Источник
Выбор редакции
14 ноября, 21:51

Без заголовка

  • 0

**Adam Gopnik**: _[Wine, War, Donald Trump, and Emmanuel Macron](https://www.newyorker.com/news/daily-comment/wine-war-donald-trump-and-emmanuel-macron)_: "Macron made a speech... as clearly directed at and against Trump as any he could have made... distinguished between nationalism (bad) and patriotism (good)... in eloquent terms... >...“Patriotism is the exact opposite of nationalism,” he said. “Nationalism is a betrayal of patriotism,” he added, “In saying, ‘Our interests first, whatever happens to the others,’ you erase the most precious thing a nation can have, that which makes it live, that which causes it to be great, and that which is most important: its moral values.” To use a long-forgotten Howard Cosellism, I was doubly delighted by the invocation, in part because the same terms had seemed so relevant not long ago in discussing Macron’s great predecessor Charles de Gaulle. He, too, had drawn that distinction, at the risk of his own life. De Gaulle knew that the patriot loves his place and its people and its idiosyncrasies; while the nationalist, of whom, for him, Adolf Hitler was the clearest and worst example, has no particular sense of affection for the place he advocates for (he is often an outsider to it, as Hitler, an Austrian, was to Germany) but channels his...

Выбор редакции
13 ноября, 23:57

Why Next to No Political Reaction to the Second Gilded Age?: Hoisted from 2012

  • 0

**Hoisted from 2012**: _[Brad DeLong: Why Next to No Political Reaction to the Second Gilded Age?](https://www.bradford-delong.com/2012/12/brad-delong-why-next-to-no-political-reaction-to-the-second-gilded-age.html)_: Oh dear, that's a really tough question. So let me make it tougher by sharpening it and give it historical context. During the Gilded Age of the 1890s and 1900s you had strong political movements saying "something is going remarkably wrong with this, this isn’t the country we thought we were going to live in". The way that the historian—I'm blanking—Ray Ginger? **Harley Shaiken**: Yes, Ray Ginger. **Brad DeLong**: Ray Ginger put it in two absolutely brilliant books—_Altgeld’s America_ and _The Age of Excess_—even the Republicans thought that they wanted to live in Abe Lincoln’s America, where when you are young you split wood into fence rails and go to law school at night and when you are middle-aged you become a lawyer and get rich and when you are old you enter politics and save the Union and free the slaves. They wanted to live in that kind of world, of upward mobility, in which opportunity is wide open even to the son of a penniless and not very successful rural farmer. But by 1890 they discovered that they weren’t living in Abe...

Выбор редакции
13 ноября, 23:47

Без заголовка

  • 0

The chances for equitable growth in America over the next three years may or may not be crippled by the trade war that Donald Trump is now trying to launch. What should you be reading and watching to try to figure out what is going on? I believe that the Peterson Institute of International Economics is the place to go for up-to-date analysis on the trade war that Donald Trump is trying to launch, over the—not dead bodies, but—active opposition and passive resistance of pretty much everybody in his administration save Peter Navarro and [Robert Lighthizer](https://en.wikipedia.org/wiki/Robert_Lighthizer). This is not being driven by any interest groups outside the administration. It is being driven by three people inside the administration: Navarro, Lighthizer, and Trump: * Navarro... On the few occasions that I have interacted with Navarro he has seemed to me to be... not quite all there. The kindest thing I have heard said about him comes from [Paul Krugman](https://www.nytimes.com/2018/07/07/opinion/how-to-lose-a-trade-war.html): "Peter Navarro predicted that nobody would retaliate.... Trump’s tariffs are badly designed even from the point of view of someone who shares his crude mercantilist view.... Unlike Trump, the Chinese and other targets of his trade wrath seem to have a clear...

Выбор редакции
13 ноября, 23:43

Без заголовка

  • 0

You should go see this, if you are in DC tomorrow: **Equitable Growth**: _[Building a New Consensus on Antitrust Reform Tickets, Wed, Nov 14, 2018 at 12:00 PM](https://www.eventbrite.com/e/building-a-new-consensus-on-antitrust-reform-tickets-51655178028)_: "Please join the Washington Center for Equitable Growth on Wednesday, November 14, at noon for a conversation on reforming federal antitrust law.... Sen. Amy Klobuchar (D-MN), Ranking Member of the Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights, will deliver keynote remarks.... RSVP is required by Friday, November 9... >...Featured keynote: Sen. Amy Klobuchar. Presentation: Louis Brandeis: A Man for This Season: Jonathan Sallet.... Discussants: Renata Hesse... Michael Kades... John Kwoka... Sandeep Vaheesan... ---- #shouldread #monopoly

