Tuesday, May 2, 2023

Retraction: Incorrect Statement of Inflation

I autism'd the math on millennial inflation. 

I incorrectly asserted the following: "Any time production should cause deflation, it also increases velocity, cancelling the deflation with inflation, and wheat prices remain the same."

When I re-ran the numbers, they did not bear this out. Reality contradicted my theory. I did not think in straight lines. One of my trains jumped a track. Oops.

2 comments:

  1. check this out from Scott Locklin if you haven't seen it https://basicattentiontoken.org/static-assets/documents/token-econ.pdf

    ReplyDelete
  2. >" This doesn’t increase the value of the SEASHYLL token, despite the Fisher equation of exchange; it simply creates an artificial lack of useful money"

    False.

    First, what actually happens is that the islanders refuse to use SEASHYLL.

    Second, assuming they're somehow brainwashed by idiot economists* into using it, then they will bundle their transactions and nobody will starve to death.

    *(This idiot economist has to beat up on even more idiotic economists, in the hope that you get distracted by the delta and don't notice the absolute value.)

    ReplyDelete

New failcomment system also fails to publish my comments, it's not limited to yours. Keep trying, it will usually work, eventually.
Blogger deliberately trying to kill itself, I expect.
Captchas should be off. If it gives you one anyway, it's against my explicit instructions.