Abu Yahya's definitions
a graph correlating inflation against unemployment rates. Using a horizontal axis to represent unemployment, and a vertical axis to represent inflation, A.W. Phillips found the rate of inflation and unemployment in Great Britain for every year between 1861 and 1957. When he had plotted the 97 dots on the chart, he had a rather neat hyperbola convex to the origin of the graph.
In other words, if the rate of unemployment was low, the rate of inflation was high, and vice versa. At the time, economists concluded that this was a logical outcome of both being influenced by the rate of interest: if interest rates were low, then unemployment would be low and prices would rise, but if interest rates were high then there would be lots of unemployment and workers would not have much money to spend... so prices would go down.
Unfortunately, when economists tried to design policy around this concept they disrupted the smooth relationship. In the years since the 1960's, there has not been a straightforward relationship, and Keynesian economics has had to be drastically revised to a post-Phillips Curve regime.
There is some correlation between inflation and unemployment, but the correlation is much more complicated than originally thought. It is quite possible to have high unemployment and high inflation (i.e., a high "misery index").
In other words, if the rate of unemployment was low, the rate of inflation was high, and vice versa. At the time, economists concluded that this was a logical outcome of both being influenced by the rate of interest: if interest rates were low, then unemployment would be low and prices would rise, but if interest rates were high then there would be lots of unemployment and workers would not have much money to spend... so prices would go down.
Unfortunately, when economists tried to design policy around this concept they disrupted the smooth relationship. In the years since the 1960's, there has not been a straightforward relationship, and Keynesian economics has had to be drastically revised to a post-Phillips Curve regime.
There is some correlation between inflation and unemployment, but the correlation is much more complicated than originally thought. It is quite possible to have high unemployment and high inflation (i.e., a high "misery index").
The Phillips Curve implies a trade-off between unemployment and inflation. Unfortunately, this trade-off may sometimes represent more of a Faustian bargain.
by Abu Yahya February 14, 2009
Get the Phillips Curvemug. Latin, "thus"; used to indicate that an error in the original has been replicated in a quote.
When you're quoting someone else, and the original includes an error (spelling, fact, conception) it may be necessary to assure readers that (a) you noticed the error and (b) it is not yours, but that of the person you're quoting. Since it is a Latin expression, it needs to be italicized, and in the Urban Dictionary this means enclosing it in asterisks.
When you're quoting someone else, and the original includes an error (spelling, fact, conception) it may be necessary to assure readers that (a) you noticed the error and (b) it is not yours, but that of the person you're quoting. Since it is a Latin expression, it needs to be italicized, and in the Urban Dictionary this means enclosing it in asterisks.
His columns are full of brilliant insights such as this one:
"World War II erupted at Munich *sic* in 1941 *sic* because President Roosevelt *sic* was too weak-kneed to stand up to Hilter *sic*."
The man should not be allowed to go about unattended, let alone publish newspaper columns.
"World War II erupted at Munich *sic* in 1941 *sic* because President Roosevelt *sic* was too weak-kneed to stand up to Hilter *sic*."
The man should not be allowed to go about unattended, let alone publish newspaper columns.
by Abu Yahya March 7, 2009
Get the *sic*mug. anything of value that a society has, whether it produced the thing or not, and whether the thing is traded commercially or not.
For example the USA has natural gas (which it did not produce), air (which it did not produce), computers (which it did produce) and personal freedom (which it did produce). Air and personal freedom are not tradeable goods; it's not possible to establish ownership rights for air or freedom.
Philosophers believe that the proper distribution of social goods is still an open question, even if the distribution of economic goods (like computers) is not.
For example the USA has natural gas (which it did not produce), air (which it did not produce), computers (which it did produce) and personal freedom (which it did produce). Air and personal freedom are not tradeable goods; it's not possible to establish ownership rights for air or freedom.
Philosophers believe that the proper distribution of social goods is still an open question, even if the distribution of economic goods (like computers) is not.
An inequality in the basic structure must always be justified to those in the disadvantaged position. This holds whatever the primary social good and especially for liberty.
John Rawls, *A Theory of Justice*, p.201
John Rawls, *A Theory of Justice*, p.201
by Abu Yahya February 14, 2009
Get the social goodmug. A person who refines political views to accommodate the prevailing winds; particularly, one who contrives self-serving excuses for political views now generally recognized to have been stupid.
