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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Buzz from the Beehive The government’s official website – which Point of Order monitors daily – not for the first time has nothing much to say today about political happenings that are grabbing media headlines. It makes no mention of the latest 1News-Verian poll, for example. This shows National down ...
It Takes A Train To Cry:Surely, there is nothing lonelier in all this world than the long wail of a distant steam locomotive on a cold Winter’s night.AS A CHILD, I would lie awake in my grandfather’s house and listen to the traffic. The big wooden house was only a ...
Packing A Punch: The election of the present government, including in its ranks politicians dedicated to reasserting the rights of the legislature in shaping and determining the future of Māori and Pakeha in New Zealand, should have alerted the judiciary – including its anomalous appendage, the Waitangi Tribunal – that its ...
Dead Woman Walking: New Zealand’s media industry had been moving steadily towards disaster for all the years Melissa Lee had been National’s media and communications policy spokesperson, and yet, when the crisis finally broke, on her watch, she had nothing intelligent to offer. Christopher Luxon is a patient man - but he’s not ...
Chris Trotter writes – New Zealand politics is remarkably easy-going: dangerously so, one might even say. With the notable exception of John Key’s flat ruling-out of the NZ First Party in 2008, all parties capable of clearing MMP’s five-percent threshold, or winning one or more electorate seats, tend ...
Bryce Edwards writes – Polling shows that Wellington Mayor Tory Whanau has the lowest approval rating of any mayor in the country. Siting at -12 per cent, the proportion of constituents who disapprove of her performance outweighs those who give her the thumbs up. This negative rating is ...
Luxon will no doubt put a brave face on it, but there is no escaping the pressure this latest poll will put on him and the government. Photo: Lynn Grieveson / The KākāTL;DR: These are the six things that stood out to me in news and commentary on Aotearoa-NZ’s political ...
This is a re-post from The Climate Brink by Andrew Dessler In the wake of any unusual weather event, someone inevitably asks, “Did climate change cause this?” In the most literal sense, that answer is almost always no. Climate change is never the sole cause of hurricanes, heat waves, droughts, or ...
Something odd happened yesterday, and I’d love to know if there’s more to it. If there was something which preempted what happened, or if it was simply a throwaway line in response to a journalist.Yesterday David Seymour was asked at a press conference what the process would be if the ...
Hi,From time to time, I want to bring Webworm into the real world. We did it last year with the Jurassic Park event in New Zealand — which was a lot of fun!And so on Saturday May 11th, in Los Angeles, I am hosting a lil’ Webworm pop-up! I’ve been ...
Education Minister Erica Standford yesterday unveiled a fundamental reform of the way our school pupils are taught. She would not exactly say so, but she is all but dismantling the so-called “inquiry” “feel good” method of teaching, which has ruled in our classrooms since a major review of the New ...
Exactly where are we seriously going with this government and its policies? That is, apart from following what may as well be a Truss-Lite approach on the purported economic “plan“, and Victorian-era regression when it comes to social policy.Oh it’ll work this time of course, we’re basically assured, “the ...
Hey Uncle Dave, When the Poms joined the EEC, I wasn't one of those defeatists who said, Well, that’s it for the dairy job. And I was right, eh? The Chinese can’t get enough of our milk powder and eventually, the Poms came to their senses and backed up the ute ...
Polling shows that Wellington Mayor Tory Whanau has the lowest approval rating of any mayor in the country. Siting at -12 per cent, the proportion of constituents who disapprove of her performance outweighs those who give her the thumbs up. This negative rating is higher than for any other mayor ...
Buzz from the Beehive Pharmac has been given a financial transfusion and a new chair to oversee its spending in the pharmaceutical business. Associate Health Minister David Seymour described the funding for Pharmac as “its largest ever budget of $6.294 billion over four years, fixing a $1.774 billion fiscal cliff”. ...
Bryce Edwards writes – Many criticisms are being made of the Government’s Fast Track Approvals Bill, including by this writer. But as with everything in politics, every story has two sides, and both deserve attention. It’s important to understand what the Government is trying to achieve and its ...
