…oliticaleconomy.pantheon.berkeley.edu/my-calendar/?m…

Matthew C. Klein, "Trade Wars are Class Wars." Fr 2020-11-13 12:00 PM PST: Trade Wars are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace." The talk will be moderated by Professor Brad DeLong (Economics) 1/
…oliticaleconomy.pantheon.berkeley.edu/my-calendar/?m…

Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show, they are often the unexpected result of domestic political choices to serve the interests of the 2/
…oliticaleconomy.pantheon.berkeley.edu/my-calendar/?m…

rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today’s trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past thirty years. Across the world, 3/
…oliticaleconomy.pantheon.berkeley.edu/my-calendar/?m…

the rich have prospered while workers can no longer afford to buy what they produce, have lost their jobs, or have been forced into higher levels of debt. In this thought-provoking challenge to mainstream views, the authors provide a cohesive narrative 4/
…oliticaleconomy.pantheon.berkeley.edu/my-calendar/?m…

that shows how the class wars of rising inequality are a threat to the global economy and international peace—and what we can do about it.

RSVP: docs.google.com/forms/d/e/1FAI…

Fr 2020-11-13 12:00 PST

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More from @delong

3 Nov
@paulkrugman brookings.edu/bpea-articles/…



Absolutely brilliant.

The sad thing is that so few got what I think is the principal message: In a full-employment flex-price economy, when you hit the zero lower bound the economy deals with it by generating inflation. If 1/
@paulkrugman think—as I do—that the task of the central bank is to make Say's Law true in practice even though it is false in theory & to mimic what a full-employment economy would do, that means: when you hit the zero lower bound, generate inflation.

But lots of people did not get that. 2/
@paulkrugman I find myself particularly thinking about Bernanke, whose take on Japan
princeton.edu/~pkrugman/bern… was that its depression was self-induced, and that claims of monetary-policy impotence violated an arbitrage condition. So prolonged depression was the central bank's fault.

Yet 3/
Read 7 tweets
30 Sep
DeLongToday <delongtoday.com> earlier this morning. From the Q&A:

**Q: What did you think about the debate?** A: Back in the 1960s, SF State University President S.I. Hayakawa became a U.S. Senator—briefly—by making sure he controlled the microphone. Chris Wallace... 1/
A (cont): ... committed moderatorial malpractice by not having—and using—a microphone switch. May whoever follows him as a moderator be… less oblivious to the situation.

**Q: What do you think of the "Trump Economy"?** A: About the Trump economy, what is to say? Douglas... 2/
A (cont): ...Holtz-Eakin—who can always be counted to make a much-more-than-fair case for the Republican and paint only rosy-Republican scenario pictures—claims that Trump is a zero: that the good done by the tax cut has been balanced by the bad done by fighting and... 3/
Read 11 tweets
22 Sep
bradford-delong.com/2020/09/briefl…

Willem Jongman (2006): Gibbon Was Right: þe Decline & Fall of þe Roman Economy github.com/braddelong/pub…: ‘Imagine a pre-industrial and largely agricultural economy in a fairly stable equilibrium. Next that equilibrium is disturbed by catastrophic... 1/
Jongman (cont.): ... mortality: what do we expect to happen when the proportion between people and assets changes?… Prices and wages rose quite dramatically in the wake of the Antonine Plague… [and] the coinage itself began its slide into substantial debasement... 2/
Jongman (cont.): ...Theoretically, there was no need for that. The money stock was large, and by now even too large…

...The reason must have been the needs of the state. It had become difficult to collect taxes in the turmoil of the day, precisely when the state also... 3/
Read 14 tweets
18 Sep
@Claudia_Sahm But we are, again. & this time the political considerations are all on the side of the Republicans cooperating to try to boost employment...

I watched Markus Brunnermeier & Gita Gopinath earlier this week make the case that "it's not stimulus, it's insurance for SME survival" 1/
@Claudia_Sahm Both of them seemed to me to be on the edge of tears—although it is hard to tell given low video bandwidth.

It seems that Republican legislators & professional Republican economists actually believe that fiscal multipliers are zero. Which is distinctly odd. They believe that 1/
@Claudia_Sahm monetary policy affects prices, which means that lowering interest rates induces some agents to spend more, and that spending more than increases aggregate demand. Yet somehow the government deciding to spend more does not increase AD, even though it would if the government 2/
Read 6 tweets
16 Sep
Reading David Glasner's Schumpeterian Enigmas" <github.com/braddelong/pub…>...

Glasner is right in noting that _History of Economic Analysis_ is written with a generosity of spirit toward the discipline and its members that... one would not have expected had one, say, just been 1/
reading Schumpeter's Keynes obituary <github.com/braddelong/pub…>.

One feels like one has been slapped in the face with a wet fish when one reaches S's accusation that Keynes was a rootless cosmopolite willfully refusing to look beyond the moment: "[Keynes was] the English 2/
intellectual, a little _deraciné_ and beholding a most uncomfortable situation. He was childless and his philosophy of life was essentially a short-run philosophy..."

And then one comes at the end of the obituary to the fangs-bared attack on the younger generation of now- 3/
Read 14 tweets
19 Aug
bradford-delong.com/2020/08/slaver…

Brief Procrastinatory Thoughts on American Slavery, Power & Economists' Rhetoric

When the very sharp Eric Hilt writes of "Fogel and Engerman’s analysis of slavery as...brutal but efficient", I wince. "Efficiency" is an engineering term, meaning 1/
: achieving maximum productivity with minimum wasted effort or expense. A steam boiler powering the lifting of ore out of a mine that converts only 55% of the stored chemical energy in the coal burned into the extra gravitational potential energy of the ore is 55% efficient. 2/
The other 45% of the energy is waste heat. An efficient process is one that produced little waste. In striking contrast with an efficient engine that produces little in the way of waste products, slavery produced enormous amounts of waste: death, family separation, pain, 3/
Read 24 tweets

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