Live from the Mid-Twentieth Century: Wikiquote: "If one harbours anywhere in one's mind a nationalistic loyalty or hatred...:
Live from the Mid-Twentieth Century: George Orwell: Wikiquote: "If one harbours anywhere in one's mind a nationalistic loyalty or hatred...
Comment of the Day: Scott P.: From Halberstam's 'War in a Time of Peace': "When Scowcroft briefed the president...
...he always felt [H.W.] Bush’s sense of distance on the issue. The president would seem puzzled about the complexity of the Balkans, asking again and again which side was which, who were the Bosnians, who were the Bosnian Serbs, who were the Bosnian Muslims, who were the Kosovars, and who were the Croats and the Slovenians.... It clearly confused him, all these disparate places, strange names, and different ethnic groups...
Newt Gingrich started the practice of large-scale lying to the base as a thing: give to us and vote for us and once we have majorities we will save America and your life will be great! The long-term consequence is that the base regards the Republican political establishment and its infrastructure as con men and grifters out for a buck. That is, largely, accurate. What the base doesn't (yet) realize is that the "insurgents"--from Herman Cain and Ben Carson to Donald Trump and Rand Paul--are con men and grifters as well:
Mark Schmitt: The Dangerous Politics of Hard Promises: "Broken promises: That's a theme at the center of the campaign rhetoric of the two leading Republican candidates for president...
...Donald Trump and Ted Cruz, and a plausible explanation for the failure of the establishment candidates. At the center of Cruz's stump speech is a series of absolute promises, culminating in a pledge to 'utterly demolish ISIS'--and he has four different Super PACs that bear the name 'Keep the Promise' (the original, and I, II, and III, named like financing rounds in a hedge fund). Congressional Republicans promised in 2014 that they would repeal and replace the Affordable Care Act; defund Planned Parenthood; abolish the IRS; and humiliate, if not convict, Hillary Clinton over the Benghazi tragedy — all pledges they were unable to come even close to meeting. The conservative blogger Erick Erickson put it most succinctly: 'The Republican Party created Donald Trump, because they made a lot of promises to their base and never kept them.' In Trump's account, the Republicans failed out of incompetence, and he'll do better. Cruz's story is that they failed because they lacked his ideological spine.
Must-Read: Erik Loomis: Jacobin: Walking on the Fighting Side of Me: "Were you thinking, I really need to know what Jacobin has to say about Merle Haggard? Probably not...
...Unfortunately, Jacobin decided to publish a Merle Haggard obituary of sorts, by Jonah Walters. It is, without exaggeration, the worst essay I have ever seen in that publication and one of the worst essays on music I have ever read. It is essentially an exercise in Aesthetic Stalinism, arguing that Merle Haggard was a terrible person and overrated artist because he was supposedly the voice of American reaction for a half-century...
Live from the Gehenna That Was Europe in the First Half of the Twentieth Century: If you haven't read Adam Tooze, you very much need to do so...
Mossy Character: Adam Tooze Reading Group: "This came up in comments...
...who's interested in a reading group for Adam Tooze? Tooze has written two popular books, The Wages of Destruction, about the Nazi war economy, and The Deluge, about America's role in the world political economy 1916-31. Both are long, dense, and revelatory.
Google Ngram Viewer: https://books.google.com/ngrams/
The phrase: "political economy":
Live from the Roasterie: Ian Millhiser: "I'm old enough to remember when it was considered bad form to point out that there may be racism in the Tea Party...":
I'm old enough to remember when it was considered bad form to point out that there may be racism in the Tea Party. https://t.co/M2CXOjRnvV— Ian Millhiser (@imillhiser) April 22, 2016
Over at Equitable Growth: Today, in 2016, Raghu Rajan thinks helicopter drops are "a step too far into the dark..."
His predecessor 83 years ago at the University of Chicago, Jacob Viner, thought they were one of the obvious technocratic steps to take, along with further raising the monetary base (i.e., in his day going off of the gold standard) even with short-term safe nominal interest rates at the zero lower bound (as they also were in his day).
Raghuram Rajan 2016): "If you read the writings of economists...
