search results matching tag: maintenance

» channel: learn

go advanced with your query
Search took 0.000 seconds

    Videos (75)     Sift Talk (30)     Blogs (7)     Comments (467)   

The Adpocalypse: What it Means

MilkmanDan says...

I agree that NoScript tends to make it a hassle to get basic functionality out of the vast majority of the web. You have to play around with allowing scripts from some domains and not others, on pretty much every page you visit.

...Which is pretty scary, if you think about it. Are all of those cross-site scripts beneficial or even necessary from a user standpoint? Hell no. Users stand to gain nothing from all that crap running. From our perspective, they just increase load times and data usage, often compounded with auto-reloading. We should have control over that stuff in all circumstances, but it becomes absolutely critical in mobile internet where we generally don't have as much processing power AND the vast majority of people have data usage caps.

Basically what I'm saying is, the admitted fact that NoScript tends to make the web unusable is a symptom of a deeper problem with how the web is constructed these days.

If you like the idea of NoScript, but generally find it too high-maintenance, you might want to try Privacy Badger. It requires somewhat less user input with regards to which trackers/scripts get blocked, instead going with defaults based on "trustworthiness" as measured by algorithms from the EFF. Those defaults can be tweaked if you desire, also.

I usually run a Firefox (or Pale Moon) client that is extremely locked down. UBlock Origin, NoScript, Privacy Badger, Self-Destructing Cookies, sometimes Ghostery, etc. I use that as my default browser, and take the time to fine-tune the controls in NoScript, element hiding in uBlock, etc. for sites that I visit regularly.

But frequently, I'll find a link to some article that I want to read and notice that the page content won't load at all since it requires some nonsensical script. In those cases, if I don't want to take the time to fiddle with NoScript etc. permissions, I copy the URL and fire up Chrome in incognito mode, with only uBlock Origin.

Probably not worth the hassle for most people, but I guess I'm kicking and screaming my way into this brave new world.

ChaosEngine said:

Just for the record, I do run ad block plus on chrome.

@00Scud00, I used to run noscript, but it pretty much made the web unusable, or I spent so much time enabling js on certain sites it wasn't worth it.

There are now More Solar Panels than people in Australia

newtboy says...

Actually, the load shift problem has been solved. You use a dual reservoir small hydro system, pumping water uphill with surplus daytime power and generating it on demand. It takes space, but is relatively inexpensive and is essentially a near maintenance free battery that's as big as your reservoirs and pumps.

Asmo said:

Few points...

We have no options for serious load shifting to utilise all that solar power in the evenings when it would make a difference. And power companies refuse to trust it for baseload power, so they still generate what they estimate they need for base load,and pay for rapid generation to handle spikes. Most electricity generated from home solar in Aus is wasted.

Without battery backups, the best production of the day goes to the energy company for 8 cents, and we buy back power from them (generated by coal of course) at night for 36 cents. Our energy companies aren't going to pay a premium for power they really don't give a crap about.

Most panels in Aus face north/east, to generate the largest amount of energy. When most people aren't home to use it. Instead, panels should face north/west to generate the most power in the afternoon when we come home from work/fire up air conditioners/start cooking etc. And even then, the power than is generated is but a fraction of what is consumed during peak periods due to the setting sun.

Annnnd most people in Australia do not even check their systems to see if they're still doing anything... It's estimated 14% of all home solar systems are currently non-functional due to faulty panels, inverter or both.

Until the point in time comes when energy companies can create a way to load shift solar production to ensure continuity of power, or household power storage units pricing comes down enough to be viable, non industrial solar in Australia is mostly feel good propaganda.

And while a number of coal plants have closed recently, it's not due to lack of demand as solar take up reduces requirement for coal fired power... It's because the plants are not viable any more to run and owners do not want to run at a loss. Each one that closes represents a significant portion of our overall generation being lost, with no core plan for continuity (wind and solar are not being considered as a core strategy currently).

