An excellent and accurate elaboration of the modern economic theory that led us, nevertheless, to our current precarious position.
These are all anti-consumer and bad public policy.
Russia has a tiny and impoverished economy.
China is still rather poor. (And only started to grow richer when they reformed in the direction of economic freedom starting in 1978-ish.)
And "direction" is doing a lot of heavy lifting in your statement about China. They were, and still are, very protectionist of their internal market, using official and unofficial means.
Not to imply western countries are exempt - they also made (and make) use of protectionism in growing their industries. Only after industries matured, would the market be opened, and economic propaganda launched how unrestricted trade was the only way to prosperity (and, by pure chance, this would give the now globally-competitive industries new export markets). See https://en.wikipedia.org/wiki/Protectionism#In_the_United_St...:
Alexander Hamilton, the first United States Secretary of the Treasury, was of the view, as articulated most famously in his "Report on Manufactures", that developing an industrialized economy was impossible without protectionism because import duties are necessary to shelter domestic "infant industries" until they could achieve economies of scale. The industrial takeoff of the United States occurred under protectionist policies 1816–1848 and under moderate protectionism 1846–1861, and continued under strict protectionist policies 1861–1945.
In other words, protectionism has a proven track record of developing economies, while unrestricted free trade is only theoretically able to accomplish this. Of course economists are immune to empirical proof - from that same wikipedia article:
There is a broad consensus among economists that protectionism has a negative effect on economic growth and economic welfare, while free trade and the reduction of trade barriers has a positive effect on economic growth.
On the news a while ago, the news was going on about how the UK is banning dual use goods, so this tells us some Govt dept has audited potentially every business and its goods and compiled a list of devices which can be considered multi use. You see this alot with chemicals, Glycerine, used as a cosmetic can also be used for bombmaking. I only found this out when I purchased a litre and then some internet forum started going on about how it can be used for bomb making.
Its why we dont get taught everything, not even in the news. Anyway oil prices have gone up which will push more people towards electric vehicles, and yet Russia has the largest oil reserves in the world, so no doubt they will benefit, because if another internet forum is to be believed, the Saudia's have all but exhausted their oil reserves which is one of the reasons for them IPO'ing their national oil producer.
Kind of explains why I also wasnt allowed an export licence for an app but also highlights who was behind it!
It's the chief component in dynamite.
>Kind of explains why I also wasnt allowed an export licence for an app but also highlights who was behind it!
When do you need an export license for an app?
Dont have the source code anymore or anything and its not ever going to happen now.
When I say it was uncrackable, it was based loosely on code books which were used in ww2, which is something I subsequently read about later on in the news.
It's also a great optimization criteria to use to position yourself for checkmate.
Monopolies, countries...
Anti-price gouging regulation makes it harder for companies to benefit from disaster preparedness.
What we didn’t do enough is take the geopolitical landscape into this equation (or a potential pandemic, for that matter), which I hope changes after recent developments.
I blame the governments mostly for this, I completely understand the businesses needing to do what’s best for business.
How do you blame government for businesses running around with planning models that miss wars and pandemics, the two most common causes of ruin and disruption for the entire duration of human history?
Businesses/corps come and go ... the Nation of $nation only tends to do so on the next timescale up. When their actually looking out for systemic blindspots no one else is, and not pandering to the elite.
do physicists assume frictionless surfaces and perfectly elastic collisions? yes when they're explaining the basics of Newton's Laws, but they also develop theories and models for friction, etc.
Same with economists, they study economies and do their best to come up with complete models. Are they perfect? no. Do they know more about economies than anybody else? yes.
What makes you think economics makes that assumption? The economics literature is full of papers investigating various kinds of market imperfections. (Mostly because all the papers involving perfect markets have already been written. It's publish or perish in academia after all.)
People have far too simplistic models of how things work, this is the consequence of a lack of understanding and shortsightedness