Neoclassical Growth Model – Intersindical RTVV Sat, 30 Jul 2022 21:30:53 +0000 en-US hourly 1 Neoclassical Growth Model – Intersindical RTVV 32 32 Watch Tony Iommi at the 2022 Commonwealth Games Opening Ceremony Fri, 29 Jul 2022 15:42:07 +0000

Guitar legend Tony Iommi was among the performers who took part in the opening ceremony of the 2022 Commonwealth Games in Birmingham on Thursday evening (July 28). The guitarist recently revealed his attendance at the event, announcing that he will be performing alongside saxophonist Soweto Kinch for the “dream sequence” performance of “Hear My Voice.”

Footage from the secondary stage was shared by Facebook account Language for Fun Lichfield, giving viewers a glimpse of how Iommi’s whining guitar riffs worked so perfectly with Kinch’s sax playing. The song they played was “Hear My Voice”, which was based on the title track from the 2020 film Trial of the Chicago Seven, and re-imagined by singers Indigo Marshall and Gambini. Check out the images below.

The opening ceremonies also included a performance by Duran Duran. The XXII Commonwealth Games will continue until August 8. Among those tuning in for the evening was Iommi’s Black Sabbath cohort, Ozzy Osbourne, who commented on seeing his former bandmate perform, “Tony Iommi, I was really proud to see you tonight at the opening of the Commonwealth Games in our home town of Birmingham.”

For Iommi, it was a bit of a loop moment playing with a saxophonist again. Sabbath’s proto-1960s lineup – before they adopted the famous moniker – included a saxophonist and a slide guitarist, as Iommi recalled on the podcast In the wings Last year.

Indeed, back when he, vocalist Ozzy Osbourne, bassist Geezer Butler and drummer Bill Ward first came together in 1968 as the Polka Tulk Blues Band, the band included saxophonist Alan “Aker Clarke and slide guitarist Jimmy Phillips.

According to Iommi, when the act finally chose to go down to the hard core, a fake breakup was needed. “It didn’t seem to be going anywhere at first,” the guitarist recalls. (Listen to it around 7:30 p.m. in the player below.) “We had a saxophonist and another guitarist, a slide guitarist. And it was a horrible argument, to be honest.”

The band “kept going” for a while, he adds, “then we decided we didn’t need a saxophonist and a slide reader. We’re going to break up, we’re not going to So that’s what we did, and then we broke up for a week or whatever, then we got back together just the four of us. … It was just a playground when that was six of us – everything everyone was trying to do a solo at the same time.”

Although Black Sabbath is no longer active, Iommi can currently be heard performing alongside Ozzy Osbourne on Osbourne’s new solo track “Degradation Rules”. The track appears on Osbourne’s upcoming guest-filled album, Patient number 9which is expected on September 9.

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The Productivity Slowdown, Inflation and Austerity – Alfred Kleinknecht Fri, 22 Jul 2022 06:11:33 +0000

Calls for the ECB to raise interest rates to curb inflation have failed to take into account the negative impact of “structural reforms” in labor markets on innovation.

A return to the high path of innovation-led productivity growth is preferable to another “Volcker shock” to curb the inflation associated with the low path of labour-intensive growth (Gorodenkoff /

In the major member states of the Organization for Economic Co-operation and Development, productivity growth has slowed considerably since around 2004-2005 (Chart 1). This is mainly due to two factors.

First, the contribution of information and communication technologies to aggregate productivity growth in the main OECD countries fell sharply from 2004, after ten years of ICT boom in the United States. Second, “supply-side” labor market reforms prove to be detrimental to innovation, especially when the innovation relies on a highly cumulative knowledge base. There are many arguments about this but, above all, structural reforms aimed at facilitating layoffs and increasing staff turnover are detrimental to the accumulation of (tacit) knowledge from experience.

Figure 1: growth (%) of gross domestic product per hour worked, 1975-2019 (five-year moving averages)

structural reforms, innovation, inflation, supply, labor market, productivity, European Central Bank, ECB
Source: The Conference Board, Total Economy Database

Slower productivity growth means slower growth of the pie that can be split between capital, labor and government, making it more difficult to resolve distribution disputes or, for example, fund the European Green Deal . The intensification of distributive struggles can in turn increase inflation.

Such struggles may be exacerbated by a side effect of low productivity growth – labour-intensive economic growth. An economy can only grow with After working hours or more productive Business hours. With productivity growth failing, reliance on higher labor input is the only alternative to fuel economic growth. But, sooner or later, labour-intensive growth will tighten labor markets.

From the point of view of supply-side economics, there is then a risk that unemployment will become much too low – and that where there is little (more) to distribute because of the productivity crisis. The coincidence of small growth in the handout with stronger unions in tighter labor markets can increase inflationary pressure. This will prompt bid proponents to call for a new “Volcker shock” – in 1979, amid high inflation, then-US Federal Reserve Chairman Paul Volcker raised the rate of interest at 20% and precipitated the recession – increasing unemployment and therefore disciplining workers.

Germany versus United States

The relationship between low productivity growth and labour-intensive economic growth can be illustrated by comparing Germany and the United States, respectively “coordinated” and “liberalized” market economies in the diagram of varieties of capitalism of Hall and Soskice. Figure 1 shows that between 1975 and 1995, productivity growth in the United States was lower and therefore more labor intensive (Chart 2) than in the European Union and Japan.