I'm all for saving the planet, but the science/facts on solar outweigh the feel goods. Perhaps instead of patting ourselves on the back, we should be thinking about a better plan.

Is this a negligent or accidental discharge of a gun?

harlequinn says...

Lol. Lebowski.

I'm studying mechanical engineering (hons) with masters in biomedical engineering. It's a head fuck. I don't think anyone offers firearm design as a major itself.

The trigger finger is the primary safety (debatable), and there is usually a secondary safety and sometimes a tertiary safety. It's true that not having it is different than removing it but sometimes they are redundant. For example the palm safety (a tertiary safety on most guns) is often pinned to turn it off permanently because it didn't add any real benefit.

The particular gun in question looks like a CZ-75. A little hunting in the Youtube comments and other people agree. This particular model originally had a firing pin block which was eventually removed on later models (that have the same internals) because it wasn't needed (probably because they also have a thumb safety). This allowed for the short reset disconnector to be put in place (which is a factory part). So CZ ships two lines of the same gun - one with the firing pin block and one without. You're not suddenly unsafe if you remove it from the model that has it. With the quality of the video the way it is though, it could end up being another gun entirely.

Yes, x-ray diffraction is not the only method. It was an example only. The point being that your average gun owner and gunsmiths don't use these sorts of techniques as regular preventative maintenance. And they don't need to, guns are cheap and replacement parts are cheap. If something breaks you replace it. Some parts are replaced on a maintenance schedule (springs spring to mind). Most people never fire enough rounds through their firearms to need to replace anything.

Factory condition firearms malfunctioning is not rare. Factory condition firearms self firing is quite rare. But several model firearms have been affected over the years (meaning millions of firearms). But usually the problem is with a small batch of firearms from within those millions but they always do a blanket recall.

I agree, unintentional firing of a gun is almost always user error.

I still don't believe their is enough information from the video and accompanying text to make a judgment call on this guy.

newtboy said:

That's just, like, your opinion, man. ;-) I wouldn't rely on that position to help in court.

If you're really studying firearm design, you surely know different safety devices are on different firearms. Not having a certain device is different from inexpertly removing one.

Xray inspection isn't the only method, there's dpi (dye penetrant inspection) , magnetic particle, ultrasonic, eddy current testing, etc. I would be surprised to find a competent gunsmith that had never done at least one of those...I've done it for car parts in my garage, cheaply and easily.

How many videos would I find of well maintained factory condition firearms malfunctioning and discharging? I would expect that to be quite rare.

Thanks to safety features and decent quality control, unintentionally discharging is almost always user error, not malfunction, with rare exceptions like you mentioned. In this case it seems to be malfunction, both of the aftermarket part unprofessionally installed and the safety feature he removed that may have stopped the discharge even with the original failure. Imo, that's negligence, whether it in fact caused the discharge or not, because it made it far more likely to unintentionally discharge.

Is this a negligent or accidental discharge of a gun?

harlequinn says...

That's not true either. Following their directions doesn't mean you won't be negligent. Not following their direction doesn't mean you are negligent. You're conflating things. Each situation needs to be judged on it's own merits.

Removing safety features is not negligence unless you make the firearm unsafe. None of my firearms have a firing pin block from the factory. They're all safe firearms. My triggers have been lightened - they're still safe firearms. I've seen triggers lightened so much that they are unsafe. As before, each instance is judged on it's own merits.

I'll soon finish my mechanical engineering degree (and don't you know it, I'm looking for a job in firearm designing), so I do know a little about this stuff. Whilst with the proper equipment you can detect crack propagation or premature wear, this is not done on consumer products like firearms. That's why I wrote "this sort of item". Unless you're going to spend more money than the firearm is worth trying to detect cracks, you won't know it has cracked until you visually identify it.

Sure proper cleaning and gun inspection is part of having a safe, well functioning firearm. But don't fool yourself into thinking it's an aeroplane or space shuttle in inspections. Go ask your local gunsmith - the best one you can find - how many times he's done x-ray diffraction on a firearm for preventative maintenance. Chances are he's going to say zero.

