Regarding the GBP being a potential Canary in the Coal Mine Tim.
http://letthemconfectsweeterlies.blogspot.se/2017/10/inside-new-economic-science-of.html
Energy Metrics EROI etc should be defined and used consistently across all analysis. GDP, Currency Exchange Rates, Un-Employment Figures, Deficit and Debt FIgures, Productivity FIgures, Market Forecasts/Indexes. All of these measures have suffered from the Neo-Liberal Curse of Procrustian Massage by Machete where necessary. The Truth is a Stranger in modern economics, Punditry and Polling. QE put the final nail in the coffin for me of any notion that the Invisible hand had survived the Attentions of Neo-Liberal Procrustean tendencies.
We must make our own Bed based upon verifiable and transparent measures and leave the Educated Guessing games based upon appeals to Authority and the Market Gods behind us and insist upon Honest Book Keeping.
Energy Economics gives us the opportunity to have an honest Stock Taking and define our terms regarding Utilities of Need and Wants, Rights and Privileges.
I am not a big fan of Jeremy Bentham but two of his Insights gleaned from reading Him are these. First His notion of utility measured in Hedons and Dolors
https://en.wikipedia.org/wiki/Felicific_calculus#Hedons_and_dolors
The units of measurements used in the felicific calculus may be termed hedons and dolors.[2] They may be regarded as similar to the utilitarian posends and negends.
We must make our own Bed based upon verifiable and transparent measures and leave the Educated Guessing games based upon appeals to Authority and the Market Gods behind us and insist upon Honest Book Keeping.
Energy Economics gives us the opportunity to have an honest Stock Taking and define our terms regarding Utilities of Need and Wants, Rights and Privileges.
I am not a big fan of Jeremy Bentham but two of his Insights gleaned from reading Him are these. First His notion of utility measured in Hedons and Dolors
https://en.wikipedia.org/wiki/Felicific_calculus#Hedons_and_dolors
The units of measurements used in the felicific calculus may be termed hedons and dolors.[2] They may be regarded as similar to the utilitarian posends and negends.
Bentham also pointed out that Self Evident Truths still require Evidence to be produced.
“They are about “to assume,” as they tell us, “among the powers of the earth, that equal and separate ( 120 ) station to which” — they have lately discovered — “the laws of Nature, and of Nature’s God entitle them.” What difference these acute legislators suppose between the laws of Nature and of Nature’s God, is more than I can take upon me to determine, or even to guess. If to what they now demand they were entitled by any law of God, they had only to produce that law, and all controversy was at an end. Instead of this, what do they produce? What they call sell-evident truths. “All men,” they tell us, “are created equal.” This rarity is a new discovery; now, for the first time, we learn, that a child, at the moment of his birth, has the same quantity of natural power as the parent, the same quantity of political power as the magistrate”.
https://persistentenlightenment.com/…/details/cihm_20519
“They are about “to assume,” as they tell us, “among the powers of the earth, that equal and separate ( 120 ) station to which” — they have lately discovered — “the laws of Nature, and of Nature’s God entitle them.” What difference these acute legislators suppose between the laws of Nature and of Nature’s God, is more than I can take upon me to determine, or even to guess. If to what they now demand they were entitled by any law of God, they had only to produce that law, and all controversy was at an end. Instead of this, what do they produce? What they call sell-evident truths. “All men,” they tell us, “are created equal.” This rarity is a new discovery; now, for the first time, we learn, that a child, at the moment of his birth, has the same quantity of natural power as the parent, the same quantity of political power as the magistrate”.
https://persistentenlightenment.com/…/details/cihm_20519
The Mistakes in Political Economy of the past 20 years ( I would Argue Since Denis Healey was Callaghan’s Chancellor (In office
5 March 1974 – 4 May 1979) Applying the Doctrine of There is no Alternative. ( TINA)
Energy-Based Economics should define its own boundary limits and assumptions from tested first principles and where evidence rejects existing sacred cow dogmas they should be retired and new evidence-based measures and objectives designed to replace them. In Neo Liberal, Political Correctness and Cultural Marxist tribes Evidence is not necessary or encouraged as Professor Bruce Charlton says. Professor Bruce Charlton´s Thought prison of PC is an excellent filter through which to sieve the meaning of the establishment´s words to discern their meaning and importantly in their confusion, their emotion.
´´The moral universe of PC subsists on two distinct realities – good causes and good intentions, but never the twain can stay stuck-together.
(Note the lack of reference to good outcomes. Being wholly abstract, PC is indifferent to outcomes. ‘Outcomes’ are regarded as having no autonomous reality, but are merely seen as part of abstract theory.)´´http://thoughtprison-pc.blogspot.se/
http://letthemconfectsweeterlies.blogspot.se/2017/03/catch-up-democracypc-is-indifferent-to.html
5 March 1974 – 4 May 1979) Applying the Doctrine of There is no Alternative. ( TINA)
Energy-Based Economics should define its own boundary limits and assumptions from tested first principles and where evidence rejects existing sacred cow dogmas they should be retired and new evidence-based measures and objectives designed to replace them. In Neo Liberal, Political Correctness and Cultural Marxist tribes Evidence is not necessary or encouraged as Professor Bruce Charlton says. Professor Bruce Charlton´s Thought prison of PC is an excellent filter through which to sieve the meaning of the establishment´s words to discern their meaning and importantly in their confusion, their emotion.
