Ezra Klein Profile picture
Feb 20 6 tweets 2 min read
"The problem of distraction can just as well be framed as a problem of loneliness."

Always read @LMSacasas: theconvivialsociety.substack.com/p/attending-to…
"It is possible to see one crucial aspect of modernity as an ongoing crisis of attentiveness, in which the changing configurations of capitalism continually push attention and distraction to new limits and thresholds...
...with an endless sequence of new products, sources of stimulation, and streams of information, and then respond with new methods of managing and regulating perception"
"We are not addicted to devices […] we are addicted to one another, to the affirmation of our value—our very being—that comes from other human beings. We are addicted to being validated by our peers.”
""I like this way of thinking about attention, not as a possession in limited supply, theoretically quantifiable, and ready to be exploited, but rather as a capacity to actively engage the world—to stretch ourselves toward it, to reach for it, to care for it, indeed, to tend it."
One thing I value so much about @LMSacasas's writing is that he is always curating a conversation of thinkers living and dead. This piece coheres into a particularly rich and lovely salon.

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More from @ezraklein

Feb 14
So I'm thrilled to see the Biden administration begin explicitly talking about a new supply-side economics.

But I don't want to see that just become a rhetorical frame for Build Back Better.

They need to go a lot further, and they can. nytimes.com/2022/02/12/opi…
Part of it is I think even Democrats aren't used to thinking about how government can really change the supply side anymore.

They think about it in terms of social insurance, and labor supply, and basic infrastructure, but that's really it.
This reflects some atrophy and some fear.

Most liberals can list the programs they want the government to create or expand.

Fewer can name the five technologies they want the government to finance or the five scientific challenges they want to see it mobilize to solve.
Read 12 tweets
Feb 11
Pfizer's submitted data says 2 doses works for very young kids.

FDA pushing Pfizer to test three doses to get a stronger response for older kids suggest safety isn't the issue.

So why not let parents who want to vaccinate their children, start vaccinating their children?
This is what an emergency authorization is supposed to be, as I understand it.

It's not full authorization.

But because there's no alternative treatment, and the safety data is sound and efficacy data promising, you can get one, if you want one.
Who's the "we" here? It's not that FDA can't proceed forward with its process. They are!

It's that parents can't proceed forward. And what's maddening is 2 doses work for very young kids, and they clearly think 3 will work for older kids!

statnews.com/2022/02/11/pfi…
Read 7 tweets
Feb 10
3 is particularly important here.

Assuming those pushing the corporate greed story also believe corporations were greedy in 2017, is the idea that something about the pandemic gave corporations way more pricing power with which to deploy their greed?
Or if it's that corporations got more greedy post-pandemic, why are they also raising wages?
And why would automobile companies have become so particularly greedy?
Read 4 tweets
Feb 10
One problem that feels irresolvable to me is that we need to talk about the groups doing things but those groups are rarely well coordinated, and often not even groups.
I feel like the best retort now to anything I write is: Who do you mean by Democrats/Republican/the left/the right/the media/the public health community/VCs etc
Parties and traditional media are a lot weaker than they once were. A lot of narrativizing comes from scans of social media sentiment, where you can identify the faction pushing a view, but that faction may not represent the broader group, or be internally organized
Read 5 tweets
Feb 8
So a lot of mainstream economists want to defend their honor on coming to a different view of deficits without MMT, and I don't disagree!

But what I said was MMTers focused attention on real resource constraints, which is different.
We just had decades of arguments over sustainable debt-to-GDP levels. They were thought to be lower in the Aughts.

Then, as Jason is saying, there was a move towards thinking they could be higher. But the spending constraint was always some debt-to-GDP ratio.
A lot of the folks associated with MMT made the argument, loudly, that the constraint is real resources: We can afford to do what we can actually do.

I now hear a lot of Keynesians say that's true. What I'm saying is they didn't talk as if it was true till pressed.
Read 7 tweets
Feb 7
So I'm not enough of a macroeconomist to know if it's true that what MMT says that's new isn't true, and what it says that's true isn't new.

But I'll say that MMT has absolutely changed the things that MMT's critics will say are true.
I'll give an example: MMTers really like the Keynes quote "anything we can actually do, we can afford."

Their critics say: It's a Keynes quote! So it's something the Keynesians knew.

But in years of reporting with Keynesian economists, it is definitely not how they talked.
There was *far* more discussion in the 2010s of debt-to-GDP ratios and Reinhart/Rogoff than of the real productive limits of the economy, and where we were in relation to them.
Read 11 tweets

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