Business expansion results in higher profit and thus more money being taken out of the economy. The other problem is that the profit may not actually be used for expansion at all but just to increase ownership of existing assets (share buybacks come to mind) resulting in more profit going to less people with a corresponding increase in money taken out of the economy.
Of course, the business expansion may fail in which case there would be less profit for a time and thus less money taken out of the economy.
That's overly simplex of course but is accurate enough to give a general feel for how profit maximising brings about the collapse of an economy.
Perhaps I should have said out of circulation rather than out of the economy because money sitting in a bank account is not in circulation even if it is, technically, still in the economy.
What you mean, I think, is that money is removed from the business sector and handed over to consumers. But even wages do that.
I don't think profits sit in the bank. Rather they are either paid as dividends to shareholders or invested in further production. And, yes, companies sometimes buy back there own shares, but then money is paid to the original owners of those shares. This not to say of course that share buybacks are a good thing.
What you mean, I think, is that money is removed from the business sector and handed over to consumers.
No, that's not what I mean. If that money was handed over to consumers the economy would be better off as the money would keep circulating.
I don't think profits sit in the bank. Rather they are either paid as dividends to shareholders or invested in further production.
Dividends paid to shareholders are still profits. What happens after is the issue. Sitting in the bank doing nothing, spent to increase productive capacity (this here can also be a misallocation) or spent consumptively.
The first is the problem and the second can add to the second.
And, yes, companies sometimes buy back there own shares, but then money is paid to the original owners of those shares.
Which is most likely to be used either to buy shares or sit in the bank. It's unlikely to be used to increase productive capacity or consumption.
This not to say of course that share buybacks are a good thing.
If that money was handed over to consumers the economy would be better off as the money would keep circulating.
Shareholders are consumers. But you seem to be suggesting that dividends not needed for consumption should be kept under a mattress for safekeeping.
Dividends paid to shareholders are still profits. What happens after is the issue. Sitting in the bank doing nothing, spent to increase productive capacity (this here can also be a misallocation) or spent consumption.
What happens afterwards is of course the point. Dividends can be spent on consumption or saved. But there are limits to what one can consume.
Which is most likely to be used either to buy shares or sit in the bank. It's unlikely to be used to increase productive capacity or consumption.
This of course is true of any type of remuneration, including wages and salaries.
Letting someone else use one's savings or capital isn't a functionless activity.
Yes it is as it provides nothing
You don't actually let anyone else use your savings. Instead the bank creates new money for the 'loan' and doesn't actually loan out the money in savings accounts and thus we get back to 1.
But there are limits to what one can consume.
Yes and so any remuneration above that is, effectively, a dead-weight loss as the money will no longer circulate in the economy.
Lending someone else your capital is not directly productive, but it enables productive investment. What is the difference, where the economy is concerned, between using your savings for productive purposes and letting someone else use them for the same purpose.
I agree that banks should not create money from nothing. But we were not discussing what banks do, but what people do with their savings. If savings are invested productively (and if people cannot do this themselves, in our economy they usually hand their savings over to an institution for investment) then they are not a dead weight on the economy.
Lending someone else your capital is not directly productive, but it enables productive investment.
That's the theory. The question is if that theory holds true in light of the fact that it is spending that drives the economy and not savings.
Part of the answer lies in the fact that the Gold Standard (or similar commodity currency) was in effect at the time that the above was postulated and there was a finite amount of money available and thus there actually was a need for savings to be loaned out for productive purposes. But even under the Gold Standard it is still spending that drives the economy. Without spending there is no income.
That's one problem but the other is that, because the gold accumulated in fewer and fewer hands through savings and then returns on investment of those savings, the amount of money in circulation decreases over time until there isn't enough to maintain sales resulting in a recession and then a depression. Its well known that under the Gold Standard recessions happened more often and lasted longer.
Now we have a full Fiat Currency where money can be made, as needed, at the press of a button. This removes the need for savings and even shares.
A business needs money to expand? Then all they really should be doing is going down to the State Bank and applying. If their business plan meets the criteria then the money is created and handed over for the business to spend. Technically, this is what happens but the private banks are used as an intermediary between the State Bank and the people taking out the loan (banks creating money out of nothing) and under the wrong assumptions (that they need savings first and that they need to pay interest).
So, now we're back to the Paradox of Thrift but there's not even the aspect of savings being used for productive purposes that would bring those savings back into circulation. In other words, savings are simply removed from circulation and are thus a decrease in spending/income.
A large part of the problem is that economics is still thought of as if we're still using the Gold Standard which hasn't been true since the last Gold Standard currency became a fiat currency in 1971 and it did that so that it could spend as needed without crashing the economy.
Today, the only purpose of having an income is to spend it but that only applies to people and businesses. Governments which maintain a sovereign currency don't need an income to be able to spend.
Don't even need to save for retirement as the government pension should be enough to live comfortably on and even have an overseas holiday every year.
But we were not discussing what banks do, but what people do with their savings.
Actually, we are as we're talking about the movement of currency through the system and how money removed from circulation (savings) crashes the economy but can be balanced through the creation of more money to maintain spending.
A fiat currency, done well, can remove the so called Business Cycle as spending will be maintained even if businesses collapse and do it without excessive inflation. But to be done well it needs to be recognised that we no longer need savings to fund productive investment.
It is spending that drives the economy and not savings.
I can’t disagree with that, but spending can be on either consumption goods or investment goods . Savings are normally spent on the latter, usually with various institutions acting as go-betweens.
The problem with the gold standard was that if a country ran into balance of payments difficulties it would lose gold, which would necessitate shrinking its money supply, and bring about a depression. This would not necessarily be a bad thing were it not for the fact that those difficulties are often not due to the monetary system so much as the often preditory trade policies of other countries. Much the same applies to floating currencies except that they run up debt instead of losing gold.
Now we have a full Fiat Currency where money can be made, as needed, at the press of a button. This removes the need for savings and even shares.
Most businesses try to maintain a balance between equity capital and borrowed capital. Running a business entirely on borrowed money is considered dangerous since loans have to be repaid, with interest, even when times are tough and revenues down. Of course a state bank, in the interests of stability, doesn’t need to foreclose on business loans, but I don’t think a state can afford too much forbearance: it is better to have shareholders to shoulder some of any losses.
It has been suggested that productivity increases, with the money supply remaining static, should lead to a lowering of prices with incomes remaining the same. That would be nice, but deflation tends to lead to depression. Or does it?
The problem with the gold standard was that if a country ran into balance of payments difficulties it would lose gold, which would necessitate shrinking its money supply, and bring about a depression.
Well, that's another problem with the Gold Standard. But even without international trade and predatory trade practices of foreign nations the accumulation of gold into fewer and fewer hands would curtail the spending needed to maintain the economy. Its a problem inherent to having a finite amount of money.
Of course a state bank, in the interests of stability, doesn’t need to foreclose on business loans, but I don’t think a state can afford too much forbearance: it is better to have shareholders to shoulder some of any losses.
A state bank, with access to the ability to create money on demand, doesn't need to charge interest either. If you were a business would you pay interest when you can get a loan without?
Fiat currency eliminates the need for savings, shares and interest charges. Any savings will go down in value at the rate of inflation.
And no business should have an unlimited credit flow from government but we still don't need shareholders. If a business, after a reasonable time, can't support itself from sales then it should get closed down.
And even if a business collapses their are still gains made. Experience for the people directly involved, learning from what went wrong and what went right that can be spread throughout society and even new plant that could be utilised. There's no real loss.
