@LHSummers Say rather that inflation may well—if we are lucky—be our #1 problem in a year and a half. If we are lucky. Right now problem #1 is getting vaccine rate up, problem #2 is getting 3% of America back to work, problem #3 is to get them back to work in the right jobs—in sectors... 1/
@LHSummers ...that will be expanding, in large part because of changes set in motion by and during the plague year and a half, over the next five years, problem #4 is making those jobs as high productivity as possible—in large part by pushing to make them appear in the right locations... 2/
@LHSummers ...problem #5 is setting up a high-investment recovery, problem #6 is trying to set up a high wage-growth recovery, & problem #7 is setting up the Fed to deal with inflation if there is a problem come 2023.

& I do think the Fed is ready, and has already got this. 3/END

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Brad DeLong: 'Live long, & prosper!'

Brad DeLong: 'Live long, & prosper!' Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @delong

10 Jun

First: We economists observe the very broad sweeps of data generated by firms and governments accounting systems. They arise out of human propensity to cement social bonds and deepen our societal division of labor by entering into reciprocal gift-... 1/
...We economists observe the very broad sweeps of data generated by firms and governments accounting systems. They arise out of human propensity to cement social bonds and deepen our societal division of labor by entering into reciprocal gift-exchange relationships. We... 2/
... have both extraordinarily amplified yet also narrowly focused these by mediating them via through the social fiction of “money“. Thus gift-exchange gets divided into one-shot cash-on-the-barrelhead quantified discrete episodes. And from the counted-up totals and... 3/
Read 10 tweets
9 Jun
...James Mayer de Rothschild: ‘There are three principal ways to lose money: drinking wine, wooing women, and employing engineers. While the first two are far more pleasant, the third is superior as by far more certain… LINK: <en.wikipedia.org/wiki/James_May…>... 2/
...One Video: Engadget: EUV: Lasers, Plasma, & the Sci-Fi Tech that Will Make Chips Faster <>... 3/
Read 7 tweets
9 Jun

Key Insights:

1. When industrial policy in America has been successful, it has always had a profound political driving motive: maintaining independence, manifest destiny, Sputnik, and so on. The only such driver today—and it is urgent—is green... 1/
... energy to fight global warming…

2. There is a four-day creative-destruction festschrift for Philippe Aghion & Peter Howitt starting June 9: The Economics of Creative Destruction <zoom.us/j/98595732585>

3. The U.S. used to be excellent not just on the “novelty”...
...prong of Breznitz’s prosperity-in-an-unforgiving-world quadent, but also on the “engineering design”, “second-generation innovation”, and “production-assembly” prongs as well. We threw that away in the era Reagan began—the era of neoliberalism, financialization-driven... 4/
Read 12 tweets
8 Jun

With unit cost falling as the number of components per circuit rises, by 1975 economics may dictate squeezing as many as 65 000 components on a single silicon chip... 1/
...Integrated circuits will lead to such wonders as home computers—or at least terminals connected to a central computer—automatic controls for automobiles, and personal portable communications equipment. The electronic wristwatch needs only a display to be feasible today... 2/
...But the biggest potential lies in the production of large systems. In telephone communications, integrated circuits in digital filters will separate channels on multiplex equipment. Integrated circuits will also switch telephone circuits and perform data processing... 3/
Read 6 tweets
8 Jun

First: Yes, Republican politicians say in private. Trump is dangerous to our democracy and unstable. But it would be limiting to our careers for us to do anything but enthusiastically support him. And he is rapidly losing his grip—very soon he will... 1/
...be gone, so why should we do anything other than enthusiastically support him? And, in any event, the Democrats will block him from doing anything really bad.

That is what they all think, and do. All but Liz Cheney:

Steve Schmidt: ‘Most significantly, [Liz Cheney]... 2/
...talks about her colleagues being intimidated by the Trump Mob. When the people’s representatives make votes on the basis of their fear of violence, democracy is in great crisis… <https://twitter. com/SteveSchmidtSES/status/1402082262632615941>... 3/
Read 8 tweets
8 Jun

Dear Mr President,

You have made yourself the Trustee for those in every country who seek to mend the evils of our condition by reasoned experiment within the framework of the existing social system. If you fail, rational change will be gravely... 1/
... prejudiced throughout the world, leaving orthodoxy and revolution to fight it out. But if you succeed, new and bolder methods will be tried everywhere, and we may date the first chapter of a new economic era from your accession to office. This is a sufficient reason... /2
...why I should venture to lay my reflections before you, though under the disadvantages of distance and partial knowledge. At the moment your sympathisers in England are nervous and sometimes despondent. We wonder whether the order of different urgencies is rightly... 3/
Read 7 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!