Tyrone @RelearningEcon Twitter profile

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Tyrone

5 days

''Even a modest Basic Income program could become a stepping-stone toward the most profound transformation of all: to unlatch work from livelihood entirely.'' -David Graeber

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Tyrone

@RelearningEcon

19 days

“In fact, there is not a single key technology behind the iPhone that has not been State-funded.” -Mariana Mazzucato

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Tyrone

@RelearningEcon

1 month

“Milton Friedman’s misfortune is that his economic policies have been tried.” -John Kenneth Galbraith

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Tyrone

@RelearningEcon

3 months

"The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists." -Joan Robinson

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@RelearningEcon

22 days

"It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest. Nor is it true that self-interest generally is enlightened." -John Maynard Keynes

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Tyrone

@RelearningEcon

21 days

"In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around." -David Graeber

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Tyrone

@RelearningEcon

2 months

"Under capitalism, man exploits man. Under communism, it's just the opposite." -John Kenneth Galbraith

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Tyrone

@RelearningEcon

2 months

"The only function of economic forecasting is to make astrology look respectable." -John Kenneth Galbraith (see imagine description)

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Tyrone

@RelearningEcon

3 months

"What we call 'the economy' is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is." -David Graeber

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Tyrone

@RelearningEcon

17 days

"There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure." -Michael Hudson

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Tyrone

@RelearningEcon

1 month

"In fact, communism is the foundation of all human sociability. It is what makes society possible." -David Graeber

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Tyrone

@RelearningEcon

1 month

"How can I accept a doctrine which sets up as its bible, above and beyond criticism, an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world?" -John Maynard Keynes

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Tyrone

@RelearningEcon

3 months

"The difficulty lies not so much in developing new ideas as in escaping from old ones." -John Maynard Keynes

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Tyrone

@RelearningEcon

25 days

"The study of money, above all other fields in economics, is the one in which complexity is used to disguise truth or to evade truth, not to reveal it." -John Kenneth Galbraith

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Tyrone

@RelearningEcon

2 months

“Shit jobs tend to be blue collar and pay by the hour, whereas bullshit jobs tend to be white collar and salaried.” -David Graeber

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Tyrone

@RelearningEcon

16 days

"When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals." -John Maynard Keynes

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Tyrone

@RelearningEcon

1 year

"Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist." -Kenneth Boulding

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Tyrone

@RelearningEcon

27 days

“The tax is there to create a demand for the government’s currency. Before anyone can pay the tax, someone has to do the work to earn the currency.” -Stephanie Kelton

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Tyrone

@RelearningEcon

2 months

"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative." –John Stuart Mill

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Tyrone

@RelearningEcon

19 days

"The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes." -John Maynard Keynes

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Tyrone

@RelearningEcon

2 months

"The solutions offered by economists were no less delusory than those of the theologians that they displaced." -Joan Robinson (Economic Philosophy 1962)

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Tyrone

@RelearningEcon

3 months

"We may have democracy, or we may have wealth concentrated in the hands of a few, but we cannot have both." Louis Brandeis

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Tyrone

@RelearningEcon

2 months

"There is no such thing as a normal period of history. Normality is a fiction of economic textbooks." -Joan Robinson

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Tyrone

@RelearningEcon

2 months

"It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services. The connection between 'external' profits and imperialism is obvious." -Michał Kalecki

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Tyrone

@RelearningEcon

20 days

“The debt isn’t the reason we can’t have nice things. Our broken thinking is. To fix our broken thinking, we need to overcome more than just an aversion to big numbers with the word debt attached.” -Stephanie Kelton

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Tyrone

@RelearningEcon

19 days

"The worker has become a commodity, and it is a bit of luck for him if he can find a buyer, And the demand on which the life of the worker depends, depends on the whim of the rich and the capitalists." -Karl Marx

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Tyrone

@RelearningEcon

1 year

@JonathanKadmon @FOX26Houston Leave it to fox news to get the plain visual indisputable facts wrong.