TL;DR: Here’s my top 10 ‘pick ‘n’ mix of links to news, analysis and opinion articles as of 10:10am on Monday, April 29:Scoop: The children's ward at Rotorua Hospital will be missing a third of its beds as winter hits because Te Whatu Ora halted an upgrade partway through to ...
span class=”dropcap”>As hideous as David Seymour can be, it is worth keeping in mind occasionally that there are even worse political figures (and regimes) out there. Iran for instance, is about to execute the country’s leading hip hop musician Toomaj Salehi, for writing and performing raps that “corrupt” the nation’s ...
Yesterday marked 10 years since the first electric train carried passengers in Auckland so it’s a good time to look back at it and the impact it has had. A brief history The first proposals for rail electrification in Auckland came in the 1920’s alongside the plans for earlier ...
The Government is again adding to New Zealand’s growing unemployment, this time cutting jobs at the agencies responsible for urban development and growing much needed housing stock. ...
With Minister Karen Chhour indicating in the House today that she either doesn’t know or care about the frontline cuts she’s making to Oranga Tamariki, we risk seeing more and more of our children falling through the cracks. ...
The Labour Party is saddened to learn of the death of Sir Robert Martin, a globally renowned disability advocate who led the way for disability rights both in New Zealand and internationally. ...
Labour is calling for the Government to urgently rethink its coalition commitment to restart live animal exports, Labour animal welfare spokesperson Rachel Boyack said. ...
Today’s Financial Stability Report has once again highlighted that poverty and deep inequality are political choices - and this Government is choosing to make them worse. ...
The Green Party is calling on the Government to do more for our households in most need as unemployment rises and the cost of living crisis endures. ...
Unemployment is on the rise and it’s only going to get worse under this Government, Labour finance spokesperson Barbara Edmonds said. Stats NZ figures show the unemployment rate grew to 4.3 percent in the March quarter from 4 percent in the December quarter. “This is the second rise in unemployment ...
The New Zealand Labour Party welcomes the entering into force of the European Union and New Zealand free trade agreement. This agreement opens the door for a huge increase in trade opportunities with a market of 450 million people who are high value discerning consumers of New Zealand goods and ...
The National-led Government continues its fiscal jiggery pokery with its Pharmac announcement today, Labour Health spokesperson Ayesha Verrall says. “The government has increased Pharmac funding but conceded it will only make minimal increases in access to medicine”, said Ayesha Verrall “This is far from the bold promises made to fund ...
This afternoon’s interim Waitangi Tribunal report must be taken seriously as it affects our most vulnerable children, Labour children’s spokesperson Willow-Jean Prime. ...
Te Pāti Māori are demanding the New Zealand Government support an international independent investigation into mass graves that have been uncovered at two hospitals on the Gaza strip, following weeks of assault by Israeli troops. Among the 392 bodies that have been recovered, are children and elderly civilians. Many of ...
Our two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...
Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...
Tonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...
It appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...
The Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...
Labour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...
The Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...
Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...
The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...
The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...
Cuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...
The Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...
New Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...
More essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...
Te Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...
The Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...
Cancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...
The Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...
Foreign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...
The Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...
Thank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...
The Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...
The coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...
Structured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...
Trade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...
The rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...
The Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...
New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...
Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...
From today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...
People with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...
Kiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...
There are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...
The return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...
Energy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...
The coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...
The Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...
Justice Minister Paul Goldsmith has attended the Universal Periodic Review in Geneva and outlined the Government’s plan to restore law and order. “Speaking to the United Nations Human Rights Council provided us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while responding to issues and ...
The Government and Rotorua Lakes Council are committed to working closely together to end the use of contracted emergency housing motels in Rotorua. Associate Minister of Housing (Social Housing) Tama Potaka says the Government remains committed to ending the long-term use of contracted emergency housing motels in Rotorua by the ...
Trade Minister Todd McClay heads overseas today for high-level trade talks in the Gulf region, and a key OECD meeting in Paris. Mr McClay will travel to Riyadh to meet with counterparts from Saudi Arabia and the Gulf Cooperation Council (GCC). “New Zealand’s goods and services exports to the Gulf region ...
