Fairly Recently: Must- and Should-Reads, and Writings... (November 12, 2018)

stacks and stacks of books

  1. Economists' Models: Analysis Pumps or Filing Systems? And Do Countries with Reserve Currencies Need to Fear Solvency Crises?

  2. Note to Self: Why isn't the first rule of Federal Reserve policy "thou shalt not come even close to inverting the yield curve!"?

  3. Weekend Reading: The Riot Act of 1714

  4. Weekend Reading: John Maynard Keynes on the Baneful Consequences of Ricardo's Rhetorical Victory Over Malthus

  5. Hoisted from the Archives: Robert Skidelsky vs. Niall Ferguson: John Maynard Keynes Is Not Kesha (Also, the U.S. Is Not Greece, and 2013 Is Not 1923)

  6. Hoisted from the Archives: Niall Ferguson Is Wrong to Say That He Is Doubly Stupid: Why Did Keynes Write "In the Long Run We Are All Dead"? Weblogging

  7. "In the Long Run We Are All Dead" in Context...

  8. Note to Self: I had thought that the question of where the sun will be in the sky so you know where to erect the sunshades was a solved problem—a problem solved in 3000 BC by the Babylonians. Apparently not...

  9. Hoisted From the Archives: The Grand Strategy of the United States of America: From 2003


  1. What is the counterfactual here? The demand factors they are talking about here are all microeconomic and not macroeconomic factors. Thus it seems to me that—unless they are assuming that the Federal Reserve is a potted plants—they affect the distribution of employment but not its overall magnitude. Remember! The economy is a general equilibrium system!: Katharine G. Abraham and Melissa Kearney: The Secular Decline in Us Employment over the Past Two Decades: "This column reviews the evidence on the main causes of the secular decline in employment since the turn of the century. Labour demand factors–notably import competition from China and the rise of industrial robots–emerge as the key drivers. Some labour supply and institutional factors also have contributed to the decline, but to a lesser extent... #labormarket

  2. Friedrich Engels (1843): Outlines of a Critique of Political Economy: "According to the economists, the production costs of a commodity consist of... rent... capital with its profit, and the wages for the labour.... A third factor which the economist does not think about–I mean the mental element of invention, of thought...

  3. Nick Rowe: Bicycle Disequilibrium Theory: "Suppose you need a bicycle to get to work. Suppose bicycles are a common property resource, because bike locks don't work. Every night the workers deposit their bicycles in the bike bank, and in the morning it's first come first served. And suppose that sometimes there aren't enough bicycles to go around. So sometimes the level of employment is determined by the number of bicycles, and not by all the usual stuff. Any individual can always get a bicycle in the morning, simply by getting up early enough. But in aggregate they can't. Fallacy of composition. A theory of when workers wake up might be interesting, and useful for microeconomists wanting to understand the distribution of employment, but it won't help us understand what determines the aggregate level of employment... #monetaryeconomics

  4. Joseph Schumpeter on the Ricardian and Keynesian vices. The echo of bdsm practices—le vice anglais—that you hear is intentional on Schumpeter's part, as is his feminization of Keynesians, and the misogyny. Schumpeter was a very smart but very interesting man: Joseph Schumpeter (1953): History of Economic Analysis https://books.google.com/books?isbn=1134838700: "Ricardo’s… interest was in the clear-cut result of direct, practical significance. In order to get this he... piled one simplifying assumption upon another until... the desire results emerged almost as tautologies... It is an excellent theory that can never be refuted and lacks nothing save sense. The habit of applying results of this character to the solution of practical problems we shall call the Ricardian Vice... #books #schumpeter #keynes #economicsgoneright #economicsgonewrong #historyofeconomicthought

  5. The New York Times is a sad, sad thing: Kevin Drum: Hey David: It Wasn’t “We” Who Screwed the Working Class: "I get so tired sometimes. Here is David Brooks today...

  6. Ian Buruma (2001): Class Acts: "According to Cannadine, race was not everything in the British Raj. It was not even the main point. Class was the main point. Class, status, and rank were more important than skin color, the shape of one's eyes, or the dimensions of one's skull. A Sultan, a Nizam, or a Pasha was equal to British royalty...

  7. Shane White (2015): The Story of Wall Street's First Black Millionaire: "Jeremiah Hamilton made white clients do his bidding. He bought insurance policies on ships he purposely destroyed. And in 1875, he died the richest black American...

  8. Joseph Schumpeter (1953): History of Economic Analysis https://books.google.com/books?isbn=1134838700

  9. Angus Deaton: The U.S. Can No Longer Hide From Its Deep Poverty Problem: "According to the World Bank, 769 million people lived on less than $1.90 a day in 2013; they are the world’s very poorest. Of these, 3.2 million live in the United States, and 3.3 million in other high-income countries (most in Italy, Japan and Spain)... #poverty #equitablegrowth

  10. Back at the end of the nineteenth century the quest for better economic statistics was a bipartisan, bi-ideology, bi-analytic approach effort. Liberals and conservatives, reactionaries and social democrats, socialists and centrists in America all thought that good statistics would reveal that America matched their images of it and would show that their policies were good ones. We need to recover that: Austin Clemens: In an age of inequality, aggregate and mean economic statistics don't tell us enough: "I have argued that we should disaggregate the reporting of GDP growth so we can understand who prospers when the economy grows. But we don’t need to stop there. As income inequality increases and we increasingly see two Americas—one for rich and one for everyone else—it is more important than ever to see more granular breakdowns...

  11. Anybody looking back at economic history cannot help but note that female physical autonomy and its absence has played an absolutely huge role. Kate Bahn and company are pulling together the evidence that this is not just history—that it still matters a lot in America today: Kate Bahn: Understanding the link between bodily autonomy and economic opportunity across the United States: "All of these connective threads are examined in a forthcoming paper of mine... #gender

12.Marshall Berman: All That's Solid Melts into Air http://delong.typepad.com/files/berman_marshall_all_that_is_solid_melts_into_air_the_experience_of_modernity.pdf

  1. Simon Jäger, Benjamin Schoefer, Samuel G. Young, Josef Zweimüller: Wages and the Value of Nonemployment: "Nonemployment is often posited as a worker's outside option in wage setting models such as bargaining and wage posting. The value of this state is therefore a fundamental determinant of wages... #labormarket

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