I am listening to #Starky, the #historian, who is trying his level best to defend slavery and #English #Buccaneer #William #Beckford.
William owned some 40,000 acres of #sugar plantation growing land and had thousands of enslaved #workers working on his property in #Jamaica.
No wonder the bad memories survived.
During the 1970s Manley introduced Democratic Socialism in Jamaica which was a reactionary political movement against the injustices committed by the colonialists against the Jamaican People.
Economic historians confuse that with capitalism.
Free Enterprise & Free Market Economy, with Free movement of factors of production across markets, the freedom of choice exercised in terms of either consumption or occupation, and other matters pertinent to production, prices, and distribution are value-fact dichotomy hypotheses
Modern Welfare Economists, twisted Political Economists and stilted Economic Historians often ignore #Axiology in Economic Discourse.
One cannot understand the distinction between the modern-day labour market and the trade of slavery that existed since time immemorial.
Would advise all social science #philosophers and especially economic #historians and #sociologists who have an interest in #economics and #politics to read Hillary #Putnam.
#ValueJudgements are often misunderstood.
How ironic indeed.
Even up to the middle of the 20th century, it was observed in some geographies, that the one who paid the wage was referred to as the Master, and the one who receives it, is technically speaking, the subservient worker.
Only language & paperwork has changed the perception.
If you are living in KSA or other GCC Nations, you are owned by the #Kafeel.
The system is referred to as #Kafalah
That is modern-day slavery
Ask those who have worked in some of these oil-rich sheikdoms
How worker rights are trampled upon
You are literally owned by the sponsor
of course, #Marxism was not & is not a panacea to modern-day work practice exploitative machinations, that are akin to primitive slavery we see in some labour markets across the globe.
Most Caribbean basin nations that adopted Communism further diluted the surplus value of labor
Of course, Grenada, Cuba, and Jamaica all made more or less the same policy mistakes.
Cuba is still playing make-believe.
Wage Planning, Leisure Leave Enforcements, and Employment Permits make a worker turn into a slave, it's NOT the other way around.
Socialists and their philosophical tentacle variants will never learn.
One must study Lionel Robbins, the Economist.
to understand the futility of interpersonal
comparisons.
Wrong policy selections are a form of bad judgements based on a flawed comparison.

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More from @SAH16928046

Aug 24
The LTCM Crisis taught #Quants one thing in common.
Never trust the risk pricing/hedging models blindly.
The Black Scholes option model assumptions and the Value at Risk Metric both failed miserably.
The liquidity assumptions of the #VaR Model provided a false sense of security.
The most worrying thing is that if #LTCM which was a hedge fund managed by two @NobelPrize winners in Economics could not get things right, then what should one expect from humble risk practitioners like myself!?
imagine the amount of risk that is concealed by Black Box Models.
Always backtest and stress test your #risk models.
Not just the mathematical components, but also the semantics, the #hermeneutics, the syntax that is used for coding the automata, and the symbols which are shown on the analytical dashboard.
It is a big #CON industry at work!
Read 9 tweets
Aug 23
Faster economic growth does not make the economy stable and strong.
Whereas, only focussing on the quantity of growth does not imply the quality derived is equally beneficial for the masses
Nordic nations have much smaller economies with slower growth rates compared to India, etc
A prime example of this argument is the Chilean Economy before the military coup d'état of September, 11th of 1973.
The aggregate demand expanded rapidly, and the economy boomed for a year or so under Allende.
Later runaway rate of inflation took all the benefits away.
#shocks
This QE Quantitative Easing we have seen since the GFC has now devastated the Western World.
Inflation rates are at an all-time high since the 1970s.
Reflationery Economics has not helped the West to understand that expectations affect monetary policy more than the central bank
Read 4 tweets
Aug 16
I am for education leading to human capital development, knowledge capital formation, talent management, and skill development, etc.
My views have adjusted slightly.
Most of the countries which have found themselves to be in trouble did include those with high literacy rates.
Look at the Former GDR, now defunct Yugoslavia, USSR, and Somalia.
Other Warsaw Pact Nations provided compulsory education.
Shah's Iran was well educated.
Those states &/or regimes don't exist anymore.
Srilanka which had recently defaulted has an above 90% literacy rate.
Turkey?
Education and investment in human capital are very important, provided the state uses its subjects as means to attain ends.
Unfortunately, only investing in tinpot academic ventures with large educational budgets dolling out overseas scholarships is unproductive & rubbish.
Read 7 tweets
Aug 14
The #Wirecard Scandal once again highlighted the incompetence of external #auditing firms.
That is why firms must invest in setting up proactive Corporate Governance, Risk Management and Compliance desks.
These are very important silos in a company, which must work together.
The best and most sought-after professionals should be working in these areas, especially after the #ENRON and Arthur Anderson Fiasco led to the naming and shaming of the audit and financial reporting professions.
Directors appointed to committees should also be well trained to understand the nature of top financial and operational risks, which can cause potential material hazards and affect the bottom line.
Read 13 tweets
Jul 24
Will data science overcome quantitative finance in terms of employment and salary?
@CQFInstitute @datafitter
Well, I think you are asking a relevant question.
It can be explained using a Social Darwinian Perspective.
First, the Simple answer =>
YES, => Quantitative Finance, will get absorbed into Data Sciences and Machine Learning Areas as a sub-field.
WHY?
Because many subjects develop independently, they get assimilated into the much larger disciplines or subjects which offer more attractive career remuneration, research opportunities, social status, social mobility and scholarly following and readership.
Read 16 tweets
Jul 24
Some of the best universities/ business schools to do a #PhD in #Finance =>
1. @LBS
2. @Wharton
3. @INSEAD
4. @ChicagoBooth
5. @MIT
6. @LSEfinance
7. @BerkeleyMFE (Quantitative Pathway)
8. @StanfordGSB
9. @NYUSternRisk
10. Columbia Business School (Financial Engineering)
This is not an exhaustive list.
I am just sipping coffee and writing this tweet.
There are many other institutions which might be damn good.
@Harvard Business School is the best for Business econs / #DBA.
Other Ivy League universities not aforementioned have superb PhD programs.
@Columbia offers MSc Financial Maths and MBA.
Financial Maths Degree was a conjoint project undertaken by Industrial Engineering and Operations Research Departments (plz check the website now)
Great if you want to do a Quantitative Finance PhD sharing expertise of different depts
Read 6 tweets

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