Conversation

Notices

1. Embed this notice
   Yogthos (yogthos@social.marxist.network)'s status on Thursday, 12-Jun-2025 01:40:14 JST Yogthos

   I get the impression that a lot of people in the west fundamentally fail to understand what the purpose of an economy actually is.

   So, I'll do a short 🧵 on the topic.

   An economy is a model for allocating labour and resources in a way that meets the needs of the people in the country.

   The original argument for capitalism was that market economy with private ownership is the most effective way to allocate labour and resources in a way that benefits everyone.

   #economy #economics

   • clacke@libranet.de is my main [fds] likes this.
   • Embed this notice
     Yogthos (yogthos@social.marxist.network)'s status on Thursday, 12-Jun-2025 02:02:41 JST Yogthos

     in reply to

     Measures such as the stock market and GDP were meant to act as proxies for measuring how well the economy was accomplishing its stated purpose, which is to improve the standard of living for everyone.

     Understanding that these metrics are simply proxies has been lost today, and they've been turned into goals of themselves.

     People have started treating the stock market and GDP as *the economy*.

     clacke@libranet.de is my main [fds] likes this.