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 Local Government, Transport and Auckland Minister hasthreatened councils with intervention if they don’t merge water assets to take them off balance sheet, just as the now-repealed Three Waters plan directed. Photo: Lynn Grieveson / The KākāTL;DR: My six things of note this morning for Monday, March 25 include:Simeon ...
A listing of 36 news and opinion articles we found interesting and shared on social media during the past week: Sun, March 17, 2024 thru Sat, March 23, 2024. Story of the week Thanks to John Mason having the stamina to sit down to watch "Climate - the Movie" ...
This morning the Q&A programme had Simeon Brown on to talk about National’s replacement for Three Waters. In case anyone’s forgotten the three are - drinking water, waste water, and sewerage. It’s quite important not to get them mixed up. In much the same way that you wouldn’t want to ...
Today’s newsletter comes with a mini-podcast conversation between me and my buddy Liv Tennet, talking about her time as a child actor in Lord of the Rings. It’s a conversation with a lot of giggles as she talks about falling off a horse, and becoming a meme. Read ...
The Desmog Climate Disinformation Database documents, "individuals and organisations that have helped to delay and distract the public and our elected leaders from taking needed action to reduce greenhouse gas pollution and fight global warming." It's a who's who of the organised climate change denial movement, in other words. In ...
Bob Edlin writes – A High Court judge has decided miscreants who have mana – or who claim to have mana – should be treated differently from miscreants who have none. It’s a ruling that suggests indigenous law-breakers have a better chance of securing a discharge without conviction ...
Welcome to the first, and possibly last, edition of Brickbats, Bouquets and Bull’s Wool. In which I’ll take a look at the events of the last week or so, and rate them.In such ratings the numbers usually have more to do with the opinions of the reviewer, than the actual ...
Roger Partridge writes – My earlier column this month, New Zealand’s highest court could be facing a turning point, prompted a flood of feedback from business readers and lawyers alike. A common query was what Parliament can do to restrain an overreaching judiciary. This week I discuss two steps Parliament ...
TL;DR: In today’s ‘six-stack’ of substacks at 6.16pm on Friday, March 22: writes about New Zealand's Building Boom—And What the World Must Learn From It over at his substack. challenges the Auckland Council’s use of a 3.8 degrees of warming forecast to oppose a wave-park and data centre project ...
Is she hinting that the Coalition Government will have to back down on key promises it made in Opposition?The Minister of Finance, Nicola Willis, is telling an evolving story about her fiscal challenges. In Opposition she was confident that she could deliver her promised income tax cuts. Appointed minister, she ...
Buzz from the Beehive Ministers of the Crown have drawn attention to one sector of the science sector which is unlikely to be subjected to heavy spending cuts, a state-funded broadcaster which is doing nicely, thank you, and a sporting event that had $5.4 million from the public purse puffed ...
Abbott’s Freestyle Libre sensors allow continuous glucose monitoring (CGM). The sensor is applied to the back of the patient’s arm, with a thin filament under the skin measuring glucose levels constantly. But it costs around $100 per sensor and must be replaced once every 14 days. Photo by BSIP/Universal Images ...
The Inspector General of Intelligence and Security (IGIS) recently released a report in which he exposes the existence of a foreign intelligence partner-controlled technological “capability” inside the headquarters of the GCSB, NZ’s 5 Eyes-affiliated signals intelligence collection and analysis agency. … Continue reading → ...
Peter Dunne writes – Nearly three decades after the introduction of MMP and multiparty governments there should be a greater level of understanding about their finer points than often appears to be the case. The reaction to the despicable outburst from the Deputy Prime Minister at the weekend highlights ...
The sweet kisses from fruit of summerHave slowly been turning dullerYou say, "those times"And "remember the daysWhen we went outside and there still was the shade?"Taking no reason into play…Autumn. Clear, blue days shortening to longer nights, growing colder. Aotearoa.That’s us. The temperature dropping, the looming car crash - so ...
Bryce Edwards writes – “It is often said that behind every great man is a great woman”. This is the pitch by the National Party Botany electorate branch to attend their “Ladies Afternoon Tea with Amanda Luxon”. For $110 including GST, you can turn up on Saturday 20 April ...
David Farrar writes – The Electoral Commission has published the expense returns for political parties for the 2023 election. I’ve put them in a table with how many votes a party got so we can see the spend per vote. National only spent $3.34 for every vote they got, almost ...
