https://social.vivaldi.net/@Patricia/112626658364328553
Patricia Aas (@[email protected])
Attached: 1 image @[email protected] oh well, I needed a new book 🤣🤓
Attached: 1 image @[email protected] oh well, I needed a new book 🤣🤓
@[email protected] the “market” isn’t an entity. It’s a distributed system, and a distributed system isn’t a moral thing. It’s a thing that is serving the purpose it’s supposed to serve or not, and usually somewhere between those. And we try to keep it on that path, we don’t sit back and… wait for it to do its thing? And believe it’s Good because… I don’t even know. This is a religion. This isn’t something that can be taken seriously.
In 1864, a group of working men formed an international association called The International Working Men’s Association.
> > this idea of believing in a “market” as ...
> > stabilize into a state ... “good”, or even “optimal”
> > That’s bananas ...
>
> that’s on level with worshiping kubernetes
have you looked at how cash works?
why do you agree to take just money to work for hours, not demanding something more substantial?
from where comes your faith that that same money will still be worth anything tomorrow, when you get around to spending it?
why does our whole world pay a tax to the States by pricing money with prices that say the States' promise to have their money buy things tomorrow is a more trustworthy promise than everyone else's, even China's? presently, the US Dollar is our globalized "reserve currency", same as the British Pound Sterling was two centuries ago
( me, all i know of economics is a small subset of what the NPR Podcast > Planet Money teaches, and i've particularly enjoyed their explanations of the role of faith in how cash works ) ( i haven't read Piketty )
> Money is a construct and can collapse. Even just by losing faith in it
> i consider Money a useful abstraction, like References
so back to Markets if i may
you do consider Markets a useful abstraction, like Money, like References - but a socially constructed abstraction which often expands into Boom, or collapses into Bust, according to how we distribute changes in how much Faith we each of us hold in the near and far Futures of one Market or another
i'm following your thoughts accurately so far?
> more superstitious than I imagined
!!
i've not seen anyone point this out before you, but in this way in which you point it out for us now, yes, me, i am immediately convinced, as if i'm reading this truth as an expert answer collected in an appendix at the back of an econ textbook
> Money is a construct and can collapse. Even just by losing faith in it
yes!!
thank you for catching me up on your thinking, i was curious!
yes indeed, my weekly book club onsite at work did walk in your footsteps, it was in Sep/2023 that we read the "Money: The True Story of a Made-Up Thing" by Jacob Goldstein from Jan/2020
i would say we never nutshelled this book so well as you here now : -)
ouch i slipped into overstating how very little i know - i should've said i only know what i learned from THIS BOOK, from the NPR Podcast > Planet Money podcasts, and from the Freakonomics Podcasts)
Apple iBooks today sells only "Freakonomics Rev Ed" and "SuperFreakonomics"
i gather you recommend both?
i never thought to read the books, as yet i've only taken the podcasts free-of-separate-charge and moved on
p.s.
in economics generally, my attention goes first to how tremendously ignorant i feel about whether i'm collecting fitting wages for my work for hire or not - like have i made my deal proportionally unfair to everyone who doesn't hold my privileges, or is my employer getting my time for too cheap of a price
i guess those books don't much address that question
i am close to soon sharing my wages with two friends offline - they let me listen in while they shared with each other, i'm working up the courage to join in
@eternalgoldenbraid @Patricia Do you have any evidence to back that claim up? Because every system humans have created I know about (including markets in my observation) have a tendency to lead to consolidation of power. Crypto has to be the purest form of market ever created, and it doesn't offer the attributes you claim markets "ensure."
So what's the basis of your claim?
@eternalgoldenbraid @Patricia
The available evidence is that markets do not ensure any such thing. Billionaires can dominate the discussion by owning all the newspapers, bosses can bully their employees, landlords can decide how their tenants can live.
The freedom to get out from under the abuse of power always has to be organised and fought for: employment and anti-monopoly law, housing regulation, universal welfare support, human rights.
The market is never what provides those things.
@Patricia @eternalgoldenbraid The effect the market has is to systematically disentropise wealth, concentrating more and more of it into fewer and fewer hands over time. That's pretty much all it does.
People who observe what a system does and promote it, intend that outcome. Systems don't have autonomous purposes, they're not self conscious agents: their purposes are what self conscious agents use (and promote) them for.