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My latest Medium column is "Plato Would Ban Ad-Blockers: He was a dick."
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Inflation has many complex causes and dynamics, but this much should be obvious: when prices go up, and the *profits* go up, the price rise - the "inflation" is in part the result of greed - it's greedflation.
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Orthodox economists insist that greedflation is impossible. Sure, companies would *prefer* to jack up prices, but if they do, other companies would rush inn to sell more cheaply.
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You guys, I don't want to bum you out or anything, but I think there's a good chance than some self-described capitalists *aren't really into capitalism*.
Sorry.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
I get a special pleasure from citing Milton Friedman. I like to imagine that as I do, he groans around the red-hot spit protruding from his jaws, prompting howls of laughter from the demons who pelt him with molten faeces for all eternity.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
If you're lucky enough not to know about Friedman, here's the short version. Friedman was a kind of court sorcerer to Reagan, Margaret Thatcher, Augusto Pinochet, and other assorted authoritarian, hard-right leaders who set us on the path to the hellscape we inhabit today.
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The commercial surveillance industry is almost totally unregulated. Data brokers, ad-tech, and everyone in between - they harvest, store, analyze, sell and rent every intimate, sensitive, potentially compromising fact about your life.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
Late last year, I testified at a Consumer Finance Protection Bureau hearing about a proposed new rule to kill off data brokers, who are the lynchpin of the industry:
In 2013, Thomas Piketty had an unexpected bestseller (a 750 page economics book translated from French!) *Capital in the 21st Century*.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
Theory-free inference is a hell of a drug. For years, Big Data advocates - the larval form of today's AI weirdos - have insisted that if you have enough data, you can infer causal relationships between complex phenomena without ever having to understand how x causes y.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog: