the reemployment historically required an increasingly redistributive state, though. before that happens, the result of labor-transformative technologies can indeed be immiseration, as early job losses aren’t matched by sufficient new demand to provoke reemployment.
it’s a thin line between exotic and alien.
often it is better to ask than to demand.
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i like to think about what fraction of e-mails in my inbox are fundamentally lying or trying to deceive me. that is after all the spam filtering, my frequent unsubscribe requests, etc.
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the number of operations a CPU can perform in a second is easy to adjust for, and gets treated as disinflationary as it increases. the shit that ends up sopping up those operations in practice is not so easy to quantify and adjust for.
yup. but it’s difficult-to-straightforwardly-adjust-for dimensions of quality that shrink.
enshittification does not typically show up in inflation statistics. does anyone thing that means the phenomenon is not real, it’s just a collective delusion of negativity?
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Elizabeth (e.g. New Jersey)
the thesis “contemporary social media contributes dysfunctionally to a collective sense of pessimistic nihilism” is, i think, correct. it is not inconsistent, however, with the thesis “a great deal is terrible about Americans’ material conditions, and worse in a variety of ways than previously.” 1/
it seems kind of dumb to me that there has emerged a discourse that treats these hypotheses, which i’d characterize as mutually reinforcing, as if they were mutually inconsistent, there can be only one. /fin
you say you want a revolution.
what if the Trump administration lifted sanctions just enough that IRGC can trade on US markets, but long positions only?
does the hotel provide the necessary staff?
it’s the index funds values, not the IRA-ness that is at issue. you’ll want to take a look at the Kalecki-Levy profits equation economistwritingeveryday.com/2021/01/19/t... and also graphs like the one in this skeet. bsky.app/profile/varu...
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the basic intuition is any sector’s surplus is some other sector’s deficit. profit is the corporate sector’s surplus. it must be built from deficits of the household, government, or foreign sector. 1/
the US foreign sector is in surplus vis-a-vis the US. holding that constant, either households & the government must be in deficit enough to cover both the foreign and corporate sector surplus. 2/
you’d need a huge household debt boom (which would be bad) to support those surpluses if the govt deficit were to substantially decline. 3/
there are other choices: if the US current account deficit substantially declined, the govt deficit could decline while holding stock prices and household indebtedness harmless, for example. but that’s a lot easier said than done. /fin
i find it funny when people holding big retirement nest eggs in index funds wag about how they want to reduce the deficit.
goldman and musk inc joining forces feels like what if napoleon and hitler got together for an encore tour of europe. kind of an all-stars circuit for death stars of different eras.
it may be the end of the world, but our description of it qualifies as a gripping page-turner. preorder now. (quickly, please.)
he’s like a private sector Marco Rubio! ht @ericmbudd.com
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Ovid in exile.
A nighttime photo of the statue of Ovid in Piața Ovidiu, Constanța, Romania, May 2026. The Grand Mosque and submarine steampunk bar Hypso25 are lit up in the background.
i wonder how many of them DJT has written.