The government maintains stability not through supporting business but through maintaining people's ability to spend. Unemployment benefits, UBI, guaranteed jobs or a combination of them. The ability of the people to spend is what maintains business.
That would be nice, but deflation tends to lead to depression.
Deflation leads to business income being less than outgoings especially if the deflation is very steep. The business buys/produces something to sell with costs of $100 but can only sell for $90 we have a paper loss of $10.
But if that $90 can cover the costs of the next item sold then its still a viable business.
I don't really believe that government, for reasons more to do with logistics than principle, can shoulder the burden of financing the entire economy. Some of the financing has to come from the private sector, either in the form of equity financing or borrowing.
I don't really believe that government, for reasons more to do with logistics than principle, can shoulder the burden of financing the entire economy.
Considering that the private surplus is provided by the government deficit then the only possible conclusion is that the government is already financing the entire economy.
The logistics are presently provided by private intermediariessuch as banks. This could be achieved just as well through other means such as direct democracy. After all, why shouldn't the people have a say in how their resources are used?
Some of the financing has to come from the private sector, either in the form of equity financing or borrowing.
No, it actually doesn't and I believe that it would be better for society if it didn't.
I think "every cent" of profit should be paid to shareholders as dividends. If a company wishes to retain earnings then all or part of its dividends should consist of new shares.
One of the problems with the way companies are structured at present is that companies retain earnings. This means that the (book) values of companies increase without a corresponding increase in the number of shares on issue. This means that share values must increase. This may well be why we have stock market bubbles.
mikesh Your reckons might be good but DTB has been putting in the hard yards looking at the economy and politics for decades. How long have you been looking hard at it?
New ideas let’s have them but refer to something will you.Economic textbook?
I hope that is sarcasm, because Mikesh is clearly correct. Company profits are not a drain on income. They do tend to go to people who save more of their income (and saving is a drain), but saving can also occur from salary payments.
They do tend to go to people who save more of their income (and saving is a drain), but saving can also occur from salary payments.
Yeah, and I've also said that we're paid too much although, at the time, that was more to do with how much waste well off countries tend to generate through simply throwing good stuff away. Excessive income results in people having less respect for the resources used. Individually, overpaid people can afford the waste but the country can't hence why we needed shower-head and light bulb regulation.
Back to profits and the same thing applies to high wages/salary with excess going into savings that results in less money in circulation and thus a slowing down of the economy. Throw in interest on those savings and the slow down is exponential.
Continuing reading the book and she gives this example:
Profits, themselves, are a fiscal surplus which can only be negated if those profits are fully spent.
There's a graph around (that I linked to years ago) showing government deficits mirroring private surpluses. In other words, to have a private profit requires that there be a government deficit.
There's a graph around (that I linked to years ago) showing government deficits mirroring private surpluses. In other words, to have a private profit requires that there be a government deficit.
Private savings require a government deficit. Any income may be saved, not just profits.
Company profits are not a drain on income. They can be. I don't know if your statement is an economic rule, but it isn't verity. If a company is a monopoly or part of a cartel it can manipulate the market, and make a 'killing' from consumers having to pay excessive prices beyond the actual cost of production etc.
Housing at present is dominated by a cartel isn't it?
According to research carried out by Steve Keen monopolies work the same as competitive companies. Other research shows that competitive companies manipulate the market using tools such as advertising.
And, of course, the whole point of having competitive companies is to decrease profit.
There is a different approach which comes from the felt affects on particular financial classes of whatever economic precepts you are quoting. And that is what matters in the final analysis.
Making her way down the affluent suburb’s main stretch from the Seed Heritage store toward the Ponsonby Central eatery, Collins was greeted by smiling people speaking praise for Collins and National and congratulating her on last night’s debate.
It later transpired many of them had been installed there for the cameras. National’s Auckland Central candidate Emma Mellow admitted as much when asked by media. “I’ve got a lot of supporters here in Auckland Central and they wanted the opportunity to meet Judith so I invited them along”, she said.
Collins brushed away questions about why the party had invited so-called “locals” down to meet her, saying the lack of real people was evidence of a lack of foot traffic in Ponsonby, caused by economic downturn.
Come on, Ponsonby road is always full of pedestrians. Anyone noticed it being deserted due to recession?
The New Zealand Initiative is a pro-free-market public-policy think tank and business membership organisation in New Zealand. It was formed in 2012 by merger of the New Zealand Business Roundtable and the New Zealand Institute.
So with that in mind this clever unbiased group are attacking child centred learning. And then get a secondary Principal to comment. Idiots. Children who are involved in setting parameters of study learn all those self control, goal setting, credibility judgements, and self evaluative skills that are transferable across life. and the depth in that learning can be outstanding.
The interference from this lot is the sort of thing that lead to National Standards!
So, given that child-centred learning is far better for both the children and society in general than the old rote learning we have to ask what they actually want to achieve.
To be perfectly honest, only a total prude would support the current situation.
It's all about drug use being a 'sin' and in the traditional Calvinist spirit, 'sinners' need to be punished with the full force of the law, and made to pay penance.
Bennett, Garner, Collins and all the rest are nothing more than prudes, which want to use the law to impose their puritan agenda, and turn us all into pure modest church goers.
Next along the line it will be who you can and can't date/sleep with, and what you can and cannot wear.
They should have learnt back years ago when they were defeated on prohibition.
Disclaimer: I have never used pot, and dont intend of using it in the future, legal or not. I just dont think anyone has a moral right to stop others from (responsibly) using pot.
I'm not a prude nor feel I need a recreational toke. On one hand I want weed decriminalised on the other hand I am bloody sick of living with a dope smoker.
Interesting that the police position seems to be that everything should be black or white, rule defined, and avoid anything that may be grey. Funny how the Noes are ignoring the wild west running now. (And I never have smoked it nor intend to. But the National and ACT who are freedom of choice and the rights of the individual ,surely they would vote YES?)
I've never used the stuff either. Can't see it as stuff to take a moral stand over either.
I do know that we have spent lots of dollars over the years on the negative outcomes of police, corrections etc. etc and with no other result. If it's seriously bad for us I'm sure the Health department will nag us into submission pronto.
When you work frequently with different individuals who are not just "a few times a week mellowing out" and who in the main are living in relationships or in family circumstances, there are impacts on a significant number of others. The affects of habitual use like any addictions causes harm in varying ways and to different degrees in families.
There are not simple answers for these families like kick them out, potty training or go to the garage. Nor is age and stating a potency max as words in law particularly harm reducing or laws that are going to be abided by let alone enforced.
What has not been addressed in law changing is the leading factors that may underpin use and dependency other than medicinal for health or making an illicit buck. Or simplifying that it's better than something else as a sufficient reason to mitigate harm.
At the other end, are there adequate social harm resources as responses, mental health workers for one as support for users who have greater propensity for depression and or ideation of suicide, or adequate resources addressing the suffering of trauma underlying use. Literature also points to more $$ resourcing iyoung person's health education regardless of legislating.
Unanswered responses in new law- With adults free choice, is it okay for an unborn child to have cannabis when pregnant? What's the long term consequence for cognitive ability as one perspective? How is parental responsible use guaranteed with children not being momentarily safeguarded while mellowed out? For one child just a few months back they hung to death in their cot after a horrible struggle went unheard while parent was zoned out. Right now, another 12 year old needing a new home because grandparent can't be fucked. As soon as the child was in a relative's home for the holidays, the grandparent declared 'don't want them back' , on going to the home to collect child's gear, well fuck me, the kid's sunny bedroom was already filled with pot plants !!!