Выбор редакции
13 ноября, 23:41

Без заголовка

  • 0

**Pascal Michaillat and Emmanuel Saez**: _[A New Keynesian Model with Wealth in the Utility Function](https://eml.berkeley.edu/~saez/michaillat-saez18WUNK.pdf)_: "Wealth... [in] the utility function. The extension modifies the Euler equation: in steady state the real interest rate is negatively related to consumption instead of being constant... Thus, when the marginal utility of wealth is large enough, the dynamical system representing the equilibrium is a source not only in normal times but also at the zero lower bound. This property eliminates the zero-lower-bound anomalies of the New Keynesian model, such as explosive output and inflation, and forward-guidance puzzle... >...There is no explosive slump if the ZLB is long-lasting, no explosive boom if forward guidance is long-lasting, and no reversal from slump to boom when the duration of forward guidance crosses some threshold. Hence in our model, the ZLB is not necessarily short-lived—it might last forever as a steady state—and forward-guidance policies have plausible, limited effects. At the same time, our model retains other ZLB properties: paradox of thrift, paradox of toil, and paradox of flexibility... ---- #shouldread #monetaryeconomics

Выбор редакции
13 ноября, 23:38

Без заголовка

  • 0

New computer and communications technologies were supposed to democratize information—route around corrupt media and data-centrer oligarchies, and allow a flourishing of the public sphere. Yes... and no...: **Joi Ito**: _[The Next Great (Digital) Extinction | WIRED](https://www.wired.com/story/ideas-joi-ito-great-digitization-event/?mbid=email_onsiteshare)_: "SOMEWHERE BETWEEN 2 and 3 billion years ago, what scientists call the Great Oxidation Event, or GOE, took place, causing the mass extinction of ... the dominant life form at the time.... Cyanobacteria... had the photosynthetic ability to produce glucose and oxygen out of carbon dioxide and water using the power of the sun. Oxygen was toxic to many anaerobic cousins... >...In addition to being a massive extinction event, the oxygenation of the planet kicked off the evolution of multicellular organisms (620 to 550 million years ago), the Cambrian explosion of new species (540 million years ago).... I’ve been thinking about the GOE, the Cambrian Explosion, and the emergence of the mammals a lot lately, because I’m pretty sure we’re in the midst of a similarly disruptive and pivotal moment in history that I’m calling the Great Digitization Event, or GDE. And right now we’re in that period where the oxygen, or in this case the internet as used today, is rapidly and indifferently...

Выбор редакции
13 ноября, 05:44

Без заголовка

  • 0

**William Darity** (2005): _[Africa, Europe, and the Origins of Uneven Development: The Role of Slavery](http://cas2.umkc.edu/ECON/economics/faculty/Forstater/688/Reading/Black%20Political%20Economy/AfricaEuropeOriginsUnevenDevelopment.pdf)_: "The economic foundations of the Atlantic slave trade and [its]... role in generating European and American... growth... >...Conversely the devastating effects... on Africa, and its continuing effects.... The linkage between historical and contemporary patterns of inequality provides support for the reparations movement... ---- #shouldread

Выбор редакции
13 ноября, 05:42

Без заголовка

  • 0

A very interesting study of what appears to be highly successful job search assistance in Nevada: **Day Manoli, Marios Michaelides, and Ankur Patel**: _[Long-Term Effects of Job-Search Assistance: Experimental Evidence Using Administrative Tax Data](http://www.daymanoli.com/wp-content/uploads/2018/03/Manoli_Michaelides_Patel-nvrea.pdf)_: "Administrative tax data... examine the long-term effects of an experimental job-search assistance program operating in Nevada in 2009... >...The program required randomly-selected unemployed workers who had just started collecting unemployment insurance (UI) benefits to undergo an eligibility review and receive personalized job-counseling services. The program led to substantial short-term reductions in UI receipt, and to persistent, long-term increases in employment and earnings. The program also affected participants’ family outcomes, including total income, tax filing, tax liability, and home ownership. These findings show that job-search assistance programs may produce substantial long-term effects for participants and their families... ---- #shouldread

Выбор редакции
13 ноября, 05:42

Без заголовка

  • 0

**Paul Romer** (1989): _[Endogenous Technological Change](http://www.nber.org/papers/w3210)_: "Growth in this model is driven by technological change that arises from intentional investment decisions made by profit maximizing agents. The distinguishing feature of the technology as an input is that it is neither a conventional good nor a public good; it is a nonrival, partially excludable good... >...Because of the nonconvexity introduced by a nonrival good, price-taking competition cannot be supported, and instead, the equilibriumis one with monopolistic competition. The main conclusions are that the stock of human capital determines the rate of growth, that too little human capital is devoted to research in equilibrium, that integration into world markets will increase growth rates, and that having a large population is not sufficient to generate growth... ---- #shouldread #economicgrowth #riseoftherobots

Выбор редакции
13 ноября, 05:41

Без заголовка

  • 0

**William D. Nordhaus** (1996): _[Do Real-Output and Real-Wage Measures Capture Reality? The History of Lighting Suggests Not](http://www.nber.org/chapters/c6064.pdf)_: "During periods of major technological change, the construction of accurate price indexes that capture the impact of new technologies on living standards is beyond the practical capability of official statistical agencies. The essential difficulty arises for the obvious but usually overlooked reason that most of the goods we consume today were not produced a century ago... >...We travel in vehicles that were not yet invented that are powered by fuels not yet produced, communicate through devices not yet manufactured, enjoy cool air on the hottest days1are entertained by electronic wizardry that was not dreamed of, and receive medical treatments that were unheard of. If we are to obtain accurate estimates of the growth of real incomes over the last century, we must somehow construct price indexes that account for the vast changes in the quality and range of goods and services that we consume, that somehow compare the services of horse with automobile, of Pony Express with facsimile machine, of carbon paper with photocopier, of dark and lonely nights with nights spent watching television, and of brain surgery with magnetic resonance imaging. Making...