This can be explained by the fact that the United States has taken the initiative to implement supply-side labor market reforms. These were followed by weaker innovation performance in its old economy, creating the “Rust Belt”. On the other hand, until 2005, there was still a highly productivity-oriented and therefore relatively labor-intensive activity.exstrong growth in Germany (Chart 3).

All values ​​in Figures 2 and 3 are normalized to 1960 = 100. On this benchmark, productivity in Germany increases to 450 in 2020, while in the United States it only reaches 300 over the same period. Working hours provide the mirror image: between 1960 and 2020, American growth required a doubling of working hours (100 to 200), while in Germany theytear down (100 to 77).

Yet the “booming jobs machine in the United States” was to serve as a major selling point for supply-side economics. Its proponents have repeatedly referred to a “sclerotic” Europe creating too few jobs, allegedly because of “rigid” labor markets and “too powerful” unions. In fact, economic growth in Germany was smarter: Germans produced more with less work, while Americans had to sacrifice a lot of free time to bring about growth.

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Figure 2: Labor-intensive, low-productivity growth in the United States, 1960-2020 (1960=100)

structural reforms, innovation, inflation, supply, labor market, productivity, European Central Bank, ECB
Source: Conference Board, Total Economy Database

Figure 3: Productivity-led and labour-intensive growth in Germany, 1960-2020 (1960=100)

structural reforms, innovation, inflation, supply, labor market, productivity, European Central Bank, ECB
Source: Conference Board, Total Economy Database

This is how Germany avoided high unemployment, despite the decline in total working hours from 1960 onwards, while the labor supply of women and migrant workers increased dramatically. The average number of hours worked per employee per year was equal in the United States and Germany in 1975: 1,813. Twenty years later, however, while the American figure remained almost unchanged (1,817 hours), the German count had fallen to 1,531. In 2020, the gap had widened further: 1,751 hours in the United States versus 1,324 in Germany.

Unacceptable unemployment rate

One of the most important victories for the right in recent decades has been that centre-left parties have spent more time discussing reforming labor markets and moderating wage demands than realization of a policy centered on productivity (and manpower).exdynamic), complemented by adequate reductions in normal working hours.

While Germany has seen only modest productivity growth since the 2002-2005 labor market reforms under a Social Democrat-led government, two things can be expected. First, there is less (additional) to distribute each year, so someone – capital, labor and/or government – ​​must sacrifice the demands for additional income. The most likely outcome is stagnant wages and greater demand for austerity.

Second, however, labor’s bargaining position is improving due to more labor-intensive growth and lower unemployment. The more authoritarian unions will then most likely face a supply-side campaign that the European Central Bank must raise interest rates, to “do something” about an unacceptably low unemployment rate, supposedly at the source of inflationary wage claims. Yesterday the bank announced a 0.5% increase, with more action promised as early as September.

Obviously, this time a new Volcker shock to discipline workers will not need a 20% interest rate. A few extra percentage points are probably enough in today’s overheated markets to cause a crash in the value of properties, stocks, and bonds, not to mention cryptocurrencies and other junk. Historical experience shows that crashes in financial markets – and certainly in multiple markets simultaneously – can cause longer lasting recessions.

Default assumption

For more than 150 years, economists have made the default assumption that innovation is “exogenous”. It’s a comfortable assumption: if, whether they’re neoclassical or Keynesian, they know so little about innovation, then it probably doesn’t matter that much.

Yet, due to their ignorance of innovation, supply-side actors have no idea that (diffusion of) innovation suffers from their structural reforms – and that this ultimately leads to higher productivity growth. weak and tight labor market, in which wage demands can easily outpace (weak) productivity growth. In this situation, they know no better than to strangle the business cycle with interest rate hikes, hoping that high unemployment will eventually drive down wages and thus make inflation manageable.

Yet falling wages are again reducing productivity growth, further reducing the distributional margin, creating further inflationary pressures and even tighter government budgets, with calls for further austerity measures. In the end, the Volcker shock becomes an enduring and painful exercise.

Fortunately, there are alternatives. First, structural reforms on the supply side of labor markets that are detrimental to innovation, especially innovation based on cumulative knowledge, should be reversed. Second, tighter labor markets should be able to do their job: if demand exceeds supply, prices (in this case, wages) must rise. This is how markets are supposed to work.

Greater pressure on wage costs will favor a shift towards a more productivity-oriented (and less labor intensive) growth model, as in Germany before 2005, via a faster diffusion of advanced process technologies increasing productivity growth. Greater productivity gains, in turn, will increase the pie that can be distributed, which can ease inflationary pressures as well as austerity demands.

Alfred Kleinknecht is Professor Emeritus of Economics at TU Delft and Visiting Professor at the School of Economics, Kwansei Gakuin University, Nishinomiya, Japan.

Q&A: Virginia environmentalist on ‘fundamental conflict’ between climate and consumerism Thu, 21 Jul 2022 09:59:00 +0000

Want to see Brian Czech cringe? Simply repeat the claims that uncontrolled economic growth is always compatible with environmental preservation.

The urge to explode this myth prompted the Virginian to create the Center for the Advancement of a Steady State Economy in 2003. CASSE, a nonpartisan organization based in Arlington County, is its effort to educate the public about the ecological benefits of setting national policy targets. that stabilize population and consumption.

Brian Czech

“To say that all growth can be sustainable is exactly the opposite of what we need,” Czech said. “It’s just win-win rhetoric that you can have your cake and eat it too.”

As president of CASSE, the 62-year-old wants Americans to understand how the cult of a booming economy, and particularly gross domestic product, is undermining progress in not just environmental protection, but also national security, economic sustainability and international stability.