Put at least as many agencies for picking up pieces for kids or places for rehab as there will be number of shops to buy weed ? It's the same product legal or not.
Legalising yes, as stated have a law. But address what already exists instead of pretending a law change makes all things well in the world. Put more bucks on the table and resources in place for the already undesirable consequences in communities. Yes there is evidence that legislation does not increase uptake of number of individuals. However, it's ludicrous to believe that we are all just responsible, careful, a few times a week users and weed is just a benign harmless, recreational substance.
Doco on Netflix, Murder Mountain, regarding a whole bunch of illegal growers going legit … & wishing it was illegal again, coz they just can't make any money!
The way I see it, people are going to take weed regardless. I'd rather there be measures in place than a blind eye being turned.
Also by voting yes, which I will, WE get the opportunity to create the law surrounding it, via committee's etc etc. I think that is really important. You will be able to have your say on your concerns and ideas ie putting money into resources etc. By voting no, nothing will change and ignorance will remain.
I'm sorry to hear you are living with an addict, that's hard work, I've lived with alcoholics, junkies and stoners before, in my experience the stoners were the easiest of the lot. At least they don't beat you up or steal everything like a junkie or an alcoholic does.
If the person you live with is a dab hand at gardening, a horticulture course could be the answer, they would probably get top marks. Just try to look for the positive.
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The most charitable explanation for National’s behaviour over the smokefree legislation is that they have dutifully fulfilled the wishes of the Big Tobacco lobby and then cast around – incompetently, as it turns out – for excuses that might sell this health policy U-turn to the public. The less charitable ...
As Deb Te Kawa writes in an op-ed, the new Government seems to have immediately bought itself fights with just about everyone. Photo: Lynn Grieveson / The KākāTL;DR: Here’s my pick of the top 10 news and analysis links elsewhere as of 10 am on Monday December 4, including:Palau’s President ...
Let’s begin today by thinking about job interviews.During my career in Software Development I must have interviewed hundreds of people, hired at least a hundred, but few stick in the memory.I remember one guy who was so laid back he was practically horizontal, leaning back in his chair until his ...
New Zealand’s international relations are under new management. And Winston Peters, the new foreign minister, is already setting a change agenda. As expected, this includes a more pro-US positioning when it comes to the Pacific – where Peters will be picking up where he left off. Peters sought to align ...
Auckland’s city rail link is the most expensive rail project in the world per km, and the CRL boss has described the cost of infrastructure construction in Aotearoa as a crisis. Photo: Lynn Grieveson / The KākāTL;DR: The 3.5 km City Rail Link (CRL) tunnel under Auckland’s CBD has cost ...
The first big test of the new Government’s approach to Treaty matters is likely to be seen in the return of the Resource Management Act. RMA Minister Chris Bishop has confirmed that he intends to introduce legislation to repeal Labour’s recently passed Natural and Built Environments Act and its ...
Time to revisit something I haven’t covered in a while: the D&D campaign, with Saqua the aquatic half-vampire. Last seen in July: https://phuulishfellow.wordpress.com/2023/07/27/the-song-of-saqua-volume-ii/ The delay is understandable, once one realises that the interim saw our DM come down with a life-threatening medical situation. They have since survived to make ...
A chronological listing of news and opinion articles posted on the Skeptical Science Facebook Page during the past week: Sun, Nov 26, 2023 thru Dec 2, 2023. Story of the Week CO2 readings from Mauna Loa show failure to combat climate changeDaily atmospheric carbon dioxide data from Hawaiian volcano more ...
Affirmative Action was a key theme at this election, although I don’t recall anyone using those particular words during the campaign.They’re positive words, and the way the topic was talked about was anything but. It certainly wasn’t a campaign of saying that Affirmative Action was a good thing, but that, ...
It was at the end of the Foxton straights, at the end of 1978, at 100km/h, that someone tried to grab me from behind on my Yamaha.They seemed to be yanking my backpack. My first thought was outrage. My second was: but how? Where have they come from? And my ...
There’s no news to be gleaned from the government’s official website today – it contains nothing more than the message about the site being under maintenance. The time this maintenance job is taking and the costs being incurred have us musing on the government’s commitment to an assault on inflation. ...
Don’t you sometimes wish they’d just tell the truth? No matter how abhorrent or ugly, just straight up tell us the truth?C’mon guys, what you’re doing is bad enough anyway, pretending you’re not is only adding insult to injury.Instead of all this bollocks about the Smokefree changes being to do ...
Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past week’s editions.Friday Under New Management Week in review, quiz style1. Which of these best describes Aotearoa?a. Progressive nation, proud of its egalitarian spirit and belief in a fair go b. Best little country on the planet c. ...
Like earlier this year, members from our team will be involved with next year's General Assembly of the European Geosciences Union (EGU). The conference will take place on premise in Vienna as well as online from April 14 to 19, 2024. The session catalog has been available since November 1 ...
1. Which of these best describes Aotearoa?a. Progressive nation, proud of its egalitarian spirit and belief in a fair go b. Best little country on the planet c. Under New Management 2. Which of these best describes the 100 days of action announced this week by the new government?a. Petulantb. Simplistic and wrongheaded c. ...
Sorry to say, the government’s official website is still out of action. When Point of Order paid its daily visit, the message was the same as it has been for the past week: Site under maintenanceBeehive.govt.nz is currently under maintenance. We will be back shortly. Thank you for your ...
Radio NZ reports: Te Pāti Māori’s co-leader Debbie Ngarewa-Packer has accused the new government of “deliberate .. systemic genocide” over its policies to roll back the smokefree policy and the Māori Health Authority. The left love hysterical language. If you oppose racial quotas in laws, you are a racist. And now if you sack ...
Open access notables From this week's government/NGO section, longitudinal data is gold and Leisorowitz, Maibachi et al. continue to mine ore from the US public with Climate Change in the American Mind: Politics & Policy, Fall 2023: Drawing on a representative sample of the U.S. adult population, the authors describe how registered ...
Ele Ludemann writes – Winston Peters reckons media outlets were bribed by the $55 million Public Interest Journalism Fund. He is not the first to make such an accusation. Last year, the Platform outlined conditions media signed up to in return for funds from the PJIF: . . . ...
Wow, it’s December already, and it’s a Friday. So here are few things that caught our attention recently. This Week in Greater Auckland On Monday Matt covered the new government’s coalition agreements and what they mean for transport. On Tuesday Matt looked at AT’s plans for fare increases ...
Late 1996, The Dogs Bollix, Tamaki Makaurau.I’m at the front of the bar yelling my order to the bartender, jostling with other thirsty punters on a Friday night, keen to piss their wages up against a wall letting loose. The black stuff, long luscious pints of creamy goodness. Back down ...
Nicola Willis, Chris Bishop and other National, ACT and NZ First MPs applaud the signing of the coalition agreements, which included the reversal of anti-smoking measures while accelerating tax cuts for landlords. Photo: Lynn Grieveson / The KākāTL;DR: The five things that mattered in Aotearoa’s political economy that we wrote ...
Completed reads for November: A Modern Utopia, by H.G. Wells The Vampire (poem), by Heinrich August Ossenfelder The Corpus Hermeticum The Corpus Hermeticum is Mead’s translation. Now, this is indeed a very quiet month for reading. But there is a reason for that… You see, ...
The coalition party agreements are mainly about returning to 2017 when National lost power. They show commonalities but also some serious divergencies.The two coalition agreements – one National and ACT, the other National and New Zealand First – are more than policy documents. They also describe the processes of the ...
