Post by account_disabled on Feb 20, 2024 11:30:24 GMT
José Carlos Díez is a well-known economist thanks to his regular interventions in the media, where he has already given unequivocal signs of his lack of independence and servility or his profound ignorance. Unlike what happens to me with other economists, such as Daniel Lacalle or Juan Ramón Rallo, to give just two examples with whom I have great theoretical differences but a relationship of great cordiality and respect, I have not spoken with Díez for a long time. . He is lazy, poorly educated and very unpleasant to treat him so I try to stay away from him. However, I have had no choice but to deal on several occasions with some of his statements because they are clearly false and I would even say dangerous for the Spanish economy, since it usually resorts to lies and manipulation to combat those who, for reasons which logically I don't know, he puts in his sights. In , the Barcelona city council led by Ada Colau decided to create a local currency. To criticize the project, Díez wrote an article in the newspaper El País full of false data and wrong arguments that would have meant a failure for a first-year student. Díez's errors were so regrettable that he titled his article Gresham's Law and in his development he confused what it said.
I pointed out all of them and their manipulated arguments in detail in an article published in this same newspaper with the title Economists who lose their way attacking Podemos . To know what is really happening with the income, costs, income and results of electricity companies, it would be necessary for them to undergo independent audits. In the middle of the pandemic, I had to write again ( Don't listen to José Carlos Díez: Cutting spending now is suicidal ) to highlight a new and dangerous mistake. He was proposing nothing more Australia Phone Number and nothing less that the government cut spending. Can you imagine what would have happened to thousands of companies and to the entire Spanish economy if the government had listened to him? There have been so many economists and international organizations that then demanded the exact opposite of Díez's suicidal proposal that I do not need to elaborate on arguments now to show its folly. Lately, also for reasons unknown to me, Díez has been dedicating himself to spreading messages trying to show that electricity companies, and Iberdrola in particular, do not enjoy what are called throughout Europe "benefits from heaven." And he does it again with his usual arrogance and ugly style. Interest rate hikes: welcome to the next recession A few days ago he wrote the following messages on his Twitter account: «Iberdrola Spain gross margin first quarter 19% less than the first quarter of 2021. Beware of those who tell you that electricity companies have profits that fell from the sky.
Either they have no idea about this business or they want to trick you to get something." "The profits of the electricity companies have plummeted by 30% in the first quarter and are you still confusing people with the milonga of profits falling from the sky?" It cannot be shown in a more obvious way that one has become a true flat-earther of the economy and a cheat. I believe that, at this point, the nature of these so-called "fallen from heaven" benefits in the electricity sector is well known, but I will briefly recall it. It is the inevitable result of the existence of a marginalist system for setting electricity rates that implies that the price of all sources of light production is the most expensive at any given time. Since everyone else sells theirs (cheaper) at a higher price, it is said that profits fall from heaven. It is a metaphor to say that they will receive income above their production cost and that they would not receive if another tariff system existed. Why do I say that José Carlos Díez is an economic flat earther when he denies the existence of "benefits fallen from the sky" in the electricity sector? Because it is inevitable, materially inevitable that they exist in any market where prices are set according to a marginalist criterion and that has the characteristics of the electric one. You will see. In reality, the marginalist price-setting mechanism works with greater or lesser intensity in all markets: if you want to satisfy all demand, you must pay what it costs to produce the last unit produced for it and this is logically the most expensive.