Spend 5 seconds on google and I know you will find multiple videos of factory condition firearms discharging unintentionally. You'll also find recall information affecting millions of firearms - firearms at risk of unintentional discharge.

I should have qualified "much". More or less than 2500 rounds a year?

newtboy said:

You're only obliged to follow directions if you don't want to be negligent.
No injury does not mean no negligence. Not following safety instructions is negligent, as is removing safety features, why you do it or the fact that others are also negligent does not erase the negligence.
You can certainly identify wear patterns and or cracks before this type of discharge occurs in 99.9999999% of cases. Proper cleaning and inspections are part of gun safety.
Not lately, but in the past, yes. I've never seen an unmodified gun fire unintentionally, but I have seen poorly modified guns 'misfire' on many occasions.

Is this a negligent or accidental discharge of a gun?

harlequinn says...

You're not obliged under any circumstances to follow manufacturers warnings or instructions. They are liability limiting instructions (they are for the manufacturers safety against being sued).

Firing pin safety blocks and other "don't sue me" "safety" features are often disabled in competition guns. When something safely fails and nobody is in danger then no negligence has occurred. If you don't get it fixed after the failure then you're negligent at that point.

You don't know if it was a (preventative) maintenance issue. Faulty parts aren't a preventative maintenance issue in this sort of item (since you can't identify a fault until something like this happens - that's when you know it's faulty).

Do you shoot much?

newtboy said:

Because he ignored the manufacturers warnings/instructions AND disabled a safety feature, I can certainly say he was negligent. I can't be certain that negligence was the cause of the discharge, but I can be almost certain.
As to the 'it worked for 1000 rounds' argument...maintenance is 100% the owners responsibility.

Is this a negligent or accidental discharge of a gun?

newtboy says...

Because he ignored the manufacturers warnings/instructions AND disabled a safety feature, I can certainly say he was negligent. I can't be certain that negligence was the cause of the discharge, but I can be almost certain.
As to the 'it worked for 1000 rounds' argument...maintenance is 100% the owners responsibility.

harlequinn said:

No, nobody knows if it was negligence or not. He put an aftermarket part in (in good faith). It worked 1000 rounds before an issue manifested itself. As before, you can't prove that it was a fault on his behalf (unlikely if the gun worked for 1000 rounds before having hammer follow), or if the part was faulty (which can manifest at a random time), or if something else entirely caused it.

US nuclear arsenal is a gigantic accident waiting to happen

dannym3141 says...

I do agree that unilateral disarmament is a difficult thing to achieve, but there are other arguments as to why it should be pursued. I am sure we agree on a lot of things on this subject, but let me at least put the other side out there:

1. America as the over achieving nation in the world has a duty to lead by example. How can the country with the largest nuclear arsenal expect other countries to start the process that we all signed up to? Hey France, why didn't you get rid of your 87 nukes? Well America, why haven't you touched that pile of 500? (making up numbers here to illustrate the point)

2. The US isn't worried about Best Korea nuking them because they would need a staging platform and a functional ballistic missile. They can be launched from subs, but NK isn't really your worry there. The most developed nations are the concern, and if you could get an agreement it could happen, with peacekeepers and mutually open inspections, and pressure on smaller countries to abide or be trade embargoed to stop them (which the west does/has done already). Unlikely as things are right now, i agree.

3. We have ageing equipment housing extremely dangerous explosives. They require a huge amount of maintenance and whatnot, costing billions. The UK has to replace their system soon to the tune of hundreds of billions of pounds. Imagine what kind of alternative modern anti-nuclear defence system we could develop using all that money and all our technology? That way we could be safe from nukes without using nukes and it would cost less in the long run.

Also if you claim your weapons as part of a defence, it's a bit of a giveaway that you're bullshitting if you then go off around the world antagonising other countries, knowing that they can't really fight back. So i think in fairness we should crack open that self-defence argument and see what percentage of it is referring to "a good offence".

