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@arjunjayadev.bsky.social

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@kajak.bsky.social · 3w ago

Martin Wolf on the current debate wether Europe is falling behind the USA, concludes it is all a CPI artefact, hedonic adjustments to consumer communication hardware prices, how am I not surprised @jwmason.bsky.social @arjunjayadev.bsky.social www.ft.com/content/b77c...

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://help.ft.com/faq/gifting-and-sharing-an-article/what-is-a-gift-article/. https://www.ft.com/content/b77cec48-87e2-4bef-b18c-0f9f6718b11c?syn-25a6b1a6=1 A related explanation for the difference is problems in measuring growth. The extraordinarily rapid reported productivity growth in US tech depends on making “hedonic” adjustments in the prices of products. This involves working out the value of increased processing power to consumers. But such measures are inherently highly uncertain. For this reason, the higher growth of productivity in the US tech sector (and so of US GDP per head) is questionable, not because it is wrong, but because this is a matter of judgment. Note, crucially, that productivity growth of sectors other than tech, in the two economies, which make up the vast bulk of both economies, is quite similar.
@kajak.bsky.social · last mo.

There goes Baumol's cost disease A Mac bought in 2026 costs more than one in 2016, but CPI says it's cheaper, far more FLOPS for money. disinflation. Healthcare that raises your survival odds from 65% to 95% but costs more? That's cost disease Try having a heart attack today with a 1985 hospital.

Against Money, Mason, Jayadev constructed. A study by David Cutler and coauthors observed that the average cost of treatment for a heart attack rose by 4.2 percent annually between 1984 and 1998, which the official statistics treated as inflation.75 But, they noted, the effectiveness of the treatment had also increased, which the statistics did not reflect. Measured in terms of additional years of life, the price increase would look much smaller. More recent studies have come to similar conclusions. None of this is to say that there is a "true" quality-adjusted health care price out there to be found. But there is something odd about the fact that statistics agencies go to great lengths to incorporate quality improvements in cars and computers, and not at all for hospitals or schools. Perhaps "Baumol's cost disease" —the widely held view that productivity improvements in services are systematically slower than in manufacturing-is, at least in part, really "Baumol's inconsistent quality adjustment disease."
@arjunjayadev.bsky.social · 4w ago

@70sbachchan.bsky.social does a better job summarising our book than we could. This was a lot of fun to do. Thanks @katemac.bsky.social and @70sbachchan.bsky.social !

Albert Pinto@70sbachchan.bsky.social · last mo.

Polycrisis book club is now on youtube @jwmason.bsky.social @arjunjayadev.bsky.social 's explanation of their title 'Against Money' is great: Against mainstream barter theories Against collapsing the world into money, Against the rule of money @katemac.bsky.social www.youtube.com/watch?v=62lD...

Steve Roth@steveroth.bsky.social · last mo.

The failure to rigorously school econs in national-accounting methodology, practices, assumptions, and concepts — there is no formal training — leaves a great deal of econ theory standing on conceptual and empirical quicksand. /2

orion chuzzlewitt@orionchuzz.bsky.social · last mo.

hi - by coincidence i happen to have read against money a few days before i saw the latest newsletter (would recommend!). i can't make the discussion live with the timings - is it being recorded by any chance? also would love to join book club discord but the link seems to be expired :(

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Isabella M. Weber@isabellamweber.bsky.social · last mo.

Can the ECB stop chasing oil price spikes, please? This is the message of this important study in a nutshell. Inflation is all about fossilflation. So, we need a way to stabilize our economies that does not undermine the green transition we need, which is exactly what rate hikes end up doing.

Benjamin Braun@benbraun.eurosky.social · last mo.

The ECB just hiked into an oil price shock, again. In our new paper for the EP Monetary Dialogue, we argue that this needs to stop. 🧵 If inflation is a function of the energy mix (✅) and the energy mix a function of monetary policy (✅), then even a narrow reading of the ECB’s mandate ... 1/

STUDY Requested by the ECON Committee Monetary Dialogue Papers, June 2026 "Inflation, Supply Shocks and the Case for a Cautious and Differentiated Monetary Policy Response"
@arjunjayadev.bsky.social · 2mo ago

Some very kind words on "Against Money" from @kmichaelwilson.bsky.social . Thank you very much! It is so gratifying to see the book make its way into the world, to see it being read, and perhaps even being helpful for folks! @jwmason.bsky.social , @chadzimmerman.bsky.social

Kevin@kmichaelwilson.bsky.social · 2mo ago

only a few chapters in, but this is clearly a defining text of our era, a book that everyone sooner or later will have read press.uchicago.edu/ucp/books/bo...

Against Money J. W. Mason and Arjun Jayadev book cover, light green, an "X" formed by the book's own ISBN A powerful deconstruction of humanity’s most influential invention, from the acclaimed economists J. W. Mason and Arjun Jayadev. #booksky
Greg Brown@gregbrown.bsky.social · 2mo ago

Stats like this make me think of @jwmason.bsky.social & @arjunjayadev.bsky.social’s AGAINST MONEY where this isn’t in any sense a “real” valuation: There’s no world where he could convert his holdings to the equivalent in money (or even commodities).

The Verge@theverge.com · 2mo ago

Elon Musk’s net worth has passed the trillion-dollar mark after SpaceX’s IPO. His net worth, which was hovering around $800 billion before the IPO, includes the value of his 4.8 billion shares in SpaceX, along with his wealth from his other companies, like Tesla.

JW Mason@jwmason.bsky.social · 2mo ago

Arjun's and my interview with @doughenwood.bsky.social is now up and streaming. Working as Doug's intern 30 years ago was the real beginning of my economics education, so it means a lot to me personally to be on his show. kpfa.org/episode/behi...

Against money, hating theory | KPFA

J.W. Mason and Arjun Jayadev, authors of Against Money, explain that curious stuff and enumerate its problems • Moira Weigel explains why the right hates Theory (October article here)

kpfa.org

Brad Johnson@ahablives.bsky.social · 2mo ago

Titles in this edition include: * Lisa Robertson's RIVERWORK * J W Mason & Arjun Jayadev's AGAINST MONEY * Jack Zipes's ONCE UPON A TIME THERE WAS TRUTH * Edward Jones-Imhotep's THE BROKEN MACHINE * Thomas Dekeyser's TECHNO-NEGATIVE * Trevor Paglen's HOW TO SEE LIKE A MACHINE