Not unrelated to @zeithistoriker <foreignpolicy.com/2021/03/26/ger…>...

braddelong.substack.com/p/hoisted-from…

HOISTED FROM THE ARCHIVES: 2013 Introduction to Kindleberger: The World in Depression
Barry J. Eichengreen & J. Bradford DeLong

The German federal government, the political incarnation... 1/
...of the single most consequential economic power in Europe, is one potential hegemon. It has room for countercyclical fiscal policy. It could encourage the European Central Bank to make more active use of monetary policy. It could fund a Marshall Plan for Greece and... 2/
...signal a willingness to assume joint responsibility, along with its EU partners, for some fraction of their collective debt. But Germany still thinks of itself as the steward is a small open economy. It repeats at every turn that it is beyond its capacity to stabilise... 3/
... the European system: “German taxpayers can only bear so much after all”. Unilaterally taking action to stabilise the European economy is not, in any case, its responsibility, as the matter is perceived. The EU is not a union where big countries lead and smaller... 4/
... countries follow docilely but, at least ostensibly, a collection of equals. Germany’s own difficult history in any case makes it difficult for the country to assert its influence and authority and equally difficult for its EU partners, even those who most desperately... 5/
... require it, to accept such an assertion.[6] Europe, everyone agrees, needs to strengthen its collective will and ability to take collective action. But in the absence of a hegemon at the European level, this is easier said than done. 6/END

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More from @delong

7 Apr
braddelong.substack.com/p/podcast-hexa…

PODCAST: Hexapodia IX: Banishing Extreme Poverty from þe World
by Noah Smith & Brad DeLong: Key insights: Hexapodia!, of course. Banishing extreme poverty—which we have not done—is not a victory, but would, rather, be the ending of a long defeat... 1/
...Hickel as Leninist, Noah Smith as Burkean. We neoliberals and neoliberal-adjacents need to come up with five significant discrete policies to make the world economy work better to reduce not just extreme but regular poverty over the next generation, rather than rest on... 2/
... fictitious laurels… 3/END
Read 4 tweets
5 Apr
@wwwojtekk You asked: <github.com/braddelong/pub…>

Marx the economist was among the very first to recognize that the fever-fits of financial crisis and depression that afflict modern market economies were not a passing phase or something that could be easily cured, but rather a deep... 1/
@wwwojtekk ...disability of the system.... However, I don't think that his theory of business cycles and financial crises holds up.... Marx the economist was among the very first to get the industrial revolution right: to understand what it meant for human possibilities and the human... 2/
@wwwojtekk ... destiny in a sense that people like Adam Smith did not.... Karl Marx was among the very first to see that the industrial revolution was giving us the statues of Daedalus, the tripods of Hephaestus, looms that weave and lyres that play by themselves--and thus opens the... 3/
Read 20 tweets
25 Mar
The Heritage Foundation! The Crown Under Fire: Why the Left’s Campaign to Cancel the Monarchy and Undermine a Cornerstone of Western Democracy Will Fail! Waiting for Heritage Public Programs to start the webinar...

app.gotowebinar.com/index.html#617…
"The British monarchy shares the tradition of American exceptionalism..." <-- That's definitely a new one!
"This is the all-star panel!"
Read 39 tweets
17 Mar
braddelong.substack.com/p/sydney-colem…

I used to think that I would—someday—understand why Stern-Gerlach magnets arranged along the x-axis would knock an electron that was in the <↑| state in the z-basis into the z-basis <↓|. And I used to think I would—someday—understand why if we... 1/
rotated the magnets into the y-direction the little square-root-of-minus-one i’s would start appearing in the math…

Now I know that it is hopeless.

And, similarly, it is hopeless to ask why the triple measurement σ(1x)σ(2y)σ(3z) applied to the three electrons 1, 2, & 3... 2/
that are in Coleman’s entangled (<↑↑↑| - <↓↓↓|) state always produce the answer +1.

It is the Pauli matrices that are the underlying reality—or, at least, are our only through-a-glass-darkly shadowy and illusory simulacrum of understanding. They are not the things... 3/
Read 5 tweets
10 Dec 20
The point of departure for the overwhelming bulk of discussions of macroeconomic management from the accession of Arthur Burns to the accession of Jay Powell to the Chairship of the Federal Reserve was the adaptive-accelerationist Phillips curve.

What is #EGgrantee #EG2021 1/
What is the adaptive-accelerationist Phillips curve? It is the belief that the next year’s inflation rate will be equal to the inflation rate that labor and product markets expect—which is adequately proxied by what inflation has been #EGgrantee #EG2021 2/
Read 41 tweets
30 Nov 20
@Noahpinion You do know that this is my reading of the subtext in Mayk Boskin's "defense" <project-syndicate.org/commentary/rep…> against Larry Summers & Jason Furman of his claims <wsj.com/articles/how-t…> <project-syndicate.org/commentary/rep…> that the McConnell-Ryan-Trump TCJA tax cut for the rich would boost 1/
@Noahpinion GDP by 4-7%? The vibe in Boskin's piece is **very** defensive: "the end product usually diverges from what economists would consider ideal. ..." "the current tax bill could, in principle, have been better..." "the question, then, is whether a viable final bill will be better2/
@Noahpinion than the status quo..." "I certainly respect Summers and Furman’s right to their views..." "there are legitimate differences of opinion..." "the actual tax provisions people and businesses will be required to use have yet to be written..." Now if I had just played a role 3/
Read 7 tweets

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