Wealth Economics
@steveroth.bsky.social
Entrepreneur, progressive sometime 1%er. (Tax me more.) Addictive reader: trash to tomes. National-accounting & econ geek. Evolution and Shakespeare dweeb. Besotted father. From MO; show me the #s. https://wealtheconomics.substack.com/about
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Wealth Economics
@steveroth.bsky.social
· Nov 13
Ten Fundamental Economic (Mis)understandings
It's all about the words...
wealtheconomics.substack.com
For my new followers, here's a stake in the ground for my writings, explaining how I think about and understand economics and “the economy.” Took me two decades to get to this…
It's 2,000 words, but it’s a bit of a smorgasbord, so you can take tastes and see if you'd like to read more.
It's 2,000 words, but it’s a bit of a smorgasbord, so you can take tastes and see if you'd like to read more.
Two types of "innovations":
1. Increase productivity (same stuff, less hours worked!) or invent new things 👍👍.
2. Just capture assets, ownership rights, from others. While claiming to "allocate resources efficiently" and similar claptrap.
ritholtz.com/2009/12/volc...
1. Increase productivity (same stuff, less hours worked!) or invent new things 👍👍.
2. Just capture assets, ownership rights, from others. While claiming to "allocate resources efficiently" and similar claptrap.
ritholtz.com/2009/12/volc...
December 30, 2025 at 4:55 PM
Two types of "innovations":
1. Increase productivity (same stuff, less hours worked!) or invent new things 👍👍.
2. Just capture assets, ownership rights, from others. While claiming to "allocate resources efficiently" and similar claptrap.
ritholtz.com/2009/12/volc...
1. Increase productivity (same stuff, less hours worked!) or invent new things 👍👍.
2. Just capture assets, ownership rights, from others. While claiming to "allocate resources efficiently" and similar claptrap.
ritholtz.com/2009/12/volc...
"Our main suggestion is to treat economic inequality itself as an externality, which has wide-ranging implications for classical economic theory." @mortenstostad.bsky.social #EconSky
pdf.sciencedirectassets.com/271705/1-s2....
pdf.sciencedirectassets.com/271705/1-s2....
December 30, 2025 at 2:05 PM
"Our main suggestion is to treat economic inequality itself as an externality, which has wide-ranging implications for classical economic theory." @mortenstostad.bsky.social #EconSky
pdf.sciencedirectassets.com/271705/1-s2....
pdf.sciencedirectassets.com/271705/1-s2....
My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me.
Hosea 4:6
Hosea 4:6
December 28, 2025 at 7:10 PM
My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me.
Hosea 4:6
Hosea 4:6
POLL: Has an AI customer service phone chatbot ever answered a question or solved a problem for you that you couldn\'t solve/answer using the company’s web site?
1️⃣ Yes
🅱️ No
📊 Show results
1️⃣ Yes
🅱️ No
📊 Show results
December 27, 2025 at 9:34 PM
POLL: Has an AI customer service phone chatbot ever answered a question or solved a problem for you that you couldn\'t solve/answer using the company’s web site?
1️⃣ Yes
🅱️ No
📊 Show results
1️⃣ Yes
🅱️ No
📊 Show results
Political "populism" is always about Us vs Them, the (working) people vs the elite.
But right populism only counts 1. some working people as Us, and 2. only some of the wealthy elite (liberals) as Them.
Left economic populism doesn't have those contradictions: just working ppl vs the wealthy.
But right populism only counts 1. some working people as Us, and 2. only some of the wealthy elite (liberals) as Them.
Left economic populism doesn't have those contradictions: just working ppl vs the wealthy.
December 27, 2025 at 9:25 PM
Political "populism" is always about Us vs Them, the (working) people vs the elite.
But right populism only counts 1. some working people as Us, and 2. only some of the wealthy elite (liberals) as Them.
Left economic populism doesn't have those contradictions: just working ppl vs the wealthy.
