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

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  1. The Great American Tax Heist Turns One: Live at Project Syndicate: Time has passed: a year's worth of water under the bridge. But I have not become less angry at and disappointed with how the Republican economists behaved in what my Project Syndicate editors call the Great American Tax Heist of last December...

  2. Comment of the Day (January 19, 2009): Robert Waldmann: Fama's Fallacy V: Are There Ever Any Wrong Answers in Economics?: "I'm not surprised that Fama is making a fool of himself. He has made similarly nonsensical arguments in his own field of expertise. He has been a tenured head of a school of thought for a long time, and has probably forgotten what it was like to make arguments which weren't accorded respect just because he made them...

  3. For the Weekend: Let's Have Another Cup Of Coffee (1932): "Irving Berlin and Waring's Pennsylvanians (1932): Let's Have Another Cup Of Coffee...

  4. Note to Self: Feeling sad Berkeley is not giving me access to: The Tocqueville Review: Vol 39, No 2: "Thinking with Raymond Aron and Stanley Hoffmann...


  1. David Blanchflower: 'Much More Global Slowing' by End of 2019

  2. Jonathan Stearns: EU, Japan Clinch Record Trade Accord in Shadow of Protectionism: "The European Parliament approved a draft free-trade agreement with Japan, removing the last political hurdle to the entry into force of Europe’s biggest market-opening accord. The European Union assembly’s green light on Wednesday paves the way for the pact to take provisional effect on Feb. 1. Already endorsed by EU governments and the Japanese parliament, the agreement will eliminate virtually all tariffs between the two partners, expand markets for services and public procurement, and bolster regulatory cooperation...

  3. The blockchain grifters have driven Nouriel Roubini into a state in which he is no longer his normal calm reasoned self: Nouriel Roubini*: The Big Blockchain Lie: "In cases where distributed-ledger technologies – so-called enterprise DLT – are actually being used, they have nothing to do with blockchain. They are private, centralized, and recorded on just a few controlled ledgers. They require permission for access...

  4. Simon Wren-Lewis: Helping the Left Behind: Its (Economic) Geography, Stupid: "Martin Sandbu points us to a report from the Brookings Institution.... 'For much of the 20th century, market forces had reduced job, wage, investment, and business formation disparities between more- and less-developed regions. By closing the divides between regions, the economy ensured a welcome convergence among the nation’s communities.' But from the 1980s onwards, they argue that digital technologies increased the reward to talent-laden clusters of skills and firms...

  5. This is a strange article by Joe Stiglitz. The first sentence is right. The second sentence is wrong: Joseph E. Stiglitz: The Myth of Secular Stagnation: "There are many lessons to be learned as we reflect on the 2008 crisis, but the most important is that the challenge was–and remains–political, not economic: there is nothing that inherently prevents our economy from being run in a way that ensures full employment and shared prosperity. Secular stagnation was just an excuse for flawed economic policies..." Larry Summers, I think, gets it 100% right here: Lawrence Summers: Setting the Record Straight on Secular Stagnation: "Echoing conservatives like John Taylor, the Nobel laureate economist Joseph Stiglitz recently suggested that the concept of secular stagnation was a fatalistic doctrine invented to provide an excuse for poor economic performance during the Obama years. This is simply not right...

  6. I keep saying that Equitable Growth should cozy up to these people: they are our mirror image—and not in an evil-Mr.-Spock-with-a-beard way: Brink Lindsey, Will Wilkinson, Steven Teles, and Samuel Hammond: The Center Can Hold: Public Policy for an Age of Extremes: "We need both greater reliance on market competition and expanded, more robust, and better-crafted social insurance... government activism to enhance opportunity... less corrupt and more law-like governance... a new ideological lens: one that sees government and market not as either-or antagonists, but as necessary complements... #moralphilosophy

  7. Josh Micah Marshall: Trump’s Telling Us Something (In Spite of Himself): "For going on two years I’ve been explaining that Michael Cohen was less a lawyer for Trump than a conduit for money from Russian and Ukrainian emigres and from those regions of the world. Yes, he was a fixer too. But there are lots of fixers. The channel of money came from the Brighton Beach emigre world Cohen grew up in and through the family he married into and the contacts that brought. A key player is Cohen’s father-in-law Fima Shusterman who federal law enforcement, a man who federal law enforcement apparently believed Trump had been in business with long before Michael Cohen came into the picture. All of this is known as far as it goes and we’ve discussed it... #orangehairedbaboons

  8. Tim Barker: "As an intellectual historian, I've found it puzzling that no one has scanned Ross Douthat's writings from the Harvard Salient, 1998-2002. So I checked out as much of it as I could and there's some pretty good stuff...

  9. Murray Waas: Mueller investigation news: Paul Manafort advised White House on how to attack investigation of Trump and Russia: "We now have details as to how the indicted former campaign manager worked with the president to undermine federal law enforcement...

  10. As the Weekly Standard closes, let us remember that it—like everything Bush-Chene-Rumsfeld—is a lying trash sheet staffed by lying liars: Spencer Ackerman: Fast and Loose With the Facts: "'The danger', said President George W. Bush on Sept. 25, 2002, 'is that Al Qaeda becomes an extension of Saddam’s madness and his hatred and his capacity to extend weapons of mass destruction around the world'. He proceeded to build on a lie.... 'The war on terror', Bush said, 'you can’t distinguish between Al Qaeda and Saddam when you talk about the war on terror'. Only if you’re a liar...

  11. John Authers: "The Tax Cuts and Jobs Act has so far displayed none of the magical revenue-increasing properties that some of its supporters claimed for it... #orangehairedbaboons #fiscalpolicy

  12. Larry Mishel: Bonuses Are Up $0.02 Since the Gop Tax Cuts Passed: "the GOP’s Tax Cuts and Jobs Act... tax cutters claimed that their bill would raise the wages of rank-and-file workers.... The Trump administration’s chair of the Council of Economic Advisers argued in April that we were already seeing the positive wage impact of the tax cuts: 'A flurry of corporate announcements provide further evidence of tax reform’s positive impact on wages. As of April 8, nearly 500 American employers have announced bonuses or pay increases, affecting more than 5.5 million American workers.'... New data allows us to examine nonproduction bonuses.... The $0.02 per hour (inflation-adjusted) bump in bonuses between December 2017 and September 2018 is very small.... The White House contention that corporate tax cut-inspired widespread provision of bonuses that led to greater paychecks through bonuses or wage increases for workers is not supported...

  13. It is not three Trump policies weighing on the stock market: it is four. Add to Barry's list: having your sole policy accomplishment be a tax cut tuned not to boost growth: Barry Ritholtz: Donald Trump Owns This Stock Market: "I assumed that Trump’s aggressive style, economic ignorance and personal peccadilloes wouldn’t leave a lasting mark on either stocks or bonds.... The chaos surrounding this presidency proves that was wishful thinking.... Consider three distinct policies of this administration, and how they are hurting the economy and markets.... Higher interest rates.... Powell’s leanings were well known... #orangehairedbaboon #finance

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