“GDP growth used to be a wonderful thing, but now other measures must take priority,” he said. “If you don’t protect the environment, you won’t have a worthwhile economy.”

Czech is aware that such an eco-transformation won’t happen just because his five-person nonprofit is adamant about it.

“An appropriately sized stable economy has to be done intentionally,” the Wisconsin native said. “In reality, it has to be done at the congressional level. Having public policy and consumers on board is crucial.

With his experience in the field and his 1997 Ph.D. in Renewable Natural Resource Studies from the University of Arizona, Czech has what it takes to support the holistic vision advocated by CASSE. He worked as a wildlife biologist before taking his dream job as a national policy-focused conservation biologist with the US Fish and Wildlife Service in 1999.

In this interview with Energy News Network, Czech explained the principles of a steady state economy and what motivated him to stay on this platform for two decades. This piece has been lightly edited for clarity and length.

Q: First of all, you have an impressive professional background. Why did you start CASSE while still working with the US Fish and Wildlife Service?

A: As a field biologist for years, I decided that I really wanted to make a difference with conservation at the national level. My work at Fish and Wildlife focused on the conflict between economic growth and wildlife conservation, which was the subject of my PhD. thesis.

In 1999, I was leading a team creating a policy on ecological integrity. It was a long-term project. Then in 2001 I started getting a series of gag orders. I thought, man, what is this?

Eventually, I came to the conclusion that I had to find a way to express myself. I created CASSE because it allowed me to find my voice. This is where I could provide information on the limits of growth and the fundamental conflict between economic growth and environmental protection.

Q: But you didn’t leave Fish and Wildlife until 2017. How did you balance CASSE with your main job?

A: I made some strategic moves. In addition to CASSE, I’ve also signed on as a visiting professor at Virginia Tech’s Northern Virginia Center. This way, I had three different hats. I could wear whatever suits the venue.

I couldn’t speak or write about these topics as a Fish and Wildlife employee, but I could as a CASSE representative or a visiting professor at Virginia Tech. I was taking time off from my federal job to put on the CASSE hat or the visiting professor hat.

Q: A steady state economy is designed not to grow. Isn’t this contrary to what mainstream economists cite as proof of success?

A: Most people, as a matter of common sense, understand that population growth and increased per capita production and consumption cannot last forever.

Conventional economists practice neoclassical economics. They are mainly blamed for a total failure to recognize the limits of growth. For example, only capital and labor are considered production functions. What happened to the inclusion of land? They are taught not to even consider the earth.

Q: This concept places great value on ecological limits. Was the idea of ​​a steady-state economy born in science?

A: It originated in science and economics. The term steady-state economics is attributed to Herman Daly, an American economist and scientist who used physics to talk about limits in books and articles in the 1960s.

He was elaborating on steady-state economics, which the philosopher John Stuart Mill wrote about in the 1840s. Of course, Mill was focusing on England and issues like overpopulation, pollution, and disease.

Mill has been credited with being the first author to promote a stationary state, which Adam Smith referred to in the 1700s.

One of the most recent books that delved into this topic is “Limits to Growth,” published in 1972. And, interestingly, author and naturalist Aldo Leopold referenced the concept in the preface to his conservation classic , “A Sand County Almanac”, published posthumously in 1949.

If he hadn’t died in 1948, I imagine he would have been a leader in ecological macroeconomics.

Q: Can a stable economy accelerate America’s transition to wind, solar and other renewables? If so, how?

A: It absolutely is. Our US economy currently stands at around $20 trillion. Let’s say we set a goal of a $30 trillion US economy. We would need all kinds of energy, from both renewables and fossil fuels, to sustain this.

On the other hand, if we instead say, back to a $10 trillion economy, then we have a chance to run that economy on renewable energy with less fossil fuels in the mix.

Engaging in a stable economy should be a conscious decision. There is a huge gap between the steady state and what we would call a failed state economy.

Q: Can a steady-state economy slow emissions of heat-trapping gases? How or how not?

A: It is the level of the state of balance that is so important. We have already exceeded the long-term capacity, so we have started to call an increase in GDP economic inflation instead of economic growth.

An obsession with GDP means that greenhouse gas emissions will only increase. It is difficult, if not impossible, to produce enough renewable energy in an even higher GDP scenario, in part because it is so difficult to align infrastructure and transmission needs.

At CASSE, we talk about degrowth before we can return to a stable and sustainable economy. And one of our policy positions is a cap on the extraction and combustion of fossil fuels.

Q: Have other countries achieved stable economies?

A: To our knowledge, no country has officially adopted this goal. But New Zealand Prime Minister Jacinda Ardern has announced that the government’s fiscal policy goals will focus on the well-being of New Zealanders, not GDP. We would call this a sense of steady state.

The most famous case is that of Bhutan and its Gross National Happiness, with the King saying that matters more than GDP.

Q: Even if the US Congress is not in favor of a stable economy, can individuals or local governments take concrete action?

A: Yes. My one-word answer is “less,” as in buying fewer things. CASSE wants people to start realizing that every time they go to a store, they are influencing GDP and the macroeconomic flow of money.

If you are buying, do not buy exaggerated items. For example, think of all the extraction that had to go into building a Hummer, with all its bells and whistles, versus a bike with its smaller footprint.

Like anti-smoking campaigns, we must make conspicuous consumption unacceptable. A bloated economy is stifling the future of our children and grandchildren.