Winston Peters’ headline-making actions over the past week may have been a show of political power intended to strengthen his hand in Budget negotiations. It was no accident that his State of the Nation speech was as it was. He made it as New Zealand First Leader, not as Deputy ...
Photo: Lynn Grieveson / The KākāTL;DR: The five things that mattered in Aotearoa’s political economy that we wrote and spoke about via The Kākā and elsewhere for paying subscribers in the last week included:Former Labour Finance Minister Grant Robertson bowed out of politics this week, giving a series of exit ...
Graham Adams writes — If you love the law or sausages, as the saying goes, best not to look too closely at how they are made. And after watching the orgy of self-pity when Newshub’s closure was announced on February 28, television journalism should definitely be added to the list of those ...
Venerable New Zealand political commentator, Chris Trotter (https://bowalleyroad.blogspot.com/), is a sad creature these days. Once one of the most reliable Leftist writers out there – Economic Left at that – Trotter seems to have absorbed the worldview of Auckland culture-war obsessives. It is not for me to categorise what he ...
The cruelty of short-term memory loss is that each time you ask where she is, you get the fresh shock and grief of the news. That was Dad's day yesterday.Comfortingly, it seems to be less so today. Last night he looked crumpled, today he seems more settled. There's a card ...
The Coalition Government’s plan to ‘get Auckland moving’ is a cuts cover-up that will ultimately cost Aucklanders more to move around the city, says Labour Auckland Issues spokesperson Shanan Halbert. ...
Slashing the Ministry of Pacific Peoples by 40% will have a devastating impact on pacific communities and further highlights how little this government cares about anything other than cutting taxes for the wealthiest few. ...
Labour has proposed an urgent inquiry to investigate the ever-increasing profits of supermarkets, aiming to lower costs for shoppers and food producers alike, says Labour Spokesperson for Commerce and Consumer Affairs Arena Williams and Primary Production Spokesperson Cushla Tangaere-Manuel. ...
With 14% of jobs on the line at the Ministry for Ethnic Communities, the responsible Minister Melissa Lee is failing to stand up for the very communities she’s meant to be representing. ...
COURT OF APPEAL: TRIFECTA OF VICTORY FOR NZ FIRST, TRIFECTA OF FAILURE FOR OPPONENTS For the third time since April 2020, New Zealand First has defeated the Serious Fraud Office and all those complicit in a malicious attack against a political party going about its lawful business in a lawful ...
The Green Party stands with people who live in public housing, people in dire housing need, experts and advocates in demanding better than the Government’s archaic approach to housing those who need our support the most. ...
New Zealand has recently lost the hosting rights of some major international sporting events including the America’s Cup, the Rugby Championship, Netball World Cup, and the Wellington Sevens. We are now at a huge risk of losing SailGP as well. And it won’t stop there. The recent issues with SailGP ...
A Member’s Bill drawn this week would modernise insurance law and make things fairer and more transparent for consumers, Christchurch Central MP Duncan Webb said. ...
The Minister for Disability Issues has confirmed she was aware of funding issues in mid-December and did nothing to stop it. On 14 March, she signed off on changes that were announced and implemented on 18 March without any consultation with disability communities. ...
Green Party MP Julie Anne Genter says her members' bill is an opportunity for the coalition government to plug the gap in electric vehicle incentives. ...
The National Government continues to talk about irresponsible tax cuts that will only drive up inflation, despite the country entering a technical recession. ...
The Minister for Disability Issues must act urgently to reinstate flexibility around the funding for disability support and apologise to disabled carers. ...
This story has been initiated by a leftie shill reporter who proactively sought to call a member of a former band, which disbanded twelve years ago, give their biased appraisal of what was said in my speech, and concocted a ham-fisted attempt at a story that does nothing but show ...
The Government has accepted Labour’s change to the Road User Charge (RUC) discount for hybrid vehicles, meaning there will still be some incentive for people to buy greener vehicles. ...
Many in the mainstream media have taken what was said in New Zealand First’s State of the Nation Speech in Palmerston North on Sunday and deliberately, deceitfully, and ignorantly misrepresented what I said and why I said it. The headlines and commentary on the news stated that I compared ‘co-governance ...
Kicking the most vulnerable people out of state housing and pushing them towards homelessness will result in a proliferation of poverty and trauma across our most vulnerable communities. ...