But right populism only counts 1. some working people as Us, and 2. only some of the wealthy elite (liberals) as Them.
Left economic populism doesn't have those contradictions: just working ppl vs the wealthy.
shit like this is why when i was unpacking my library yesterday, i put "Structure and Interpretation of Computer Programs" in with psychoanalysis and literary criticism
it’s hard to think of a bigger grift than the claim that predictive text aka gAI is ‘conscious’ and thus “deserve rights” like the ability to vote
December 27, 2025 at 3:12 PM
Ya right. It only involves leaving behind your home and large portions of your everyday life, friends, family, colleagues, community…
This is also why advice to those struggling with affordability, that they should just “move somewhere cheaper,” is insulting, supercilious, privileged nonsense.
This is also why advice to those struggling with affordability, that they should just “move somewhere cheaper,” is insulting, supercilious, privileged nonsense.
December 27, 2025 at 1:37 PM
Ya right. It only involves leaving behind your home and large portions of your everyday life, friends, family, colleagues, community…
This is also why advice to those struggling with affordability, that they should just “move somewhere cheaper,” is insulting, supercilious, privileged nonsense.
This is also why advice to those struggling with affordability, that they should just “move somewhere cheaper,” is insulting, supercilious, privileged nonsense.
Widespread prosperity, wealth, and well-being both causes and is greater prosperity, wealth, and well-being. Today’s namesake spread that gospel.
December 25, 2025 at 10:27 PM
Widespread prosperity, wealth, and well-being both causes and is greater prosperity, wealth, and well-being. Today’s namesake spread that gospel.
OK here come all the people… Time to pour some drinks.
December 25, 2025 at 2:00 AM
OK here come all the people… Time to pour some drinks.
Evolutionary theory meets antitrust?
From evolution heavyweight Martin Nowak's Super Cooperators, p. 271. (Nowak co-authored a/the groundbreaking group-selection paper with E.O. Wilson.)
www.google.com/books/editio...
From evolution heavyweight Martin Nowak's Super Cooperators, p. 271. (Nowak co-authored a/the groundbreaking group-selection paper with E.O. Wilson.)
www.google.com/books/editio...
December 23, 2025 at 4:57 PM
Evolutionary theory meets antitrust?
From evolution heavyweight Martin Nowak's Super Cooperators, p. 271. (Nowak co-authored a/the groundbreaking group-selection paper with E.O. Wilson.)
www.google.com/books/editio...
From evolution heavyweight Martin Nowak's Super Cooperators, p. 271. (Nowak co-authored a/the groundbreaking group-selection paper with E.O. Wilson.)
www.google.com/books/editio...
Before spiking the 60 Minutes CECOT story, did Bari Weiss try to use her influence and access to get 60 Minutes an interview with administration officials? I’m guessing no.
December 23, 2025 at 3:54 PM
Before spiking the 60 Minutes CECOT story, did Bari Weiss try to use her influence and access to get 60 Minutes an interview with administration officials? I’m guessing no.
Will they also feature golden showers?
I assume that the Navy will finally, literally get gold-plated toilet seats.
December 22, 2025 at 9:57 PM
Will they also feature golden showers?
I assume that the Navy will finally, literally get gold-plated toilet seats.
December 22, 2025 at 9:51 PM
I assume that the Navy will finally, literally get gold-plated toilet seats.
If US households had to buy back all outstanding US treasuries to zero the "national debt," it would vanish ~18% of HH assets.
But ditto, it would remove ~the same amount of liabilities: the need to pay future taxes to service that debt.
Ricardian Equivalence FTW.
But ditto, it would remove ~the same amount of liabilities: the need to pay future taxes to service that debt.
Ricardian Equivalence FTW.
December 22, 2025 at 12:16 AM
If US households had to buy back all outstanding US treasuries to zero the "national debt," it would vanish ~18% of HH assets.
But ditto, it would remove ~the same amount of liabilities: the need to pay future taxes to service that debt.
Ricardian Equivalence FTW.
