Das Kapital for Whodey

Stagflation is the combination of both a Recession/ Depression with inflation.

The US got to suffer stagflation during the fuel crisis of the 1970's.

@no1marauder said
Yes, I'm using the standard economic definition of "stagflation" and you are using one you have concocted on your own. Thus, it is reminiscent of Alice's exchange with Humpty Dumpty:

'And only one for birthday presents, you know. There's glory for you!'

'I don't know what you mean by "glory",' Alice said.

Humpty Dumpty smiled contemptuously. 'Of course you don't ...[text shortened]... aster — that's all.'

https://sabian.org/looking_glass6.php

Try not to fall off any walls, Ash.

Your silly analogy aside, I suppose you're clinging to this because you failed to understand the historical context, and even if we accept that unemployment is part of it (which in itself is up for debate as my macroeconomics textbook excludes it, as did my professors - it's in the name), you're still wrong. Inflation was rising from '65 onwards, growth was slowing and unemployment was rising (if you insist on this) during the period in question. That's classic stagflation - it presents a problem for policymakers as measures to stop one of the bad things exacerbates the others.

Try not to fall off any walls, Ash.

I tend not to sit on them.

@kazetnagorra said
The workers have relatively high influence compared to elsewhere.

So at least you are conceding that they are not socialist

How much influence compared to elswhwere?

@whodey said
So at least you are conceding that they are not socialist

How much influence compared to elswhwere?

42.

@mghrn55 said
Speaking of Norway, their economic success is situational.
They are sitting on a wealth of oil reserves.
But then again, so is Venezuela.
So the debates continue.

Additionally, the distinction between Socialism and Communism should be made.
People should Google it.
Socialism as a term has been misused in the past.
Soviet Union called themselves a Socialist country.
They were in fact Communist.
Heck, East Germany called themselves a Democratic Republic.

In fact, the situation in Norway is very similar to Sweden, Denmark and Finland, which do not have such large reserves of natural resources. The main strength of the Norwegian economy is in its economic model, which it broadly shares with its Nordic neighbours. Indeed, if it was just oil you'd expect the average Venezuelan or Saudi to also be very well off, which is obviously not the case.

@ashiitaka said
Your silly analogy aside, I suppose you're clinging to this because you failed to understand the historical context, and even if we accept that unemployment is part of it (which in itself is up for debate as my macroeconomics textbook excludes it, as did my professors - it's in the name), you're still wrong. Inflation was rising from '65 onwards, growth was slowing [i]and[/ ...[text shortened]... exacerbates the others.

Try not to fall off any walls, Ash.

I tend not to sit on them.

It is a remarkable ability of many internet posters to never admit they are wrong despite being shown indisputable proof of their error.

That you stubbornly refuse to accept the standard definition of stagflation in order to save your incorrect claim is rather pathetic. Friedman made a specific claim using the standard definition, not your peculiar, malleable one and no experience supports it.

@no1marauder said
It is a remarkable ability of many internet posters to never admit they are wrong despite being shown indisputable proof of their error.

That you stubbornly refuse to accept the standard definition of stagflation in order to save your incorrect claim is rather pathetic. Friedman made a specific claim using the standard definition, not your peculiar, malleable one and no experience supports it.

Your arguments have descended into laughable territory - I made no mistake. When googling "stagflation", the first link that I see is this one:

https://www.investopedia.com/terms/s/stagflation.asp

From there:

Stagflation is a condition of slow economic growth and relatively high unemployment, OR economic stagnation, accompanied by rising prices, or inflation. It can also be defined as inflation and a decline in gross domestic product (GDP).

I can also cite my current textbook (I sold my ones from previous years but they said the same thing):

Macroeconomics: Global and Southern African Perspectives

by Blanchard/Johnson

It's adapted from an American textbook and adjusts for the different currency used in SA, etc.

The definition of stagflation from page 613 is "The combination of stagnation and inflation".

