The IRS already knows what you need to pay in taxes – so why doesn’t it just tell you instead of putting you through a costly and tax-consuming reporting process?
It will surprise few people to hear that tax preparation companies spend a lot of money lobbying Congress to maintain the status quo.
https://theconversation.com/the-irs-already-has-all-your-income-tax-data-so-why-do-americans-still-have-to-file-their-taxes-175777
#News #USPolitics #economics
"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist" -Keynes
(h/t Hamilton Nolan https://www.hamiltonnolan.com/p/stupid-power)
Here’s the thing about the “Invisible Hand”:
Regulators didn’t put microplastics in your water.
The nanny state didn’t lie to you about whether tobacco products caused cancer.
Socialism didn’t decide to take a third of your paycheck for health insurance coverage, and then still do everything in its power to deny your claims for lifesaving care.
Capitalists pursuing their self-interest did all of that, and more.
#Capitalism #economics #AdamSmith
Peter Turchin introduces the concept of the "wealth pump," by which the elites funnel money and resources away from the poor and up to the very top. It's an accurate description of the changes to modern society around the late 1970s and early 80s. Turchin predicts the outcome of this "wealth pump" will be violent revolution if the elites don't voluntarily turn it off on their own.
https://www.motherjones.com/politics/2024/04/peter-turchin-end-times/
Apr 3
@academicchatter
7 min video
Academics know there's something wrong with mainstream economics, yet it's given authoritative influence on climate|economic policy and it continues to monopolize research funding.
Academics need to bring this field to account. Here's a proposal to do just that. It's time to take a hard look at their methods.
Please BOOST this one and share the video. Talk about it with your colleagues.
🧵
Immigrants are not stealing jobs, or mooching off of the government.
Immigrants tend to work in fields with the most unmet demand for workers, and are more likely to have jobs than US-born Americans
https://theconversation.com/immigrants-do-work-that-might-not-otherwise-get-done-bolstering-the-us-economy-222580
#immigration #USpolitics #economics
May 1
Grousing about infrastructure not fit for purpose.
https://youtu.be/kTgogcMi7Yc
@economics-that-works
@academicchatter
May 30
10 min
They say success = results / promises
50 years ago, economists claimed capitalism is the font of freedom and prosperity. They advocated everything be privatized. Universities were one target.
It's time to compare claims made then with today's reality. If you're in academia, you probably know where this is going. I am not gentle with Friedman.
His school is destroying the US
Aug 16
9 min
I love how Business Insider's best idea is to tell people to abandon all hope and run away as the way to avoid the effects of climate change. Brilliant that.
now. where. do. people. go?
@economics-that-works
Jun 28
11 min
Grousing about a profession that can't seem to recognize when moral sentiments are leaking into technical discussion.
But with matters of economy this is actually unavoidable, but it can be dealt with.
These Researchers Study the Legacy of the #Segregation Academies They Grew Up Around
==
Three young academics in #Alabama are examining these mostly white private #schools through the lenses of #economics, #education and #history to better understand the persistent division of schools in the #South.
#News #Race #School #Students #Teachers #CivilRights
https://www.propublica.org/article/alabama-researchers-segregation-academies-school-vouchers
@economics-that-works
#economics #climatechange
Jul 3
State Farm, California's largest home insurance company (20% of the market) is in trouble. Extreme weather forces huge disaster payouts it cannot sustain, but this is true of insurance everywhere.
Insurance is central to property value, investment and lending. No insurance, no credit and no economy.
"You get more conservative when you get older" only really worked for the generations that got RICHER as they got older.
The real truth was always just "You get more selfish the more money you have".
#conservative #conservatives #conservatism #economics #economy #politics
China hit its 2030 renewables target in...2024.
To paraphrase The Economist, Solar PV = sun + sand + human imagination, and all 3 are infinite. This is a revolution, and it's beautiful to watch.
Bloomberg gift link: https://bit.ly/3AyaNMR
@economics-that-works
Aug 24
7 min
Deriving the math of economies of scale isn't the same as understanding how they are achieved.
Sep 9
Private usury and Inflation are a nasty mix. Please tell that to economists, because even the MMT people don't make much of either.
9 min
Apparently Libertarian Marxism is a thing. And I must say Iike it!
#amreading Yanis Varoufakis - Techno Feudalism: What killed capitalism
Everyone should read this book. Especially MAGA. But they won’t, since they have been emotionally programmed to think neoliberalism is capitalism & Marx’s economic theories only apply to communism.
#bookstodon #capitalism #economics #marxism #libertarianism #cloudcapital #technofeudalism #memes #yeschad