In journalism, the current handwringer-in-chief is the New Yorker writer George Packer, whose book *The Assassins' Gate* has met with high praise from ... a subset of pundits I call trimmers... trimmers criticize ... the foolish president, but avoid unequivocal denunciations of this foolish war.
--John R, MacArthur, "Pro-War Liberals Frozen in the Headlights"
--John R, MacArthur, "Pro-War Liberals Frozen in the Headlights"
by Abu Yahya January 23, 2009
Get the trimmermug. (ECONOMICS) economies in which consumption by the very rich is what drives most growth: Bulgari watches, Maybach limousines, Gulfstream V business jets, vacations in the Maldives, Dolce & Gabbana suits, private security services, money laundering, and income tax evasion.
Initially coined by analysts at Citigroup in 2005 to describe the growth of the Usonian economy during that period despite horrible economic fundamentals. Later used by Naomi Klein in her essential work, *The Shock Doctrine*.
Initially coined by analysts at Citigroup in 2005 to describe the growth of the Usonian economy during that period despite horrible economic fundamentals. Later used by Naomi Klein in her essential work, *The Shock Doctrine*.
The US., UK, and Canada are the key Plutonomies - economies powered by the wealthy. Continental Europe (excluding Italy) and Japan are in the egalitarian bloc.
- Equity risk premium embedded in "global imbalances" are unwarranted.
In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
{Citigroup Oct 16, 2005 Plutonomy Report Part 1}
- Equity risk premium embedded in "global imbalances" are unwarranted.
In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
{Citigroup Oct 16, 2005 Plutonomy Report Part 1}
by Abu Yahya July 10, 2010
Get the plutonomymug. exceptionally prone to seeing the scurrilous, sexy, or kinky aspect of everything; obsessed with sex; prone to seeing sexual overtones to nonsexual behavior.
A dirty minded person may be hypocritical and unctuous, but read filthy motives into the acts of other people. For example, in the movie "American Beauty," the military officer wrongly assumes that his son's interactions with his neighbor are homosexual, rather than commercial--projecting his own repressed sexuality onto others (with deadly results).
A dirty minded person may be hypocritical and unctuous, but read filthy motives into the acts of other people. For example, in the movie "American Beauty," the military officer wrongly assumes that his son's interactions with his neighbor are homosexual, rather than commercial--projecting his own repressed sexuality onto others (with deadly results).
The dirty minded obscene person does not shamelessly exult in his bawdy language, nor does he use it without self-consciousness... The dirty minded person has only partially internalized the taboos that he violates...
Joel Feinberg, _Offense to Others_, p.267
Joel Feinberg, _Offense to Others_, p.267
by Abu Yahya February 22, 2010
Get the dirty mindedmug. (1) The strategy by the world's economic elites of imposing an extremely neoliberal economic regime on communities they control, using some form of shock: a natural disaster, a coup d'etat, a war, a financial crisis, etc. Once the community has been crippled by this first shock, the economic "reforms" are imposed suddenly, creating a secondary blow. Then, as the community begins to recover and fight back, the authorities use torture and police brutality to (literally) shock the community a third time.
(2) title of a book by Naomi Klein describing def. 1
(Please see disaster capitalism.)
(2) title of a book by Naomi Klein describing def. 1
(Please see disaster capitalism.)
Ms. Klein's 2007 book described the rise of disaster capitalism in mostly poor countries: Chile (after 1973), Argentina (after 1989), Poland (after 1993), and Sri Lanka (after 2004). But in 2009, the super rich were able to inflict the shock doctrine on the richest countries of the world, including Germany, France, and Italy.
The 2008 financial crisis was entirely a product of the richest 1% of the human race; but soon after, national governments scrambled to punish the remaining 99% for the crisis instead, by slashing public services and imposing austerity programs.
The 2008 financial crisis was entirely a product of the richest 1% of the human race; but soon after, national governments scrambled to punish the remaining 99% for the crisis instead, by slashing public services and imposing austerity programs.
by Abu Yahya July 10, 2010
Get the The Shock Doctrinemug.