Выбор редакции
13 ноября, 05:40

Без заголовка

  • 0

One thing making me hopeful for our future is that as our technological powers and capabilities grow, our ideas of what people need to be fully included members of society grow as well to keep pace. Just think of how high-speed computer access is becoming something that it is obvious that all Americans—and especially all American children—very much need to have. The fact that we—or some of us, at least—think that the failure of us to make sure this is provided is a "gap" is something I at least, in historical perspective, find very heartening **Delaney Crampton**: _[Why Accessibility To High-Quality Broadband Matters To U.S. Schoolchildren](https://equitablegrowth.org/closing-the-homework-gap-why-accessibility-to-high-quality-broadband-matters-to-u-s-schoolchildren/)_: "Nearly 5 million households with school-aged children in the United States lack high-quality broadband access at home... 31.4 percent of households earning an annual income lower than $50,000 with school-aged children... 40 percent of those with annual incomes lower than $25,000... >...Alexsandr Yankelevich... Bianca Reisdorf and William Dutton... Mitchell Shapiro... internet-related skills have become increasingly important.... Increasingly, homework demands the use of the internet, with 94 percent of school districts serving low-income populations reporting that some of their teachers assign internet-based homework, including 73 percent of high schoolers reporting the need to use the...

Выбор редакции
13 ноября, 03:54

Fairly Recently: Must- and Should-Reads, and Writings... (November 12, 2018)

  • 0

1. _[Economists' Models: Analysis Pumps or Filing Systems? And Do Countries with Reserve Currencies Need to Fear Solvency Crises?](https://www.bradford-delong.com/2018/11/economists-models-analysis-pumps-or-filing-systems-and-do-countries-with-reserve-currencies-need-to-fear-solvency-crises.html)_ 2. **Note to Self**: _[Why isn't the first rule](https://www.bradford-delong.com/2018/11/note-to-self-why-isnt-the-first-rule-of-federal-reserve-policy-thou-shalt-not-come-even-close-to-inverting-the-yield-cu.html)_ of Federal Reserve policy "thou shalt not come even close to inverting the yield curve!"? 3. **Weekend Reading**: _[The Riot Act of 1714](https://www.bradford-delong.com/2018/11/weekend-reading-the-riot-act-of-1714.html)_ 4. **Weekend Reading**: _[John Maynard Keynes on the Baneful Consequences of Ricardo's Rhetorical Victory Over Malthus](https://www.bradford-delong.com/2018/11/weekend-reading-john-maynard-keynes-on-the-baneful-consequences-of-ricardos-rhetorical-victory-over-malthus.html)_ 5. **Hoisted from the Archives**: _[Robert Skidelsky vs. Niall Ferguson: John Maynard Keynes Is Not Kesha (Also, the U.S. Is Not Greece, and 2013 Is Not 1923)](https://www.bradford-delong.com/2018/11/hoisted-from-the-archives-robert-skidelsky-vs-niall-ferguson-john-maynard-keynes-is-not-keha-also-the-us-is-not-greec.html)_ 6. **Hoisted from the Archives**: _[Niall Ferguson Is Wrong to Say That He Is Doubly Stupid: Why Did Keynes Write "In the Long Run We Are All Dead"? Weblogging](https://www.bradford-delong.com/2018/11/hoisted-from-the-archives-niall-ferguson-is-wrong-to-say-that-he-is-doubly-stupid-why-did-keynes-write-in-the-long-run-we.html)_ 7. _["In the Long Run We Are All Dead" in Context...](https://www.bradford-delong.com/2018/11/in-the-long-run-we-are-all-dead-in-context.html)_ 8. **Note to Self**: _[I had thought that the question](https://www.bradford-delong.com/2018/11/note-to-self-i-had-thought-that-the-question-of-where-the-sun-will-be-in-the-sky-so-you-know-where-to-erect-the-sunshade.html)_ of where the sun will be in the sky so you know where to erect the sunshades was a solved problem—a problem solved in 3000 BC by the Babylonians. Apparently not... 9. **Hoisted From the Archives**: _[The Grand Strategy of the United States of America: From 2003](https://www.bradford-delong.com/2018/10/author-_the-grand-strategy-of-the-united-states-of-america-archive-entry-from-brad-delongs-webjournalhttpswebar.html)_ ---- 1. What is the counterfactual here? The demand...