First QuestionYou’re going to crack down on people ram-raiding dairies, because you say hard-working dairy owners shouldn’t have to worry about getting ram-raided.But once the chemist shops have pseudoephedrine in them again, they're going to get ram-raided all the time. Do chemists not work as hard as dairy owners?Second QuestionYou ...
Labour’s immigration spokesperson Phil Twyford is calling on the Government to follow the example of Australia and help New Zealanders’ close family members stuck in Gaza to escape and take shelter here. ...
The Green Party is urging the Government to recognise its commitment to Te Tiriti o Waitangi so our tamariki and mokopuna can grow up in an Aotearoa where their language is celebrated, their health is prioritised, and their whenua is protected. ...
By scrapping Aotearoa’s world-leading smokefree laws, this government is sacrificing Māori lives to fund tax cuts for the wealthy. Not only is this plan revolting, but it doesn’t add up. Treasury has estimated that the reversal of smokefree laws to pay for tax cuts will cost our health system $5.25bn, ...
Figures showing National needs to find another $900 million for landlords highlights the mess this coalition Government is in less than a week into the job. ...
Community organisations, mana whenua and the Greens have written to the incoming Minister of Oceans and Fisheries to call for the progression without delay of the Hauraki Gulf/Tīkapa Moana Marine Protection Bill. ...
"On behalf of the Labour Party I would like to congratulate Christopher Luxon on his appointment as Prime Minister,” Labour Party Leader Chris Hipkins said. ...
NZ First has gotten their wish to ‘take our country back’ to the 1800s with a policy program that will white-wash Aotearoa and erase tangata whenua rights. By disestablishing the Māori Health Authority this Government has condemned Māori to die seven years earlier than Pākehā. By removing Treaty obligations from ...
Te Pāti Māori have called for the resignation of the Ministry of Foreign and Trade chief executive Chris Seed following his decision to erase te reo Māori from government communications. While the country still waits for a new government to be formed, Mr Seed took it upon himself to undermine ...
The New Zealand Labour Party is urgently calling for a ceasefire in Gaza and Israel to put a halt to the appalling attacks and violence, so that a journey to a lasting peace can begin, Labour Leader Chris Hipkins said. ...
The Government has begun the process of disestablishing Te Pūkenga as part of its 100-day plan, Minister for Tertiary Education and Skills Penny Simmonds says. “I have started putting that plan into action and have met with the chair and chief Executive of Te Pūkenga to advise them of my ...
Climate Change Minister Simon Watts will be leaving for Dubai today to attend COP28, the 28th annual UN climate summit, this week. Simon Watts says he will push for accelerated action towards the goals of the Paris Agreement, deliver New Zealand’s national statement and connect with partner countries, private sector leaders ...
Defence Minister Judith Collins yesterday announced New Zealand will host next year’s South Pacific Defence Ministers’ Meeting (SPDMM). “Having just returned from this year’s meeting in Nouméa, I witnessed first-hand the value of meeting with my Pacific counterparts to discuss regional security and defence matters. I welcome the opportunity to ...
The Government is committed to lifting school achievement in the basics and that starts with removing distractions so young people can focus on their learning, Education Minister Erica Stanford says. The 2022 PISA results released this week found that Kiwi kids ranked 5th in the world for being distracted ...
Today I met with Police Commissioner Andrew Coster to set out my expectations, which he has agreed to, says Police Minister Mark Mitchell. Under section 16(1) of the Policing Act 2008, the Minister can expect the Police Commissioner to deliver on the Government’s direction and priorities, as now outlined in ...
New Zealand needs a strong and stable Emissions Trading Scheme (ETS) that is well placed for the future, after emission units failed to sell for the fourth and final auction of the year, Climate Change Minister Simon Watts says. At today’s auction, 15 million New Zealand units (NZUs) – each ...
With 2022 PISA results showing a decline in achievement, Education Minister Erica Stanford is confident that the Coalition Government’s 100-day plan for education will improve outcomes for Kiwi kids. The 2022 PISA results show a significant decline in the performance of 15-year-old students in maths compared to 2018 and confirms ...
Defence Minister Judith Collins today departed for New Caledonia to attend the 8th annual South Pacific Defence Ministers’ meeting (SPDMM). “This meeting is an excellent opportunity to meet face-to-face with my Pacific counterparts to discuss regional security matters and to demonstrate our ongoing commitment to the Pacific,” Judith Collins says. ...
Putting more money in the pockets of hard-working families is a priority of this Coalition Government, starting with an increase to Working for Families, Prime Minister Christopher Luxon says. “We are starting our 100-day plan with a laser focus on bringing down the cost of living, because that is what ...
Most weeks, following Cabinet, the Prime Minister holds a press conference for members of the Parliamentary Press Gallery. This page contains the transcripts from those press conferences, which are supplied by Hansard to the Office of the Prime Minister. It is important to note that the transcripts have not been edited ...
The Government has axed the $16 billion Lake Onslow pumped hydro scheme championed by the previous government, Energy Minister Simeon Brown says. “This hugely wasteful project was pouring money down the drain at a time when we need to be reining in spending and focussing on rebuilding the economy and ...
New Zealand welcomes the further one-day extension of the pause in fighting, which will allow the delivery of more urgently-needed humanitarian aid into Gaza and the release of more hostages, Foreign Minister Winston Peters said. “The human cost of the conflict is horrific, and New Zealand wants to see the violence ...
Foreign Minister Winston Peters today expressed on behalf of the New Zealand Government his condolences to the family of former US Secretary of State Henry Kissinger, who has passed away at the age of 100 at his home in Connecticut. “While opinions on his legacy are varied, Secretary Kissinger was ...
Every child deserves a world-leading education, and the Coalition Government is making that a priority as part of its 100-day plan. Education Minister Erica Stanford says that will start with banning cellphone use at school and ensuring all primary students spend one hour on reading, writing, and maths each day. ...
I would like to begin by echoing the Prime Minister’s thanks to the organisers of this Summit, Fran O’Sullivan and the Auckland Business Chamber. I want to also acknowledge the many leading exporters, sector representatives, diplomats, and other leaders we have joining us in the room. In particular, I would like ...
Good morning. Thank you, Rosemary, for your warm introduction, and to Fran and Simon for this opportunity to make some brief comments about New Zealand’s relationship with the United States. This is also a chance to acknowledge my colleague, Minister for Trade Todd McClay, Ambassador Tom Udall, Secretary of Foreign ...
Good morning, tēnā koutou and namaskar. Many thanks, Michael, for your warm welcome. I would like to acknowledge the work of the India New Zealand Business Council in facilitating today’s event and for the Council’s broader work in supporting a coordinated approach for lifting New Zealand-India relations. I want to also ...
Prime Minister Christopher Luxon has laid out the Coalition Government’s plan for its first 100 days from today. “The last few years have been incredibly tough for so many New Zealanders. People have put their trust in National, ACT and NZ First to steer them towards a better, more prosperous ...
A significant milestone in ratifying the NZ-EU Free Trade Agreement (FTA) was reached last night, with 524 of the 705 member European Parliament voting in favour to approve the agreement. “I’m delighted to hear of the successful vote to approve the NZ-EU FTA in the European Parliament overnight. This is ...
Source: The Conversation (Au and NZ) – By Matthew H. Holden, Lecturer, School of Mathematics and Physics, The University of Queensland Dot-underwing moth (_Eudocima materna_) found in the researchers’ yard.Matthew Holden, CC BY-NC We are biodiversity researchers – an ecologist, a mathematician and a taxonomist – who were locked ...