Education Minister Erica Stanford has outlined six education priorities to deliver a world-leading education system that sets Kiwi kids up for future success. “I’m putting ambition, achievement and outcomes at the heart of our education system. I want every child to be inspired and engaged in their learning so they ...
The new NZ Transport Agency (NZTA) App is a secure ‘one stop shop’ to provide the services drivers need, Transport Minister Simeon Brown and Digitising Government Minister Judith Collins say. “The NZTA App will enable an easier way for Kiwis to pay for Vehicle Registration and Road User Charges (RUC). ...
Whānau with tamariki growing up in emergency housing motels will be prioritised for social housing starting this week, says Associate Housing Minister Tama Potaka. “Giving these whānau a better opportunity to build healthy stable lives for themselves and future generations is an essential part of the Government’s goal of reducing ...
Racing Minister Winston Peters has paid tribute to an icon of the industry with the recent passing of Dave O’Sullivan (OBE). “Our sympathies are with the O’Sullivan family with the sad news of Dave O’Sullivan’s recent passing,” Mr Peters says. “His contribution to racing, initially as a jockey and then ...
Assalaamu alaikum, greetings to you all. Eid Mubarak, everyone! I want to extend my warmest wishes to you and everyone celebrating this joyous occasion. It is a pleasure to be here. I have enjoyed Eid celebrations at Parliament before, but this is my first time joining you as the Minister ...
Associate Health Minister David Seymour has announced Pharmac’s largest ever budget of $6.294 billion over four years, fixing a $1.774 billion fiscal cliff. “Access to medicines is a crucial part of many Kiwis’ lives. We’ve committed to a budget allocation of $1.774 billion over four years so Kiwis are ...
Hon Paula Bennett has been appointed as member and chair of the Pharmac board, Associate Health Minister David Seymour announced today. "Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines,” says Mr Seymour. ...
Hundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says. “Every day, ...
Regional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...
Foreign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges. “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...
Ambassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...
Distinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...
Mai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...
Paul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...
Recreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...
Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
RNZ News A group of academic staff at New Zealand’s largest university have expressed concern at the administration’s move to block a protest encampment that was planned to take place on campus calling for support for the rights of Palestinians. This week, the University of Auckland warned that while it ...
Genterwocky After a hard days marching, Sir Doocey calls in at the Village Tavern For a pint of ale and a pork pie. The grim villagers stare at him. “Do not be travelling on the forest road,” warns a crusty old beak. “And why is that, antique peasant?” Grins Sir ...
Political conferences after a party returns to power are usually a chance for some healthy, even unhealthy backslapping. Yet National Party president Sylvia Wood’s address to its mainland representatives on Saturday hardly contained the unalloyed delight that one might have expected following National’s escape from the wilderness of opposition. Yes, ...
Comment: Almost half the world is voting in national elections this year and artificial intelligence is the elephant in the room. There are genuine fears AI-generated or AI-edited deepfakes will potentially manipulate election outcomes not just in the US and UK, but critically in countries such as India. For that ...
Ahead of the reality franchise’s return to New Zealand, allow us to introduce the eight brides and grooms. Chuck on a veil and tie back your man bun, because it’s time to say “I do” to a new season of Married at First Sight NZ. The reality TV “social experiment” ...
Source: The Conversation (Au and NZ) – By Andrew Norton, Professor in the Practice of Higher Education Policy, Australian National University Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990. This ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Changes in the May 14 budget will cut the student debt of more than three million people, wiping more than $3 billion from what people owe. The government will cap the HELP indexation rate ...
Asia Pacific Report The prosecutor’s office at the International Criminal Court (ICC) has appealed for an end to what it calls intimidation of its staff, saying such threats could constitute an offence against the “administration of justice” by the world’s permanent war crimes court. The Hague-based office of ICC Prosecutor ...
