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16 января, 21:04

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**Marina Hyde**: _[Welcome to the Westminster apocalypse. Have you thought about theocracy instead?](https://www.theguardian.com/commentisfree/2019/jan/16/westminster-apocalypse-may-tories-opportunity)_: "Here comes the affectedly shambling figure of Boris Johnson—not so much a statesman as an Oxfam donation bag torn open by a fox–who could conceivably still end up prime minister of no-deal Britain. May needed to go again to the EU 'with a high heart, fortified by the massive rejection of the House of Commons', judged Johnson, speaking as always like a Taiwanese news animation of Winston Churchill. In the meantime, 'we should be actively preparing for no deal with ever more enthusiasm'... ---- #noted #brexit #globalization #orangehairedbaboons

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16 января, 05:45

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**Daniel Larison**: _[Threat Inflation and "The Jungle Grows Back"](https://www.theamericanconservative.com/larison/threat-inflation-and-the-jungle-grows-back/)_: "Damir Marusic has written an incisive review of Robert Kagan’s _The Jungle Grows Back_.... 'Kagan... rues the fact that... no bogeyman big enough to keep Americans focused on maintaining their preeminent position in the world exists.... Kagan therefore makes an attempt to cast first Vladimir Putin’s Russia, and then Xi Jinping’s China, as authoritarian challengers and potential threats to the American way of life...' The end of the Cold War was a calamity for many hawks because it deprived them of a sufficiently powerful and menacing adversary, and the history of U.S. foreign policy over the last three decades has been the desperate search for a suitable replacement... ---- #noted #globalization #orangehairedbaboons

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16 января, 04:02

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**Note to Self**: Enjoyed Cherryh and Fancher's _Alliance Rising_ very much, but... I wish I had read something else this past week and had saved this for five years from now, when The Hinder Stars II, III, and... IV? would be out... For reasons I do not fully understand, these days publishers seem to want to greenlight books where the office say: “and we have already written to sequels!” This then creates the problem of how to end the first book with a satisfactory plot resolution well still leaving hey bigger story open for the sequels. It is a hard problem. And, much as I enjoyed reading _Alliance Rising_, Cherryh and Fancher did not quite manage to make it work. Mind you, it is close—If only Jen-and-Ross Together had been given twice the screen time, 40% rather than 20% of the book, it would have been a wonderful Happy-for-Now romance In addition to all of its other excellences. And overshadowing it all is that it is all going to end very badly for a great many of the major characters: Because I do not remember hearing about them in any previous Cherryh book, I fear for the ships _Rights of...

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15 января, 19:36

Fairly Recently: Must- and Should-Reads, and Writings... (January 15, 2019)

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1. _[Global North research university problem](https://www.bradford-delong.com/2019/01/global-north-research-university-problem-speaker-my-major-concern-is-how-can-i-be-interested-in-fewer-things.html)_: Speaker: "My major concern is: How can I be interested in fewer things?... 2. _[Welcome to the 21st-century](https://www.bradford-delong.com/2019/01/welcome-to-the-21st-century-in-which-my-coffee-machine-says-that-it-is-booting.html)_, in which my coffee machine says that it is “booting”... 3. _[For the Weekend: 2018 In Weather](https://www.bradford-delong.com/2019/01/for-the-weekend-2018-in-weather.html)_ 4. _[Costs and Benefits of International Capital Mobility: Reply to Bhagwati: Hoisted from 20 Years Ago](https://www.bradford-delong.com/2019/01/costs-and-benefits-of-international-capital-mobility-reply-to-bhagwati-hoisted-from-20-years-ago.html)_: Needless to say, time has left me a lot wiser: We need to design economies so that they can operate without disaster even when deregulatory clowns like those of the George W. Bush or the Donald J. Trump administrations are in control of the levers of policy at key moments... 5. **Comment of the Day**: _[Charles Steindel](https://www.bradford-delong.com/2019/01/comment-of-the-day-_charles-steindelhttpswwwbradford-delongcom201901british-producehtmlcid6a00e551f0800388.html)_: "British produce comes in before the Swiss spaghetti harvest?... 6. _[Supply and Demand Shocks, and Seasonal Adjustment](https://www.bradford-delong.com/2019/01/supply-and-demand-shocks-and-seasonal-adjustment.html)_: Think that there are no such things as aggregate fluctuations generated by shifts in tastes and technologies? Think again. Look at the pattern of monthly payroll employment changes... ---- 1. A million dollars? As a tort settlement? What was going on?: **Michelle Boorstein**: _[C. John McCloskey: Opus Dei paid $977,000 to settle sexual misconduct claim against prominent Catholic pries](https://www.washingtonpost.com/religion/2019/01/08/opus-dei-paid-settle-sexual-misconduct-claim-against-prominent-catholic-priest/?noredirect=on&utm_term=.490d1ddd69b9)_ 2. That conservative parties' policies redistribute wealth and power upward...