Source: The Conversation (Au and NZ) – By Sam Bennett, Disability Program Director, Grattan Institute The long-awaited NDIS review has looked far beyond the National Disability Insurance Scheme, taking a bird’s eye view of disability services in Australia. Critical to the future of the NDIS are services for people with ...
Source: The Conversation (Au and NZ) – By Rebecca J McLeod, Senior Research Fellow in Marine Ecology, University of Otago Climate change might not be high on its immediate agenda, but New Zealand’s new government does have one potentially significant and innovative policy. Recognising the marine environment’s ability to remove ...
Source: The Conversation (Au and NZ) – By Samantha Happé, Graduate researcher in art history and material culture studies, The University of Melbourne Shutterstock As we get closer to Christmas, your family will probably have some kind of gathering. You will reunite with people who you might not ...
After an 11 year hiatus, legendary Aotearoa hip-hop group Home Brew are back today with their first new album in over a decade, Run it Back, and will continue that reunion at Laneway Festival in February. Breaking their indefinite hiatus, Run it Back comes off the back off the 2023 ...
There may be less than a fortnight left in the political year, but politicians seem determined to make the final days count, writes Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. Question time is ...
Labour's leader says O'Connor is "incredibly passionate" about the issue but party policy is that relevant international bodies will determine whether Israel's actions are lawful. ...
The Spinoff’s live updates editor reflects on three-and-a-half years in the role, and looks forward to what’s next. Today marks the final day of live updates on The Spinoff. It’s a big day for me given I have been editing the live updates since mid-2020, but it’s also a big ...
On a quiet morning before the first parliamentary question time of the new term, Chris Hipkins and Christopher Luxon took a moment to analyse and reflect on their election campaigns. When Chris Hipkins was sworn in as prime minister on January 21, 2023, he had a feeling of optimism and ...
Liv McGoverne has just returned from an enjoyable season playing rugby in England, but playing there in a Black Ferns jersey, on the sport’s biggest stage, remains the ultimate goal. McGoverne, 26, played the 2022-23 campaign for Exeter Chiefs in the Premier 15s competition. Coached by former England half-back ...
FICTION 1 The Girl from London by Olivia Spooner (Hachette, $37.99) An ideal Xmas present for the commercial fiction reader who would relish a wartime story of a shipboard romance. 2 The Axeman’s Carnival by Catherine Chidgey (Te Herenga Waka University Press, $35) An ideal Xmas present for the ...
After most of a billion dollars and six years’ work, the Puhoi to Warkworth section of State Highway 1 has been warmly received by long-distance motorists no longer slowed down by small town traffic lights. Where once cars would back bumper to bumper on a Sunday evening, now the ...
The first regular sitting day of the new Parliament took place on Thursday and the country got a peek at what Question Time will look like over the next three years. The sitting started with a rare moment of cross-party unity, when the Government adopted Labour MP Phil Twyford’s ...
It could be the most consequential international climate change conference yet, but it’s being held in the United Arab Emirates, one of the world’s major oil producers and led by one of the country’s top oil bosses. Newsroom journalist Rod Oram is attending COP28 and joins The Detail from ...
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Opinion: Courts are halls of justice, but they are also well-financed institutional purchasers of goods and services, outsourcing much of their work to private consultants and contractors, including lawyers, advocates, psychologists, social workers, and drug counsellors who earn their living from court contracts. Though there is nothing inherently wrong ...
Analysis: The United Nations’ COP28 climate negotiations have begun their final phase with only five days or so left to agree a wide range of measures designed to accelerate nations’ climate responses in coming years. While the draft text prepared by government officials over the past week has some ...
Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Fellow, Griffith Asia Institute, Griffith University Fiji was flooded by a severe cyclone in 2016.ChameleonsEye/Shutterstock The federal government has announced an extra A$150 million for climate finance – including $100 million for the Pacific to help protect its ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Bill Shorten, Minister for the National Disability Insurance Scheme and Government Services, has released the review of the NDIS, which recommends sweeping changes to the scheme. The reforms to come will see the states take ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra It’s not just kids who get report cards (PDFs these days) as school breaks up. So do government ministers, when parliament rises at year’s end. Judgments about how members of the team have performed, ...
Source: The Conversation (Au and NZ) – By Bradley Smith, Senior Lecturer in Psychology, CQUniversity Australia Shutterstock For many of us, dogs are our best friends. But have you wondered what would happen to your dog if we suddenly disappeared? Can domestic dogs make do without people? ...
He's refusing to express confidence in Chief Human Rights Commissioner Paul Hunt, and while he won't abolish the commission like ACT wants, changes will be made. ...
A new chapter in the controversial dispute between an Auckland tech company and a government agency, with the tabling of a withering report in parliament today. A highly critical report from the auditor general has been tabled in parliament today, the latest twist in an acrimonious dispute between government agency ...
After most of a billion dollars and six years of work, the Puhoi to Warkworth section of State Highway One has been warmly received by long-distance motorists no longer slowed by small town traffic lights. Where once cars would back bumper to bumper on a Sunday evening, the road ...
Source: The Conversation (Au and NZ) – By Christian Downie, Associate Professor, Australian National University Shutterstock Until recently, financing fossil fuel projects has been relatively easy. But that is slowly changing. At the COP28 climate negotiations yesterday, Australia announced it will sign the Glasgow Statement and will ...
The prime minister has appeared to suggest that Act’s Treaty principles bill will not be allowed to proceed beyond the select committee stage. Supporting such legislation to select committee is promised in the Act-National coalition agreement, which implies the bill won’t go any further, but Luxon has not said it ...
Source: The Conversation (Au and NZ) – By Mark Brown, Senior Research Fellow, La Trobe University Shutterstock Findings from an extensive review of the National Disability Insurance Scheme (NDIS) have been released with ideas on how to transform it. Led by co-chairs Bruce Bonyhady and Lisa Paul, the ...
Source: The Conversation (Au and NZ) – By Alexander Plum, Senior Research Fellow in Applied Labour Economics, Auckland University of Technology New Zealand has made substantial progress on promoting LGBTQ+ rights over the past 20 years, including legalising same-sex civil unions in 2004, legalising same-sex marriage in 2013, and banning ...
Sentencing judges need to stop going lightly on those convicted of illegal hunting and the killing or stealing of livestock, Federated Farmers rural policing spokesperson Richard McIntyre says. And to keep pressure on the Government to ensure rural areas ...
The following quote can be attributed to Lisa Woods, Campaigns Director at Amnesty International Aotearoa New Zealand. This statement is in response to the news that the New Zealand Government has passed a motion indicating the government’s support ...
The motion by deputy prime minister Winston Peters to call for “urgent steps towards establishing a ceasefire” in Gaza has passed in parliament, after the majority of amendments suggested by the opposition were rejected. Labour leader Chris Hipkins said New Zealand should be calling for an immediate and permanent ceasefire ...
Prime Minister Christopher Luxon has continued with National's approach in calling for "steps towards" a ceasefire, saying that must be in place before a ceasefire can begin. ...
$50,000 brand development package awarded to Rescued’s sustainable solution to surplus food Rescued, a social enterprise with a sustainable and delicious solution for food waste, has been named as the winner of the Brand For Good Competition. The ...
Responding to Hamilton City Council’s decision to spend $700,000 moving and re-developing a bus stop due to its location outside an adult toy store, Taxpayers’ Union Campaigns Manager, Connor Molloy, said: “Only a couple of weeks ago, Hamilton City Council ...
During the first question time of the new parliament, MPs have debated a motion proposed by deputy prime minister Winston Peters for all parties involved in the conflict in Gaza to “take urgent steps towards establishing a ceasefire”. Members have spoken passionately about the conflict, with Labour MP Damien O’Connor ...
