Macroeconomics: How Large Is the Shadow Cast by Recessions?

Live from the Antebellum Plantation: Brian Fennessy: "Gavin Wright keeping the slave-capitalism debate lively: slavery was profitable to slaveholders but it kept the region underdeveloped and claims about its centrality to US Econ growth are exaggerated! #DukeMonumentsSymposium...

...Josh Clark Davis: He strangely criticizes book for "aggregat[ing] real and slave property" + purportedly ignoring that "the South was the wealthiest region in the nation when slave values are included, but the poorest when they are not."

Brian Fennessy:You can’t exclude slave property when calculating wealth. But is that then an accurate measure of comparative regional and national development? Southern land values lagged drastically behind. It depends on which question you’re trying to answer.

I actually think you should exclude slave property when calculating regional wealth. It's an asset to the owner. It's a liability to the slave. Those sum to zero—and if one is working in utility rather than wealth space those sum to something large and negative. Individuals can be made wealthy by slave property. Any group that includes both Master and slave—and any region in which both live—cannot be counted wealthy thereby...

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