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Tyrone

@RelearningEcon

24 days

"Those who obtain or inherit predatory wealth and privilege realize the ultimate means of imposing austerity and demolishing the power of democracies is deception and junk economics" -Michael Hudson

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Tyrone

@RelearningEcon

2 months

"Teach a parrot the terms 'supply and demand' and you've got an economist." -Thomas Carlyle

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Tyrone

@RelearningEcon

1 month

“I am often asked what I would keep of Neoclassical economics in a new paradigm. My answer is that I would keep as much of Neoclassical economics as modern astronomy kept of Ptolemaic astronomy – which is to say, nothing at all.” -Steve Keen

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Tyrone

@RelearningEcon

2 months

"It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest." -John Maynard Keynes

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Tyrone

@RelearningEcon

3 months

"Economics is extremely useful as a form of employment for economists." -John Kenneth Galbraith

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Tyrone

@RelearningEcon

1 month

"Economics limps along with one foot in untested hypotheses and the other in untestable slogans." -Joan Robinson

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Tyrone

@RelearningEcon

20 days

"Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits." -Hyman Minsky

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Tyrone

@RelearningEcon

2 months

"Mathematics brought rigor to Economics. Unfortunately, it also brought mortis." -Kenneth E. Boulding

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Tyrone

@RelearningEcon

2 months

“The point is that we run our economy like a six-foot-tall guy who wanders around perpetually hunched over in a house with eight-foot ceilings because someone convinced him that if he tries to stand up tall he’ll suffer a massive head trauma.” ― Stephanie Kelton

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Tyrone

@RelearningEcon

18 days

''Progress is slow partly from mere intellectual inertia. In a subject (economics) where there is no agreed procedure for knocking out errors, doctrines have a long life.'' -Joan Robinson

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Tyrone

@RelearningEcon

11 months

Maybe I need to take a 2nd look at Austrian Econ. "The boom is called good business, prosperity, and upswing. Its unavoidable aftermath, the readjustment of conditions to the real data of the market, is called crisis, slump, bad business, depression." -Ludwig von Mises (1940)

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Tyrone

@RelearningEcon

3 months

“it (government) can't run out of dollars any more than a carpenter can run out of inches.” ― Stephanie Kelton

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Tyrone

@RelearningEcon

2 months

"Free trade is extremely destructive to economies that are relatively unsuccessful. Instead of making them more prosperous and better-off, it destroys them." -Wynne Godley (interview from the magazine Marxism Today in 1981)

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Tyrone

@RelearningEcon

2 months

"Words ought to be a little wild, for they are the assaults of thoughts on the unthinking." -John Maynard Keynes

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Tyrone

@RelearningEcon

25 days

“Governments and central banks were quietly admitting something they were still reluctant to announce publicly: the extraordinary power of private-sector banks lending to determine the pace of money creation, and therefore economic growth.” -Mariana Mazzucato

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Tyrone

@RelearningEcon

10 days

“Most finance goes back into finance, insurance and real estate rather than into productive uses. The acronym for this is FIRE (finance, insurance, real estate)” -Mariana Mazzucato

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Tyrone

@RelearningEcon

16 days

"One might even say that it's one of the scandals of capitalism that most capitalist firms, internally, operate communistically." -David Graeber

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Tyrone

@RelearningEcon

18 days

"In a sense the budget deficit can be considered as an artificial export surplus." -Michał Kalecki

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Tyrone

@RelearningEcon

2 years

“Remember that MMT says the government deficit is always someone else’s surplus.” ― Stephanie Kelton @StephanieKelton Note: I think it's important for the "MMTers" out there to stay focused on the basic message, as so nicely put in the quote above.

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Tyrone

@RelearningEcon

26 days

"Generally speaking, changes in the prices of finished goods are cost determined while changes in the prices of raw materials inclusive of primary foodstuffs are demand determined". -Michał Kalecki

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Tyrone

@RelearningEcon

11 months

Here is a way better one Elon...

Elon Musk

@elonmusk

11 months

Great book by Hayek

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Tyrone

@RelearningEcon

2 months

"It is the rate of investment which governs the rate of saving, and not vice versa." -Joan Robinson

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Tyrone

@RelearningEcon

19 days

"How can great minds be produced in a country where the test of a great mind is agreeing in the opinions of small minds?" -John Stuart Mill

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Tyrone

@RelearningEcon

29 days

"Of all classes the rich are the most noticed and the least studied." -John Kenneth Galbraith

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Tyrone

@RelearningEcon

2 years

Been working on a new #macroeconomic model for about 6 months, have a first draft. Have to give credit to @StephanieKelton and @ProfSteveKeen for the underlying framework. I'll do a blog post on some of my (interesting) initial findings, and provide a download of the model.