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15 января, 18:37

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**Abbott Payson Usher** (1921): _[European Economic History](http://www.irwincollier.com/4112-2/)_: European Industry and Commerce in the Nineteenth Century. Half-course (second half-year). Tu., Th., Sat., at 9. Dr. Usher: >1. The Industrial Revolution: Usher, Industrial History, Chapters 1, 10, 12, 13, 14 >.. Agrarian Movement, Continent: Usher, Industrial History, pp. 112-20; Seeley, Life & Times of Stein, Rand [Benjamin Rand, Selections illustrating Economic History Since the Seven Years’ War. 5th ed. New York: Macmillan, 1911], pp. 86-98; Brentano, Agrarian Reform in Prussia – Econ. Jour. 1-20; Von Sybel, – in Rand, pp. 55-85 >3. Agrarian Movement, England: Usher, Industrial History, pp. 225-40; Curtler, Short History of English Agriculture, pp. 190-262 >4. Agricultural Depression: Prothero, R. E. (Baron Ernle) English Farming Past & Present, pp. 316-31, 346-418; Usher, Industrial History, pp. 240-47 >5. Free Trade Movement, England: Armitage-Smith, Free Trade & Its Results, 39-60, 130-163; Morley, Life of Cobden, chs. XV & XVI >6. Tariff History, Continent: Ashley, P. Modern Tariff History, (1910) 3-63, 359-372 >7. Recent Tariff History: U. S. Tariff Commission, Reciprocity & Commercial Treaties, 461-510 >8. Commerce & Shipping: Bowley, England’s Foreign Trade in the 19th Century, ed. 1905 pp. 55-96; Grosvenor, Gov’t Aid to Merchant Shipping, 45-61, 75-86, 135-65 >9. Transportation...

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15 января, 18:18

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Irwin Collier presents my Great-Great-Uncle Abbott's 1922 exam: **Abbott Payson Usher**: _[Final Exam Questions for: European Industry and Commerce in the Nineteenth Century, 1922](http://www.irwincollier.com/harvard-final-exam-questions-for-ushers-european-economic-history-1922/)_: * What problems were created by the Industrial Revolution? To what extent have they been solved? * Compare and give a critical estimate of the ways in which England and Denmark attempted to deal with the problems of the reform of land tenures, field systems, and rural organization? * What were the contributions of Sir Robert Peel and Richard Cobden: (a) to the repeal of the Corn Laws? (b) to the general establishment of the Free Trade policy? * What was meant about 1836 by the phrase “the railway is by nature a monopoly”? * What was the general policy of the English government on the issue of monopoly of railway facilities? How did this policy affect the development of the railway network in England? * Discuss the condition of the fundamental industries in England between 1870 and 1914. What are the prospects for the future! * What was the role played by the German banks in industrial combinations? * Comment or explain: chartism; the Newcastle coal vend; the Bradford Conditioning House; multiple tariff schedule; the...

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15 января, 18:14

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This book is fun!: **Jeff Erickson**: _[Algorithms](http://jeffe.cs.illinois.edu/teaching/algorithms/book/Algorithms-JeffE.pdf)_: "'Algorithm' does not derive... from the Greek roots arithmos (αριθοσ), meaning “number”, and algos (αλγοσ), meaning 'pain'. Rather, it is a corruption of the name of the 9th century Persianm athematician Muhammad ibn Musa al-Khwarizmi. Al-Khwarizmi is perhaps best known as the writer of the treatise _Al-Kitab al-mukhtasar fihisab al-gabr wal-muqabala_, from which the modern word _algebra_ derives. In a different treatise, al-Khwarizmi described the modern decimal system for writing and manipulating numbers—in particular, the use of a small circle or _sifr_ to represent a missing quantity—which had been developed in India several centuries earlier. The methods described in Al-Kitab, using either written figures or counting stones, became known in English as _algorism_ or _augrym_, and its figures became known in English as _ciphers_... ---- #noted

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15 января, 02:15

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Equitable Growth Steering Committee member Karen Dynan and company point out a big problem. Should we be trying to pay down our debt now in order to create "fiscal space"? Our should we take secular stagnation seriously, and not fear the possibilty of a sudden downward valuation of government debt that would take fiscal space away?: **Karen Dynan, Jay Shambaugh, and Eduardo Porter**: _[What Tools Does the U.S. Have to Combat the Next Recession?](https://econofact.org/what-tools-does-the-u-s-have-to-combat-the-next-recession-video)_: "Today's lower equilibrium interest rates make it more likely that monetary policy would need to make use of unconventional tools to spur the economy. On the fiscal front, we have a much larger level of government debt relative to GDP than we did prior to the financial crisis. However, viewing this level of debt to GDP as a reason to restrain stimulus spending in case of a crisis could make the problem worse. Whether the government uses fiscal policy to stimulate the economy will depend more on political willingness, than on the actual limits on fiscal policy... ---- #shouldread #fiscalpolicy