Having said all that, binning all the US nukes overnight wouldn't be a great idea. The UK would be less of a target and safer without nukes imo, but the US would probably make the world a lot safer just by having less.

Let's be honest here, the amount of nukes we have is preposterous. No one could possibly have any reason to use that many, the potential for absolute worldwide devastation is far too high to need that many - you could potentially finish the world off in a nuclear winter, according to the average figures given, in about 100 'small' nukes. Not 100 each per country, but 100 total worldwide.

And remember, that doesn't mean you can use 90 and be safe. The figure 100 was enough to likely cause a global famine by causing temperature drops leading to crop failures. That doesn't account for extinction of animals and the devastation of the natural balance (which would lead to our eventual extinction) which can be wildly unpredictable. You could shoot 40 at a country, win the conflict, and cause the starvation of millions+ in your own (and other) countries for the next 20 odd years..... or worse.

Mordhaus said:

<edited out so the page isn't superlong>

Star Citizen Alpha 2.6 - Star Marine Fanmade Trailer

RFlagg says...

The improvements overall in 2.6 is pretty good (much better frame rate among them), and Star Marine is fun enough. It actually is playable, though until 3.0, there isn't much to do in the Persistent Universe.

People give Star Citizen lots of flack for long development time and the like, but most developers/publishers wouldn't even announce they were working on the game until it was where Star Citizen is now. Most games are in development for a few years before they start showing off stuff, then give a year or two more on a game of this scope. The only other thing I can think of is CD Project Red's Cyberpunk 2077, which was announced before development really started in earnest (though they had a good team working on it when it was announced in 2013)... and that title won't be out until late 2017 or more likely 2018 (I'm not expecting more than a release window announcement in 2017 saying some quarter in 2018). Now to be fair, people aren't spending thousands on Cyberpunk ahead of release as they are with Star Citizen, though I think most people stopped at $60 tops, and there are valid issues/concerns with funding the way Star Citizen is funded, but I'll give it a chance. I'll dip back in after each major update... 3.0 or so is where it starts getting interesting, and it's nice seeing a developer be more open about what's going on while it's being worked on.

Come the end of 2017 or mid 2018, if we don't have Squadron 42 and most of the Protestant Universe, then I'll start having doubts. I'd expect it to be wrapped up and in maintenance mode with adding things like Elite Dangerous does by that point... and walking around in ED will likely take another expensive DLC.

Introducing FarmBot Genesis

newtboy says...

As a person who actually grows much of my own produce, I can say definitively that many of their numbers are WAY off. They require one to pay one's self $100 per month for produce shopping to come up with their $1400 per year 'savings', but claim 5 minutes a day for 'harvest time'...good luck with that if you're not living on just lettuce and cauliflower...peas and beans will take 3 times that. They claim $6 for seeds, but the seeds I buy are over $3 per packet, so that's only 2 vegetables at a time...not much variety. I also note they have no cost for soil, the bed, fertilizers, pest control methods/time, disease control, etc. They also arbitrarily put the maintenance time at :30 min per month...that doesn't seem really realistic for an outdoor robot. Keep in mind that a single break down can mean the loss of an entire crop, depending on how it malfunctions. They also don't give an expected lifespan...or guarantee/warranty, so there's little way to know yet if it will last a single season, much less the 4-5 they say it takes to pay off.

It would have made much more sense to me if they had compared it to growing a home garden by hand, as that's what it's replacing, not the grocery store.

Don't get me wrong, I love this idea and would take one in a second if someone offered, I just don't see it as cost effective at $3-4K. Once the bugs are worked out so it lasts 10 years and the DIY cost is down to $1K(+-), then I'll think they have something pretty good that could also save people money. Being totally open source, I have hope that it will evolve quickly and be clearly viable in the near future. The time is coming when I won't be able to do the home farming I do today...it would be great to have a metallic yard slave to take over for me when that time comes.

eoe said:

@newtboy: Seems they thought of this argument. They put quite a bit of effort in refuting this.