But ditto, it would remove ~the same amount of liabilities: the need to pay future taxes to service that debt.
Ricardian Equivalence FTW.
I’d much like to talk to anybody who’s knowledgeable about NGP VAN and its workings/ecosystem.
Topic: I think it’s the culprit in the huge volumes of unending/unendable political text spam that instantly results from a single Act Blue donation. Thanks.
Topic: I think it’s the culprit in the huge volumes of unending/unendable political text spam that instantly results from a single Act Blue donation. Thanks.
December 21, 2025 at 7:50 PM
I’d much like to talk to anybody who’s knowledgeable about NGP VAN and its workings/ecosystem.
Topic: I think it’s the culprit in the huge volumes of unending/unendable political text spam that instantly results from a single Act Blue donation. Thanks.
Topic: I think it’s the culprit in the huge volumes of unending/unendable political text spam that instantly results from a single Act Blue donation. Thanks.
For some of us, it never has been.
December 21, 2025 at 4:50 PM
For some of us, it never has been.
Econ models that imagine exclusive "classes," eg workers and "capitalists" (in mainstream heterogenous-agent DSGE and in post-keynesian modeling) have never sat right with me.
Here's why: most households both own stuff, and work.
Here's why: most households both own stuff, and work.
December 20, 2025 at 5:10 PM
Econ models that imagine exclusive "classes," eg workers and "capitalists" (in mainstream heterogenous-agent DSGE and in post-keynesian modeling) have never sat right with me.
Here's why: most households both own stuff, and work.
Here's why: most households both own stuff, and work.
When you buy a home with a mortgage and fixed monthly payments, you’re essentially buying rent control for yourself. Protection against rapid rent increases in your area.
I really prefer renting, don’t like being a homeowner, but I bought back in recently (condo) for this reason.
I really prefer renting, don’t like being a homeowner, but I bought back in recently (condo) for this reason.
December 20, 2025 at 3:18 PM
When you buy a home with a mortgage and fixed monthly payments, you’re essentially buying rent control for yourself. Protection against rapid rent increases in your area.
I really prefer renting, don’t like being a homeowner, but I bought back in recently (condo) for this reason.
I really prefer renting, don’t like being a homeowner, but I bought back in recently (condo) for this reason.
Saying they can’t do “math” is way too complementary. They can’t do grade school arithmetic.
FOX: If you cut something by 100%, the cost goes down to 0. If you cut it by 600%, the drug companies are actually paying you
LUTNICK: What he's saying is if a drug was $100 and you bring it down to $13, it's down 7 times
F: Not a 600% cut
L: But it's 700% higher price before. It's down 700% now
LUTNICK: What he's saying is if a drug was $100 and you bring it down to $13, it's down 7 times
F: Not a 600% cut
L: But it's 700% higher price before. It's down 700% now
December 18, 2025 at 9:12 PM
Saying they can’t do “math” is way too complementary. They can’t do grade school arithmetic.
Trump is now touting the idea of “dividends” for soldiers.
How about a Common Wealth Dividend, universal income for all Americans, so we all share in the prosperity that we all create together.
How about a Common Wealth Dividend, universal income for all Americans, so we all share in the prosperity that we all create together.
December 18, 2025 at 8:57 PM
Trump is now touting the idea of “dividends” for soldiers.
How about a Common Wealth Dividend, universal income for all Americans, so we all share in the prosperity that we all create together.
How about a Common Wealth Dividend, universal income for all Americans, so we all share in the prosperity that we all create together.
Americans are resentful that the anomalously low inflation rates of the 2010s are not eternal.
December 18, 2025 at 5:36 PM
Americans are resentful that the anomalously low inflation rates of the 2010s are not eternal.
The oppression of young white men in America:
"what appears to have happened is a lot of empty talk, no real significant change, and backlash that is causing real harm."
www.peoplespolicyproject.org/2025/12/17/w...
"what appears to have happened is a lot of empty talk, no real significant change, and backlash that is causing real harm."
www.peoplespolicyproject.org/2025/12/17/w...