Q: The late Democratic Senator Robert Kennedy said in the 1960s that gross domestic product “measures everything but worth it.” Does a steady-state economy call for the replacement of GDP?

A: No. What we need to do is treat the GDP [differently]. … This means introducing parameters such as the real progress indicator and the human development index. Using different tools to measure how social and environmental stressors are managed provides insights into finding an optimal level of GDP.

Identifying this optimal GDP is the greatest challenge for democracy in the 21st century. But he must take into account the advantages of clean water, clean air, a stable climate and open terrain. This is why stable statesmanship is a potential political unifier. It’s not a right or left thing.

Q: Is it risky for the United States to aim for a stable state if other countries do not? Wouldn’t that mean falling behind?

A: I think falling behind in a race to unsustainability is a good idea. The ecological footprint of the United States should be considered as a kind of crime.

Q: Going into detail, you mentioned the Jobs Act of 1946 as an obstacle to a stable economy. Congress obviously amended this law in the Full Employment and Balanced Growth Act of 1978. In short, what adjustments are needed?

A: The original bill was not a huge obstacle, but the amendment is. It’s like central planning in the way it sets the goal of economic growth for the US government. Fiscal and monetary policy and agency missions and programs are all designed to contribute to growth.

First, the name should be changed to the Sustainable Full Employment Act. It needs a major overhaul and CASSE has a proposal for that.

Q: It seems that the transition to a steady-state economy would be gradual. If you had a magic wand, what three changes would be at the top of your wish list?

A: One would be a president who understands the limits of growth and fundamentally understands that the conflict between economic growth and environmental protection, national security, economic sustainability and international stability would make a huge difference.

Second, let’s get to the tax code and get rid of subsidies for luxury items like SUVs. It is a handy fruit.

Three replaces the principles of neoclassical economics with those of steady-state economics in university curricula and among government civil service positions and political appointments.

Q: Anything else?

A: Yes, related to the previous question. Environmental journalists must provide context in their stories. All of the issues they cover – from pollution to land loss to development – ​​stem from the larger issue of the race for a more robust GDP.

Dope releases first two songs in six years, announces 2023 album Tue, 19 Jul 2022 17:47:47 +0000

Dope are back with their first new songs in six years, “Believe” and “No Respect.” Along with the songs, they announced their upcoming seventh studio album, Blood Money Part Zer0, which is slated for release in 2023.

Blood Money Part Zer0 will be the band’s first album since 2016 blood money part 1, and will be available February 23, 2023. As a thank you to their fanbase, the album will be available digitally for free, but for those who want a tangible copy of the release, various physical formats and bundles of merchandise can be pre-ordered from the band. website now.

Until then, you can discover “Believe” and “No Respect”, two new tracks from the album below.

“I’m so grateful to the fans who have supported me and this band,” singer Edsel Dope said in a press release. “I appreciate your patience and the relationship of trust we have built together. I never do anything halfway, and I believe that anything worth doing is worth doing well, so sometimes it’s taking longer than expected. I’ve learned that the time between releases only strengthens our connection and that the bond between this band and our fans is unbreakable. I truly love you all!”

Dope has also uploaded an intro video to their YouTube channel, which features clips from the upcoming music videos for “Believe” and “No Respect” and also provides behind-the-scenes footage of Edsel’s efforts since their release. latest album.

“A lot has happened in my life since I released the last Dope album,” Edsel said in the video before detailing his family life. “So, as you know, I’m an ambition junkie. I always have too much to do, and with all the other additions to my life, it’s just taken me longer to get back to you and this than I had expected.”

Check out the full 10 minute video below.

Dope will be touring in support Blood Money Part Zer0 next year when they hit the road with Static-X, Fear Factory, Mushroomhead and Twiztid. See all the dates and get your tickets with this link.

Dope – ‘Believe’

Dope – “No Respect”

Dope, Blood Money Part Zer0 Trailer

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Herman Daly: an economist for eco-social activists Tue, 19 Jul 2022 11:29:41 +0000

A new book explains how an economist, by challenging orthodoxy, helped activists change the world.

Activists from a wide range of sustainability and social justice movements owe an intellectual debt to the work of Herman Daly, often cited as the father of ecological economics.

Because Daly’s contributions focus on basic principles of science and ethics, they have broad application in many areas of inquiry and activism, including climate, social justice, and development. sustainable. His ideas and theories are unorthodox and disrupt much of mainstream neoclassical economics. Its focus on the basics allows for varied applications to meet local needs and cultures rather than a hegemonic, one-size-fits-all solution to these challenges. Daly’s thought feeds the pluriverse approach for a better world.

The recent biography of Peter A. Victor, Herman Daly’s Economics for a Full World: His Life and Ideas, celebrates the man and his ideas and provides an excellent practical summary of Daly’s transformative ideas. By summarizing these ideas and providing references for deeper understanding, Peter Victor has done a service to both Daly and activists around the world.

Daly’s economic writings span six decades and provide a rigorous conceptual framework for a new model of economic thought. One of the main features of Daly’s work is that he reformulates economic thought in terms of natural science and ethical theory. This contrasts sharply with the mainstream economic model, which relies on a series of assumptions, almost all of which can be proven wrong, and which ignores natural science and ethics almost entirely.