´´The moral universe of PC subsists on two distinct realities – good causes and good intentions, but never the twain can stay stuck-together.
(Note the lack of reference to good outcomes. Being wholly abstract, PC is indifferent to outcomes. ‘Outcomes’ are regarded as having no autonomous reality, but are merely seen as part of abstract theory.)´´http://thoughtprison-pc.blogspot.se/
http://letthemconfectsweeterlies.blogspot.se/2017/03/catch-up-democracypc-is-indifferent-to.html
Ruskin’s Criticism of Shallow and self-serving procrustean analysis is well summed up by this quote from Unto this Last.Unto this Last 1860, Critique of Classical Political Economy.
Pardon me. Men of business do indeed know how they themselves
made their money, or how, on occasion, they lost it. Playing a
long-practised game, they are familiar with the chances of its
cards, and can rightly explain their losses and gains. But they
neither know who keeps the bank of the gambling-house, nor what
other games may be played with the same cards, nor what other
losses and gains, far away among the dark streets, are
essentially, though invisibly, dependent on theirs in the lighted
rooms. They have learned a few, and only a few, of the laws of
mercantile economy; but not one of those of political economy.
made their money, or how, on occasion, they lost it. Playing a
long-practised game, they are familiar with the chances of its
cards, and can rightly explain their losses and gains. But they
neither know who keeps the bank of the gambling-house, nor what
other games may be played with the same cards, nor what other
losses and gains, far away among the dark streets, are
essentially, though invisibly, dependent on theirs in the lighted
rooms. They have learned a few, and only a few, of the laws of
mercantile economy; but not one of those of political economy.
Bernard Leitaers TERRA Currency based upon a Basket of commodities is quite interesting as a starting point as to how one would sensibly base a currency on fundamental outputs and inputs.
http://www.lietaer.com/2010/01/terra/
The Terra is a global complementary currency designed to provide an inflation-resistant international standard of value; to stabilize the business cycle on a global level; and to realign stockholder’s interests with long-term sustainability. From a legal viewpoint, the Terra is standardized “countertrade” (international barter), which is routinely used for over one trillion dollars worth of transactions per year. Legislation on countertrade exists in about two hundred countries, including all the major trading nations. Introducing the Terra would therefore not require new international governmental agreements.
http://www.lietaer.com/2010/01/terra/
The Terra is a global complementary currency designed to provide an inflation-resistant international standard of value; to stabilize the business cycle on a global level; and to realign stockholder’s interests with long-term sustainability. From a legal viewpoint, the Terra is standardized “countertrade” (international barter), which is routinely used for over one trillion dollars worth of transactions per year. Legislation on countertrade exists in about two hundred countries, including all the major trading nations. Introducing the Terra would therefore not require new international governmental agreements.
I also read the linked Nassim Ahmed Article which I found very interesting. It was very much a DIagnosis with no Palliative let alone Cure broached as possible resolutions. Ahmed does live in the Strong Faith in AGW narratives and a Dystopian, Misanthropic mindset is not conducive to an embracing of problems.
http://letthemconfectsweeterlies.blogspot.se/2017/10/inside-new-economic-science-of.html
The Idea of Elitism and Pre-destination or Determinism is very strong in much of what passes for Objective Socio/Economic theory these days.
http://letthemconfectsweeterlies.blogspot.se/2017/04/timonism-calvanist-strain-in-neo.html
http://letthemconfectsweeterlies.blogspot.se/2017/10/inside-new-economic-science-of.html
The Idea of Elitism and Pre-destination or Determinism is very strong in much of what passes for Objective Socio/Economic theory these days.
http://letthemconfectsweeterlies.blogspot.se/2017/04/timonism-calvanist-strain-in-neo.html
This Etching for me sums up the dividing line of Cynisim and Misanthropy.
“The many allusions to dogs in Shakespeare’s Timon of Athens are references to the school of Cynicism that could be interpreted as suggesting a parallel between the misanthropic hermit, Timon, and Diogenes; but Shakespeare would have had access to Michel de Montaigne’s essay, “Of Democritus and Heraclitus”, which emphasised their differences: Timon actively wishes men ill and shuns them as dangerous, whereas Diogenes esteems them so little that contact with them could not disturb him[69] “Timonism” is in fact often contrasted with “Cynicism”: “Cynics saw what people could be and were angered by what they had become; Timonists felt humans were hopelessly stupid & uncaring by nature and so saw no hope for change.”[70]
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