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Tyrone

@RelearningEcon

2 months

"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable." -Adam Smith

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Tyrone

@RelearningEcon

2 months

"Unless we understand what it is that leads to economic and financial instability, we cannot prescribe policy to modify or eliminate it." -Hyman Minsky

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Tyrone

@RelearningEcon

24 days

"Economics is not the Emperor of the social sciences, but the Humpty Dumpty." -Steve Keen

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Tyrone

@RelearningEcon

1 month

"Good economists are scarce because the gift for using 'vigilant observation' to choose good models, although it does not require a highly specialized intellectual technique, appears to be a very rare one" -John Maynard Keynes

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Tyrone

@RelearningEcon

1 year

I'm about 80% done my National Economic #systemdynamics model, Still have some subsystems that need to be added. Should have a beta version for download (Using Minsky software) sometime in the next week on my Patreon page. 🧵Thread 1/16

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Tyrone

@RelearningEcon

1 year

I always carry a Gregory Mankiw Economic textbook in my vehicle. Just in case I breakdown and need to start a roadside fire and stay warm...

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Tyrone

@RelearningEcon

10 days

"The most important Agenda of the State relate not to those activities which private individuals are already fulfilling, but to those functions which fall outside the sphere of the individual" -John Maynard Keynes

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Tyrone

@RelearningEcon

2 months

“A mission-oriented economy means asking what kind of markets we want, rather than what problem in the market needs to be fixed.” -Mariana Mazzucato

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Tyrone

@RelearningEcon

1 month

"The missing step in the standard Keynesian theory [is] the explicit consideration of capitalist finance within a cyclical and speculative context" -Hyman Minsky

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Tyrone

@RelearningEcon

29 days

"I began to read Capital, just as one reads any book, to see what was in it; I found a great deal that neither its followers nor its opponents had prepared me to expect." -Joan Robinson

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Tyrone

@RelearningEcon

13 days

"The connection between 'external' profits and imperialism is obvious." -Michał Kalecki

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Tyrone

@RelearningEcon

1 month

“Economist William Vickrey put it, well-targeted deficits “will generate added disposable income, enhance the demand for the products of industry, and make private investment more profitable.” -Stephanie Kelton

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Tyrone

@RelearningEcon

2 months

"Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it." -Hyman Minsky

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Tyrone

@RelearningEcon

1 year

I still find it astounding that Neoclassical economics believes in the crowding out effect. Government spending naturally leads to greater profits for firms, and a portion of profits is always invested, does this not scream crowding in?

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Tyrone

@RelearningEcon

17 days

"Rather like the Bible is for many Christians, the General Theory is the essential economics reference which few economists have ever read." -Steve Keen

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Tyrone

@RelearningEcon

16 days

"A nuclear war does not defend a country and it does not defend a system. I've put it the same way many times; not even the most accomplished ideologue will be able to tell the difference between the ashes of capitalism and the ashes of communism." -John Kenneth Galbraith

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@RelearningEcon

2 months

"A nation is not made wealthy by the childish accumulation of shiny metals, but it enriched by the economic prosperity of it's people." -Adam Smith

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@RelearningEcon

2 months

"While mainstream economists continually emphasize that central banks can and should directly control and determine the quantity of money, in fact they can do no such thing" -Nicholas Kaldor

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@RelearningEcon

21 days

''The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.'' -John Kenneth Galbraith

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Tyrone

@RelearningEcon

2 months

"Trade unionism is not socialism. It is the capitalism of the proletariat." -George Bernard Shaw

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Tyrone

@RelearningEcon

1 month

MESSSI is a macroeconomic simulator that will be launching on the @AppliedMMT website. This has been a 2 year project, and thanks to @MMTmacrotrader , its now close to the finish line. @ProfSteveKeen 's perspicacity was also the seed for this project. (See imagine description)

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@RelearningEcon

2 months

There is a sense of irony when an Austrian Economist accuses you of being a capitalist. More ironic is that this Austrian economist receives his income from the government. Whereas I receive mine through the free market.

Per Bylund

@PerBylund

2 months

Imagine that, "Relearning" is in it for the money.

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@RelearningEcon

2 months

“Uncle Sam’s red ink is our black ink! His deficit is our financial surplus. Just follow the money: $100 goes into our bucket; $90 goes back out to pay taxes; $10 is left in our bucket.” -Stephanie Kelton

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Tyrone

@RelearningEcon

12 days

"What is a debt, anyway? A debt is just the perversion of a promise. It is a promise corrupted by both math and violence." -David Graeber

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@RelearningEcon

2 months

"Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest." -Joseph A. Schumpeter

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Tyrone

@RelearningEcon

9 days

"The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated." -John Kenneth Galbraith

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Tyrone

@RelearningEcon

23 days

"But once we bring historical time into the argument, it is not so easy to present the free play of the market as an ideal mechanism for maximizing welfare and securing social justice." -Joan Robinson

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Tyrone

@RelearningEcon

2 months

"How anybody can think they can analyze capital while leaving out Banks, Debt, and Money is a bit to me like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings" -Steve Keen

