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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A homicide in Ponsonby, a manhunt with a killer on the run. The nation’s leader stands before a press conference reassuring a frightened nation that he’ll sort it out, he’ll keep them safe, he’ll build some new prison spaces.Sorry what? There’s a scary dude on the run with a gun ...
Hi,I know it’s been awhile since there’s been any Webworm merch — and today that all changes!Over the last four months, I’ve been working with New Zealand artist Jess Johnson to create a series of t-shirts, caps and stickers that are infused with Webworm DNA — and as of right ...
The OECD’s chief economist yesterday laid it on the line for the new Government: bring the deficit under control or face higher Reserve Bank interest rates for longer. And to bring the deficit under control, she meant not borrowing for tax cuts. But there was more. Without policy changes—introducing a ...
After a hiatus of over four months Selwyn Manning and I finally got it together to re-start the “A View from Afar” podcast series. We shall see how we go but aim to do 2 episodes per month if possible. … Continue reading → ...
In 2008, the UK Parliament passed the Climate Change Act 2008. The law established a system of targets, budgets, and plans, with inbuilt accountability mechanisms; the aim was to break the cycle of empty promises and replace it with actual progress towards emissions reduction. The law was passed with near-universal ...
Buzz from the Beehive Local Water Done Well – let’s be blunt – is a silly name, but the first big initiative to put it into practice has gone done well. This success is reflected in the headline on an RNZ report:District mayors welcome Auckland’s new water deal with ...
This is a re-post from Yale Climate ConnectionsA farmworker cleans the solar panels of a solar water pump in the village of Jagadhri, Haryana Country, India. (Photo credit: Prashanth Vishwanathan/ IWMI) Decisions made in India over the next few years will play a key role in global ...
Lindsay Mitchell writes – The Children’s Minister, Karen Chhour, intends to repeal Section 7AA from the Oranga Tamariki Act 1989 because it creates conflict between claimed Crown Treaty obligations and the child’s best interests. In her words, “Oranga Tamariki’s governing principles and its act should be colour ...
Geoffrey Miller writes – The gloves are off. That might seem to be the undertone of surprisingly tough talk from New Zealand’s foreign and trade ministers. Winston Peters, the foreign minister, may be facing legal action after making allegations about former Australian foreign minister Bob Carr on Radio New Zealand. ...
Brian Easton writes – This is about the time that the Treasury will be locking up its economic forecasts to be published in the 2024 Budget Economic and Fiscal Update (BEFU) on budget day, 30 May. I am not privy to what they will be (I will report on them ...
TL;DR:Winston Peters is reported to have won a budget increase for MFAT. David Seymour wanted his Ministry of Regulation to be three times bigger than the Productivity Commission. Simeon Brown is appointing a Crown Monitor to Watercare to protect the Claytons Crown Guarantee he had to give ratings agencies ...
The gloves are off. That might seem to be the undertone of surprisingly tough talk from New Zealand’s foreign and trade ministers. Winston Peters, the foreign minister, may be facing legal action after making allegations about former Australian foreign minister Bob Carr on Radio New Zealand. Carr had made highly ...
I could be a florist'Round the corner from Rye LaneI'll be giving daisies to craziesBut, baby, I'll wrap you up real safe Oh, I can give you flowers At the end of every dayFor the center of your table, a rainbowIn case you have people 'round to stay Depending on ...
TL;DR: The six key events to watch in Aotearoa-NZ’s political economy in the week to May 12 include:PM Christopher Luxon is scheduled to hold a post-Cabinet news conference at 4 pm today. Finance Minister Nicola Willis will give a pre-budget speech on Thursday.Parliament sits from Question Time at 2pm on ...
The price of the foreign affairs “reset” is now becoming apparent, with Defence set to get a funding boost in the Budget. Finance Minister Nicola Willis has confirmed that it will be one of the few votes, apart from Health and Education and possibly Police, which will get an increase ...
A listing of 26 news and opinion articles we found interesting and shared on social media during the past week: Sun, April 28, 2024 thru Sat, May 4, 2024. Story of the week "It’s straight out of Big Tobacco’s playbook. In fact, research by John Cook and his colleagues ...
Yesterday I received come lovely feedback following my Star Wars themed newsletter. A few people mentioned they’d enjoyed reading the personal part at the beginning.I often begin newsletters with some memories, or general thoughts, before commencing the main topic. This hopefully sets the mood and provides some context in which ...
April 30 was going to be the day we’d be calling Mum from London to wish her a happy birthday. Then it became the day we would be going to St. Paul's at Evensong to remember her. The aim of the cathedral builders was to find a way to make their ...
Rob MacCulloch writes – Can’t remember the last book by a Kiwi author you read? Think the NZ government should spend less on the arts in favor of helping the homeless? If so, as far as Newsroom is concerned, you probably deserve to be called a cultural ignoramus ...
