rational* actors is *irrational*.
@sjolsen
So what you are saying is that they failed to report it on their taxes?
So what you are saying is that they failed to report it on their taxes?
LR@Woodswalked @sjolsen this is what gets me too
Cogito Ergo Disputo@Woodswalked @sjolsen it's not failing if you never try...
Jonathan Dresner@sjolsen "Economists are mathematicians who never learned how to subtract."
Rodger@sjolsen and given the average salary of an economist, they now owe at least $24 each in income taxes for the privilege of eating shit.
Flaming Cheeto@sjolsen this is why my parents said they'd help me as much as possible with college tuition... as long as I didn't study economics or philosophy
Evan@sjolsen Original source: https://news.ycombinator.com/item?id=37395566
Brรฆnd๊ตn Mollษy 
Oregon Wine Woman@sjolsen
Moral of the story?
Moral of the story?
Tom Bellin 
@NorCalWineLady @sjolsen don't go walking with economists. They're into some weird shit. Literally.
Mathijs Booden@sjolsen Het klopt nog ook.
Tim Ward โญ๐ช๐บ๐ถ #FBPE@sjolsen It is well known in the business that GDP is a shit (ha ha) metric. The problem is that it's an internationally defined metric, and decades of attempts have failed to get enough international agreement to shift the bureaucratic machine.
Via Kara Kamarado@sjolsen To be fair, anything that gets economists to eat shit is a net gain for society
C.Suthorn 
Beluga@sjolsen At first I thought the second economist would find some passerby to eat his shit for 50$. ๐ค That would have increased the GDP by 250$.
@sjolsen bloody hell...
Alberto Cottica@sjolsen Ow. That hurt. Also, very funny ๐
Richard W. Woodley ELBOWS UP ๐จ๐ฆ๐น๐ดโโ๏ธ๐ท ๐บ๏ธ@sjolsen
The absolute truth in that little story should convince everyone that #capitalism is just a pile of shit.
The absolute truth in that little story should convince everyone that #capitalism is just a pile of shit.
Dani 
@sjolsen Or to put it another way, GDP is about as meaningless a figure as national debt.
Jurjen1973@sjolsen GDP? What is that? Says a not-science-professor person. ๐
Aviva Gary@sjolsen I both love and hate how much this makes sense lol ๐
Vio
DJ Enno@sjolsen ๐๐
@sjolsen Could it be that Economist 1 then pooped the first pile of shit, and that is the one Economist 2 ate?
That's circular economy
genstar.service
sjolsen :Fire_Agender:โ :xenia_think:โ (@[email protected])
Attached: 1 image
Nile ๐@sjolsen timeless.