Te Pāti Māori co-leader and MP for Waiariki, Rawiri Waititi has penned a letter asking MPs to support his members bill to remove GST from all food. The bill is expected to go through its first reading in parliament this Wednesday. “I’m calling on all political parties to support my ...
Good afternoon. Thank you for, in your very busy lives, turning up to this meeting today. On October 14th last year New Zealanders overwhelmingly voted for change. That is exactly what this new government is bringing. New Zealand First campaigned to ‘take back our country’ and stop the disastrous economic ...
This year is about getting real with Kiwis and discussing the tough issues, as the National Government exacerbates inequality and divides New Zealand, Labour Leader Chris Hipkins said ...
The Government adding Significant Natural Areas (SNAs) to its already roaring environmental policy bonfire is an assault on the future of wildlife that makes Aotearoa unique. ...
After 12 years of fighting to protect our moana we are finding ourselves back at square one and back at court. Today, the Environmental Protection Agency is sitting in Hawera to reconsider an application from Trans-Tasman Resources to dig up 50 million tonnes of the seabed in South Taranaki. This ...
Minister Shane Jones’ decision to step away from a seabed mining project is evidence of the murky waters surrounding the Government’s fast-track legislation. ...
The growth of Treaty of Waitangi clauses in legislation caused so much worry that a special oversight group was set up by the last government in a bid to get greater coherence in the publicservice on Treaty matters. When ministers first considered the need for tighter oversight in 2021, there ...
The growth of Treaty of Waitangi clauses in legislation caused so much worry that a special oversight group was set up by the last government in a bid to get greater coherence in the publicservice on Treaty matters. When ministers first considered the need for tighter oversight in 2021, there ...
The Coalition Government’s miscalculation saga continues as it has forgotten an eyewatering $90 million gap in its interest deductibility cost figures, say Labour Finance spokesperson Barbara Edmonds and Revenue Spokesperson Deborah Russell. ...
He Pou a Rangi Climate Change Commission has today released advice that says if the Government doesn’t act now New Zealand is at risk of not meeting its climate goals. ...
The Coalition Government has today confirmed it is abandoning first home buyers who are struggling to get ahead, says Labour Finance spokesperson Barbara Edmonds. ...
Transport Minister Simeon Brown has welcomed the passing of legislation to move light electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) into the road user charges system from 1 April. “It was always intended that EVs and PHEVs would be exempt from road user charges until they reached two ...
New Zealand is strengthening its ability to combat illegal fishing outside its domestic waters and beef up regulation for its own commercial fishers in international waters through a Bill which had its first reading in Parliament today. The Fisheries (International Fishing and Other Matters) Amendment Bill 2023 sets out stronger ...
Economists Carl Hansen and Professor Prasanna Gai have been appointed to the Reserve Bank Monetary Policy Committee, Finance Minister Nicola Willis announced today. The Monetary Policy Committee (MPC) is the independent decision-making body that sets the Official Cash Rate which determines interest rates. Carl Hansen, the executive director of Capital ...
Apartment owners and buyers will soon have greater protections as further changes to the law on unit titles come into effect, Housing Minister Chris Bishop says. “The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act had already introduced some changes in December 2022 and May 2023, and ...
Foreign Minister Winston Peters will travel to Egypt and Europe from this weekend. “This travel will focus on a range of New Zealand’s traditional diplomatic and security partnerships while enabling broad engagement on the urgent situation in Gaza,” Mr Peters says. Mr Peters will attend the NATO Foreign ...
Transport Minister Simeon Brown is encouraging all road users to stay safe, plan their journeys ahead of time, and be patient with other drivers while travelling around this Easter long weekend. “Road safety is a responsibility we all share, and with increased traffic on our roads expected this Easter we ...
About 1.4 million New Zealanders will receive cost of living relief through increased government assistance from April 1 909,000 pensioners get a boost to Superannuation, including 5000 veterans 371,000 working-age beneficiaries will get higher payments 45,000 students will see an increase in their allowance Over a quarter of New Zealanders ...
Ensuring social housing is being provided to those with the greatest needs is front of mind as the Government restarts social housing tenancy reviews, Associate Housing Minister Tama Potaka says. “Our relentless focus on building a strong economy is to ensure we can deliver better public services such as social ...
The Kermadec Ocean Sanctuary will not go ahead, with Cabinet deciding to stop work on the proposed reserve and remove the Bill that would have established it from Parliament’s order paper. “The Kermadec Ocean Sanctuary Bill would have created a 620,000 sq km economic no-go zone,” Oceans and Fisheries Minister ...
