@akkartik who is the oppressor? it’s a very totalizing word, like the devil to Christian nationalists, a kind of reification of implacable evil rather than an analysis of concrete institutions, relationships, and mechanisms that might be altered.
@SteveRoth I can't speak for David, but I think the claim is that in a Ricardian regime, there's an equilibrium inflation rate. An increase in the interest rate will temporarily bring the inflation rate lower than that, but it will be transitory — the rate will return to the equilibrium. 1/
@SteveRoth In a non-Ricardian regime, the equilibrium inflation rate is not independent of the interest rate. 2/
@SteveRoth So if the inflation rate starts at an equilibrium of n%, increasing the interest rate will (cet par) lead to a transient decrease in the inflation rate to some rate <n% (same as before, the conventionally anticipated effect), but when the transient effect wears off, the new equilibrium at the new interest rate has inflation now at some rate *higher* than n%, rather than merely revering to n% as under a Ricardian regime. 3/
@SteveRoth So if a naive central bank targets n% by raising interest rates when actual inflation is above n%, they get a "sugar high" (or sugar low) of disinflation, it seems to work, but then inflation reverts to a value even higher than its starting point, then the idiot central bank does it again, etc. each tightening's respite is just a prelude to an even worse catastrophe. 4/
@SteveRoth So even though in the short run, raising interest rates works under both regimes, only under the conventional model of a Ricardian regime is interest rate policy straightforwardly good policy. The effect is transient in both cases, but under the Ricardian regime it does no long-term harm, while in the non-Ricardian (more realistic, at least on face) regime, the transient desired effect is just a prelude for an even worse situation. /fin
much nobler than the fight is creating the conditions for or helping to sustain the conditions of an imperfectly but largely just peace.
our consummation left us unconsumed, and then we were unsure how to continue to live.
neoliberal porn:
did you ever wonder just how much the market will bare?
@trl yes! thank you!
“Raw data: US suicide rates since 1900” by #KevinDrum https://jabberwocking.com/raw-data-us-suicide-rates-since-1900/
// see if you can pick out the emergence of postwar social democracy on the graph
EDITED to include correct link, thank you @trl
@dpp providence plantations, on the other hand, is serious business.
a visibly tough state is a weak state. strong states have manufactured consent.
i am not alone.
a mail message from Taco Bell, subject “We miss you”
The meeting has been terminated.
when, long ago, i worked in a computer lab, i remember how i used to pick up tips and tricks, especially cool UNIX command line things, by osmosis, as i chatted with people and watched them work. i’ve been “remote” now for decades, and really miss that.
some of @b0rk’s posts are kind of a resynthesis of that, like “Popular git config options” https://jvns.ca/blog/2024/02/16/popular-git-config-options/
people act like Ozymandias was somehow humbled, but that was hundreds of years later. most of us experience our own ruins even before we are all that old, let alone centuries after our death.
@admitsWrongIfProven@qoto.org we live in an era of fascinating symbolic detritus.
This is a paid post.
our media organization conducted a careful, scientific poll, by which we learned that the public is concerned about the all the things we have been relentlessly shrieking are concerning.
@marick @beatnikprof @bmac time is a circle! and just think of the galas you could finance with that endowment. all in pursuit of the university’s educational mission!
I don't know if it's a good thing or a bad thing that, according to the reasoning of this piece, the Harvards of the world will soon be eclipsed by what we used to call "finishing schools". by #AneeshRaman #MariaFlynn https://www.nytimes.com/2024/02/14/opinion/ai-economy-jobs-colleges.html
@_dm the first hit is free! once you have a new bestie of whom you've so long been a superfan, is $10 a month really gonna put you off? (i have no idea whether what Meta is doing is compelling. but it seems like the kind of thing someone might pull off compellingly!)
soon we will buy subscriptions to be friends with celebrities' authorized AIs.