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Tyrone

@RelearningEcon

2 months

“Separate two of the most important issues regarding entitlements: the government’s financial ability to pay and our economy’s productive capacity to deliver promised real benefits.” -Stephanie Kelton

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Tyrone

@RelearningEcon

23 days

"Technological progress frequently results in more unemployment rather than in an easing of the burden of work for all." -Albert Einstein

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@RelearningEcon

1 month

"Before we can apply the tools of anthropology to reconstruct the real history of money, we need to understand what's wrong with the conventional account." -David Graeber

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Tyrone

@RelearningEcon

1 year

This guy is claiming economic laws are immutable, laws that have no fundamental constants, and that "we know it better than the laws of physics" that do have fundamental constants. I'm confused, if you make something up and it's easy to understand, this provides insights?

Per Bylund

@PerBylund

1 year

Economic law is immutable. We know it better than the laws of physics and it is just as unyielding.

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Tyrone

@RelearningEcon

2 months

"I sometimes think the general public would know more about economics if the economists did not exist" - Francis Cripps

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Tyrone

@RelearningEcon

1 year

My good friend Steve Keen's Minsky Model is a groundbreaking economic model that incorporates the role of debt and financial instability in the economy. Named after economist Hyman Minsky, this model provides valuable insights into the dynamics of financial crises.🧵 1/10

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@RelearningEcon

2 months

"I believe that economists put decimal points in their forecasts to show they have a sense of humor." -William Gilmore Simms

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Tyrone

@RelearningEcon

11 months

Reducing CO2 emissions by conventional economic means only creates a new set of problems, mainly increased resource extraction. Not accepting that our current material standard of living is not sustainable is humankind's true crisis. Read "The Limits to Growth"

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Tyrone

@RelearningEcon

25 days

If I drew a diamond in that mess of a graph, would you advocate I get a Nobel Prize too😐...

Vincent Geloso

@VincentGeloso

3 months

The man who drew a triangle that revolutionized economics in many ways is now 100 and still hasnt received his Nobel

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Tyrone

@RelearningEcon

26 days

"By what modus operandi does credit restriction attain this result? In no other way than by the deliberate intensification of unemployment." -John Maynard Keynes

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@RelearningEcon

2 months

When the wage level generally rises faster than the price level, what's the problem? 🤷 Nobody wants to go back to that Mises gold bug volatility. Good luck with praxeology, it clearly taught you nothing about how economies work.

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@RelearningEcon

2 months

“Economists, when they seek to be profound, often succeed only in being wrong.” -John Kenneth Galbraith

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@RelearningEcon

2 years

"A fundamental characteristic of our economy is that the financial system swings between robustness and fragility and these swings are an integral part of the process that generates business cycles." Hyman Minsky - 1974 #economics #quote

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Tyrone

@RelearningEcon

2 years

Wynne Godley contributed to the economic stock-flow consistent macro modeling paradigm and was responsible for addressing sectoral balances in an academic manner. This accounting perspective is employed in the #MMT movement. He is by far one of my favorite economists of all time.

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@RelearningEcon

2 months

"If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions." -Winston Churchill

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@RelearningEcon

23 days

"Because of this, Einstein made the mistake that many physicists tend to make—scientism." Basically the article goes on to say Einstein was too scientific to be any good for economics.😐

Mises Institute

@mises

23 days

Einstein's name is synonymous with brilliance, yet his great intelligence did not translate to logical economic thinking. Instead, Einstein embraced socialism, thinking that one could guide an economy like one guides a math equation. | Zhang Shizhi

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@RelearningEcon

23 days

“The farmer and manufacturer can no more live without profit than the labourer without wages.” -David Ricardo

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@RelearningEcon

1 year

Let's try Universal Basic income. Let's try a Job Guarantee. Let's try to offer better Basic Services. Nothing should be off the table when comes to helping your fellow human beings. #BasicIncome

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@RelearningEcon

2 months

Oh... Now it's on... Neoclassical, New Keynesian, Austrian Economists you will be fact checked at every opportunity. Feel free to bring anything to attention 🤣👀

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@RelearningEcon

2 months

And with private sector banks in control, the chief threat in the field becomes financial instability... Cough cough 2008...😐

Elon Musk

@elonmusk

2 months

Hayek nails it again 😂

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@RelearningEcon

2 months

Logic should always be accompanied with a well defined reality that is outside of the human experience. Science has shown us we can do this with well measured empirical data. Anything less than that is either philosophy, art, hyperbole,or Austrian Economics.

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