Today is Wednesday, and I have loaded other things to do on this day, so I write less here. I am also relocating the university office-after working in different locations for about 18 years, I am now back in the Social Sciences Building, where I had an office for the first time when I came to the university from Adelaide. This feels pretty good because it opposes treating economics as a business discipline. But thanks to the agreement I reached with the university in 2007, my research center left the “business school” and went out by myself. Therefore, my office does not have to be with other economists, which makes me very happy. This morning, I read the stupidest article about economics that I think people can read. It comes from an article in the British Guardian (December 14, 2021)- Sunak warns that booster plans cost billions of dollars – The Prime Minister basically cancelled his qualifications. Once we experience the trauma of that kind of news, I promise some great music will end.
The stupidest thing I’ve heard this year
I read a lot of stupid things about currency, government policy, economic theory, etc.
Every day, I am attacked by nonsense as professional knowledge.
But this morning I read the stupidest statement of the year.
Guardian article (December 14, 2021)- Sunak warns that booster plans cost billions of dollars – Tell us that the Chancellor of the Exchequer believes that the UK Ministry of Health’s recommendations on the need for regular booster vaccines are too expensive and need to be offset by cuts and/or tax rates.
He apparently told NHS officials:
These doses will not grow on the tree.
Well, he was right.
They are produced in some laboratories.
Good decision.
However, introducing into the public debate the idea of a currency that the British government cannot afford to issue an additional £5 billion each year to save lives and prevent the health system from overwhelming is a step towards “sound finances.” idiot.
The only “cost” of the vaccine is the actual labor and raw material input involved in the production.
Whether this figure is 5 pounds or 50 billion pounds is not the point.
Those numbers are just entries on a piece of paper.
The real cost can only be measured by actual resources, not the figures in the fiscal account.
If we dig deeper, we will find that vaccine companies, Pfizer, Moderna, etc. are making huge profits from government contracts.
Sunak should say that the British government will only pay the cost of resources for the supply, which will exclude profits.
He should also lobby other developed countries to cancel patents for these vaccines so that they can be distributed free of charge worldwide.
Both Pfizer and Moderna are pushing up profit margins as the government queues up for supplement supplies.
The pandemic is far from over. The only thing we can do between the storm and the complete chaos is government support.
Once the government starts to impose a user-pay mentality on vaccine acquisition, or cuts spending elsewhere to “pay” vaccine costs, we will slip into chaos.
Darth article in The Guardian
Someone asked me why I did not respond to the Das article in the British Guardian.
The article exudes incompetence and falsehood.
For example, any credible modern monetary theory (MMT) economist has advocated UBI.
I suspect he has read Mankiw’s attempt to disparage his attempts to make similar false assertions about MMT and UBI last year.
In any case, I wrote to the editor of the British Guardian (this article is from the Australian office) requesting the right to reply.
They didn’t even reply to my email politely.
That’s why I haven’t responded to this article in any way so far-I’m waiting for them to open the door.
MMTed and edX MMT courses will return in early February 2022
I noticed last week that we might offer edX courses– Modern Monetary Theory: 21st Century Economics – Reappeared at the beginning of 2022.
I can now confirm that this will happen, and the 4-week course will start on Wednesday, February 9, 2022.
I expect to start enrolling students in early 2022.
The course is free and there are no registration restrictions.
The first release had approximately 3,600 participants.
This time we also improved the security to filter out the trolls-last time it caused us a lot of trouble and didn’t plan to learn. What they want to do is to destroy and destroy the educational experience of others.
Once they are open on edX, I will post more registration details.
In other aspects– MMTed News, we have almost completed the production of a short course on currency sovereignty. We originally hoped to provide the course before the end of this year, but now it will be launched in early 2022.
This will be a one-week course (compared to the 4-week edX course) and we may provide it in March to follow up the edX course.
When I get to know them, I will provide more detailed information.
We continue to be very grateful to those who provided financial support for MMTed. Thank you very much for your contribution.
If others want to help so that we can get the materials faster, please email me.
Music – Bobby Womack
This is what I have been listening to at work this morning.
When I was very young, those voices– Bobby Womack – Everywhere, although most people will not associate them with him.
He is the guitar master, songwriter and producer of the soul tradition, and he is the supporting guitarist of Sam Cooke.
Some of his songs are legendary—for example, the first British hit by the Rolling Stones— It’s all over now He wrote it.
He grew up in the abject poverty of a religious family and has played in the family band Womack Brothers since he was 10 years old.
Later (in the mid-1960s) after moving to Memphis, he collaborated with Wilson Pickett and wrote some of the singer’s best songs.
A huge presence-his guitar style is one of the few styles that affects the way R&B and soul guitarists play. I learned a lot by listening to his words and patterns.
This song – I’m in love – Created by him in 1968 and recorded for the first time by Wilson Pickett that year.
This article is written to counter critics who are dissatisfied with Cook’s widow who married Sam Cook shortly after his death.
In 1974, Aretha Franklin (Aretha Franklin) successfully recorded this song.
This version was released on Bobby Womack’s 1969 album “Fly Me to the Moon”, which is one of my favorite albums.
What appeared in the song was– Memphis Boys – Studio performer at the American Sound Studio in Memphis:
1. Bobby Womack-lead singer, guitar.
2. Bobby Emmons –organ.
3. Reggie Young – Guitar.
4. Mike Leech-bass.
5. Bobby Wood-piano.
6. Gene Chrisman – Drums
A wonderful song and some of the sweetest guitar improvisations you can play.
Jimi Hendrix was obviously influenced by Bobby Womack’s performance-all those double stops and six degrees you heard in this song were taken to a new level by Jimi Hendrix.
Enough for today!
(c) Copyright 2021 William Mitchell. all rights reserved.