...it is not clear what’s keeping us still so slow, seven or eight years after the crisis. Ken Rogoff would say it is still the debt overhang and the deleveraging. [Robert] Gordon and others might say it is low productivity and still others may say it is the poorly understood consequences of population aging. But what do we do? And here I think there is more of a consensus that monetary policy pretty much has run its course. There are still guys who are looking for helicopter drops of money but I think that is a step sort of too far into the dark, where I am not sure there is a political consensus to do that in the major economies, if it comes to that... Read MOAR
Smith wrote The Wealth of Nations (WN) from years of prior research by several others, as well as his own labors (20 years), going back to early classical times. If he had not done so, others eventually would have replaced him and WN. Ideas about political economy became a small flood in the 19th century—today it's a raging tsunami of competing ideas and explanations, much of them non-scientific, often twisted for ideological purity; much of what the tsunami of daily drivel sweeps up as representative of Smith’s ideas is quite false. Hence, the title of my first book: Adam Smith’s Lost Legacy (2005).
Over at Equitable Growth: This, from Paul Krugman, strikes me as... inadequate:
Paul Krugman: Why Monetarism Failed: "Right-wingers insisted--Friedman taught them to insist--that government intervention was always bad, always made things worse...
...Monetarism added the clause, ‘except for monetary expansion to fight recessions.’ Sooner or later gold bugs and Austrians, with their pure message, were going to write that escape clause out of the acceptable doctrine. So we have the most likely non-Trump GOP nominee calling for a gold standard, and the chairman of Ways and Means demanding that the Fed abandon its concerns about unemployment and focus only on controlling the never-materializing threat of inflation. READ MOAR
Over at Equitable Growth: I just hoisted [a piece I wrote fifteen years ago1—a follow-up to my “Triumph of Monetarism” that I published in the Journal of Economic Perspectives. I think of it as my equivalent of Olivier Blanchard's “The state of macro is good" piece… Read MOAR
However, it is, I now recognize, clearly inadequate. It is quite good on how's today's New Keynesians are really Monetarists and how today's Monetarists are really Keynesians. But it misses completely:
The Monetarist Counterrevolution: April 2001:
Last year I published an essay (DeLong, 2000) arguing that modern Keynesians are really monetarists. Even if they--we--do not really like to admit it, most of the key elements in how modern "new Keynesian" economists view the world are derived from or heavily influenced by the work of Milton Friedman.
But that essay left me unsatisfied, for it was only half of the story.
J. Bradford DeLong on April 12, 2016 at 07:10 AM in Economics: History, Economics: Macro, History, Long Form, Streams: (BiWeekly) Honest Broker, Streams: (Tuesday) Hoisted from Archives, Streams: Cycle, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (0)
Brad DeLong : No, Silicon Valley Did Not and Does Not Partake of the Anarchist Utopian Nature. Why Did You Imagine It Did?: I would be smarter if I read more Unfogged comment threads...
Courtesy of an unknown lurker informing the Mineshaft that "Graeber, on Twitter, sourced [his] Apple claim to his memory of a lecture by Richard Wolff", and of bjk commenting on More on Graeber, I am led to the… unusual opinions… of neo-Althusserian structuralist wingnut--and guy who made it pleasant to be at U.Mass--Richard D. Wolff:
Economic Crisis from a Socialist Perspective: Beginnings for the "reform plus" strategy: The contradictions of capitalism offer us partial yet useful examples of the democratization of enterprise advocated by this “reform plus” agenda. One of these, recurring in California for decades, can illustrate our argument.
Live from the Greek Theatre: Ada Palmer: Plato vs. Metaphysics, or How Very Hard it Is to Un-Learn Freud: "It is true that the pre-modern world had a lot more unfreedom...
Niall Ferguson: An Open Letter to the Harvard Community: "Last week I said something stupid about John Maynard Keynes...
...Asked to comment on Keynes’ famous observation “In the long run we are all dead,” I suggested that Keynes was perhaps indifferent to the long run because he had no children, and that he had no children because he was gay. This was doubly stupid. First, it is obvious that people who do not have children also care about future generations. Second, I had forgotten that Keynes’ wife Lydia miscarried.
J. Bradford DeLong on April 07, 2016 at 07:31 AM in Economics: History, Economics: Macro, History, Long Form, Moral Responsibility, Philosophy: Moral, Political Economy, Politics, Streams: (BiWeekly) Honest Broker, Streams: (Wednesday) Economic History, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted, Twentieth Century Economic History | Permalink | Comments (6)
Live Riding with the Three Horseman of the Judicial Reacalypse: Scott Lemieux: The Futility of Determining the "Original Meaning" of the 14th Amendment: "Justice Alito said something rather interesting....