Aotearoa was one of only a few OECD countries missing from the initial list of 118 signatories to the pledge, but a spokesperson for the Climate Change Minister has confirmed NZ is supporting it. ...
The government’s policy to ‘restore balance to the Aotearoa New Zealand Histories curriculum’ could work to undermine more inclusive and honest ways of engaging with the past, argues history teacher Christopher Burns.When the plans for compulsory New Zealand history content were announced, Jacinda Ardern presented them as an opportunity ...
Three reviews of this year’s Basement Theatre Christmas Show.It pains me to say it but I’m a veteran of the annual Basement Theatre Christmas show at this point. In the decade that I’ve been a regular of the theatre, I’ve seen Kura Forrester do a tour-de-force 10-minute monologue that ...
Source: The Conversation (Au and NZ) – By James D Metzger, Senior Lecturer in Law & Justice, UNSW Sydney How many times have you booked travel – like a cruise or a tour – and simply clicked that you’ve read and agreed to the terms and conditions for your trip ...
The first question time of the new parliament is under way. Deputy prime minister Winston Peters has called on parties involved in the Gaza conflict to take urgent steps towards establishing a ceasefire. Greens co-leader Marama Davidson is currently seeking amendments to the motion. ...
The new Parliament's first Question Time today is coming after a motion from the Foreign Minister calling for urgent steps towards a ceasefire in Gaza. ...
As the death and injury tolls mount in Gaza, this is the least that can be done to save lives and begin a peace and reconciliation process. O ver a month ago, UNICEF was already calling Gaza “ a graveyard for children, ” and now warns in the strongest ...
At a rally in the grounds of Parliament, Bishop Brian Tamaki said "we have to stand on the right side of history and standing with Israel is right". ...
At a rally in the grounds of Parliament attended by about 400 people, Bishop Brian Tamaki has asked for Foreign Minister Winston Peters not to call for a ceasefire in Gaza. ...
Having a nicely scented, well-dressed guest in the corner of your living room is always a festive treat. But has it always been this pricey?Despite often being put in a corner, she’s Christmas’s main character. Green, fragrant, and usually the best-dressed member of your household throughout the festive period, ...
The Taxpayers' Union is dismayed by the Ministry of Foreign Affairs and Trade's (MFAT) outrageous expenditure on its delegation to the COP 27 climate conference. New information revealed under the Official Information Act shows that the total ...
Commenting on the Human Rights Commission’s appointment of a second “shared leader” to work alongside the existing Chief Executive , Taxpayers’ Union Policy Adviser, James Ross, said: “The cushy jobs-for-lefties culture at the top of the ...
Responding to Wellington city’s earthquake-strengthening crisis, which sees the city on track to upgrade just 20% of vulnerable buildings , Taxpayers’ Union Policy Adviser, James Ross, said: “Hundreds of millions of dollars are being burnt upgrading ...
The housing crisis is hitting senior renters especially hard, and their numbers are set to double in 25 years. Rachel Judkins explores this unsettling trend.When retired nurse Jenny* bought her first house with her husband in 1986, it felt like she was starting down a road of financial security ...
This morning at 10:30am around 20 Restore Passenger Rail supporters staged a sleep-in at the Auckland Council, to highlight the Council’s decision to slow progress on sustainable transport options. “We don’t want Auckland Council ...
Source: The Conversation (Au and NZ) – By Karleen Gribble, Adjunct Associate Professor, School of Nursing and Midwifery, Western Sydney University b-finity/Shutterstock Extreme heat events are becoming more frequent and intense in Australia. This can cause illness or worsen existing conditions. During hot weather, hospital admissions and deaths ...
Peters is expected, later today, to call on all parties involved in the Gaza conflict - including countries with influence in the region - to "take urgent steps towards establishing a ceasefire". ...
Local authority statistics provides information on the performance of core non-trading activities of New Zealand's territorial and regional councils. Visit our website to read this information release and to download CSV files: Local authority ...
In a small office in Manukau, a ngahere of artists is growing tall. The ecosystem of a ngahere is a delicate balance. From nutrient-dense soil grows life; tall trees reach up towards the sunlight, providing a canopy for the smaller life below. And the smaller living things – from silver ...
In response to growing concern at the Government’s policies regarding the principles of the Treaty of Waitangi, the Kīngitanga has announced a national hui to which ‘all are invited’, to foster dialogue and greater unity on these contentious ...
Parliament's environment watchdog has written to ACT deputy leader Brooke van Velden to say she is sharing misinformation about his findings on the oil and gas. ...
Peters is expected, later today, to call on all parties involved in the Gaza conflict - including countries with influence in the region - to "take urgent steps towards establishing a ceasefire". ...
Encouraging progress has been made in reducing child poverty in Aotearoa New Zealand but more focus on the issue is urgently needed to maintain it, according to a new report from UNICEF. UNICEF’s 18th Report Card, ‘Child Poverty in the Midst of ...
Animal Rights organisation SAFE is urging the Government to follow quickly on the heels of Los Angeles and ban rodeo, to uphold the country’s animal welfare status. As rodeo season kicks off in Aotearoa, the Los Angeles City Council has voted in ...
I have tried supporting him the best I can and I love him so much, but I’m finding the cycles of relief, anxiety and heartache almost too much to bear.Want Hera’s help? Email your problem to [email protected]Dear Hera,Is it possible to stay in a (happy) relationship with an addict? When ...
Peters is expected, later today, to call on all parties involved in the Gaza conflict - including countries with influence in the region - to "take urgent steps towards establishing a ceasefire". ...
Peters is expected, later today, to call on all parties involved in the Gaza conflict - including countries with influence in the region - to "take urgent steps towards establishing a ceasefire". ...
Source: The Conversation (Au and NZ) – By Nicole Lee, Professor at the National Drug Research Institute (Melbourne), Curtin University Mircea Moira/Shutterstock Last week two young Australian women spoke candidly to the ABC about being sexually assaulted while on holidays. The alleged incidents occurred in Greece in 2022 ...
Source: The Conversation (Au and NZ) – By Nigel Andrew, Professor of Entomology, Southern Cross University Christian Mueller/Shutterstock Cabbage white butterflies – Pieris rapae – are one of the most common garden visitors across southern and eastern Australia. The butterfly looks elegant in white with black dots on ...
Unemployment is proof that the economy is not balanced and thus not working as it should. From The Deficit Myth by Kelton:
Profit is also a system that removes money from the economy.
Or profit is used for future business expansion and investment…but agree not every cent of profit would be used for this.
Business expansion results in higher profit and thus more money being taken out of the economy. The other problem is that the profit may not actually be used for expansion at all but just to increase ownership of existing assets (share buybacks come to mind) resulting in more profit going to less people with a corresponding increase in money taken out of the economy.
Of course, the business expansion may fail in which case there would be less profit for a time and thus less money taken out of the economy.
That's overly simplex of course but is accurate enough to give a general feel for how profit maximising brings about the collapse of an economy.
Profit is not taken out of the economy unless companies are owned overseas.
Perhaps I should have said out of circulation rather than out of the economy because money sitting in a bank account is not in circulation even if it is, technically, still in the economy.
This is the true message of the Paradox of Thrift.
What you mean, I think, is that money is removed from the business sector and handed over to consumers. But even wages do that.
I don't think profits sit in the bank. Rather they are either paid as dividends to shareholders or invested in further production. And, yes, companies sometimes buy back there own shares, but then money is paid to the original owners of those shares. This not to say of course that share buybacks are a good thing.