Woman Refuses to Leave Uber Car

Drachen_Jager says...

True, everyone in service has difficulty with some customers and there are such incidents.

However, Uber drivers get paid shit, especially after taxes, fuel, maintenance, and vehicle costs. They have no training or support and there's no only minimal screening. Uber is a totally predatory model that capitalizes on drivers who are desperate or too stupid to know they're being abused. All the while there's no real reason Ubers shouldn't be legislated the same as cabs except the system is corrupt and allows the wealthy to come in and make their own rules.

newtboy said:

I'm not sure how that will help....as if Taxi drivers never get rude and/or lose their shit?

That said...it is a service badly in need of regulation and licenses.

Homemade Hoverbike

kingmob says...

Still pretty neat stuff.
Is the future this or mag-lev...road maintenance is a big expense...we are going to be busy enough with the rising sea level..

The Most Costly Joke in History

transmorpher says...

LOL I can't be a pig and Sarah Palin at the same time. Make up your mind

Those are all valid criticisms, but nobody apart from the flight engineers and test pilots truly know whether this plane is a lemon or not. If it does everything it's supposed to do, then it's exactly what the military asked for, just 10 years too late....

Any suitability and fit for purpose criticism that anyone has ever come up with for the F-35 also applies to just about any piece of military equipment that has been created in the last 70 years. Engineering is a balancing act, and an iterative process. Almost every aircraft, and vehicle in the military today was built to fight a soviet army. Luckily that never happened. But that means that most aircraft and vehicles in the military today have been grossly modified to make them fit for a different purpose. The F-35 will probably go through this as well over the next 30 years, because it's a normal part of the life-cycle of military equipment. Almost every plane dropping bombs now was previously designed as a fighter. But nobody ever calls them out for being mutants like they do with the F-35, they call it additional capability. The F-35 was born with these capabilities instead of being added over time.


Expensive: I'll agree. Could the money have been spent better else where? Definitely. You could argue that the cost is tiny compared to that of a full scale war, maybe F-35 is a good deterrent. Air superiority is the key to winning a war. If you're going to spend money then that's where it should be spent. When the oceans rise enough, is a country like Indonesia going to lash out and try to take land and resources for their civilians? Maybe. I doubt all 200 million of them will just stand there and starve. (Ok I'll concede, this does make me sound a bit like Palin. But hopefully not as dumb )
They could have probably made 3 different stealth planes for 1/2 the cost, but that has it's own strategic downsides. You have to have the right assets in the right places or you have to spread them quite thinly. With a multi-role plane you have all of the capabilities everywhere. Just a matter of a loading it with different weapons.

Not needed: Time will tell whether this is the right plane, but new planes are needed. And they absolutely must have stealth. Within 10 years, weapon systems will be so advanced that if you are spotted, you're as good as dead. We are currently dropping bombs on fairly unsophisticated enemies, but wars tend to escalate quickly. You just never know either way, and it's better to be prepared for the worst. There are plenty of countries with very good planes and pilots that could get sucked into a conflict. If you're really unlucky you could be fighting US made planes with pilots trained in the same way, and you don't want to be fighting a fair fight.
Further still, Russia, China and Japan are developing their own stealth planes, which pretty much forces everyone else to do the same thing.
Especially if Donald Trump gets elected. You never know who that crazy asshole is going to provoke into a war

Doesn't work: It's still in development and testing.

Overtasked: It does the same stuff the aging multi-role planes (that were originally built as fighters) do. With the addition of stealth, and better weapons/sensors/comms. Small performance variables don't win wars, superior tactics and situational awareness does.

Underpowered: Almost every plane ever built has had it's engines upgraded to give it more thrust through it's life. And engines on planes are almost a disposable item, they're constantly being replaced throughout the life-cycle of the plane. Like a formula one car.
The current engine, is already the most powerful engine ever in a jet fighter. It is good enough to fly super sonic without an afterburner, which none of the planes it's replacing are capable of.

