For some time, I've struggled to conjure a single sentence to explain the urban/rural or Red/Blue or sentient/moron divide that bedevils this Western World, not just the USofA. Quite out of my norm, I scanned the letters to the editor of a recent NYT; generally I ignore such sections of publications.
But here it is:
Academics are trained to distinguish reality from lies or fantasy, and to respect facts and sound arguments. If that biases academics toward…
It's been an occasional theme of these endeavors, even part and parcel of the sub-title of one version, that the US (and, by extension, the global) economy has entered a less-than-zero sum game. In the past (see Gordon's book), the standard response to job destruction by tech change was that more new jobs were created than were busted by the machines. That sequence of events was possible only because the new jobs were no more…Continue
Thanks to "Wait, Wait Don't Tell Me", this is true:
Rent a Jew. And, of course, it's in Germany.
We return with Eccles, again:
As mass production has to be accompanied by mass consumption; mass consumption, in turn, implies a distribution of wealth -- not of existing wealth, but of wealth as it is currently produced -- to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery.
-- Marriner Eccles (mid 1930s FDR advisor)
And we ask whether it's possible for the 1800-ish view of the USofA…Continue
Added by Robert Young on December 13, 2016 at 2:30pm — No Comments
Since the beginning of time, well Adam Smith (the real one) at least, economics has been characterized as studying the interplay among three high level inputs to production: land, labour, and capital. Until the industrial revolution, landowners held sway. Subsequently, both capitalists and their puppet economists agreed that they were the chosen people.
So, let me start with an anecdote. Here on the hill is a sorta, kinda commune. The houses came down through the wife's family, which…Continue
Added by Robert Young on December 7, 2016 at 10:34am — No Comments
Well, well. Some, but not the true believers I'd expect, Trumpistas have discovered the issue with Pareto Optimal. Or, as I prefer, Pareto Fail. We have this article today, with some really scrumptious quotes.
Just to recap. Pareto was, sorta kinda, an economist of the Italian variety. Just as Mussolini began to drag the country into the mire. The…Continue
Unemployment rate: 4.6% vs. 4.9% consensus, 4.9% previous.
178,000 additional jobs.
"Yo, Donald!! You'd best not fuck up an economy that's working just fine in order to make rich folks richer and poor folks sicker and poorer. You do dat, and I'll whoop your fat ass to Selma and back."
Today, states containing just 17 percent of the American population, a historic low, can theoretically elect a Senate majority
-- Emily Badger/2016