http://www.capitalismv3.com/2012/03/05/brad-delong-watch/Today’s criticism of Brad Delong
Source date (UTC): 2012-03-05 09:10:00 UTC
Source: Facebook
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WATCH: From RonT: “You keep touting IS-LM. Keynes didn’t endorse IS-LM, its crea
http://krugman.blogs.nytimes.com/2012/03/03/economic-models-and-economic-predictions/KRUGMAN WATCH:
From RonT: “You keep touting IS-LM. Keynes didn’t endorse IS-LM, its creator Hicks repudiated it later in life. Since 1971 when Nixon ditched the gold standard IS-LM was without any theoretical justification whatsoever, there is no market for loanable funds. Banks create deposits out of nothing against the borrower’s IOU, so investment creates its own savings. Loanable funds is a fairy tale of a primitive economy without banks.
Your predictions for low interest rates in this crisis were right by pure accident – the interest rate in modern economy is not set by the market, but by the monopoly supplier of reserve balances, the Fed. The Fed lets the market toy with long-term interest rates, but it could fix them at any level by the same procedure it uses to fix the short rate: QE and “the operation twist” are the proof. So if the Fed changed its mind and raised rates, your “prediction” would simply turn out wrong. The Fed and not the market for loanable funds determines the interest rate, period.”
http://www.nakedcapitalism.com/2012/02/philip-pilkington-the-liquidity-trap-and-all-that%E2%80%A6.html
Source date (UTC): 2012-03-03 21:50:00 UTC
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FILLICIDE STATISTICS “Among children under age 5 years in the United States who
FILLICIDE STATISTICS
“Among children under age 5 years in the United States who were murdered in the last quarter of the 20th century, 61% were killed by their own parents: 30% were killed by their mothers, and 31% by their fathers. … 72% of the mothers had psychological problems.” — From 39 combined studies.
Source date (UTC): 2012-03-02 06:26:00 UTC
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Description Of The Decline Of The Blue Model
http://blogs.the-american-interest.com/wrm/2012/02/28/beyond-blue-6-the-great-divorce/Heartfelt Description Of The Decline Of The Blue Model.
Source date (UTC): 2012-03-01 18:27:00 UTC
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60 Million Brazilians united by the repeal of the Disarmament Statute. Share!
60 Million Brazilians united by the repeal of the Disarmament Statute. Share!
Source date (UTC): 2012-03-01 11:36:00 UTC
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LIBERTY AND VIOLENCE Liberty is purchased with the tip of a spear, the point of
LIBERTY AND VIOLENCE
Liberty is purchased with the tip of a spear, the point of a sword or the barrel of a gun. It is maintained by a hard constitution, the common law, and the mastery of the violence required to prevent its subversion. Righteous indignation is litte more than sound and fury signifying nothing, and those who congratulate themselves on their conviction are merely hiding behind a facade of convenience and cowardice. Violence is a virtue not a vice. We lend our leaders our violence in exchange for liberty. If they do not give us our liberty we must take back our wealth of violence and use it until we can give it again to those who will.
Source date (UTC): 2012-03-01 10:59:00 UTC
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1) The conservative strategy is to starve the beast as the only hope of preservi
http://krugman.blogs.nytimes.com/2012/02/29/four-phonies-update/Paul,
1) The conservative strategy is to starve the beast as the only hope of preserving their freedom and their culture. In that context, their approach is entirely rational for Schumpeterian reasons: in the battle between the public intellectual who would undermine their culture, and the entrepreneur who would preserve it, they are funding the entrepreneur. Again, this is an entirely rational strategy. It is absolutely straightforward. Just as it is rationally Schumpeterian that the public intellectuals like yourself seek to fund the state.
2) There is no community of common interest in the country any longer. The combination of immigration, relocation, the dissolution of the family, and the consequential abandonment of traditional values by the lower classes, when combined with the evolution of technology that rewards those who can process and use abstract rules and principles has guaranteed a permanent and irreversible conflict of values.
This is a religious conflict. This era is a battle of the communal religion of the secular state, and the aristocratic religion of the traditional classical liberals. The left’s strategy is to enable the lower classes to have a beneficent lifestyle. The right’s strategy is to constrain the reproductive ability of the lower classes and concentrate investment in the middle classes. Even if they must suffer hardship to obtain their political ends. There is nothing new about this conflict of visions. Its the female sentiment and male sentiment writ large.
Progressive economists are terrible historians and worse political philosophers. You cannot have consensus on policy in a divided electorate. Arguing over technicalities is simply a self congratulatory distraction.
I cannot tell whether you are intellectually honest. You are framing the debate under a false assumption that is contrary to the data. Since you’re doing that, it’s either an accident or an intentional misrepresentation. I don’t know which.
But by falsely framing the discourse, you do a disservice as a public intellectual, and hinder the resolution of the underlying conflict.
Demographically, your side will win within thirty years assuming there is no unforeseen change. But it will not because you convince anyone.
Source date (UTC): 2012-03-01 07:57:00 UTC
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Up The Euro Is Possible, Practical, and Advisable
http://www.ritholtz.com/blog/2012/02/a-primer-on-the-euro-breakup-2/Breaking Up The Euro Is Possible, Practical, and Advisable.
Source date (UTC): 2012-02-28 19:24:00 UTC
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PROSECUTING IDEAS Intellectual honesty involves coming up with an idea, refining
PROSECUTING IDEAS
Intellectual honesty involves coming up with an idea, refining it, then refuting it. If it survives refutation, then it’s something to work with.
As a CEO, I had an interesting time with board members. It took, in some cases, years before some board members would understand that I used the board as a vehicle for refuting my ideas. I would bring an idea to the board. Usually somewhat early in the process, and advocate for it. I advocated it to see if they could shoot holes in it. It’s a very rational process. If I cannot defeat their arguments, or find a way to solve them, then the idea isn’t viable.
In the past, I feel pretty strongly that if your board consists of owners, and your owners are involved, then they should support an idea. They cannot usually anticipate the future well enough to support valuable ideas that are counter to trend. So involving them in the decision and getting them to adopt them makes them better independent actors despite their lack of visibility. I did succeed in that objective. I’ve succeeded every time.
But I’ve also set the stage for making the organization fragile – vulnerable to a board who feels more confident and empowered than it should be: when you must act and act quickly to sieze opportunities, or avoid threats, your board is now trained to argue with you, and feels entitled to do so — even obligated to do so.
Today I would do things differently. I would test my ideas with a management team, then use the board entirely as a financial counsel. And never the two shall meet.
This is another example of where academic personalities and business personalities serve different purposes.
Source date (UTC): 2012-02-27 15:24:00 UTC
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Propertarian Analysis Of The Libertarian-Conservative Spectrum. Defining liberta
http://www.capitalismv3.com/2012/02/26/big-l-versus-little-l-libertarianism-defined/A Propertarian Analysis Of The Libertarian-Conservative Spectrum.
Defining libertarianism and conservatism for Hillsdale.
(Revised Draft)
Source date (UTC): 2012-02-27 10:34:00 UTC