Today New Zealand First will introduce a Member’s Bill that will protect women’s spaces. The ‘Fair Access to Bathrooms Bill’ will require, primarily in the interest and safety of women and girls, that all new non-domestic publicly accessible buildings provide separate, clearly demarcated, unisex and single sex bathrooms. This Bill ...
The Green Party is welcoming Climate Change Minister Simon Watts’ continuation of Hon. James Shaw’s cross-party work on climate adaptation, now in the form of a Finance and Expenditure Committee Inquiry. ...
The National Government plans to cut 390 jobs at ACC, including roles in the areas of prevention of sexual violence, road safety and workplace safety. ...
The Government has been caught in opposition to evidence once again as it looks to usher in tried, tested and failed work seminar obligations for job-seeking beneficiaries. ...
The Green Party is welcoming the announcement by the Minister Responsible for RMA Reform Chris Bishop to approve most of the Wellington City Council’s District Plan recommendations. ...
David Seymour has failed to get the sweeping cuts he wanted to the free and healthy school lunch programme, Labour education spokesperson Jan Tinetti said. ...
Hon Willie Jackson has been invited by the Oxford Union to debate the motion “This House Believes British Museums are not Very British’ on May 23rd. ...
Green Party MP Hūhana Lyndon says her Public Works (Prohibition of Compulsory Acquisition of Māori Land) Amendment Bill is an opportunity to right some past wrongs around the alienation of Māori land. ...
A senior, highly respected King’s Counsel with decades of experience in our law courts, Gary Judd KC, has filed a complaint about compulsory tikanga Māori studies for law students - highlighting the utter depths of absurdity this woke cultural madness has taken our society. The tikanga regulations will compel law ...
The Government needs to be clear with the people of the Nelson Marlborough region about the changes it is considering for the Nelson Hospital rebuild, Labour health spokesperson Ayesha Verrall said. ...
Ministers must front up about which projects it will push through under its Fast Track Approvals legislation, Labour environment spokesperson Rachel Brooking said today. ...
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. ...
Introduction Good morning. It’s a great privilege to be here at the 2024 Infrastructure Symposium. I was extremely happy when the Prime Minister asked me to be his Minister for Infrastructure. It is one of the great barriers holding the New Zealand economy back from achieving its potential. Building high ...
Defence Minister Judith Collins today announced the upcoming Budget will include new funding of $571 million for Defence Force pay and projects. “Our servicemen and women do New Zealand proud throughout the world and this funding will help ensure we retain their services and expertise as we navigate an increasingly ...
New Zealand’s ability to cope with climate change will be strengthened as part of the Government’s focus to build resilience as we rebuild the economy, Climate Change Minister Simon Watts says. “An enduring and long-term approach is needed to provide New Zealanders and the economy with certainty as the climate ...
Jobseeker beneficiaries who have work obligations must now meet with MSD within two weeks of their benefit starting to determine their next step towards finding a job, Social Development and Employment Minister Louise Upston says. “A key part of the coalition Government’s plan to have 50,000 fewer people on Jobseeker ...
A new standalone Social Investment Agency will power-up the social investment approach, driving positive change for our most vulnerable New Zealanders, Social Investment Minister Nicola Willis says. “Despite the Government currently investing more than $70 billion every year into social services, we are not seeing the outcomes we want for ...
Check against delivery Good morning. It is a pleasure to be with you to outline the Coalition Government’s approach to our first Budget. Thank you Mark Skelly, President of the Hutt Valley Chamber of Commerce, together with your Board and team, for hosting me. I’d like to acknowledge His Worship ...
Your Excellency Ambassador Meredith, Members of the Diplomatic Corps and Ambassadors from European Union Member States, Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us. Ladies and gentlemen - In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations. ...
The Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...
The Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...
Rape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston. “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...
Associate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...
New research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...
Deputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region. The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu. “New Zealand has deep and ...
There has been a material decline in gas production according to figures released today by the Gas Industry Co. Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...
Defence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...
Welcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...
It is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...
New Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...
A new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...
Foreign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...
The Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...
Minister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...
New Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...
Six tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...
New Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...
The OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...
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 ...
Pacific Media Watch Television New Zealand Pacific correspondent Barbara Dreaver has been made an Officer of the New Zealand Order of Merit for services to investigative journalism and Pacific communities in a ceremony at Government House, reports 1News. She has been the Pacific correspondent for 1News since 2002, breaking many ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Tuesday’s budget will respond to the deepening public agitation over Australia’s housing shortages by pouring new money into crisis accommodation for women and children, social housing and infrastructure. A specially-convened national cabinet late Friday ticked ...