Interestingly, Daly began his career as a classical economist, earning a doctorate in economics from Vanderbilt University in the mid-1960s. His decision to study economics undergraduate stemmed from his broad interests in the sciences. and the humanities, and he saw economics as a social science that would allow him to combine these interests. He quickly realized that mainstream neoclassical economics not only had no scientific basis, but also ignored human values ​​beyond self-interest. He came to realize that “neoclassical economics has both feet in the air: disconnected from the Earth and disconnected from Ethics,” writes Victor.

Daly’s mission in life came to link the two – science and ethics – in the reformulation of economic thought. By capturing Daly’s intellectual journey, Victor provides useful insights into how it is possible to challenge basic mainstream assumptions and go beyond their limits. Whether or not that was Victor’s intention, he provided a case study of how to change a dominant and dangerous paradigm, which is particularly useful for serious activists.

Peter Victor does a very good job of linking seemingly disparate events in Herman’s early life with his later theoretical contributions. Herman’s experience of poliomyelitis in his youth, for example, led him to accept limitations. His religious upbringing – and his exposure to poverty during a teenage trip to Mexico – led him to a lifelong concern for social justice. His early work in Brazil also contributed to this focus on social justice and the common good.

Even more impressively, Victor summarizes Daly’s main conceptual contributions in a very succinct and digestible form. The book clearly emphasizes Daly’s ideas, but his personality also comes across as “a warm, gentle, strong-willed man, willing to ask awkward questions”.

Daly developed many concepts relevant to activism that are not always explicitly linked to his works. His rigorous thinking and ethical perspective provide solid theoretical foundations for many alternative approaches to the current neoclassical economic paradigm. But embarking on these works without knowing Daly’s ideas is a bit like crossing a busy highway in horse blinkers. Peter Victor provides an ideal guide through this thoroughfare.

Victor facilitated access to Daly’s theories of how an economy should work to achieve ecological and social, as well as economic goals, with chapters on philosophy, steady-state economics, population and globalization .

Daly, for example, insists on addressing the ecological scale first in the policy formulation process. The physical size of the economy must remain within planetary limits, and there are limits to economic growth in terms of material throughput. Only when this ecological boundary has been established can the second policy priority of distribution be addressed. How can the existing pie be split evenly rather than keep growing the pie so everyone can have a bigger piece? Once these priorities are secured, only then can the market become an efficient means of allocating resources, which is a very different role for the market than its centrality in the current system.

Daly rightly points out that the neoclassical economics insistence on continued economic growth is not only destructive to ecological systems, it is also an excuse to sidestep the question of equitable distribution. The market alone cannot adequately respond to either scale or equitable distribution. Daly points out how increasing the throughput of materials – producing more things to use – might have made sense in an ’empty world’, but is destructive and dangerous in a ‘world full’ of people and artifacts. humans.

Because so many of Daly’s ideas are unorthodox in mainstream economic circles, much of his work has been either ignored or attacked by prominent mainstream economists. There have been several famous debates between Daly and prominent mainstream economists over the years, and the book makes it easy to understand both sides of these debates and where a sensible solution lies (spoiler alert: Daly is always right).

Some degrowth thinkers have also attacked Daly for relying on markets for efficient resource allocation. Victor clearly points out how these criticisms completely miss Daly’s assertion that effective market allocation can only occur after scale and distribution have been addressed.

A steady-state economy is Daly’s answer to a complete world economy, and again Victor does an excellent job of summarizing the main features of Daly’s argument. The steady state economy is often misinterpreted as a dead end without continued economic growth. But Daly is clear that if material throughput is to be brought back within the quantitative limits of the planet, there is no end to the qualitative improvements that can be made to human well-being, some of which can be provided by activity. economic. A stable economy can be dynamic and contribute to human well-being in many significant ways. Victor himself demonstrated that a complex economy like Canada’s can be managed with the right policies, but without growth.

Despite professional and even personal attacks, Daly has received numerous international awards for his thinking and his contributions to many movements, some of which may not know the source of their ideas. His manual Ecological economy with Josh Farley is currently in use at several universities around the world, and has been translated into several languages, including Chinese.

Victor points out how some mainstream economists have taken some of Daly’s ideas and presented them as their own without proper acknowledgment. His book also shows how new economic thinking like that of Raworth Saving donuts popularized Daly’s ideas and brought them closer to the general public. As a result, the media now more frequently question the merits of continued economic growth and refer to ecological overshoot. Mainstream economists even explicitly attack the idea of ​​a steady-state economy, a sure sign of increased recognition.

One of the organizations focusing on the idea of ​​a steady state is the Center for the Advancement of a Steady State Economy (CASSE), a Washington DC-based NGO founded and led by Brian Czech, who tenaciously promoted the new economic paradigm that Daly models so well.

Daly’s insights are critically important to a just and sustainable future. His theories, historical perspectives, rigorous arguments, responses to criticisms of his ideas, and clear moral standing are all helpful in the fight for an ecologically sustainable and morally just society. Peter Victor has done Daly and the rest of us a major service by providing an excellent summary of Daly’s ideas in a well-written reference book for scholars and activists.

Teaser photo credit: This file is in the public domain in the United States because it was created solely by NASA. NASA copyright policy states that “NASA material is not copyrighted unless otherwise stated“. (See Template: PD-USGov, NASA copyright policy page, or JPL image usage policy.)

Watch Zakk Wylde perform live with Pantera at Ozzfest 2000 Fri, 15 Jul 2022 19:09:44 +0000

Fans eager for Pantera’s upcoming “reunion” tour next year with Zakk Wylde on guitar should check out this video of one of their first times playing together – August 8, 2000, at Ozzfest. Wylde, Ozzy Osbourne’s ax man and leader of the Black Label Society, stuck with them in Cincinnati on the grooved metal hammer of “Primal Concrete Sledge”.