What Does the Census Data Say About “The Lost Generation”
Savage appears wrong, but the reality is potentially bleaker.
www.peoplespolicyproject.org
December 17, 2025 at 8:10 PM
The oppression of young white men in America:
"what appears to have happened is a lot of empty talk, no real significant change, and backlash that is causing real harm."
www.peoplespolicyproject.org/2025/12/17/w...
"what appears to have happened is a lot of empty talk, no real significant change, and backlash that is causing real harm."
www.peoplespolicyproject.org/2025/12/17/w...
Dani Rodrick @drodrik.bsky.social gets it:
“The Post-Neoliberal Consensus is Here” ⬇️
"The first element of the new consensus is a recognition that the concentration of economic power has become excessive."
IOW, wealth concentration.
Econ policies don't address that reality are ill-conceived.
“The Post-Neoliberal Consensus is Here” ⬇️
"The first element of the new consensus is a recognition that the concentration of economic power has become excessive."
IOW, wealth concentration.
Econ policies don't address that reality are ill-conceived.
The Post-Neoliberal Consensus Is Here
Dani Rodrik identifies three tenets of a new consensus that is uniting the left and the right in the United States.
www.project-syndicate.org
December 17, 2025 at 4:58 PM
Dani Rodrick @drodrik.bsky.social gets it:
“The Post-Neoliberal Consensus is Here” ⬇️
"The first element of the new consensus is a recognition that the concentration of economic power has become excessive."
IOW, wealth concentration.
Econ policies don't address that reality are ill-conceived.
“The Post-Neoliberal Consensus is Here” ⬇️
"The first element of the new consensus is a recognition that the concentration of economic power has become excessive."
IOW, wealth concentration.
Econ policies don't address that reality are ill-conceived.
The plain text, ”subject to the jurisdiction of the United States” clearly means “subject to the laws of.”
Do the SCOTUS six really want to try and argue that children who were born to illegal immigrants in America are not subject to prosecution under federal law? Seems…problematic…
Do the SCOTUS six really want to try and argue that children who were born to illegal immigrants in America are not subject to prosecution under federal law? Seems…problematic…
December 16, 2025 at 9:04 PM
The plain text, ”subject to the jurisdiction of the United States” clearly means “subject to the laws of.”
Do the SCOTUS six really want to try and argue that children who were born to illegal immigrants in America are not subject to prosecution under federal law? Seems…problematic…
Do the SCOTUS six really want to try and argue that children who were born to illegal immigrants in America are not subject to prosecution under federal law? Seems…problematic…
Periodic repost
It's hard to grasp the magnitude of wildly concentrated wealth:
$100K accumulated over years/decades: a 4.3-inch stack of $100 bills.
$1B: 3,600 feet. (World's tallest building is 2,722 feet.)
Richest ppl: $235B. 160 miles high. 29X as high as Mt. Everest.
It's a disease.
It's hard to grasp the magnitude of wildly concentrated wealth:
$100K accumulated over years/decades: a 4.3-inch stack of $100 bills.
$1B: 3,600 feet. (World's tallest building is 2,722 feet.)
Richest ppl: $235B. 160 miles high. 29X as high as Mt. Everest.
It's a disease.
December 16, 2025 at 2:33 PM
Periodic repost
It's hard to grasp the magnitude of wildly concentrated wealth:
$100K accumulated over years/decades: a 4.3-inch stack of $100 bills.
$1B: 3,600 feet. (World's tallest building is 2,722 feet.)
Richest ppl: $235B. 160 miles high. 29X as high as Mt. Everest.
It's a disease.
It's hard to grasp the magnitude of wildly concentrated wealth:
$100K accumulated over years/decades: a 4.3-inch stack of $100 bills.
$1B: 3,600 feet. (World's tallest building is 2,722 feet.)
Richest ppl: $235B. 160 miles high. 29X as high as Mt. Everest.
It's a disease.