Dam safety regulations are being amended so that smaller dams won’t be subject to excessive compliance costs, Minister for Building and Construction Chris Penk says. “The coalition Government is focused on reducing costs and removing unnecessary red tape so we can get the economy back on track. “Dam safety regulations ...
The coalition Government is expanding the medium-scale adverse event classification to parts of the North Island as dry weather conditions persist, Agriculture Minister Todd McClay announced today. “I have made the decision to expand the medium-scale adverse event classification already in place for parts of the South Island to also cover the ...
The passing of legislation giving effect to coalition Government tax commitments has been welcomed by Finance Minister Nicola Willis. “The Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill will help place New Zealand on a more secure economic footing, improve outcomes for New Zealanders, and make our tax system ...
Science, Innovation and Technology Minister Judith Collins and Tertiary Education and Skills Minister Penny Simmonds today announced plans to transform our science and university sectors to boost the economy. Two advisory groups, chaired by Professor Sir Peter Gluckman, will advise the Government on how these sectors can play a greater ...
The Budget will deliver urgently-needed tax relief to hard-working New Zealanders while putting the government’s finances back on a sustainable track, Finance Minister Nicola Willis says. The Finance Minister made the comments at the release of the Budget Policy Statement setting out the Government’s Budget objectives. “The coalition Government intends ...
The coalition Government will look at options to address a zoning issue that limits how much financial support Queenstown residents can get for accommodation. Cabinet has agreed on a response to the Petitions Committee, which had recommended the geographic information MSD uses to determine how much accommodation supplement can be ...
Cabinet has agreed to a short extension to the final reporting timeframe for the Royal Commission into Abuse in Care from 28 March 2024 to 26 June 2024, Internal Affairs Minister Brooke van Velden says. “The Royal Commission wrote to me on 16 February 2024, requesting that I consider an ...
The coalition Government is delivering an $18 million boost to New Zealanders needing to travel for specialist health treatment, Health Minister Dr Shane Reti says. “These changes are long overdue – the National Travel Assistance (NTA) scheme saw its last increase to mileage and accommodation rates way back in 2009. ...
The Government is recognising the innovative and rising talent in New Zealand’s growing space sector, with the Prime Minister and Space Minister Judith Collins announcing the new Prime Minister’s Prizes for Space today. “New Zealand has a growing reputation as a high-value partner for space missions and research. I am ...
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity, attributed to groups sponsored by the Chinese Government, targeting democratic institutions in both New ...
Independent Reviewers appointed for School Property Inquiry Education Minister Erica Stanford today announced the appointment of three independent reviewers to lead the Ministerial Inquiry into the Ministry of Education’s School Property Function. The Inquiry will be led by former Minister of Foreign Affairs Murray McCully. “There is a clear need ...
State Highway 1 across the Brynderwyns will be open for Easter weekend, with work currently underway to ensure the resilience of this critical route being paused for Easter Weekend to allow holiday makers to travel north, Transport Minister Simeon Brown says. “Today I visited the Brynderwyn Hills construction site, where ...
Introduction Good morning to you all, and thanks for having me bright and early today. I am absolutely delighted to be the Minister for Infrastructure alongside the Minister of Housing and Resource Management Reform. I know the Prime Minister sees the three roles as closely connected and he wants me ...
New Zealand stands with the United Kingdom in its condemnation of People’s Republic of China (PRC) state-backed malicious cyber activity impacting its Electoral Commission and targeting Members of the UK Parliament. “The use of cyber-enabled espionage operations to interfere with democratic institutions and processes anywhere is unacceptable,” Minister Responsible for ...
Foreign Minister Winston Peters and Defence Minister Judith Collins today announced New Zealand will provide logistics support for the upcoming Solomon Islands election. “We’re sending a team of New Zealand Defence Force personnel and two NH90 helicopters to provide logistics support for the election on 17 April, at the request ...
The European Union Free Trade Agreement Legislation Amendment Bill received Royal Assent today, completing the process for New Zealand’s ratification of its free trade agreement with the European Union. “I am pleased to announce that today, in a small ceremony at the Beehive, New Zealand notified the European Union ...
Public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has concluded, Internal Affairs Minister Hon Brooke van Velden says. “I have been advised that there were over 11,000 submissions made through the Royal Commission’s online consultation portal.” Expanding the scope of the Royal Commission of ...