Black Label Society was one of the opening acts on the main stage that year on Ozzfest with Pantera the penultimate act before Ozzy. Pantera was still a full band at the time with Dimebag Darrell on stage. This very friendly, if short, meeting of strength between Pantera and Zakk, 23 years before an official engagement, is captured in a superb video from the series. There are also some nasty bells and whistles.

At 2:53 into the video, Wylde appears on stage for a mutual pat on the back with singer Phil Anselmo. But he is not alone ! He is holding a chain with what appears to be a rather large Rottweiler on the other end (pictured below). Anselmo holds the dog as Dimebag walks over and puts his guitar around Wylde.

Zakk and Phil greet each other on stage at Ozzfest 2000

YouTube: Overkiller 4

YouTube: Overkiller 4

Wylde does a quick but impressive shredding as he is generously fed half a cup of beer by Dimebag. (Thanks bro!) Wylde ends by swinging the guitar, manipulating the sustain, as the video cuts to a blonde woman showing off her top to the camera. There are actually quite a few of those NSFW moments during the song.

Phil clings to Zakk’s Rottweiler

YouTube: Overkiller 4

YouTube: Overkiller 4

It was a phenomenal performance from Pantera before Zakk arrived. That Zakk joins them on the reunion tour in 23, plus the dog, and all the other chocolate eggs here make this a must-watch video right now. Then watch a bonus video with Anselmo and Pantera bassist Rex Brown performing with Black Label Society in 2014 in the Homeland, Grand Prairie, TX. Enjoy!

Zakk Wylde and his dog join Pantera Jam at Ozzfest 2000 for

“Primary Concrete Mud” (NSFW)

Pantera’s Phil Anselmo and Rex Brown join the Black Label Society on “I’m Broken” in 2014

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On the way to its 100th anniversary, the Greenwich Historical Society celebrates its 90th anniversary In a Gatsbyesque setting Fri, 15 Jul 2022 17:15:16 +0000

Easter’s estate pictured as Howard E. Spaulding House, Field Point Park. Contributing photo.

By Anne W. Semmes

On Saturday evening, October 1, a unique dinner dance created by the Greenwich Historical Society to celebrate 90 years of service to the community will take place on the grounds of the neoclassical Beaux Arts-style waterfront estate, Easterly, circa 1902. A giant tent will evoke the glamorous Café Society, thus transformed into the famous New York striped nightclub El Morocco. Inside, guests will dance to the tunes of Cole Porter and George Gershwin.

“The theme is well connected on many levels to the anniversary of the Historical Society,” says Debra Mecky, Executive Director and CEO of the Historical Society, “because El Morocco was founded in 1931, the same year as the Historical Society” . Granted, people from Greenwich would gravitate there over the years to mingle with the likes of Marilyn Monroe, Clark Gable and Maurice Chevalier, but Mecky adds that Greenwich was also home to “more speakeasies and ‘rum holes’ than any another town in Connecticut.

A more serious note will be given by guest speaker Doris Kearns Goodwin, the Pulitzer Prize-winning author-historian, who will address “Leadership in Turbulent Times,” the title of her latest book. “His ability to put things into perspective will be a big help to all of us,” Mecky notes. “It will be really relevant to where we are on October 1.”

But overall, Mecky sees this 90th anniversary event as “a wonderful opportunity,” she says, “to recognize all the people who have been instrumental in both the creation of a historic society and the transmission of its mission during this 90-year period. We are in the process of collecting information on all the people who have been presidents, board chairs and all the people who have chaired Antiquarious, our main fundraiser for over 25 years, who have contributed to the development objectives and the advancement of the organization. .”

Mecky served the Society as Executive Director for 26 years, almost a third of its history, and saw him become “an incredible asset to our community.” Its origin in 1931 came from the curiosity of Helen Binney Kitchel, then president of the Old Greenwich Garden Club, wanting to find the families of the first settlers of Greenwich buried in the cemetery of Tomac located next to the First Congregational Church. This curiosity inspired the creation of the Historical Society with Kitchel’s mother, Mrs. Edwin Binney as its first president with meetings held at the Perrot Memorial Library.

By the mid-1950s, the Historical Society had been transplanted to its historic Cos Cob campus with its Bush-Holley House, a historic landmark from 1730, bearing witness to slavery, the American Revolution and the first art colony American Impressionist, a story now spanning nearly 300 years. “It’s just a wonderful, beautiful place,” adds Mecky. “So I think that message of being grateful is definitely what that means to me.”

Under Mecky’s leadership, there has been a steady growth in educational programs, exhibits and the Society’s “Signs of the Times” program to place plaques on houses of architectural and historical value numbering 318, including including the Easterly estate, one of the last before the Second World War. mansions to survive. This steady growth has kept Mecky enthralled, she says, “with what this institution is becoming. And we recognize that as a community changes, the Historical Society must change with it. We want to be as inclusive as possible, both in the stories we tell and in the story we collect – that people see us as a place to preserve or protect that story and share it. So, yes, all of these things come together in one evening, when you pause for a moment to celebrate a birthday as significant as 90.

A vintage postcard by George Dominick of the Easter Estate. Contributing photo.