Henry Blodget writes:
Ferguson's underlying source appears to be a rather remarkable screed by Gertrude Himmelfarb in a rather McCarthyite vein--a screed that manages to get a lot about Keynes's economics and his family life substantially wrong in a very short space. It appears, in turn, to be based on the views of Joseph Schumpeter:
J. Bradford DeLong on April 06, 2016 at 03:12 AM in Economics: History, History, Moral Responsibility, Political Economy, Politics, Streams: (Tuesday) Hoisted from Archives, Streams: (Wednesday) Economic History, Streams: Cycle, Streams: Economics, Streams: Equitable Growth | Permalink | Comments (3)
In which I once again fail to understand where Niall Ferguson is coming from...
...Having annexed Crimea to Russia, President Putin still has forces camped out in eastern Ukraine. And all over the Muslim world, myriad Islamist organizations, from Islamic State to the Taliban, are using violence to pursue their atavistic goals. In practice, the Obama administration has had little choice but to keep using hard power, from the airstrikes on Islamic State to the economic sanctions on Russia...
And I think: Of course hard power can be decisive--but one needs to have a lot of it, and be willing not just to threaten to use it but to actually use it, and not care that one's use of it may lead the abyss to look into you, and turn you into something you did not want to be, and so cause you to lose even as you "win".
Cosma Shalizi: In Soviet Union, Optimization Problem Solves You: "Both neo-classical and Austrian economists make a fetish (in several senses) of markets and market prices...
...That this is crazy is reflected in the fact that even under capitalism, immense areas of the economy are not coordinated through the market. There is a great passage from Herbert Simon in 1991 which is relevant here:
Suppose that [‘a mythical visitor from Mars’] approaches the Earth from space, equipped with a telescope that revels social structures. The firms reveal themselves, say, as solid green areas with faint interior contours marking out divisions and departments. Market transactions show as red lines connecting firms, forming a network in the spaces between them. Within firms (and perhaps even between them) the approaching visitor also sees pale blue lines, the lines of authority connecting bosses with various levels of workers. As our visitors looked more carefully at the scene beneath, it might see one of the green masses divide, as a firm divested itself of one of its divisions. Or it might see one green object gobble up another. At this distance, the departing golden parachutes would probably not be visible.
J. Bradford DeLong on April 05, 2016 at 01:19 PM in Books, Economics: History, History, Moral Responsibility, Philosophy: Moral, Political Economy, Politics, Streams: (Tuesday) Hoisted from Archives, Streams: (Wednesday) Economic History, Streams: Cycle, Streams: Economics, Streams: Equitable Growth | Permalink | Comments (5)
An updated graph that Claudia Goldin had me make two and a half decades ago. The nonfarm unemployment rate since 1890:
Then it was 1890-1990, now it is 1869-2015.
Live from the Gettysburg Battlefield: Clarence Thomas seems very unclear about who won the battle here...
Scott Lemieux: Equal Representation Won a Qualified Victory at the Supreme Court | New Republic: "Clarence Thomas... tackled the ‘one person, one vote’ principle head-on...
...‘The Constitution does not prescribe any one basis for apportionment within States,’ argued Thomas. ‘It instead leaves States significant leeway in apportioning their own districts to equalize total population, to equalize eligible voters, or to promote any other principle consistent with a republican form of government.’ According to Thomas, the ‘Court has never provided a sound basis for the one-person, one-vote principle.’
Michael A. Cohen: The Genealogy of American Demagoguery
ON A WARM OCTOBER EVENING, more than 15,000 people gathered in New York City’s Madison Square Garden. The main event that night would not be a heavyweight fight, nor were the Knicks or the Rangers in town.
The crowd waited excitedly beneath 12 outsized American flags as country pickers serenaded them with renditions of ‘The Star-Spangled Banner,’ ‘God Bless America,’ ‘Yankee Doodle Dandy,’ and ‘Dixie.’
