Paul Krugman: We Get Results, Japan Edition: "Let it not be said that the scribblings of academic economists have no effect. Some of us have been urging the Bank of Japan to get truly aggressive and adventurous on monetary policy — and it’s happening!And it only took 15 years. Seriously, this is very good news. Japan is finally, finally making a real effort to escape from its deflation trap. We should all hope it succeeds."
Matt Taibbi: Same-Sex Marriage Makes David Brooks Crazy: "Brooks sits down to write about same-sex marriage, and within a few paragraphs he's in the middle of this darkly sarcastic rant full of grim ruminations on black fathers abandoning their kids and the irresponsible poor splurging on credit-card shopping sprees…. 'So you see, in the end, I was right about your permissive society! I drink your milkshake!' This is some seriously crazy s&^$. None of what he's talking about is within a hundred miles of anything relevant to the gay marriage question. It's just weird, confused, old-person bitterness, mixed in with the usual obnoxious conservative delusions – like the way fiscal irresponsibility is always poor people buying wide-screen TVs on credit, and never teams of Ivy Leaguers at places like Lehman Brothers running up trillion-dollar balance sheets at 40-1 leverage. The whole world seems rapidly to be coming to an understanding that this discrimination against gays and lesbians has to end, and the fact that this change is coming is a beautiful thing. You have to be a very unhappy person indeed to feel anything but joy about it – much less this sarcastic depression."
Bruce Bartlett: The Eclectic Ideological Journey of David Stockman | Richard Thaler: An Automatic Solution for the Retirement Savings Problem | Ed Luce: Lunch with the FT: Michael Sandel |
Karl Smith: China, Destroyer-of-Worlds: "Kevin Drum asks what’s really going on with real interest rates…. 'the real problem we’re facing is the mirror image of a global savings glut: namely, a global investment drought.' This is a big question but I want to suggest that the answer might lie over here in this general direction somewhere: China has become the Jeff Bezos of Industrial Production: China at some points has had investment rates of in excess of 40% of GDP. For super-geeks this exceeds the Ramsey Rule at a zero discount rate. For non-geeks it means that there is no investment strategy under which this is the profitable thing to do. Its always hard to tell but on balance I think the Chinese government is aware of this, yet is willing to lose money on its capital investments in order to provide jobs for people moving to the city. This is a smart move if you think cities produce agglomeration effects…. China is using physical capital as a loss leader in order to grow cities that will produce network effects will in turn foster the human capital that really makes a country rich. In this way China has become like Amazon’s Jeff Bezos, a Destroyer-of-Worlds.1 You can’t win a physical capital accumulation battle against someone whose plan is to overinvest and lose money on the physical capital. And just as you there is no point even trying to fight a determined central bank on interest rate policy; there is no point fighting a determined China on Industrial policy. That leaves a huge swath of investment unavailable."
Mistermix: While We’re On a Journalistic Accountability Kick: "I was looking for some old posts in the archives today and found a few posts about Conor Freidersdorf and his role in the smear of Shirley Sharrod by Breitbart, back when Breitbart was alive and the DC media thought he was 'fresh' and 'provocative'. In short, Conor treated it as a legitimate controversy rather than the smear job that it was, and along the way he got some very basic facts wrong out of laziness or the desire to get more hits. It wasn’t as bad as the Iraq War cheerleading, but it was the same kind of herd behavior from a guy that gets a lot of, to me, inexplicable respect from some progressive bloggers."
A call for Brad DeLong to stand before a war crimes tribunal for NAFTA. Oh crazy left, plz never change delong.typepad.com/sdj/2013/04/da…— Modeled Behavior (@ModeledBehavior) April 1, 2013
On April 7, 2013:
- Liveblogging World War II: April 7, 1943 http://delong.typepad.com/sdj/2013/04/liveblogging-world-war-ii-april-7-1943.html
- Noted for April 7, 2013 http://delong.typepad.com/sdj/2013/04/noted-for-april-7-2013.html
- Fiscal Policy in a Depressed Economy: Further Thoughts http://delong.typepad.com/sdj/2013/04/fiscal-policy-in-a-depressed-economy-further-thoughts.html