No, that's not what I mean. If that money was handed over to consumers the economy would be better off as the money would keep circulating.
Dividends paid to shareholders are still profits. What happens after is the issue. Sitting in the bank doing nothing, spent to increase productive capacity (this here can also be a misallocation) or spent consumptively.
The first is the problem and the second can add to the second.
Which is most likely to be used either to buy shares or sit in the bank. It's unlikely to be used to increase productive capacity or consumption.
Shares aren't a Good Thing as they induce bludging through the functionless investor.
If that money was handed over to consumers the economy would be better off as the money would keep circulating.
Shareholders are consumers. But you seem to be suggesting that dividends not needed for consumption should be kept under a mattress for safekeeping.
Dividends paid to shareholders are still profits. What happens after is the issue. Sitting in the bank doing nothing, spent to increase productive capacity (this here can also be a misallocation) or spent consumption.
What happens afterwards is of course the point. Dividends can be spent on consumption or saved. But there are limits to what one can consume.
Which is most likely to be used either to buy shares or sit in the bank. It's unlikely to be used to increase productive capacity or consumption.
This of course is true of any type of remuneration, including wages and salaries.
Shares aren't a Good Thing as they induce bludging through the functionless investor.
Letting someone else use one's savings or capital isn't a functionless activity.
Yes and so any remuneration above that is, effectively, a dead-weight loss as the money will no longer circulate in the economy.
Lending someone else your capital is not directly productive, but it enables productive investment. What is the difference, where the economy is concerned, between using your savings for productive purposes and letting someone else use them for the same purpose.
I agree that banks should not create money from nothing. But we were not discussing what banks do, but what people do with their savings. If savings are invested productively (and if people cannot do this themselves, in our economy they usually hand their savings over to an institution for investment) then they are not a dead weight on the economy.
That's the theory. The question is if that theory holds true in light of the fact that it is spending that drives the economy and not savings.
Part of the answer lies in the fact that the Gold Standard (or similar commodity currency) was in effect at the time that the above was postulated and there was a finite amount of money available and thus there actually was a need for savings to be loaned out for productive purposes. But even under the Gold Standard it is still spending that drives the economy. Without spending there is no income.
That's one problem but the other is that, because the gold accumulated in fewer and fewer hands through savings and then returns on investment of those savings, the amount of money in circulation decreases over time until there isn't enough to maintain sales resulting in a recession and then a depression. Its well known that under the Gold Standard recessions happened more often and lasted longer.
Now we have a full Fiat Currency where money can be made, as needed, at the press of a button. This removes the need for savings and even shares.
A business needs money to expand? Then all they really should be doing is going down to the State Bank and applying. If their business plan meets the criteria then the money is created and handed over for the business to spend. Technically, this is what happens but the private banks are used as an intermediary between the State Bank and the people taking out the loan (banks creating money out of nothing) and under the wrong assumptions (that they need savings first and that they need to pay interest).
So, now we're back to the Paradox of Thrift but there's not even the aspect of savings being used for productive purposes that would bring those savings back into circulation. In other words, savings are simply removed from circulation and are thus a decrease in spending/income.
A large part of the problem is that economics is still thought of as if we're still using the Gold Standard which hasn't been true since the last Gold Standard currency became a fiat currency in 1971 and it did that so that it could spend as needed without crashing the economy.
Today, the only purpose of having an income is to spend it but that only applies to people and businesses. Governments which maintain a sovereign currency don't need an income to be able to spend.
Don't even need to save for retirement as the government pension should be enough to live comfortably on and even have an overseas holiday every year.
Actually, we are as we're talking about the movement of currency through the system and how money removed from circulation (savings) crashes the economy but can be balanced through the creation of more money to maintain spending.
A fiat currency, done well, can remove the so called Business Cycle as spending will be maintained even if businesses collapse and do it without excessive inflation. But to be done well it needs to be recognised that we no longer need savings to fund productive investment.
It is spending that drives the economy and not savings.
I can’t disagree with that, but spending can be on either consumption goods or investment goods . Savings are normally spent on the latter, usually with various institutions acting as go-betweens.
The problem with the gold standard was that if a country ran into balance of payments difficulties it would lose gold, which would necessitate shrinking its money supply, and bring about a depression. This would not necessarily be a bad thing were it not for the fact that those difficulties are often not due to the monetary system so much as the often preditory trade policies of other countries. Much the same applies to floating currencies except that they run up debt instead of losing gold.
Now we have a full Fiat Currency where money can be made, as needed, at the press of a button. This removes the need for savings and even shares.
Most businesses try to maintain a balance between equity capital and borrowed capital. Running a business entirely on borrowed money is considered dangerous since loans have to be repaid, with interest, even when times are tough and revenues down. Of course a state bank, in the interests of stability, doesn’t need to foreclose on business loans, but I don’t think a state can afford too much forbearance: it is better to have shareholders to shoulder some of any losses.
It has been suggested that productivity increases, with the money supply remaining static, should lead to a lowering of prices with incomes remaining the same. That would be nice, but deflation tends to lead to depression. Or does it?
Well, that's another problem with the Gold Standard. But even without international trade and predatory trade practices of foreign nations the accumulation of gold into fewer and fewer hands would curtail the spending needed to maintain the economy. Its a problem inherent to having a finite amount of money.
A state bank, with access to the ability to create money on demand, doesn't need to charge interest either. If you were a business would you pay interest when you can get a loan without?
Fiat currency eliminates the need for savings, shares and interest charges. Any savings will go down in value at the rate of inflation.
And no business should have an unlimited credit flow from government but we still don't need shareholders. If a business, after a reasonable time, can't support itself from sales then it should get closed down.
And even if a business collapses their are still gains made. Experience for the people directly involved, learning from what went wrong and what went right that can be spread throughout society and even new plant that could be utilised. There's no real loss.
The government maintains stability not through supporting business but through maintaining people's ability to spend. Unemployment benefits, UBI, guaranteed jobs or a combination of them. The ability of the people to spend is what maintains business.
Deflation leads to business income being less than outgoings especially if the deflation is very steep. The business buys/produces something to sell with costs of $100 but can only sell for $90 we have a paper loss of $10.
But if that $90 can cover the costs of the next item sold then its still a viable business.
I don't really believe that government, for reasons more to do with logistics than principle, can shoulder the burden of financing the entire economy. Some of the financing has to come from the private sector, either in the form of equity financing or borrowing.
Considering that the private surplus is provided by the government deficit then the only possible conclusion is that the government is already financing the entire economy.
The logistics are presently provided by private intermediaries such as banks. This could be achieved just as well through other means such as direct democracy. After all, why shouldn't the people have a say in how their resources are used?
No, it actually doesn't and I believe that it would be better for society if it didn't.
I think "every cent" of profit should be paid to shareholders as dividends. If a company wishes to retain earnings then all or part of its dividends should consist of new shares.
One of the problems with the way companies are structured at present is that companies retain earnings. This means that the (book) values of companies increase without a corresponding increase in the number of shares on issue. This means that share values must increase. This may well be why we have stock market bubbles.
mikesh Your reckons might be good but DTB has been putting in the hard yards looking at the economy and politics for decades. How long have you been looking hard at it?
New ideas let’s have them but refer to something will you.Economic textbook?
I hope that is sarcasm, because Mikesh is clearly correct. Company profits are not a drain on income. They do tend to go to people who save more of their income (and saving is a drain), but saving can also occur from salary payments.
