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Thread on eminent people supporting farm laws:

Dr. Gita Gopinath, Chief Economist at IMF says "Farm bills are in right

Dr. Surjit Bhalla, executive director at IMF support farm bills

https://t.co/Re7hA6Yln9

Godrej Agrovet Chairman Nadir Godrej tells Bloomberg that agriculture reforms are important for India.
https://t.co/OrdEshBqQh

Godrej Agrovet Chairman Nadir Godrej tells Bloomberg that agriculture reforms are important for India. pic.twitter.com/N6rnelLn0E
— BloombergQuint (@BloombergQuint) December 11, 2020

Prof Ashok Gulati supports new farm laws
https://t.co/9d9cZVs52C

Vice-Chairman of Bharti Enterprises Rajan Bharti Mittal supports the new farm laws

https://t.co/dCmZW3yrxh

Prof Shamika Ravi supports the news farm bills
https://t.co/vRQMjpW1e1

Amul Chief supports new laws
https://t.co/bB6NInxNt7

Academicians From IITs, IIM-B And TIFR Write To PM Modi In Support Of New Farm Laws
https://t.co/nTiOXj4OLB

Dr. KV Subramanian supports the new farm bills
https://t.co/7hYrLuGGa2

Dr. Arvind Pangariya supports new farm bills
https://t.co/tagj3da2XK

Swaminathan Aiyar supports new farm bills

Sukhpal Singh, Professor at IIM-A supports new farm bills

https://t.co/6oEMHcENua

Dr. Montek Singh Ahluwalia suggests the exact same reforms implemented by the government
https://t.co/NSj5MgtVQ5

Sanjeev Sanyal supports the new farm laws
https://t.co/94nhm51y7c

Gurcharan Das supports the new farm bills
https://t.co/9dyefSuanU

Amiyatosh Purnanandam (Professor of Finance, Ross School of Business) supports the new farm laws
https://t.co/dNRycRn92f

I am unable to understand the economic logic behind the opposition to the #FarmersBill.

Mere speculation that markets can perhaps fail is a very weak argument against market reforms.

Sure, market-based systems can have some problems and we do need safeguards against that. 1/3
— Amiyatosh Purnanandam (@amiyatosh) December 23, 2020

More from Economy

Kanekoa
@KanekoaTheGreat

1/ In @RayDalio's perspective, we are at the very late stages of the long term debt cycle. These long term debt cycles typically take 50-75 years to play out. This cycle began in 1945 when World War II ended and we began the US dollar-dominated world order.

2/ In the words of @RayDalio, "Right now, the world’s major central banks have the least fuel in their tanks since the late 1930s so are now in the later stages of the long-term debt cycle. Because they come along about once in a lifetime most people aren’t aware of them."

3/ Central banks have spent the last decade in a race to see who could devalue their currency the fastest. Near 0% interest rates have meant increased printing of the dollar, euro, and yen. Central banks no longer have the ability to tighten credit so they print money.

4/ Being towards the later stages of the long-term debt cycle there is a global sovereign debt bubble similar to what we saw in the 20's & 30's. In 2019, global debt-to-gdp hit 322% with total debt reaching a new all-time high of $253 Trillion.

5/ The wealth gap has also expanded to levels last seen in the 30's. Historically, inequality and large wealth gaps have eventually led to dire consequences. Periods of conflict and social unrest often marked by taxes, revolutions, or wars.

Cory Doctorow #BLM
@doctorow

One of the arguments for permitting monopolies is that they are "efficient." That's the logic under which Universal was allowed to acquire Comcast and NBC - the "vertical integration" would make all three companies better and we'd all reap the benefit.

1/

It turns out that there are DISeconomies of scale, what Brandeis called "the curse of bigness" and really, the Universal-NBC-Comcast octopus is a poster child for that

Comcast has just informed its subscribers that they are at risk of losing access to "Bravo, CNBC, E!, Golf Channel, MSNBC, Olympic Channel, Oxygen, Syfy, Telemundo, Universal Kids, NBC Universo, USA Network and NBC Sports

That is, Comcast has warned its customers that Comcast might not license its channels to Comcast anymore.

