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Professor Werner
Personal blog · professorwerner.orgeconomicspolitics
Professor Werner is a personal blog at professorwerner.org about economics and politics. Since 2018, 5 different Hacker News readers have linked it 8 times, most often “Do We Need Central Banks? (2017)”. The last post was in 2023, but the archive is still widely read.
Too few sampled comments (6) to say how often HN recommends it.?
Why HN links it
HN readers link Professor Werner's essays on money creation and economic policy, which argue that banks create money when they lend and that new credit should fund production rather than asset speculation.
Summarised by Claude from a sample of 6 HN comments that link here. Each comment is marked recommending, critical or neutral (citing without judging); how this works.
Most-linked posts?
- Do We Need Central Banks? (2017)2 people · 3 mentions · first linked 2018-06-04
What Hacker News says?
Thank you, was hoping for someone to point this out. Banks don't take deposits and they don't lend money. Banks create money. When they "lend," what they are legally doing is purchasing a newly issued security for your home. And they are doing so with created money, that money is not transferred from some other account. Similarly when you "deposit," the money is legally now the bank's. The bank now has a liability t…
Comment linking /shifting-from-central-planning-to-a-decentralised-economy/
on “U.S. interest rates have soared everywhere but savings accounts”Submitted Do We Need Central Banks? (2017) as a story · 121 points
HN discussion>And it is known how to build such culture in relatively short time frame, culture. Just look at Japan, South Korea or Taiwan. Indeed. To expand on that, there is an economist Richard Werner [1] who has studied that process in depth. The TLDR is that new money/credit creation needs to be allocated primarily toward production and innovation, vs consumption or asset speculation (the three things money can be allocated…
Comment linking /;
on “U.S. senators propose 25% tax credit for semiconductor manufacturing”Submitted Washington's "development economics" is designed to prevent development as a story · 6 points
HN discussion> Deflationary coins on the other hand are super insidious, they can get hoarded on a wider scale to the point of displacing productive investment in the economy. With deflationary coins it's not the volatility that's dangerous, it's the lack of it creating gridlocks in other investment markets. I worry about this too. Essentially, new money creation can go toward financing three objectives - production (manufacturi…
Comment linking /
on “Bitcoin’s reliance on stablecoins harks back to the Wild West of finance”The problem as mentioned in [1], is that banks don't necessarily do productive credit creation. They can create money just for people to buy assets, and not to invest in research and development. I think that it is the main idea behind removing them the possibility to create money, so as to reduce loans which inflate assets and create crisis. [1] https://professorwerner.org/shifting-from-central-planning-t...
Comment linking /shifting-from-central-planning-to-a-decentralised-economy-do-we-need-central-banks/
on “Radical Swiss financial reform campaign faces defeat”Regarding the validity of supply and demand determining prices, check out this essay from an Economics professor: https://professorwerner.org/shifting-from-central-planning-t... He argues that equilibrium conditions necessary for validity of the supply-demand curve almost never actually occur. So what Harari writes is by no means nonsensical, certainly it has respectable academic support.
Comment linking /shifting-from-central-planning-to-a-decentralised-economy-do-we-need-central-banks/
on “Yuval Noah Harari extract: ‘Humans are a post-truth species’”Read this it will change your life for the better: https://professorwerner.org/shifting-from-central-planning-t...
Comment linking /shifting-from-central-planning-to-a-decentralised-economy/
on “Money Creation in the Modern Economy”