W.E.B. Du Bois: The Souls of White Folk: ‘The Middle Age regarded skin color with mild curiosity; and even up into the eighteenth century we were hammering our national manikins into one, great, Universal Man, with fine frenzy which ignored color... 1/
... and race even more than birth. Today we have changed all that, and the world in a sudden, emotional conversion has discovered that it is white and by that token, wonderful! This assumption that of all the hues of God whiteness alone is inherently and obviously better... 2/
... than brownness or tan leads to curious acts; even the sweeter souls of the dominant world as they discourse with me on weather, weal, and woe are continually playing above their actual words an obligato of tune and tone, saying “My poor, un-white thing! Weep not nor... 3/
rage. I know, too well, that the curse of God lies heavy on you. Why? That is not for me to say, but be brave! Do your work in your lowly sphere, praying the good Lord that into heaven above, where all is love, you may, one day, be born-white!” I do not laugh. I am quite... 4/
... straight-faced as I ask soberly: “But what on earth is whiteness that one should so desire it?” Then always, somehow, some way, silently but clearly, I am given to understand that whiteness is the ownership of the earth forever and ever, Amen! Now what is the effect on... 5/
By Noah Smith & Brad DeLong: Joan Robinson to Bob Solow: "I would not be unkind if you would not be pig-headed..."
Key Insights: 1. Getting the rate of profit—the sums that are charged businesses for renting machines and renting space, and for... 1/
... access to the generalized social power to deploy resources that is finance—right is a very, very important thing to do. Why? Because the market economy is a complicated institutional calculating machine for determining how to promote societal wellbeing. It cannot do... 2/
... its job if it cannot see the the constraints imposed on us by nature and current technology. And having the market get the profit rate right is a very important part of that. To say “it’s all ideology” or “it’s all power” or “it’s all distribution” and go the full... 3/
@jdportes@Mikepeeljourno@Sime0nStylites@adam_tooze Þere is a big difference between the economic policies þt are appropriate for a time of high real interest rates wiþ substantial gearing between very recent inflation & expectations & one of very low real interest rates wiþ anchored expectations. Þe failure of professional... 1/
@jdportes@Mikepeeljourno@Sime0nStylites@adam_tooze ...Republican economists to even try to design a pro-growth tax cut since... well, since forever... has also been an education, a brutal one. It seems as if we believe in our models & are discipline, while for them it is a grift all þe way down.
All the people who said we... 2/
@jdportes@Mikepeeljourno@Sime0nStylites@adam_tooze ...would get an extra 5%-points of NI of private investment from Trump-McConnell-Ryan, and þt it would boost short-term growth by 0.5%/year & long-term real NI by 10%. Where are þere post-mortems? Where are þere apologies? Where are þere explanations of how their models... 3/
First in-person office hours since the plague began!
Hybrid: 2021-04-13 Tu 14:00-16:00 PDT: Caffè Strada, 2300 College Avenue, Berkeley, CA; & <berkeley.zoom.us/j/7744601602>
And here we go! Back to the university!
Will there be permanent changes to... 1/
...a "hybrid” world as a result of the plague? Discuss, with this—from the days when, as Dan Hon remarks, people still thought cyberspace would be a space—providing some food-for-thought: Walter Jon Williams (1993): Aristoi: ‘Persepolis, the place… reconstructed… sat… 2/
... at the… reconstructed Pulvar and Kor… the (largely symbolic) capital of a reconstructed Earth2…. Behind the City of a Hundred Columns loomed Kuh-e-Rahmat, the Mount of Mercy… grey… a contrast to the bright gold, vermilion, ivory, and turquoise that accentuated... 3/
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/
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/
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/