What happens when you use inaccurate linear approximations of an enormously nonlinear reality to make all of the world's most important decisions?

The decisions are as flawed as the numbers.

#HeterodoxEcon #EconSky #ClimateCrisis

In the economics of Gauge Theory, let's make survivability the invariant.

#UBI #HeterodoxEcon #SystemsThinking

@scottsantens.com

Thinking of a dollar as a "fixed unit" is a mistake of modern finance.

In Gauge Theory, the "ruler" changes based on context, just like money. A dollar in rural Oregon ≠ a dollar in SF.

It’s all about the relative field.

#EconSky #HeterodoxEcon #GaugeTheory

A rocket ship ascends through the center of the frame, surrounded by a glowing, waving measuring tape that resembles a measuring tape, marked with currency symbols for dollars and euros. In the background, a wireframe map of the world is overlaid with complex mathematical equations. The overall aesthetic is a blend of deep space exploration and advanced theoretical physics, illustrating the intersection of global economics and mathematical theory. @josephestiglitz.bsky.social @econmarshall.bsky.social @reddingecon.bsky.social @nber.org

We often treat economics like a hard physical science, but it's more like a living social system.

The "math" of money is still being written.

If the ruler you use to measure value keeps changing size, you don't need a better ruler—you need Gauge Theory. 🦋

#HeterodoxEcon #GaugeTheory #EconSky

Trump’s protectionist gambit distorts intertemporal trade dynamics, amplifying deadweight losses and entrenching plutocratic hegemony—progressive taxation and endogenous growth models offer a normative antidote to this regressive malaise. #HeterodoxEcon #EquityMaximization

''Heterodox economics rejects the idea that economics has to start from optimising (representative) individuals in a world of probabilistic risk and that meaningful macroeconomic results can be derived from this microeconomic perspective.'' E. #Hein #HeterodoxEcon
www.heterodoxnews.com/hed/#entry-27