Hardworking families are set to benefit from a new credit to help them meet their early childcare education (ECE) costs, Finance Minister Nicola Willis says. From 1 July, parents and caregivers of young children will be supported to manage the rising cost of living with a partial reimbursement of their ...
A specialised Independent Technical Advisory Group (ITAG) tasked with preparing and publishing independent non-binding advice on the design of a "green" (sustainable finance) taxonomy rulebook is being established, Climate Change Minister Simon Watts says. “Comprising experts and market participants, the ITAG's primary goal is to deliver comprehensive recommendations to the ...
Defence Minister Judith Collins has thanked the Chief of Army, Major General John Boswell, DSD, for his service as he leaves the Army after 40 years. “I would like to thank Major General Boswell for his contribution to the Army and the wider New Zealand Defence Force, undertaking many different ...
25 March 2024 Minister to meet Australian counterparts and Manufacturing Industry Leaders Small Business, Manufacturing, Commerce and Consumer Affairs Minister Andrew Bayly will travel to Australia for a series of bi-lateral meetings and manufacturing visits. During the visit, Minister Bayly will meet with his Australian counterparts, Senator Tim Ayres, Ed ...
Government commits almost $3 million for period products in schools The Coalition Government has committed $2.9 million to ensure intermediate and secondary schools continue providing period products to those who need them, Minister of Education Erica Stanford announced today. “This is an issue of dignity and ensuring young women don’t ...
Good morning, it’s great to be here. First, I would like to acknowledge the New Zealand Institute of Building Surveyors and thank you for the opportunity to be here this morning. I would like to use this opportunity to outline the Government’s ambitious plan and what we hope to ...
Minister for Pacific Peoples Dr Shane Reti has announced the Government’s commitment to the Auckland Secondary Schools Māori and Pacific Islands Cultural Festival, more commonly known as Polyfest. “The Ministry for Pacific Peoples is a longtime supporter of Polyfest and, as it celebrates 49 years in 2024, I’m proud to ...
Before moving onto the substance of today’s address, I want to recognise the very significant and ongoing contribution the Breast Cancer Foundation makes to support the lives of New Zealand women and their families living with breast cancer. I very much enjoy working with you. I also want to recognise ...
New Zealand has notched up a first with the launch of University of Canterbury research to the International Space Station, Science, Innovation and Technology and Space Minister Judith Collins says. The hardware, developed by Dr Sarah Kessans, is designed to operate autonomously in orbit, allowing scientists on Earth to study ...
Introduction Thank you for inviting me to speak with you today and I’m sorry I can’t be there in person. Yesterday I started in Wellington for Breakfast TV, spoke to a property conference in Auckland, and finished the day speaking to local government in Christchurch, so it would have been ...
The Coalition Government is contributing more than $1 million to support the establishment of an emergency multi-agency coordination centre in Northland. Emergency Management and Recovery Minister Mark Mitchell announced the contribution today during a visit of the Whangārei site where the facility will be constructed. “Northland has faced a number ...
New Zealanders have enjoyed a broader range of voices telling the story of Aotearoa thanks to the creation of Whakaata Māori 20 years ago, says Māori Development Minister Tama Potaka. The minister spoke at a celebration marking the national indigenous media organisation’s 20th anniversary at their studio in Auckland on ...
Commercial catch limits for some fisheries have been increased following a review showing stocks are healthy and abundant, Ocean and Fisheries Minister Shane Jones says. The changes, along with some other catch limit changes and management settings, begin coming into effect from 1 April 2024. "Regular biannual reviews of fish ...
Opposition MPs and unions are criticising a proposal by New Zealand’s Ministry of Pacific Peoples to cut staff by 40 percent. The country’s largest trade union — The Public Service Association — says the ministry has informed staff that it is looking to shed 63 of 156 positions. Opposition MPs ...
A poem by Poetry Aotearoa Yearbook 2024 featured poet Carin Smeaton. Daughtr of the 90s when she gets promoted to usherette a baby blu eel carries her all the way up to mothership she’s hovering high she lets the underaged in to see keanu reeves she lets the only lonely ...
Analysis by Keith Rankin. Keith Rankin, trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand. My earlier article – Can ‘Good’ be the Greater Evil? – looked at the issue of how wars should end, and how Good versus Evil ...
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 AMMA by Saraid de Silva (Moa Press, $38)A stunning debut novel reviewed by Brannavan ...
