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   GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Friday, 26-Apr-2024 03:53:14 JST GhostOnTheHalfShell

   @economics-that-works

   #SteveKeen #economics

   Ann Pettifor is another one for the heterodox clan. She'll be showing up as a guest on the Steve Keen and Friends stream in a few weeks, I think.

   🧵

   https://annpettifor.substack.com/p/how-money-flows-uphill

   • HistoPol (#HP) 🥥 🌴 repeated this.
   • Embed this notice
     GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Friday, 26-Apr-2024 03:53:12 JST GhostOnTheHalfShell

     in reply to

     @economics-that-works

     "That process - of money flowing from the poor to the rich - is a bizarre economic phenomenon questioned by Robert Lucas in 1990, and since named the ‘Lucas Paradox’.

     Lucas queried why capital defies the laws of physics and economics and, instead of flowing (downwards) from rich to poor countries, flows (upwards) from poor to rich countries. "

   • Embed this notice
     GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Friday, 26-Apr-2024 03:53:13 JST GhostOnTheHalfShell

     in reply to

     @economics-that-works

     Kate Mackenzie and Tim Sahay explain:
     " In 2023, the private sector collected $68 billion more in interest and principal repayments than it lent to the developing world. International financial institutions and assistance agencies extracted another $40 billion, while net concessional assistance from international financial institutions was only $2 billion—even as famine spread."

     🧵

     HistoPol (#HP) 🥥 🌴 repeated this.