Hyperbolic discounting, extensive margin, rebalancing, New Thought. Or… how economic jargon reshapes Society


Competitiveness, debt hair cuts, rebalancing, debt ceiling, zombie banks, deleveraging, automatic stabalizers, extensive margin, hyperbolic discounting (1, 2), Oops (3), price caps, minimum wage…

Economic jargon is something more than just a set of weird words used by weird economy people.

They are a tool of re-defining society.

As Orwell very intuitively put it in 1984… We’re getting the language into its final shape — the shape it’s going to have when nobody speaks anything else. When we’ve finished with it, people like you will have to learn it all over again. You think, I dare say, that our chief job is inventing new words. But not a bit of it! We’re destroying words — scores of them, hundreds of them, every day. We’re cutting the language down to the bone […] It’s a beautiful thing, the destruction of words. […] In the end we shall make thoughtcrime literally impossible, because there will be no words in which to express it… (4)

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