Piloted: Agreed. But who knows, maybe a Boston Dynamics robot will be flying it soon

Test Failing: That's only a good thing. You want things to fail during tests, and not in the real world. Testing and finding flaws is a normal part of developing anything.

Fragile: That can be said for all US aircraft. They all need to have the runway checked for FOD, because one little rock can destroy even the best plane. Russian aircraft on the other hand are designed to be rugged though, because they're runways are in terrible condition. But in reality, all sophisticated equipment needs constant maintenance, especially when even a simple failure at 40,000 feet becomes an emergency.

Quickly Obsolete: Time will tell. Perhaps it would have been better to keep upgrading current planes with more technology like plasma stealth gas that make then partially stealthy, better sensors and more computing power. But by the time you've done that you've got a plane that's as heavy as F-35 anyway, and not as capable. Although it might have been cheaper in the long run.

Like I said in my previous comment. All of this doesn't make an interesting story so you'll only ever hear the two extremes which are "the plane sux" vs "it's invicible!!11" depending on your media source.

newtboy said:

Wait....Sarah? Sarah Palin? Is that you? ;-)

You mean what's wrong besides the dozen or so meaningful complaints made above, any one of which was a good reason to kill the project years ago, like; too expensive, not needed, doesn't work, over tasked, under powered, piloted, did I say too expensive, test failing, fragile, quickly obsolete, WAY too expensive, ....need I go on?

Starfish Tries To Steal Fish's Hole

PlayhousePals says...

I've loved having fish off and on over the years. The maintenance however proves to be too daunting every time. *promote endless fascination ... until it's time to clean the tank!

Bernie Sanders Polling Surge - Seth Meyers

radx says...

I would argue that automation still isn't the job killer #1. Plain old political decisions, such as sound finance, deficit hawkery, and austerity lead by a mile in this category. Neither is being addressed properly, but I find it hard to focus on the employment effects of automation when the Eurozone, for instance, runs at >10% unemployment strictly due to policies enacted by (non-)elected officials. We don't need technology to cause mass unemployment, humans can do that all on their own.

Additionally, even the amount of work available is a matter of perspective. Within the current system, the number of jobs with a decent salary is already dwarfed by the number of people looking for one. The amount of work to be done, on the other hand, is not.

Case in point: our (read: German) national railroad company is short-staffed by about 80.000-100.000 people, last I checked; our healthcare system is short-staffed by at least 200.000 people, probably a lot more; law enforcement is short by about 50.000; education is short by at least 20.000. Let's not even talk about infrastructure or ecological maintenance/regeneration. These are not open positions though, because nobody is willing/able to pay the bill.

So while I agree that we should be discussing how to deal with technological change, a more pressing matter is either to alter the system or to at least take back control over the vast sums of dead currency floating around in the financial nirvana or on Stephen Schwarzman's bank accounts. First stop: full employment. Then, gradually, guaranteed basic income when automation does, in fact, cause mass unemployment.

Finally, I don't think automation will do as quick as sweep as some presume. The quality of software in commercial machines is quite absymal in many cases, since it was written in the normal fashion: do it now, do it quickly, here's five bucks. Efficiency improvements generally come at the price of QA, and it shows. Europe's most modern railway control center is nearby, and it never went online -- Bombardier cut corners and never had the proper railway expertise to begin with. Meanwhile, the center build in '53 is working just fine, and so are the switches put in place when Wilhelm II was running the show.

Edit: That said, I'm thrilled to see mind-numbing labour being replaced by machines. Can't happen quickly enough.

Harzzach said:

This isnt about the change new technology brings. You can welcome the Digital Age or you can condem it. Doesnt matter. What matters that things WILL change. Very drastically in a small amount of time. A LOT of stupid, boring, menial jobs will soon vanish. Which is a good thing, but what to do with all this people who worked on those jobs?

