tsuomela + inflation   16

Medialogies: Reading Reality in the Age of Inflationary Media (Political Theory and Contemporary Philosophy) David R. Castillo: Bloomsbury Academic
"We are living in a time of inflationary media. While technological change has periodically altered and advanced the ways humans process and transmit knowledge, for the last 100 years the media with which we produce, transmit, and record ideas have multiplied in kind, speed, and power. Saturation in media is provoking a crisis in how we perceive and understand reality. Media become inflationary when the scope of their representation of the world outgrows the confines of their culture's prior grasp of reality. We call the resulting concept of reality that emerges the culture's medialogy. Medialogies offers a highly innovative approach to the contemporary construction of reality in cultural, political, and economic domains. Castillo and Egginton, both luminary scholars, combine a very accessible style with profound theoretical analysis, relying not only on works of philosophy and political theory but also on novels, Hollywood films, and mass media phenomena. The book invites us to reconsider the way reality is constructed, and how truth, sovereignty, agency, and authority are understood from the everyday, philosophical, and political points of view. A powerful analysis of actuality, with its roots in early modernity, this work is crucial to understanding reality in the information age."
book  publisher  media  media-studies  communication  inflation 
november 2016 by tsuomela
A bit more on hedonic adjustments | Ian Welsh
"And that bit about an Ipad2 being twice as powerful, as if that means it has twice as much utility, is why hedonics are complete bullshit. I have a computer today that is so much faster than the computer I had 10 years ago that that computer is a snail in comparison. What do I do with it? Write, go on the internet, play games, use spreadsheets, basically. At none of those things is it all that much better than my computer in 2001. The graphics in my games are a lot better, but they aren’t better games because of it (Deus Ex is better than anything I’ve played this year, and it was published in the late 90s.) My word processing software is not enough better that I notice, the spreadsheet is essentially identical, the browser is certainly better, but not that much better. This computer just does not have that much more utility than my old one."
economics  inflation  hedonism  statistics  growth 
april 2011 by tsuomela
The Stigmatization of the Unemployed « naked capitalism
"I’d argue that the roots lie in a fundamental change in policy that took place around 1980. The lesson that economists drew from the stagflation of the 1970s was that labor had too much bargaining power. The excessive fiscal stimulus of the later 1960s and the oil price shocks of the 1970s had been amplified by the fact that workers had enough clout to demand and get wage increases when they faces sustained price increases. That of course led to more price increases since higher wages led to higher production costs which led business owners to increase prices of their goods and servicer, thus accelerating the inflation already under way.

The solution, per neoclassical economists, was to use unemployment to keep wage demands in check. Thus having a lower level of employment even in good times and taking other measures, like weakening unions, was key to keeping those pesky workers from ever serving to create a reinforcing inflationary dynamic."
economics  unemployment  inflation  the-fed  policy  politics  unions  wages 
march 2011 by tsuomela
interfluidity » Using multiple price indexes to measure changes in inequality is not a good idea
It is basically a bad idea to try to measure “real income inequality” with price indices, because the consumption-related welfare of the poor is so much more sensitive to changes in income than that of the rich. Variations in consumption or spending that generate small changes in quality of life among the wealthy generate large variations in nutrition, health, education, and shelter among the poor. If you think consumption inequality is all that matters, you should just not pay any attention to what’s going o
income  income-distribution  econometrics  economics  inflation  politics 
october 2010 by tsuomela
interfluidity » The stickiest price
Among the stickiest prices, of course, is the wage rate. In practice, from the mid 1980s right up through 2008, the one thing modern central bankers absolutely positively refused to tolerate was “inflation” of wages. God forbid there be an upcreep in unit labor costs, implying that a shift in the income share away from capital and towards workers. Central banks jack up interest rates right away, because what if the change in relative prices is a mistake? We wouldn’t want that to stick, oh no no no no no. But when the capital’s share of income shifted skyward while deunionization and globalization sapped worker bargaining power? Well, we learned the meaning of an asymmetric policy response.
federal-reserve  banking  interest-rates  wages  monetary-policy  jobs  inflation 
july 2010 by tsuomela
Interfluidity :: Asset inflation, price inflation, and the great moderation
So what's the problem? First, in exchange for apparent stability, the central-bank-backstopped "great moderation" has rendered asset prices unreliable as guides to real investment. I think the United States has made terrible aggregate investment decisions over the last 30 years, and will continue to do so as long as a "ride the bubble then hide in banks" strategy pays off. Under the moderation dynamic, resource allocation is managed alternately by compromised capital markets and fiscal stimulators, neither of which make remotely good choices. Second, by relying on credit rather than wages to fund middle-class consumption, the moderation dynamic causes great harm in the form of stress from unwanted financial risk, loss of freedom to pursue nonremunerative activities, and unnecessary catastrophes for isolated families. Finally, maintaining the dynamic requires active use of policy instruments to sustain an inequitable distribution of wealth and income in a manner that I view as unjust.
economics  asset-prices  inflation  inequality  policy  banking  income-distribution 
october 2009 by tsuomela
Recovery and the fear of inflation : The New Yorker
In a way, there’s something profoundly puritanical, in the original sense of that word, about the inflation hawks: we are always on the verge of sinning, always about to succumb to our worst impulses. Even the rhetoric of inflation—the “debasement” of the currency—carries a moralistic tinge.
economics  inflation  recession  morality  language  rhetoric  money 
september 2009 by tsuomela
European Tribune - Community, Politics
Increasingly cheap money, underpinned by ever more optimistic prognoses about inflation and, more generally, future returns on financial assets, has fuelled the massive financial boom we've been in for most of our lives and which has so transformed our ec
economics  inflation  future 
june 2008 by tsuomela

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