By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk A women’s union in New Caledonia has staged a sit-in protest this week to support senior Kanak indigenous journalist Thérèse Waia, who works for public broadcaster Nouvelle-Calédonie la Première, after a smear attack by critics. The peaceful demonstration was held on ...
New Zealand Food Safety is monitoring overseas recalls of Indian packaged spice products manufactured by MDH and Everest due to concerns over a cancer-causing pesticide. ...
By Stephen Wright and Stefan Armbruster of BenarNews Fiji’s ranking in a global press freedom index has jumped into the top tier of countries with free or mostly free media after its government last year repealed a draconian law that threatened journalists with prison for doing their jobs. Fiji’s improvement ...
We might be in Invercargill but all anyone can talk about is Gore. Specifically, Salford Street. That’s where three-year-old Lachlan Jones lived, south of the centre of town, between the A&P Showgrounds and the Mataura River. Roughly 1.2 km away from the single level home he lived in with his ...
MONDAY I lined up the latest round of civil servants from city hall against the wall, and signalled for the firing squad to drop their rifles. I stepped up onto a wooden crate to look at the office workers in the eye. But that didn’t feel right, so I found ...
Keen hiker and second-year MSc student Liam Hewson wears two hats when he’s in the great outdoors. “The scientist in me appreciates nature and goes, ‘Oh, there’s that thing and there’s another thing,’ but then the tramper and the outdoorsy person in me thinks, ‘Cool bush.’” Born and bred in ...
After a long and illustrious career as a goal kicker, Dan Carter’s favourite way to unwind is… kicking goals. Why can’t he get enough of it? And what it’s like to watch him do it for an hour straight? A semicircle of people wielding cameras and phones has formed in ...
Dame Susan Devoy takes us through her life in television, including late night ER debriefs, her proudest CTI moment and the show she watches in secret. Quite aside from her four world champion squash titles, Dame Susan Devoy will likely go down in history as one of the best Celebrity ...
Hera Lindsay Bird reveals the best places in Ōtepoti to score more for your apocalypse-prep book hoard.Sometimes I get the feeling I’ve been killed in a car crash, and this second half of my life is just the brain unspooling itself, like one of those episodes of a hospital ...
ThreeNow’s new murder mystery series takes us on a dark, damp journey into the Australian wilderness.This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. High Country is ThreeNow’s new Australian eight-part crime drama, set in a remote part of the Victorian highlands. It tells ...
Introducing a new way to read The Spinoff every weekend. After nearly 10 years of being an online magazine, we’re finally embracing the weekend liftout. Despite our best efforts to convince you otherwise, writers and editors at The Spinoff don’t work weekend. It is through the sheer power of technology ...
Tip one: let yourself be nurtured by this big old man. Tip two: don’t ask him to adopt you. So, you’ve arrived at your first session with a new therapist. He tells you to make yourself comfortable and you opt for the tweed armchair, hoping it makes you look like ...
I didn’t know books could open you back up; that there were books that stayed with you, where reading was like a chemical event. I knew nothing.The Sunday Essay is made possible thanks to the support of Creative New Zealand.Not too long ago, I was listening to the American ...
Former Olympic swimmer James Magnussen has already started training for the Enhanced games, though says he won’t start taking performance enhancing substances until about nine months out from the competition. The Australian world champion was the first athlete to be announced by Enhanced, but he says the organisation has had ...
Everyone thinks he’s dead. Every day they expect his body to be washed up along the coast. Most likely up Karitane way, the way the tide’s running. But nobody’ll be too surprised if his body’s never found. Even in death he wouldn’t have wished for such attention. He would have ...
Council members voted 21 to 4 in favour of Ahluwalia returning to the Laucala campus following a much-awaited meeting in Vanuatu this week. It comes as USP and its two unions — the Association of the University of the South Pacific Staff (AUSPS) and the Administration and Support Staff Union ...
Source: The Conversation (Au and NZ) – By Nicola Henry, Professor & Australian Research Council Future Fellow, Social and Global Studies Centre, RMIT University Shutterstock Following an emergency meeting of the National Cabinet this week, Prime Minister Anthony Albanese has announced a raft of measures to tackle the problem ...