“The Historical Society serves all schoolchildren in our city,” says Anne Ogilvy, a member of the Historical Society’s board of directors and co-chair of the 90th anniversary event. “They all go through Bush Holley House at some point in their school career.” But importantly, she says that unlike the city-supported Bruce Museum and Greenwich Library, “all funds raised by the Society are private, which is why this fundraising is so important.” .
“There are so many new people in town,” says Ogilvy, “and I would really love to see them get involved and see how exciting our programming is and what the Historical Society does. There’s always something going on, whether it’s our Tavern Garden Markets, dinners or exhibitions. I can’t keep track of all the different things going on there and I’m on the board!

Ogilvy describes the October event as a “kind of Cafe Society Gatsbyesque.” She praised the owners of the Easterly estate for opening it for the event. “It’s beautiful. I’ve never seen a property maintained to this level. They honor everything there is to honor about the house, the site, the gardens – that amazing driveway that you drive, centered on the front of the house. I just can’t exceed their level of generosity.

The idea of ​​creating an El Morocco Club look came from the brainstorming of its co-presidents.

“We just wanted something fun and festive and relatable and stylish. Since the pandemic, we haven’t done anything for so long. To dress up in black tie and have a dinner dance and be with your friends. With music from the Bob Hardwick Sound Orchestra. “He does all the social events in New York and the weddings. He kind of took over from Lester Lanin.”

And yes, Bob Hardwick will play this music from the 1930s and 1940s, including Cole Porter and George Gershwin. Coincidentally, Gershwin was in the Greenwich outback in the early 1930s to compose “Porgy and Bess”.

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What the Bored Ape Yacht Club and Quontic Pool Party in the Metaverse Mean for Your Business Tue, 12 Jul 2022 22:36:10 +0000

By Christos Makridis

Crypto may be crashing, but metaverse spending is reaching new heights.

Investments in the metaverse jumped to $12 billion in 2021, from $5.9 billion in 2020 to over $5.9 billion in 2020 to over. The metaverse could grow to $13 trillion — more than half the size of the entire 2022 U.S. economy — by 2030, according to Citi Bank estimates.

The continued growth of the metaverse economy depends on the standardization of web3 luxury features as standard fare, just as air conditioning in cars went from an expensive novelty in 1968 to a basic feature in 1978. Or the transition from cellphone banking from curiosity in 2005 to ubiquity in 2022. Today, web3 is mostly a luxury good, like Ariana Grande and Justin Bieber’s metaverse gigs. It is these novelties that now captivate the media. But soon, Metaverse features will become standard utilities for airline tickets, spa bookings, and dentist appointments.

This is exactly what started to happen. Increasingly, consumer services are provided by online tokens and other Web3 tools.

But the transition of daily activities to digital spaces carries an inherent risk: the loss of community and relationships between companies and their customers, as well as their suppliers and staff. Without being able to run your fingers over the softness of a cashmere sweater or look a waiter in the eye or hear an executive explain its returns to its shareholders, and a thousand other similar everyday things, something vital is lost between a company and the people it depends on. Too easily, the intangible becomes abstract and distant.

Today, entrepreneurs are emerging to fight against this depersonalization. By providing consumers with engaging and fun metaverse experiences ranging from education to banking, these startups promise to not only deliver the standard services, but also build community and wonder.

Consider Quontic, a self-proclaimed “adaptive digital bank.” The founders of Quontic know that digital banking should offer the same services with the same quality as traditional banks, but they also recognize that being purely digital puts them at a disadvantage when it comes to connecting with customers. So how do they meet this challenge?

Quontic has built a unique structure on two plots within the metaverse. Climbing up to the building, you are confronted with a neoclassical facade, with stairs and marble columns. As you enter the digital outpost, the style shifts to more modern furnishings and decor, with posters that will take you to Quontic’s website to learn more about some of their offerings.

At the counter is a cashier named Steve (named after the CEO of Quontic), and beyond that Steve is an ATM. If you interact with the ATM, it opens a traditional 100-year-old bank vault. Walk through the vault and you enter a pool party scene, surrounded by green leafy plants and, near the center, a DJ spinning records, who will give you a free Quontic NFT.

This scene is designed to be welcoming. “We want to invite you into web3, into the metaverse, in a very clean and convenient way. So we’ve created a landing page with a call to action that says ‘Go ahead’, and we give you instructions, and we explain what NFTs are and what Decentraland is,” said Aaron Wollner, Chief Marketing Officer at Quontic.

Quontic realized early on that its primary audience and customer base were not the few thousand people who had already joined the Metaverse. Instead, most of their audience is “meta-curious”. By distributing free NFTs and designing a bank full of educational materials, Quontic reduced the learning curve for using services in the metaverse and attracted people who otherwise might not have joined this space.

But, of course, Wollner and the rest of the Quontic team knew the risks of doing business in a purely digital environment. “The internet can be a cold, flat, two-dimensional experience. We love our dot-com, we’re very proud of it. But there are limits,” says Wollner. As they built their metaverse banking service, Quontic worked hard to achieve its second goal: to create an ecosystem of experiences that would allow relationships to grow and grow stronger, rather than atrophy. “Quontic in the metaverse in 2022 is about planting a flag and being there. It doesn’t it’s not about banking,” Wollner said.

Cogni, a new digital banking platform, provides another demonstration of innovation in how banking is becoming more exciting and personalized. Cogni announced the purchase of a Bored Ape Yacht Club, a collection of NFTs built on Ethereum, some of which have been purchased by Eminem, Serena Williams, Stephen Curry, Shaquille O’Neal, Justin Bieber and other celebrities. (A “Bored Ape” is a series of images, created using a unique algorithm, that are considered a humorous commentary on Establishment personalities.) Now Cogni is taking advantage of the unique intellectual property rights of the Ape to create a Bored Ape debit card that delivers a differentiated and exciting web3 experience for customers.