Yeah, and I've also said that we're paid too much although, at the time, that was more to do with how much waste well off countries tend to generate through simply throwing good stuff away. Excessive income results in people having less respect for the resources used. Individually, overpaid people can afford the waste but the country can't hence why we needed shower-head and light bulb regulation.
Back to profits and the same thing applies to high wages/salary with excess going into savings that results in less money in circulation and thus a slowing down of the economy. Throw in interest on those savings and the slow down is exponential.
Continuing reading the book and she gives this example:
Profits, themselves, are a fiscal surplus which can only be negated if those profits are fully spent.
There's a graph around (that I linked to years ago) showing government deficits mirroring private surpluses. In other words, to have a private profit requires that there be a government deficit.
There's a graph around (that I linked to years ago) showing government deficits mirroring private surpluses. In other words, to have a private profit requires that there be a government deficit.
Private savings require a government deficit. Any income may be saved, not just profits.
Company profits are not a drain on income. They can be. I don't know if your statement is an economic rule, but it isn't verity. If a company is a monopoly or part of a cartel it can manipulate the market, and make a 'killing' from consumers having to pay excessive prices beyond the actual cost of production etc.
Housing at present is dominated by a cartel isn't it?
According to research carried out by Steve Keen monopolies work the same as competitive companies. Other research shows that competitive companies manipulate the market using tools such as advertising.
And, of course, the whole point of having competitive companies is to decrease profit.
Or to promote the production of quality products.
Profits are a form of income, so how can they be a drain on income.
Lovely points looking at textbook explanations.
There is a different approach which comes from the felt affects on particular financial classes of whatever economic precepts you are quoting. And that is what matters in the final analysis.
Nothing to do with textbooks. Just logical thinking.
Decades.
Election 2020: Should have gone to Specsavers – Judith Collins turned away from Auckland optometrist [HT to Observer]
35%!
The Leader made another leader call on the hoof and forgot to ‘consult’ the Party Caucus.
Benedict Collins, political reporter on 1News, called the National Party fake walkabout in Ponsonby "dumb, dumb, dumb".
Come on, Ponsonby road is always full of pedestrians. Anyone noticed it being deserted due to recession?
Surely it wasn't a "clever plan" set up by Brownlee? He is so clever at fixing things.
This is not satire, or sarcasm. It's a genuine tweet from National's candidate.
Emma Mellow thinks she had a good day in Ponsonby … until she reads the replies.
https://twitter.com/emmamellow/status/1313689426636095494
So with that in mind this clever unbiased group are attacking child centred learning. And then get a secondary Principal to comment. Idiots. Children who are involved in setting parameters of study learn all those self control, goal setting, credibility judgements, and self evaluative skills that are transferable across life. and the depth in that learning can be outstanding.
The interference from this lot is the sort of thing that lead to National Standards!
Yip, my daughter absolutely thrived with child-centred learning. Secondary school is just an obstacle for her to navigate before university.
So, given that child-centred learning is far better for both the children and society in general than the old rote learning we have to ask what they actually want to achieve.
Well that's not going to larn em to do as they're bloody well told and be grateful they're not charged a fee to work now is it.
Here we go…. the great cannabis question.. link for live stream below
https://www.threenow.co.nz/live-tv-guide/three
Edit.. fascinating line up, Aunty H Affirmative v’s paula b negative
Edit… I LOVE YOU AUNTY H 🥰
To be perfectly honest, only a total prude would support the current situation.
It's all about drug use being a 'sin' and in the traditional Calvinist spirit, 'sinners' need to be punished with the full force of the law, and made to pay penance.
Bennett, Garner, Collins and all the rest are nothing more than prudes, which want to use the law to impose their puritan agenda, and turn us all into pure modest church goers.
Next along the line it will be who you can and can't date/sleep with, and what you can and cannot wear.
They should have learnt back years ago when they were defeated on prohibition.
Disclaimer: I have never used pot, and dont intend of using it in the future, legal or not. I just dont think anyone has a moral right to stop others from (responsibly) using pot.
I'm not a prude nor feel I need a recreational toke. On one hand I want weed decriminalised on the other hand I am bloody sick of living with a dope smoker.
If you don't want to live with a pot smoker then don't. Can't see what that has to do with the law.
I’ll make him homeless tomorrow. Well that solved that then.
That’s what potty-training is for.
Send him to the garage?
Agreed Millsy.
Interesting that the police position seems to be that everything should be black or white, rule defined, and avoid anything that may be grey. Funny how the Noes are ignoring the wild west running now. (And I never have smoked it nor intend to. But the National and ACT who are freedom of choice and the rights of the individual ,surely they would vote YES?)
I've never used the stuff either. Can't see it as stuff to take a moral stand over either.
I do know that we have spent lots of dollars over the years on the negative outcomes of police, corrections etc. etc and with no other result. If it's seriously bad for us I'm sure the Health department will nag us into submission pronto.
So I voted to legalise.
When you work frequently with different individuals who are not just "a few times a week mellowing out" and who in the main are living in relationships or in family circumstances, there are impacts on a significant number of others. The affects of habitual use like any addictions causes harm in varying ways and to different degrees in families.
There are not simple answers for these families like kick them out, potty training or go to the garage. Nor is age and stating a potency max as words in law particularly harm reducing or laws that are going to be abided by let alone enforced.
What has not been addressed in law changing is the leading factors that may underpin use and dependency other than medicinal for health or making an illicit buck. Or simplifying that it's better than something else as a sufficient reason to mitigate harm.
At the other end, are there adequate social harm resources as responses, mental health workers for one as support for users who have greater propensity for depression and or ideation of suicide, or adequate resources addressing the suffering of trauma underlying use. Literature also points to more $$ resourcing iyoung person's health education regardless of legislating.
Unanswered responses in new law- With adults free choice, is it okay for an unborn child to have cannabis when pregnant? What's the long term consequence for cognitive ability as one perspective? How is parental responsible use guaranteed with children not being momentarily safeguarded while mellowed out? For one child just a few months back they hung to death in their cot after a horrible struggle went unheard while parent was zoned out. Right now, another 12 year old needing a new home because grandparent can't be fucked. As soon as the child was in a relative's home for the holidays, the grandparent declared 'don't want them back' , on going to the home to collect child's gear, well fuck me, the kid's sunny bedroom was already filled with pot plants !!!
Put at least as many agencies for picking up pieces for kids or places for rehab as there will be number of shops to buy weed ? It's the same product legal or not.
Legalising yes, as stated have a law. But address what already exists instead of pretending a law change makes all things well in the world. Put more bucks on the table and resources in place for the already undesirable consequences in communities. Yes there is evidence that legislation does not increase uptake of number of individuals. However, it's ludicrous to believe that we are all just responsible, careful, a few times a week users and weed is just a benign harmless, recreational substance.
Doco on Netflix, Murder Mountain, regarding a whole bunch of illegal growers going legit … & wishing it was illegal again, coz they just can't make any money!
The way I see it, people are going to take weed regardless. I'd rather there be measures in place than a blind eye being turned.
Also by voting yes, which I will, WE get the opportunity to create the law surrounding it, via committee's etc etc. I think that is really important. You will be able to have your say on your concerns and ideas ie putting money into resources etc. By voting no, nothing will change and ignorance will remain.
I'm sorry to hear you are living with an addict, that's hard work, I've lived with alcoholics, junkies and stoners before, in my experience the stoners were the easiest of the lot. At least they don't beat you up or steal everything like a junkie or an alcoholic does.
If the person you live with is a dab hand at gardening, a horticulture course could be the answer, they would probably get top marks. Just try to look for the positive.