From Steve Martin to Ricky Stanicky, a pick’n’mix of things worth watching and listening to this long weekend. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. If you’re at a loss for something to occupy yourself with this Easter, don’t panic: The Spinoff’s got ...
Jesus had dinner with his 12 disciples right before he died. Noted historian Madeleine Chapman finds out who really deserved to be there.First published in 2018 but let’s be honest, the subject is timeless. As you sit on your couch this Easter Sunday, eating a chocolate egg you know ...
The newly-promoted Northern League club is on a mission to return to the National League for the first time in two decades. Plenty about domestic football in New Zealand has changed in that time – but the sense that this amateur competition is not an entirely level playing field remains. ...
Auckland Council has put a deadline on new weather-impacted property owners applying for categorisation as government funding looks set to run out. Councillors have voted to support a deadline of September 30 for property owners who haven’t accessed support to come forward and engage with the council’s recovery office. It ...
NONFICTION 1 BBQ Economics by Liam Dann (Penguin Random House, $40) “It’s official,” wrote Dann nine days ago in the Herald, where he works as business editor at large, “we’re in recession.” Yeah, great. He delivered the bad stats: “GDP fell 0.1 percent in the December 2023 quarter, compared with ...
Comment: Every year on February 2, a dozen men in tuxedos and top hats approach the burrow of a groundhog in Gobbler’s Knob, Pennsylvania and entice the beaver-like rodent to emerge and predict the weather. If the groundhog, named Punxsutawney Phil, sees its own shadow when it is summoned, legend ...
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By Anneke Smith, RNZ News political reporter A petition urging the New Zealand government to provide urgent humanitarian assistance to the Palestinian people has been tabled in the House. More than 200 people gathered on Parliament’s forecourt today and they were met by MPs from Labour, the Greens and Te ...
Pacific Media Watch The Paris-based global media freedom watchdog RSF (Reporters Without Borders) has appealed for information about the “disappearance” of Palestinian journalist Bayan Abusultan. She was reportedly last seen on March 19 among people “sequestered” in this week’s raid and siege of Al Shifa hospital by Israeli troops in ...
EDITORIAL:The Jakarta Post It happens again and again; indigenous Papuans fall victim to Indonesian soldiers. This time, we have photographic evidence for the brutality, with videos on social media showing a Papuan man being tortured by a group of plainclothes men alleged to be the Indonesian Military (TNI) members. ...
Source: The Conversation (Au and NZ) – By Robyn J. Whitaker, Director of the Wesley Centre for Theology, Ethics, and Public Policy & Associate Professor, New Testament, Pilgrim Theological College, University of Divinity A strange and eclectic range of activities takes place across these few weeks of the year. Some ...
Source: The Conversation (Au and NZ) – By Panizza Allmark, Professor Visual & Cultural Studies, Edith Cowan University It’s Easter weekend, which means many of us will be kicking back with the greatest hits on repeat. But whether you’re a boomer, or an ‘80s or ’90s kid, you might be ...
RNZ Pacific Fiji’s Acting Public Prosecutor has filed an appeal against the sentences of former prime minister Voreqe Bainimarama and suspended police chief Sitiveni Qiliho in their corruption case. Bainimarama was granted an absolute discharge for attempting to pervert the course of justice while Qiliho received a conditional discharge with ...
Source: The Conversation (Au and NZ) – By Arosha Weerakoon, Senior Lecturer and General Dentist, School of Dentistry, The University of Queensland Casezy idea/Shutterstock How does toothpaste work? What did people use before toothpaste was invented? – Amelia, age 7, Meanjin (Brisbane) Thanks for your ...
Source: The Conversation (Au and NZ) – By Brett Hallam, Associate professor, UNSW Sydney IM Imagery/Shutterstock Solar SunShot is well named. The Australian government announced today it would plough A$1 billion into bringing back solar manufacturing to Australia, boosting energy security, swapping coal and gas jobs for those ...
Source: The Conversation (Au and NZ) – By Clare Dix, Research Fellow in Nutrition & Dietetics, The University of Queensland Easter is the time for chocolate. The shops are full of fantastically packaged and shiny chocolates in all shapes and sizes, making trips to the supermarket with children more challenging ...
Source: The Conversation (Au and NZ) – By Emma Felton, Adjunct Senior Researcher, University of South Australia Even in a stubborn cost-of-living crisis, it seems there’s one luxury most Australians won’t sacrifice – their daily cup of coffee. Coffee sales have largely remained stable, even as financial pressures have ...