This is a "carriage dispute" - a dispute over how much the cable operator will pay the broadcaster. It's a common dispute to have.

4/

But in this case, Comcast's dispute is over the accounting fiction of how much one division of a vertical monopolist will nominally charge another to access its products.

5/

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Richard Murphy
@RichardJMurphy

I keep hearing people complain that the ‘mainstream media’ does not understand economics and that we’re talked down to as if everything must be explained as if the economy is a household. In this thread I explain all you (and they) need to know. Economics in one thread then....

Very few people seem to understand how money is created. Mainly that’s because when they’re told it seems so simple that they can’t believe something that’s so important that we’re willing to pay a lot to get it is created so easily. This thread explains how money is created.

What this thread also explains is that if we understand money we can completely reimagine how the economy really works, which is the pathway to rebuilding from the mess we are in. Which makes this a pretty big deal. I make no apology for its length as a result.

Let’s start at the very beginning. A person goes into a bank and asks for a £1,000 loan. The bank checks them out, and agrees. And that is all that it takes to create new money. Money is just a promise to pay. That simple exchange of promises is all it takes to create it.

Most people think there must be something that backs up the value of money. Gold, most likely. But there isn’t. Money is just a promise to pay, and has been for almost 50 years now. Mutual promises to pay creates all the money we have.

$Noahtogolpe \U0001f407$

Noahtogolpe 🐇
@Noahpinion

1/OK, let's take a little break from Coup Twitter, and think about an economic issue:

How can we build up the wealth of the middle class?

2/The typical American has surprisingly little wealth compared to the typical resident of many other developed countries.

This is a fact that is not widely known or appreciated.

3/Now, some people argue that stuff like Social Security or social insurance programs should be included in wealth. But I chose to focus on private wealth because I think having assets you can sell whenever you want is important to

Yes, these numbers don't include things like Social Security, just privately held wealth. They're not an attempt to capitalize every possible future income stream.
— Noahtogolpe \U0001f407 (@Noahpinion) January 10, 2021

4/For many decades after World War 2, middle-class wealth in America was on a smooth upward trajectory.

Then the housing crash came, and all that changed. Suddenly the rich were still doing well but everyone else was seeing the end of their American Dream.

5/Why the divergence?

Because the American middle class has its wealth in houses -- specifically, in the houses they live in.

It's the rich who own stocks.

pete wolfendale
@deontologistics

I’m beginning to think that the left has been too obsessed with GDP as a broken economic metric governing the global shitshow, when inflation is more insidious. Deflation may be a more radical demand than degrowth. Burst bubbles. Deflate the price of fossil fuel infrastructure.

It’s amazing just how much political economy is still determined by the threat of stagflation. This has created a weird metonymy in which as long as you’re fight inflation (preserving the interests of (older) savers) you’re also fighting stagnation (supporting (younger) earners).

To some extent the residual fear of deflationary spirals lies behind this, waiting in the wings for any suggestion that stagnation must be fought with deflation. This is entirely understandable, as uncontrolled deflation hits the poorest hardest.

The assumption that conjoins these fears into an engine of unbridled economic stagnation is that there’s a unitary market effectively mediating between the markets in different sectors, be this unity micro-economic or macro-economic in flavour. But this just isn’t how it works.

There is so much more logistic friction in the price system than the popular story of just in time production suggests, not least in the concrete details of differentiated trade between economic actors from local businesses to nation states.

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$Pieter Levels \u2728$

Pieter Levels ✨
@levelsio

Joe Rogan's podcast is now is listened to 1.5+ billion times per year at around $50-100M/year revenue.

Independent and 100% owned by Joe, no networks, no middle men and a 100M+ people audience.

👏

https://t.co/RywAiBxA3s

Joe is the #1 / #2 podcast (depends per week) of all podcasts

120 million plays per month source https://t.co/k7L1LfDdcM

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Jaya_Upadhyaya
@Jayalko1

AHOBILAM NARASIMHA SWAMY KSHETRAM: KURNOOL (AP)
#andhratemples

Ahobilam is the place where Prabhu appears in his fierce form, called Ugra Narasimha, who is Svayambhu (self-manifest).
Ahobilam is one of the 108 Divya Desams. It has 9 shrines for different forms of Narsimha.

