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RaymondPierreL3<a href="https://aus.social/@RaymondPierreL3/114528091272059448" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://aus.social/@RaymondPierreL3/114528091272059448</a> Well, well, well, since I tooted this, the source article has been taken down from the imf.org site.Seems <a href="https://aus.social/tags/Deaton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Deaton</a> is in a bit of bother with management then.Does anyone know if the imf.org site has been archived within the last 12 hours or so?<a href="https://aus.social/tags/InternetArchive" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#InternetArchive</a> <a href="https://aus.social/tags/IMF" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#IMF</a> <a href="https://aus.social/tags/angusdeaton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#angusdeaton</a> <a href="https://aus.social/tags/AntiUnionism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#AntiUnionism</a> <a href="https://aus.social/tags/Neoliberalism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Neoliberalism</a> [Edited] It’s back on line folks, for all to read the predictable confession of an neoliberal economist

Crypto NewsSEC crypto ‘overreach’ cost small investors $15B: John Deaton - According to a popular pro-crypto attorney and Senate candidate, the SEC... - <a href="https://cointelegraph.com/news/sec-crypto-overreach-investors-15b-deaton" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://cointelegraph.com/news/sec-crypto-overreach-investors-15b-deaton</a> <a href="https://schleuss.online/tags/securitiesandexchangecommission" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#securitiesandexchangecommission</a> <a href="https://schleuss.online/tags/cryptoregulation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#cryptoregulation</a> <a href="https://schleuss.online/tags/cryptooverreach" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#cryptooverreach</a> <a href="https://schleuss.online/tags/cryptoinvestors" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#cryptoinvestors</a> <a href="https://schleuss.online/tags/johndeaton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#johndeaton</a> <a href="https://schleuss.online/tags/deaton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#deaton</a> <a href="https://schleuss.online/tags/sec" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#sec</a>

Chuck Darwin<a href="https://mstdn.ca/@teledyn" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@teledyn</a> <a href="https://social.coop/@smallcircles" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@smallcircles</a> Thank you 🙏🏻 This link lays <a href="https://c.im/tags/Angus" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Angus</a> <a href="https://c.im/tags/Deaton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Deaton</a>'s epiphanies so clearly

Chuck DarwinNobel Laureate economist <a href="https://c.im/tags/Angus" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Angus</a> <a href="https://c.im/tags/Deaton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Deaton</a> has delivered a ferocious rebuke to his own profession, saying economists have failed to understand that ⭐️capitalism is about power.⭐️Deaton lobs a series of truth bombs at his own profession, the result, he says, of “changing my mind, a discomfiting process for someone who has been a practising economist for more than half a century”. These include:🔸“We have largely stopped thinking about <a href="https://c.im/tags/ethics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#ethics</a> and about what constitutes human <a href="https://c.im/tags/well" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#well</a>-<a href="https://c.im/tags/being" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#being</a>”.🔸If “economists should focus on efficiency and leave equity to others, to politicians or administrators… 🔹the others regularly fail to materialise🔹, so that when efficiency comes with upward redistribution — frequently though not inevitably — our recommendations become little more than a <a href="https://c.im/tags/license" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#license</a> for <a href="https://c.im/tags/plunder" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#plunder</a>”.🔸“<a href="https://c.im/tags/Historians" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Historians</a>, who understand about contingency and about multiple and multidirectional causality, often do a better job than economists of identifying important mechanisms…”🔸Far from being “a nuisance that interfered with economic (and often personal) efficiency”, <a href="https://c.im/tags/unions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#unions</a> “once raised wages for members and nonmembers, they were an important part of social capital in many places, and they brought political power to working people in the workplace and in local, state, and federal governments. 🔸Their decline is contributing to the falling wage share, to the widening <a href="https://c.im/tags/gap" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#gap</a> between executives and workers, to community <a href="https://c.im/tags/destruction" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#destruction</a>, and to rising <a href="https://c.im/tags/populism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#populism</a>.”🔸“I am much more sceptical of the benefits of free trade to American workers and am even sceptical of the claim, which I and others have made in the past, that globalisation was responsible for the vast reduction in global poverty over the past 30 years”.🔸Immigration contributes to inequality.But Deaton’s main point is a recognition of how <a href="https://c.im/tags/power" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#power</a> distorts <a href="https://c.im/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#policy</a>: “Our emphasis on the virtues of free, competitive markets and exogenous technical change can distract us from the importance of power in setting prices and wages, in choosing the direction of technical change, and in influencing politics to change the rules of the game.”<a href="https://www.crikey.com.au/2024/03/12/nobel-laureate-economist-angus-deaton-capitalism-power/" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://www.crikey.com.au/2024/03/12/nobel-laureate-economist-angus-deaton-capitalism-power/</a>

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