Applications of blockchain technology also have many practical benefits. Scalable approaches to authentication could allow people who don’t have a Social Security number, but are in the United States for business purposes, to access credit and build a credit history. “We are looking for ways to allow users to accumulate credit on the fly,” said Archie Ravishankar, CEO and Founder of Cogni. Ultimately, NFT applications to authenticate identities using different credentials will not only improve security but also convenience.

These success stories highlight a simple truth: clients seek informative and forward-looking conversations with their bankers. A high-quality conversation with a banker, compared to a low-quality conversation, is 4.2 times more likely to produce a sale with a customer if the conversation was initiated by the banker, according to Gallup’s 2021 study on retail banking.

Banking has long been a boring and mundane process for consumers, but there are growing examples of technology companies using web3 technologies to disrupt the industry by delivering more immersive, enjoyable and profitable experiences. As these innovations bear fruit, others will follow. This is why investments will continue to flow into the metaverse no matter what happens with crypto.

Global Dance-Ballet Performance Market 2022 – Incredible Possibilities, Recent Trends, Business Opportunities and Forecast to 2028 Thu, 07 Jul 2022 18:41:35 +0000

The Global dance-ballet performance market from 2022 to 2028 search by contains information on the structure and size of the market. According to the research, important categories are expected to grow rapidly between 2022 and 2028. It examines the market in terms of segments, geographies, manufacturers, revenue share and sales in key countries. The study examines the drivers and restraints of the global dance-ballet performance market.


The market is bifurcated into segments based on usage:

  • Connection
  • Earth Observation
  • Enterprise Connectivity
  • Last mile access
  • Others

Market is also segmented into Types:

  • Classical ballet performance
  • Neoclassical ballet performance
  • Contemporary ballet performance

The research provides information about the market profile and major activities. It accurately estimates the current and future size of the market. The report takes an in-depth look at the global dance and ballet performance market and provides an overview of the anticipated future developments that may have a substantial influence on the growth of the market. The search includes company descriptions, which cover the most powerful companies:

  • American Ballet Theater
  • American repertoire ballet
  • Bolshoi Ballet
  • Hong Kong Ballet
  • Mariinsky Theater
  • New York City Ballet
  • Paris Opera Ballet
  • australian ballet
  • The National Ballet of China
  • The Royal Ballet
  • Tokyo Ballet
  • Vienna State Ballet

The report examines the changing nature of the market, current trends, and key market drivers, opportunities, and restraints. The geographical data of the worldwide Dance-Ballet Performance market is used to compare the characteristics of the manufacturer with the present circumstances of the market. Geographically, the key areas as well as the global markets listed above are thoroughly examined:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, France, UK, Russia, Italy and Rest of Europe)
  • Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
  • South America (Brazil, Argentina, Colombia and rest of South America)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa and Rest of Middle East and Africa)


The study provides market insights and analysis to help decision makers make informed investment decisions and assess potential barriers and opportunities. The objective of the study is to provide information on market trends and forecasts for the global Dance-Ballet Performance market.

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How the national debt weighs on future generations Wed, 29 Jun 2022 19:50:00 +0000

“The national debt is an asset for individuals buying government securities and a liability for taxpayers,” writes the author of the briefing note. Steve Robinson, chief economist of the Concord Coalition. “If individuals repay their share of the national debt with higher taxes over their lifetime, then the effect of national debt on net wealth is negligible because assets are offset by liabilities. If individuals repay their share of the debt, consume the income, and die before their taxes go up and the debt is paid off, then the effect of national debt on net wealth is large because assets exceed liabilities. To the extent that individuals accumulate wealth to maintain consumption in retirement, an increase in debt will crowd out other savings and investments.

This analysis focuses on the share of national debt held by the U.S. public, instead of total (gross) debt, stocks held by the Federal Reserve, government trust funds, and foreign investors. This part of the debt is equivalent to about 40% of gross domestic product (GDP) and, according to projections by the Congressional Budget Office (CBO), it is expected to increase significantly over the next few decades. Robinson warns this means problems for future economic growth.

Economic Effects of National Debt Held by the U.S. Public as a Percentage of GDP

“A larger national debt inevitably means a smaller stock of capital on which future economic growth depends,” concludes Robinson. “The economic effects of a decrease in capital can be estimated using a neoclassical growth model in which the production of goods and services is determined by the input of labor and capital. The results of the model suggest that every ten percentage point increase in the government’s share of national debt as a percentage of GDP reduces the lifetime consumption of future generations by about one percent.”

“All government spending diverts resources from other uses and imposes a cost in terms of abandoned alternatives,” Robinson writes. “This opportunity cost exists regardless of the means of financing – raising taxes, issuing debt or printing money. Although the means of financing do not affect the value of government expenditures, which range from l ‘useful to waste, they affect who benefits and who bears the burden of paying the expenses.Ultimately, the national debt primarily benefits current generations at the expense of future generations.

The Concord Coalition is a non-partisan grassroots organization dedicated to fiscal accountability. Since 1992, Concord has worked to educate the public about the causes and consequences of the federal deficit and debt, and to develop realistic solutions for sustainable budgets. For more tax news and analysis, visit and follow us on Facebook @ConcordCoalition and on Twitter: @ConcordC

SOURCE The Concorde Coalition