These ditties were interspersed with cries of ‘Go back to Africa!’ and ‘White power!’ while the omnipresent protesters, primed for their role in the evening’s proceedings, chimed in with ‘Pig! Pig! Pig!’ and ‘Two-four-six-eight, we don’t want a Fascist state!’
Just in case I get swelled-headed and think I am right more often than I am...
Brad DeLong (1999): Review of Paul Krugman, The Return of Depression Economics: Paul Krugman (1999), The Return of Depression Economics (New York: W.W. Norton: 039304839X).
This is a book that anyone interested in international economic policy and the possible destinies of the world economy needs to read. Paul Krugman is, as I have said before, the best claimant to the mantle of John Maynard Keynes: an extremely knowledgeable professional economist, an excellent writer, and an incisive critic of what international economic policymakers are doing wrong.
J. Bradford DeLong on April 01, 2016 at 06:48 PM in Economics: Finance, Economics: History, Economics: Macro, History, Long Form, Philosophy: Moral, Political Economy, Politics, Streams: (BiWeekly) Honest Broker, Streams: (Tuesday) Hoisted from Archives, Streams: Cycle, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (6)
Dan Balz of the Washington Post finally, finally says: I have not been doing my job! I'll admit to more than four years, but actually it's been a lot longer!
So what are you going to do to gain a reputation as a trusted information intermediary, Dan?
Dan Balz: Can Paul Ryan and Donald Trump Coexist within the Republican Party?: "Four years ago... Thomas Mann... and Norman Ornstein...
...took aim at the gridlocked and dysfunctional politics of Washington and the broader issue of political polarization that has become endemic in recent years. They were unsparing but not even-handed in their critique. They were ahead of others in describing the underlying causes of polarization as asymmetrical, with the Republican Party--in particular its most hard-line faction--as deserving of far more of the blame for the breakdown in governing.
Live from La Farine: Jack Kemp: "Broaden the [electoral] base...":
If you are going to broaden the base of the Republican Party, you’ve got to realize that millions of Americans look to government as a lifeline.
I have never felt personally that the idea of beating up on government was good politics. It’s true that that government is best which governs least. But it’s equally true that government is best which does the most for people and you need a balance between what government does for people and what people should be able to do for themselves.
Source: Robert Shogan, “GOP Seeks to Consolidate Gains, Build Party Loyalty,” Los Angeles Times (June 2, 1985): p. 12 (attached).
J. Bradford DeLong: Pragmatism or Perdition: BERKELEY – Almost every single observer who looks of the progress of the US economy over the past 40 years comes away severely disappointed.
The US today spends roughly 4% of GDP more on health sector administration and 2% more on overtreatment than it used to. The U.S. gets nothing of real value for these immense expenditures. Other North Atlantic economies do fine–do substantially better, in fact–in providing health to their citizens without these overhangs.
Must-Read: Jonathan Chait: Oh, Good, It's 2016 and We’re Arguing Whether Marxism Works: "[Tyler] Zimmer is articulating the standard left-wing critique of political liberalism...
Is it necessary to say that we hold Ben Bernanke, Mervyn King, Mark Carney, Janet Yellen, Stan Fischer, Lael Brainard, and company to the highest of high standards--demand from them constant triple aerial somersaults on the trapeze--because we have the greatest respect for and confidence in them? It probably is...
Back in 1992 Larry Summers and I wrote that pushing the target inflation rate from 5% down to 2% was a very dubious and hazardous enterprise because the zero-lower bound was potentially a big deal: "The relaxation of monetary policy seen over the past three years in the United States would have been arithmetically impossible had inflation and nominal interest rates both been three percentage points lower in 1989. Thus a more vigorous policy of reducing inflation to zero in the mid-1980s might have led to a recent recession much more severe than we have in fact seen..."
This does seem, in retrospect, to have been quite possibly the smartest and most foresightful thing I have ever written.
Must-Read: Racial animosity, myths of betrayal, and fear of poverty and economic insecurity all combined together in a cocktail--but at least it's an ethos!
Matthew Yglesias: "The political movement behind Trump clearly mixes elements of economic distress...
...what we should now be calling "The Lesser Depression", and what we are likely to someday call "The Longer Depression":
James Gunn: H.G. Wells: The Man Who Invented Tomorrow: "In his autobiography (1934)...