Mining company Trans-Tasman Resources has unexpectedly withdrawn its application for a consent to suck the valuable metals vanadium and titanium from the Taranaki seafloor, as it apparently wagers on the Government’s new fast-track process. It had spent two-and-a-half days putting its case to the Environmental Protection Agency’s decision-making committee, at ...
Contrary to the Associate Minister of Education’s claims, analysis of Healthy School Lunches Programme - Ka Ora, Ka Ako assessments has revealed it provides excellent value for the taxpayer dollar, as a groundswell of public opposition to Government ...
Greenpeace says wannabe Taranaki seabed miner Trans-Tasman Resources is likely banking on Christopher Luxon’s fast-track process to side-step proper scrutiny of its Taranaki seabed mining proposal by bailing out of the Environmental Protection Agency hearing ...
Kiwis Against Seabed mining today slammed Australian owned would-be seabed miner Trans Tasman Resources (TTR) for abandoning its application to the Environmental Protection Authority (EPA) to mine the seabed of the South Taranaki Bight. The company ...
Source: The Conversation (Au and NZ) – By Katie Attwell, Associate Professor, School of Social Sciences, The University of Western Australia Ground Picture/Shutterstock Months after COVID vaccines were introduced in 2021, governments and private organisations mandated them for various groups. Health and aged care workers were among the ...
Source: The Conversation (Au and NZ) – By Andrew Dzurak, Scientia Professor Andrew Dzurak, CEO and Founder of Diraq, UNSW Sydney Diraq For decades, the pursuit of quantum computing has struggled with the need for extremely low temperatures, mere fractions of a degree above absolute zero (0 Kelvin or ...
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne A national Essential poll, conducted March 20–24 from a sample of 1,150, gave the Coalition a 50–44 lead including undecided, a reversal ...
The Taxpayers’ Union has today made a formal request under the Regulations of the People’s Republic of China on Open Government Information () for information held about how New Zealand Members of Parliament are spending taxpayer ...
Source: The Conversation (Au and NZ) – By Robert Nelson, Honorary Principal Fellow, The University of Melbourne A Byzantine depiction of the Eucharist in Saint Sophia Cathedral, Kyiv.Jacek555/Wikimedia Commons, CC BY-SA A nasty quarrel arose in the 11th century over what kind of bread should be used in holy ...
Source: The Conversation (Au and NZ) – By Patrick Hesp, Professor, Flinders University Patrick Hesp In some parts of Australia, coastal dunes are retreating from the ocean at an alarming rate, as waves carve up the beach and wind blows the sand inland. But coastal communities are largely ...
Source: The Conversation (Au and NZ) – By Luke Heemsbergen, Senior Lecturer, Digital, Political, Media, Deakin University With an impressive 60% of the US smartphone market, Apple is undeniably big, but not a clear monopoly. Yet, years of innovation by Apple have effectively given the company its own exclusive ...
Whether you’re facing layoffs or are just an emotional junior staffer, it’s always a good idea to scout out a good crying place before you need it. It’s an incredibly hard time for Wellington. Across the city, thousands of public servants are hearing tough news about redundancies and layoffs. Government ...
Source: The Conversation (Au and NZ) – By James Miller-Jones, Professor, Curtin University Nuclear explosions on a neutron star feed its jets. Danielle Futselaar and Nathalie Degenaar, Anton Pannekoek Institute, University of Amsterdam, CC BY-SA How fast can a neutron star drive powerful jets into space? The answer, it ...
Source: The Conversation (Au and NZ) – By Daryl Adair, Associate Professor of Sport Management, University of Technology Sydney Earlier this week, independent MP Andrew Wilkie accused the AFL of conducting “off the books” illicit drug testing to identify players using substances of abuse, then inappropriately withdrawing them from matches ...
The Government’s announcement that it will scrap plans for a vast marine sanctuary around the Kermadec Islands is ‘shameful’ and will make it impossible for Aotearoa New Zealand to meet its international commitments, says the World Wide Fund for Nature ...
Source: The Conversation (Au and NZ) – By John Quiggin, Professor, School of Economics, The University of Queensland Shutterstock The federal government has bowed to pressure from the car industry, announcing it will relax proposed emissions rules for utes and vans and delay enforcement of the new standards ...
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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.