I had to Post This
The mashup to the left is with thanks to the Vancouver Price Drop blogger who has been tracking the behaviour of Vancouver vendors who are chasing the market down as purchaser sentiment switches. They can't help themselves. The sample price drop building reminded me of New York where the term "jonesing" is said to have originated and the news item of Cory Weeds closing The Cellar Jazz Club reminded me that Vancouver ain't New York no matter what the condo brochure says. Why did everyone take on historic levels of debt just to live in inefficient housing units? Watch the 12.39min video explanation below by Belabed & Theobald of how the middle class, has just been trying to keep up with the consumption norms of the upper class, which kept expanding as more aggregate income flowed upwards. In other words you have depleted your savings and borrowed as much as you could because you have been jonesing to keep up with the Jones'.
Now listen to Sam Harris' 12.10min video explanation of how the illusion of Free Will can have you behaving against your own best interests. Finally enjoy Bob Dylan's live performance 6.52min video of the Ballad of the Thin Man.
New Economic Thinking
Christian Belabed and Thomas Theobald: Inequality and the Current Account
Relative Income Hypothesis
Free Will by Sam Harris
"Free will is an illusion so convincing that people simply refuse to believe that we don’t have it. In Free Will, Sam Harris combines neuroscience and psychology to lay this illusion to rest at last. Like all of Harris’s books, this one will not only unsettle you but make you think deeply. Read it: you have no choice."
Ballad of the Thin Man
First released on Bob Dylan's Highway 61 Revisited in 1965.
"You know something is happening but you don't know what it is, do you Mr Jones"
The id (German: Es) is the unorganized part of the personality structure that contains a human's basic, instinctual drives. Id is the only component of personality that is present from birth. It is the source of our bodily needs, wants, desires, and impulses, particularly our sexual and aggressive drives. The id contains the libido, which is the primary source of instinctual force that is unresponsive to the demands of reality. The id acts according to the "pleasure principle"—the psychic force that motivates the tendency to seek immediate gratification of any impulse—defined as, seeking to avoid pain or unpleasure (not 'displeasure') aroused by increases in instinctual tension. If the mind was solely guided by the id, individuals would find it difficult to wait patiently at a restaurant, while feeling hungry, and would most likely grab food from neighbouring tables. (Wikipedia)
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'