I didn't "make a mistake"; I was taught that by several professors of economics. That your Merriam-Webster definition (which apparently is an American dictionary company; I am unaware of it as I tend to use British dictionaries) is slightly different does NOT mean that I made a mistake. Stop pretending as if the definition that you googled right before your post is the "standard" one - what makes you think you are educated enough on this topic to say such a thing?

Anyways, even if you want to include unemployment, you are still wrong. Unemployment was increasing from the mid-60s. You have no point and now you are desperately clinging to this in the hopes of covering up your other abysmal errors. It's pretty clear that you have no idea how inflation works, what healthy levels are or basically any of the economic history of the Keynesian period outside of America, so stop pretending that you do - you cannot fool me.

As for your fantasies about me "falling off a wall" - dream on.

@ashiitaka said
Das Kapital is an extremely dense, plodding work. I couldn't get through it. I agree that the Communist Manifesto is much more manageable.

I read every word, even my grandchildren were mesmerized by the tenets of Shavism. I read to them by 🕯 candlelight, to give the full effect of the joy of Shav’s dreamworld.
I saved the Best till last, when I asked them a question, What if some people in that society work harder than other people? They looked at me with sad empty eyes, not unlike the eyes you will see in the world of Shav. Hey, how much money did Kazet say that we should all be able to ‘get along’ on . LOL. I plan to have a lot more than that !

Building a house is a lot harder than some desk job.
In this fantasy world I want the cushy desk job with air conditioning and a secretary that likes being a woman 🤗

@no1marauder said
It is a remarkable ability of many internet posters to never admit they are wrong despite being shown indisputable proof of their error.

That you stubbornly refuse to accept the standard definition of stagflation in order to save your incorrect claim is rather pathetic. Friedman made a specific claim using the standard definition, not your peculiar, malleable one and no experience supports it.

I’ll get this one. Stagflation Is basically when people stop working and putting out.

I think that covers it. If you want to prosper, go somewhere full of those dependent parasite losers and work your butt off. Maybe start with a lemonade stand, it wouldn’t make any difference! You will prosper.

@ashiitaka said
Your arguments have descended into laughable territory - I made no mistake. When googling "stagflation", the first link that I see is this one:

https://www.investopedia.com/terms/s/stagflation.asp

From there:

[b]Stagflation is a condition of slow economic growth and relatively high unemployment, [i]OR economic stagnation, accompanied by rising prices, or inflation. ...[text shortened]... hat you do - you cannot fool me.

As for your fantasies about me "falling off a wall" - dream on.

Stamping your feet and insisting you are right when every standard definition says you are wrong isn't as impressive as a bluff as you pretend it to be.

Admit your error and move on like a grownup.

EDIT: Your own in bold definition:

Stagflation is a condition of slow economic growth and relatively high unemployment, OR economic stagnation, accompanied by rising prices, or inflation. It can also be defined as inflation and a decline in gross domestic product (GDP).

None of these conditions are applicable to the UK in the late 1960s.

I ignore personal attacks and will continue to do so. I am "qualified" enough to see through your propaganda.

@livineasy4 said
I’ll get this one. Stagflation Is basically when people stop working and putting out.

I think that covers it. If you want to prosper, go somewhere full of those dependent parasite losers and work your butt off. Maybe start with a lemonade stand, it wouldn’t make any difference! You will prosper.

Obviously you never made it past the level of education where "stagflation" was defined.

@eladar said
@KazetNagorra

Check out Switzerland. The article I saw said they bring home on average 84k.

For the US

Practical tax rate: 18%

Average pre-tax salary: $64,154

Average post-tax salary: $52,344

Netherlands

Practical tax rate: 41%

Average pre-tax salary: $51,669

Average post-tax salary: $30,562

A. Is that mean, mode or median? Do you even know the difference?
B. What's the distribution - pyramidal, bimodal, anything?
C. How high is the cost of living? Mere survival? Living healthily? Education? Misfortune?

@kazetnagorra said
42.

Not 43?

Informative as always KN.