...he pointed out what he saw as distinguishing his intentions from those of Conrad and James. They looked upon the novel as a form of art; Wells saw it as a means to an end. He wanted his writing to be appraised 'as a system of ideas'; they wanted ideas to enter, if at all, only as an integral part of the artistic whole. He wanted to write about himself, his reactions to what had happened to him and what had happened and was happening in the world; they wanted the writer kept out of it.
The literary approach, Wells finally decided:
Must-Read: John Maynard Keynes (1936): The General Theory of Employment, Interest and Money: "Is the fulfilment of these ideas a visionary hope?...
Live from the Gehenna the Marxisante left made for itself: John the Lutheran: Pensées sans ordre: "[Eric Hobsbawm:]
Anyone of the Left who was not aware of this grassroots feeling ought seriously to consider his or her capacity to assess politics.
Eric Hobsbawm on the ‘public sentiment [in support of the Falklands War] that could actually be felt.’ Quoted by Robert Tombs, The English and Their History, p.816.
Social Science Knowledge and Public Policy: A View from the Trenches during the
Great Recession Lesser Depression of 2007-????http://tinyurl.com/dl20160323b
Jen Werner and Brad DeLong: Government Is a Growth Engine: "America ignores history at its peril, warns J. Bradford DeLong... [who] believes the U.S. government has always played a vital role in encouraging growth and supporting entrepreneurial innovation. But in an increasingly ideological environment, lawmakers give regulation short shrift, he fears--with dangerous consequences like excessive financialization and the 2008 market meltdown. In his latest book, Concrete Economics: The Hamilton Approach to Economic Growth and Policy, co-authored with Stephen Cohen... DeLong argues that things can be different... invokes the legacy of founding father Alexander Hamilton...."
Werner: Why have new mechanisms for economic growth been elusive?
DeLong: Well, it;s genuinely hard to think of good ways of organizing large groups of people to coordinate what they do. Markets are a unique sweet spot for a particular set of commodities produced under a particular set of conditions that more or less approximated those that Adam Smith faced. Today it's very different, and the problem of what economic theorists call mechanism design is a very difficult one. Look at the trouble we're having simply trying to arrive at a functioning system, let alone an optimal system, for health insurance.
J. Bradford DeLong on March 22, 2016 at 11:01 AM in Economics: Growth, Economics: History, History, Philosophy: Moral, Political Economy, Politics, Storystream: The Hamiltonian Approach to Economic Policy: Concrete Economics, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (1)
Must-Read: Is this plausible? In my experience, when X quotes Y saying that Y and his posse are mustachio-twirling villains, it is usually either:
But it is rarely the case that Y and his posse actually were the conscious and malevolent mustachio-twirling villains that Y's quote says they were.
Of course, for Richard Nixon one does have to make exceptions:
German Lopez: [Nixon Official John Ehrlichman: Real Reason for the Drug War Was to Criminalize Black People and Hippies: "A new report by Dan Baum for Harper's Magazine...
These days when you talk about Hamilton
People want you to get your rap on
Infringing Manuel’s intellectual property
Is not where any of us want to be.
J. Bradford DeLong on March 21, 2016 at 10:42 PM in Economics: Growth, Economics: History, History, Philosophy: Moral, Political Economy, Politics, Storystream: The Hamiltonian Approach to Economic Policy: Concrete Economics, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (2)
Live from Duke University: June 17, 2016 5:15-6:15: History of Economics Society 2016 Annual Conference:
Plenary Session: J. Bradford DeLong (UC Berkeley) “The Confidence Fairy in Historical Perspective”
As I have said before, I think the key to understanding the moral and—I hope—political bankruptcy of the Republican Party lies in its transformation from a party of those who think they will have wealth, and so have something to gain, into a party of those who think they have had wealth of some sort, and so have something to lose. The first party is very friendly to enterprise, progress, growth, change, and creative destruction. The second is quite hostile to them: it is friendly to established property alone.
Must-Read: May I say that I do not understand what the entire point of labeling Henry Kissinger an "idealist" would be?
Of course, I also do not understand what the point of the idealist-realist divide is. Everyone has hopes for a better world, and reaches for them. Everyone has to grapple with the world as it is.
The true divisions among international relations specialists are, I think, twofold:
The division between those who are being smart and being stupid.