Our wealth is based on us buying lots and lots of new things. Things and services. For that, we need money. We work to get that money. But if more and more jobs vanish, you cant just wait and hope for the best. You have to somehow counter that loss of expendable income.

Caspian Report - Geopolitical Prognosis for 2016 (Part 1)

radx says...

Apologies, I got carried away... wall of text incoming.

@RedSky

I agree, monetary policy at low rates has very little to offer in terms of economic stimulus. Then again, the focus almost solely on monetary policy is part of the problem. Fiscal policy can have a massive impact, both directly (government purchases of goods and services) and indirectly (increase in automatic stabilizers). But for that you either need to be in control of your central bank, so that you can engage in Overt Monetary Financing ("printing" money). Or you need the blessing of the private banks, which is particularly true for a Vollgeld system.

The budget is the core of a parliamentary democracy, and to be at the whim of the folks at Deutsche Bank, HSBC or Credit Suisse -- no, thank you very much. We saw how that played out in Greece.

Anyway, the central bank can do miraculous things: if it provides funds to the democratically elected body in charge of the budget, aka parliament/the government. Trying to "motivate" the private banks to stock up on cheap reserves to stimulate lending is just a sign of ideology.

The great Michal Kalecki, in his essay The Political Aspects of Full Employment, summarized the general issue of government spending quite clearly. The industrial leaders stand in opposition to government spending aimed at full employment for three distinct reasons: a) dislike of government interference in the problem of employment as such; b) dislike of the direction of government spending (public investment and subsidizing consumption); c) dislike of the social and political changes resulting from the maintenance of full employment.

I'd say control over your currency is too great a tool to leave it in the hands of unelected managers. Clement Attlee knew very well why he had to nationalize the Bank of England in '46.

Back to the issue of inflation, I'd like to make two points. First, how big a role should inflation really play when talking policy. Second, what's the influence of a central bank on inflation.

Where does it come from, this focus on inflation. People usually talk about government spending when discussing inflation. Private spending is rarely brought up, even though it can be just as inflationary. So let's ignore private spending for a moment and talk purely government spending: should a deficit/surplus not be judged primarily by how well it helps us achieve our macroeconomic goals? Or more clearly, why should we sacrifice full employment or our general welfare on the altar of inflation? Yes, that's over the top. But so is the angst of inflation.

I'd say let's stick with Abba Lerner's concept of functional finance and judge deficits/surpluses purely by how well they help us achieve our macroeconomic goals. Besides, the US has run massive deficits during the GFC, so much in fact, that a great number of monetarists saw hyperinflation just around the corner. Still waiting for it. Same for Japan. Massive deficits... and deflation.

As long as spending, both private and government, doesn't push the economy beyond its limits (full employment, real resources, production capacity), out-of-control inflation just doesn't materialize. Plus, suppressing inflation is actually one thing central banks can do quite well. Unlike causing inflation, which both Japan and the EU are showcases off. Draghi can dance naked on the table, monetary policy (QE, mainly) won't push inflation upwards.

Which brings me to the second point: what's inflation, what's the cause of inflation, how can central banks manipulate it.

CPI is often used as a measure of inflation, but I prefer the GDP deflator. CPI doesn't account for externalities that you cannot influence, whatever you do. Prime case: the price of oil. Monetary policy of the Bank of Sweden has no influence on the price of oil. The GDP inflator, however, accounts for every economic activity within your currency zone -- much more useful.

General theory says, this measure of inflation goes up when demand surpasses supply. And vice versa. The primary factor of demand is domestic purchasing power, therefore wages. If you suppress wages, you suppress inflation. If you push wages, you push inflation. More specifically, you can see a direct correlation between unit labour costs and the GDP deflator in every country at any time. Here's a general graph for multiple countries, and the St. Louis FED provides a beauty for the US.

That's why it's easy for central banks to combat inflation, but almost impossible to fight deflation.



Send this Article to a Friend



Separate multiple emails with a comma (,); limit 5 recipients






Your email has been sent successfully!

Manage this Video in Your Playlists

Beggar's Canyon