Ahobilam was the exact place where Sri Narasimha appeared and tore apart Hiranyakashipu to save Prahlad. At that moment, all the Devas appeared and praised him as Ahobala (Aho is mighty and bala is strength). So the place came to be called Ahobilam.

Out of the 9 shrines, most famous is the Ahobila Narasimha Swamy where Prabhu is seen as Ugra Narasimha.
In another shrine, Prabhu appears as Malola Narasimha Swamy. Malola means beloved of Lakshmi. Here Prabhu is in peaceful mudra with his consort Ma ChenchuLakshmi.

Jwala Narasimha Swamy shrine is the actual spot where the fierce anger of Prabhu reached its culmination when he tore Hiranyakasipu.

Ugra Stambham is the pillar from which Narasimha appeared with such force that the entire hill split into two.

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Shalini Singh Sengar
@Maverickmusafir

(An extract from Field Marshal Sam Manekshaw, Soldiering with Dignity)

The man eventually destined to be free India's first Field Marshal was born on 3rd April 1914 at Amritsar. How did a Parsi couple settle for the holy city of the Sikhs? I once asked him and was told that in+

1899, his father recently qualified as a doctor and just married, could make no professional headway in Bombay, and was advised to try his luck at Lahore in the Punjab. With his young wife, he set off by train for Lahore. The long dusty and hot journey took five days and by the+

end of it, his young wife, who had never left the comforts and civilization of Bombay, was in hysterics and cried to go back. Poor Dr Manekshaw did all he could to comfort her, but as the train steamed into Amritsar, with her first sight of the Sikhs the young bride screamed her+

lungs out and refused to go any further. So they left the train at Amritsar, and there they stayed for forty-five years.

The Manekshaws had six children, four boys and two girls, and Sam was the fifth child. Sam had his schooling at Nainital's Sherwood College.+

After completing his schooling, he should have gone to England to pursue higher studies; this was the promise made to him by his father but, fortunately for the Indian Army, Dr Manekshaw felt that this particular son was far too young to be on his own in a foreign country, even+

George Mack
@george__mack

THREAD: 15 of the most useful razors and rules I've found.

Rules of thumb that simplify decisions.

Bezos' Razors:

• If unsure what action to take, let your 80-year-old self make it.

• If unsure who to work with, pick the person that has the best chances of breaking you out of a 3rd world prison.

Skinner's Law:

• If procrastinating on an item, you only have 2 options:

1. Make the pain of not doing it greater than the pain of doing it.

2. Make the pleasure of doing it greater than the pleasure of not doing it.

Luck Razor:

• If stuck with 2 equal options, pick the one that feels like it will produce the most luck later down the line.

I used this razor to go for drinks with a stranger rather than watch Netflix.

In hindsight, it was the highest ROI decision I've ever made.

Bragging Razor:

• If someone brags about their success or happiness, assume it’s half what they claim.

• If someone downplays their success or happiness, assume it’s double what they claim.

The map is not the terrain.

Quinn Cummings
@quinncy

Gather round, Gentle Readers. It is time I tell the story of the worst decision I ever made in an office. Some of you have heard this. Some have not. Whatever you do in your office today, this week, the rest of this year, you can console yourself by recalling this tale.

A long time ago, I was a talent agent. I worked for a woman named Susan Smith, who had her own small boutique agency. She was known for three things:

1. She had fantastic taste in clients. If there is someone you admire, odds are good that at some point, she was their agent,

2. She could negotiate a deal like few who have ever trod the earth. Casting would give her all the money they had budgeted for that part, plus a little more, plus promising to get her dog Barnaby groomed. She was magnificent to watch.

3. She was insane.

I'm sure you're thinking, "Quinn, it's the entertainment industry, they are all insane." Yes, many are. So consider this; if you told someone you worked for Susan, people who worked for insane people would look and you and whisper, "I hear she's insane."