By Kaneta Naimatu in Suva Journalists in the Pacific region play an important role as the “eyes and ears on the ground” when it comes to reporting the climate crisis, says the European Union’s Pacific Ambassador Barbara Plinkert. Speaking at The University of the South Pacific (USP) on World Press ...
Aldora Itunu is back in the Black Ferns squad after a three-year absence. The last of her 24 internationals was an underwhelming loss to France (7-29) in Castres to conclude the disastrous 2021 Northern Tour. The powerhouse prop won a Rugby World Cup in 2017 and thought she was done. ...
The fight to control major transport policy and projects in Auckland has burst into the open again, with councillors rejecting Mayor Wayne Brown’s latest attempt to steer things more under his influence. Councillors from the left and right broke ranks on the mayor’s bid to control Auckland Transport more directly ...
Exhausted by the general election campaign, horrified by the twilight zone of coalition negotiations, distracted by the silly season and waiting for the honeymoon to begin, Raw Politics has been in hibernation since October. From today, we’re back. Our weekly political video show and podcast returns for ...
By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk Authorities in the small town of Boulouparis have commemorated Armistice Day on May 8 with a new memorial honouring New Zealand soldiers who were stationed in New Caledonia during World War II. The ceremony took place in the township on the ...
Source: The Conversation (Au and NZ) – By Sara Dehm, Senior lecturer, international migration and refugee law, University of Technology Sydney The High Court unanimously ruled today that the Australian government can keep asylum seekers in immigration detention indefinitely in cases where they do not “voluntarily” cooperate with their own ...
Source: The Conversation (Au and NZ) – By Kim Munro, Lecturer, Creative Industries and Digital Media, University of South Australia Twenty-four hours after the release of Macklemore’s pro-Palestine protest song Hind’s Hall on social media on May 7, the video had already notched up over 24 million views. In ...
Failing to anticipate the complexity of the consenting system is being cited as the the current builder's shortcomings, an Infrastructure Commission review says. ...
350 Aotearoa is calling the Environment Select Committee’s decision to allow oral submissions from just 40% of individual, unique submitters who asked to speak to the committee ‘a disgraceful blight to democracy’. ...
Source: The Conversation (Au and NZ) – By James Helal, Assistant Dean (Sustainability), The University of Melbourne Dubai skylineAleksandarPasaric/Pexels Since ancient times, people have built structures that reach for the skies – from the steep spires of medieval towers to the grand domes of ancient cathedrals and mosques. Today ...
Source: The Conversation (Au and NZ) – By Edward Musole, PhD Law Student, University of New England Girts Ragelis/ShutterstockRecent trends show Australians are increasingly buying wearables such as smartwatches and fitness trackers. These electronics track our body movements or vital signs to provide data throughout the day, with ...
Papua New Guinea experienced a significant earthquake on 24 March in East Sepik and there has also been recent flooding there and in surrounding provinces. ...
Source: The Conversation (Au and NZ) – By Yousuf Mohammed, Dermatology researcher, The University of Queensland Maridav/Shutterstock You wake up, stagger to the bathroom and gaze into the mirror. No, you’re not imagining it. You’ve developed face wrinkles overnight. They’re sleep wrinkles. Sleep wrinkles are temporary. But as your ...
The Environment Select Committee has just announced that 60 percent of individuals who asked to speak at the hearings will not be heard. This equates to almost 700 people who made individual submissions and more than 1000 more who made a form submission. ...
The Royal New Zealand Ballet is performing Swan Lake around the country. What kind of dream does the ballet sell?Before going to see the Royal New Zealand Ballet perform Swan Lake, I had about as much familiarity with the plot of this ballet as could be expected from having ...
A new poem by Auckland poet Eamonn Tee. High Tide at Local Maxima It is only going to get worse. The streams will be narrow and fickle. The week will bend and buckle like a pot-bellied waist. You will make it to the weekend with one ...
The New Zealand entrepreneur behind beauty business Ethique is gearing up to launch a new eco-venture. This is an excerpt from our weekly environmental newsletter Future Proof. Sign up here. Our thirst for a tasty bevvy is insatiable, but it comes with a hefty plastic price for the planet: 580 billion ...
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 James by Percival Everett (Mantle, $38) A retelling of The Adventures of Huckleberry Finn from ...
By Kamna Kumar in Suva Pacific Islands Forum Secretary-General Henry Puna stressed the importance of media freedom and its link to the climate and environmental crisis at the 2024 World Press Freedom Day event organised by the University of the South Pacific’s journalism programme. Under the theme “A Planet for ...
Tara Ward previews a new local TV series offering alternative visions of motherhood. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. A woman is clambering up the side of her two-story house, clinging desperately to a drainpipe. Nearby, her child is perched on the ...