Analysis - A poll showing the opposition is more popular than the government raises questions, politicians go through their 'trial by pay rise' and a Green MP loses her cool in the debating chamber. ...
The entire stretch of Tokomaru Bay on the East Coast will be subject to a joint customary marine title for two hapū, and extending up to four miles out to sea. A High Court judge has found the two groups, who during the case settled a dispute over boundaries for ...
Source: The Conversation (Au and NZ) – By James Hall, Lecturer, Media & Cultural Studies, Edith Cowan University A longstanding feud between TikTok and Universal Music Group seems to have finally reached an end, with both parties signing a deal that will see Universal-backed music returned to the social media ...
Source: The Conversation (Au and NZ) – By Siobhan O’Dean, Postdoctoral Research Associate, The Matilda Centre for Research in Mental Health and Substance Use, University of Sydney After several highly publicised alleged murders of women in Australia, the Albanese government this week pledged more than A$925 million over five years ...
Political parties have now fully disclosed the donations they received last year - with National getting more than double the cash of any other party. ...
A Pacific regionalism expert has called out New Zealand's Foreign Affairs Minister Winston Peters for withholding information from the public on AUKUS military pact. ...
Source: The Conversation (Au and NZ) – By Richard de Grijs, Professor of Astrophysics, Macquarie University Bruno Scramgnon/Pexels All systems are “go” for tonight’s launch of China’s next step in a carefully planned lunar exploration program. Placed on top of a powerful Long March 5 rocket, the Chang’e 6 ...
National returned a massive donation the day after a Newsroom story linked the donors to a property being investigated for operating unlawfully as a migrant workers’ hostel. The party’s 2023 donation filings, released on Friday, show it returned a $200,000 donation from Buen Holdings on August 23. That was the ...
Pacific Media Watch New Zealand has slumped to an unprecedented 19th place in the annual Reporters Without Borders World Press Freedom Index survey released today on World Press Freedom Day — May 3. This was a drop of six places from 13th last year when it slipped out of its ...
Source: The Conversation (Au and NZ) – By Joshua Black, Political Historian and Administrator Officer, Australian Historical Association, Australian National University Australia has had its fair share of public record-keeping controversies in recent years. Some have been mere farce, as in the case of two formerly government-owned filing cabinets (containing ...
Heavenly Culture, World Peace, Restoration of Light (HWPL), a United Nations-affiliated organization dedicated to fostering peace through civilian-led initiatives, has issued a statement in response to the escalating conflict between Israel and Iran. ...
A poem by Tessa Keenan, from AUP New Poets 10. Mātou These days we are a photograph; one of a farm strewn with cows that used to be bright harakeke or swamp. The kids point at it and say the sun sits behind a smudge (left by someone at Christmas); ...
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington.AUCKLAND1 Small Things Like These by Claire Keegan (Faber & Faber, $25)The masterful Irish writer ...
Marriage and civil union statistics record the number of marriages and civil unions registered in New Zealand each year, and divorce statistics record the number of divorces granted in New Zealand each year. Key facts Marriages and civil unions In ...
Marriage and civil union statistics record the number of marriages and civil unions registered in New Zealand each year, and divorce statistics record the number of divorces granted in New Zealand each year. ...
Source: The Conversation (Au and NZ) – By Lennon Y.C. Chang, Associate Professor of Cyber Risk and Policy, Deakin University Taiwan stands out as a beacon of democracy, innovation and resilience in an increasingly autocratic region. But this is under growing threat. In recent years, China has used a variety ...
In this excerpt from her new memoir, Dame Susan Devoy remembers her turn as star contestant on the 2022 season of Celebrity Treasure Island. The most anxious time of every day was pre-elimination, when you knew this could be your final day on the show. I felt such contradictory emotions, ...
A week that began in triumph ended in an all-too-familiar disaster for the Green Party. Duncan Greive asks if there’s something in the mission that breaks its best and brightest. A long, strange week for the Green party began with a fantastic poll result. On one level this is hardly ...
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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.