The division between (i) those who believe that international relations is non-cooperative zero sum and that one's purpose is to advance the interests or one's own nation-state or ethnolinguistic grouping; and (ii) those who believe that international relations is cooperative and positive-sum and that trust via favors with the hope of their subsequent return via gift-exchange is worth building.
Smart vs. stupid; and nationalist vs. cosmopolitan.
Kissinger is, I think, an often- (as in his Nuclear Weapons and American Foreign Policy) but not always-stupid nationalist.
Jonathan Kirshner: Machinations of Wicked Men: "[Niall Ferguson's] central claim—Kissinger the idealist—is... wrong. Simply, plainly, fundamentally, and exactly wrong...
Live from Athens: Cassius Dio: Roman History, Vol. V: "Marcus [Aurelius] went to Athens, where after being initiated into the mysteries...
...he bestowed honors upon the Athenians and gave teachers to all men in Athens, for every species of knowledge, these teachers to receive an annual salary...
Speaker's Notes for: Concrete Economics @ SXSW!: Speaking 12:30 PM Meeting 10AB Level 3 :: Signing 1:00 PM Bookstore Level 3:
Stephen S. Cohen, J. Bradford DeLong: Concrete Economics: The Hamilton Approach to Economic Growth and Policy] (Allston, MA: Harvard Business Review Press:1422189813) http://amzn.to/22ds5TK
J. Bradford DeLong on March 13, 2016 at 09:57 AM in Books, Economics: Growth, Economics: History, Economics: Inequality, History, Moral Responsibility, Philosophy: Moral, Political Economy, Politics, Storystream: The Hamiltonian Approach to Economic Policy: Concrete Economics, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (6)
Stephen S. Cohen, J. Bradford DeLong: Concrete Economics: The Hamilton Approach to Economic Growth and Policy] (Allston, MA: Harvard Business Review Press:1422189813) http://amzn.to/22ds5TK
J. Bradford DeLong on March 13, 2016 at 09:25 AM in Books, Economics: Growth, Economics: History, Economics: Inequality, History, Philosophy: Moral, Political Economy, Politics, Storystream: The Hamiltonian Approach to Economic Policy: Concrete Economics, Streams: Economics, Streams: Equitable Growth | Permalink | Comments (0)
Harry Reid: Filling the Supreme Court Vacancy:
Mr. President, we now have a new rule called the Biden rule, which I guess was invented this morning.
Live from the Barrack Room: George Orwell: Wikiquote: Misattributed: "'We sleep peaceably in our beds at night only because rough men stand ready to do violence on our behalf'...
...This has commonly been attributed to Orwell but has not been found in any of his writings. Quote Investigator found the earliest known appearance in a 1993 Washington Times essay by Richard Grenier:
Must-See: Kathleen Maclay: Chowdhury Center for Bangladesh Studies hosts Nobel-winning economist Amartya Sen: "Chowdhury Center for Bangladesh Studies hosts Nobel-winning economist Amartya Sen...
...widely known for his work on income inequality and the roles of famine, poverty and freedom in developing countries around the world.... WHEN: 4-6 p.m., Sunday, March 13. WHERE: The sanctuary of the First Presbyterian Church, 2407 Dana St., Berkeley.... Sen is the Thomas W. Lamont University Professor and Professor of Economics and Philosophy at Harvard University...
At the zero lower bound on safe nominal short-term interest rates, an expansionary fiscal policy impetus of d percent of current GDP will:
where μ is the Keynesian multiplier, τ is the tax rate, and φ is the hysteresis coefficient.
J. Bradford DeLong on March 12, 2016 at 08:32 AM in Economics: History, Economics: Macro, History, Moral Responsibility, Philosophy: Moral, Political Economy, Politics, Storystream: American Political Economy, StoryStream: Are There Serious Risks from Prolonged Ultra-Low Interest Rates?, Storystream: Maintaining Standards in the Public Sphere, Storystream: The Bond Market Vigilantes and the Austerians, Storystream: The Longest Depression, Streams: Economics, Streams: Equitable Growth, Streams: Highlighted | Permalink | Comments (4)
Must-Read: John Maynard Keynes (1936): General Theory, chapter 23: "Notes on Mercantilism, the Usury Laws, Stamped Money and Theories of Under-consumption": "It is impossible to study the notions to which the mercantilists were led by their actual experiences...