Local Government New Zealand (LGNZ) is supportive of the cross-party approach to climate adaptation announced by the Minister of Climate Change today. ...
The Sustainable Business Council (SBC) and Climate Leaders Coalition (CLC) welcome today’s announcement from Government around a bipartisan inquiry into an enduring climate adaptation framework for New Zealand. ...
The Free Speech Union welcomes the decision by the Department of Internal Affairs, and Minister Brooke Van Velden, to abandon proposals to further regulate online speech. ...
Its new building in Wellington will not be nearly big enough for all its records, and it has also run out of money to build its new storage facility in Levin. ...
BusinessNZ is congratulating the Minister of Climate Change for his work in achieving cross-party consensus for a way forward on climate adaptation. ...
Recent research reveals the repeal of smokefree measures is not only bad for our health, but also the economy. The Government has repealed various smokefree measures to ensure it keeps collecting $1.2 billion a year in tobacco taxes, in order to pay for tax cuts already being delivered to ...
The club’s surprisingly good season is built on the desire to prove a random A-League YouTuber wrong… and a few other factors.“There’s no way that Wellington Phoenix play finals this year. I can’t see it happening at all.” Those are the words of Lachlan Raeside, an Australian football content ...
Source: The Conversation (Au and NZ) – By César Albarrán-Torres, Senior Lecturer, Department of Media and Communication, Swinburne University of Technology Apple TV+ As one of billions of bilingual individuals in the world, it disappoints me when a film or TV show with characters of a non-English-speaking background is ...
The under-utilised course is a waste of space, and with a little political will, it could be turned into something better. For the duration of her stay in Wellington, my long-suffering cousin listened to me rant about golf courses. They’re bad for the environment: water intensive and pesticide heavy. They ...
Source: The Conversation (Au and NZ) – By Leah Ruppanner, Professor of Sociology and Founding Director of The Future of Work Lab, Podcast at MissPerceived, The University of Melbourne Shutterstock A recent report from the US Centers for Disease Control and Prevention shows US fertility rates dropped 2% in ...
Source: The Conversation (Au and NZ) – By Amy Corderoy, Medical doctor and PhD candidate studying involuntary psychiatric treatment, School of Psychiatry, UNSW Sydney shop_py/Shutterstock Picture two people, both suffering from a serious mental illness requiring hospital admission. One was born in Australia, the other in Asia. Hopefully, ...
Source: The Conversation (Au and NZ) – By Sarah Treby, Postdoctoral Research Fellow, RMIT University P.j.Hickox, Shutterstock Peatlands store more carbon per square metre than any other ecosystem on Earth. These waterlogged, mossy bogs beat even dense rainforests for their ability to act as carbon reservoirs. Under the ...
Source: The Conversation (Au and NZ) – By John Goss, Adjunct Associate Professor, Health Research Institute, University of Canberra Government spending on health has been growing so rapidly that a decade ago the then health minister Peter Dutton called it “unmanageable” and “unsustainable”. Health spending grew in real terms by ...
New Zealand's largest electricity distributor is warning the country to hurry up with controls around charging electric vehicles or face unnecessary bills running into the billions. ...
New Zealanders have been asked to conserve energy this morning to combat a possible electricity shortfall, writes Stewart Sowman-Lund in this extract from The Bulletin. To receive The Bulletin in full each weekday, sign up here. A call to conserve power New Zealand is facing a possible electricity shortfall, with people up ...
Writer Rebecca K Reilly breaks down the national book awards. What are the Ockhams?The Ockham New Zealand Book Awards are our annual national awards for books published for adults, and have existed in this form since 2016. There are four categories: Fiction, Poetry, General Non-fiction and Illustrated Non-fiction. There ...
Wellington City Council should keep its 34% ownership share in Wellington International Airport, argue Unions Wellington spokespeople Finn Cordwell and Ashok Jacob. Insanity, as the saying goes, is doing the same thing over and over again and expecting different results. Wellington City Council (WCC) is yet again proposing to dispose ...
New Zealand’s largest book publisher has undergone drastic changes this week, leaving its future role in local publishing uncertain. Two of the most recognisable local publishers in New Zealand are among those restructured out of Penguin Random House, it was announced this week. Head of publishing Claire Murdoch will leave ...
In 2021 the Public Interest Journalism Fund launched the Te Rito Journalism project, a $2.4 million initiative to boost diversity in New Zealand’s newsrooms. The initiative was in response to the decades-long shortage of Māori and Pacific journalists in the media industry. It was billed as New Zealand’s ...
The Black Ferns Sevens appeared to be a mile behind Australia at the halfway point of the 2023-24 SVNS international circuit. Winless in three tournaments, a cup quarter-final exit in Perth was one of their worst results. To add insult to injury, talismanic skipper Sarah Hirini had been ruled out ...
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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.