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15 января, 02:07

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**David Rezza Baqaee and Emmanuel Farhi**: _[The Microeconomic Foundations of Aggregate Production Functions](https://scholar.harvard.edu/files/farhi/files/microfoundations_production_functions.pdf)_: "We provide a general methodology for analyzing...aggregate production functions by deriving their first- and second-order properties... provide non-parametric characterizations of the macro elasticities of substitution between factors and of the macro bias of technical change in terms of micro sufficient statistics. They allow us to generalize existing aggregation theorems and to derive new ones. We relate our results to the famous Cambridge-Cambridge controversy... >...Despite winning the battle, the English side arguably lost the war. Although exposed as a fiction, the “neoclassical” approach to modeling the production technology of an economy was nevertheless very useful. It was adopted and built upon by the real business cycle and growth literatures starting in the 1980s. Reports of the death of the aggregate production function turned out to be greatly exaggerated, as nearly all workhorse macroeconomic models now postulate an exogenous aggregate production function. Why did Robinson and Sraffa fail to convince macroeconomists to abandon aggregate production functions? One answer is the old adage: you need a model to beat a model.... Although the post-Keynesians were effective in dismantling this concept, they were not able to offer a preferable alternative.... Sraffa['s]......

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14 января, 22:53

Stephanie Victoriar: "I'm a say this lil story then I'm gon' let'chall get back to tweeting...

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**Stephanie Victoria**: _["I'm a say this lil story then I'm gon' let'chall get back to tweeting...](https://twitter.com/CrownVictoria22/status/1084080729108160512)_: Recently, I discovered a grocery story even bougie-er than Whole Foods in my new 'hood. My addition to the list of 'approved negroes after 6PM' recently went through so my neighbors have stopped staring at me & the resident coons only give disapproving looks on trash day instead of their usual 'don't start no trouble' slave talks in the hallway... >...The store didn't even look like a grocery store but a boutique for food. But discovering this grocery store gem struck a nerve at Sundowntown HQ; my approval form didn't include this in the safe radius. The first time I went I experienced guffaws, a few elbow bumps, and stares. This time I was prepared and brought my tote bags, a tenet of membership. In true, "we got money & hate niggas fashion" the staff is all POC so, although a few are surly, most are helpful, peeped game and go out of their way to assist me and give me "extras" or special treatment. >Today, a young BM cashier opened his register for me and immediately an older WW gets in line behind...

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14 января, 22:22

Xavir Jaravel (2017): Product innovations and inflation in the U.S. retail sector have magnified inequality

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**Xavir Jaravel** (2017): _[Product innovations and inflation in the U.S. retail sector have magnified inequality](https://equitablegrowth.org/product-innovations-and-inflation-in-the-retail-sector-have-magnified-inequality/)_: "shifts in income distribution in the United States lead to product innovations that target high-income households, which increases purchasing-power inequality... >...Such product innovations have both a direct effect on purchasing power across income groups because they target specific groups, as well as an indirect effect through competition with products already in the marketplace. In short, wealthier households are more likely to spend on product categories where product innovations are more common and where competition is increasing, while low- and middle-income households are more likely to purchase products that face less competitive pricing pressures in the marketplace. For economic policymakers, this dynamic has important implications for the price indexation of government programs that provide support for low- and middle-income families... ---- #noted #equitablegrowth

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14 января, 22:16

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According to my Grandmother Florence Richardson Usher Lord, my Great-Great Uncle Abbott Payson Usher back in The Day used to teach—very boringly, she said—(1) Middle Ages, (2) Commercial Revolution, (3) Industrial Revolution, (4) Age of Modern Science, with growth accelerations in each of the four: **Dietz Vollrath**: _[Sustained growth and the increase in work hours](https://growthecon.com/blog/Leisure/?utm_source=dlvr.it&utm_medium=twitter)_: "Jane Humphries and Jacob Weisdorf... labor contract terms in England over several centuries... annual labor contracts starting seeing sustained growth in their value around 1650 or so, far sooner than the day wages indicated... >...This pushes back the origin of economic growth to well before the actual technological IR, and this also matches the data on GDP per capita developed by Broadberry, Campbell, Klein, Overton, and van Leeuwen in British Economic Growth, 1270-1870. One thing that I didn’t address... was whether the data on annual contracts (and on GDP per capita) indicate a rise in living standards.... What little evidence we do have on actual hours worked does seem to indicate that they increased a lot in the period around the actual Industrial Revolution.... We might assume that those workers on annual contracts, if they were part of the same labor market, would also have...