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jerryking : great_depression   9

How I learnt to love the economic blogosphere
July 27, 2016 | FT.com | Giles Wilkes.

Marginal Revolution
Econlog
Cafe Hayek
Stumbling and Mumbling
Brad Delong
Nick Rowe - Worthwhile Canadian Initiative
Steve Randy Waldman - Interfluidity
Slack Wire - JW Mason

"Sympathetic opinions coalesce in clusters of mutual congratulation (“must read: fellow blogger agreeing with my point of view!”). Dispute is often foully bad-tempered. Opposing positions are usually subject to a three-phased assault of selective quotation, exaggeration and abuse.'..."Lacking an editor to roll their eyes and ask what’s new, many writers soon become stale... Editors exist not only to find interesting pieces to publish but also to hold at bay the unstructured abundance of bilge that we do not need to read."....."...nothing as reliably good as the (eonomics) blogosphere. Some of its advantages are simply practical: free data, synopses of academic papers that the casual dilettante is unlikely to ever come across, a constant sense of what clever people are thinking about. But what is better is how its ungated to-and-fro lets a reader eavesdrop on schools of academic thought in furious argument, rather than just be subject to whatever lecture a professor wishes to deliver. No one learns merely by reading conclusions. It is in the space between rival positions that insight sprouts up, from the synthesis of clashing thoughts. Traditional newspaper columns are delivered as if to an audience of a million, none of whom might reply. The best blogs are the opening salvo in a seminar rather than the last word on the matter. They dumb down less "....."Ancient thinkers such as Adam Smith, John Maynard Keynes and Iriving Fisher were deployed not as some sort of academic comfort blanket but because their insights are still fresh, and beautifully written."..."Reading the economic blogosphere in 2008 felt to me like the modern equivalent of watching Friedrich Hayek, Keynes and Friedman quarrelling in front of a graduate class about how FDR should react to the depression. "...."Interfluidity is where to find such brilliancies as “the moral case for NGDP [Nominal Gross Domestic Product] targeting”, a political look at a seemingly technical subject, and “Greece”, a furious examination of how the term “moral hazard” is being traduced in the euro crisis. "..."Waldman’s thoughts go far beyond such a crude duality. After a long discussion of measurement problems, the institutional constraints on innovation and much more, he zeroes in on how governments build institutions to handle the disruption wrought by technological change. In a few hundred words he flips around Cowen’s stance and, instead of looking at the growth of government as the problem, makes a case for its opposite. Technological change creates concentrations of power, which “demands countervailing state action if any semblance of broad-based affluence and democratic government is to be sustained”. We have always needed institutions to divert spending power to those left behind, otherwise social disaster beckons. "....When reading, look for sources with something new to say!
economics  economists  blogosphere  Tyler_Cowen  Paul_Krugman  Adam_Smith  information_overload  social_media  Brad_Delong  blogs  Friedrich_Hayek  Milton_Friedman  political  economy  editors  tough-mindedness  FDR  Great_Depression  insights  John_Maynard_Keynes  sophisticated  disagreements  argumentation  technological_change  innovation_policies  moral_hazards 
july 2016 by jerryking
The Life of A Song: Good Times
February 5, 2016 | FT|

Chic’s last-gasp salute to disco was inspired by the Great Depression and the Harlem Renaissance
music  '70s  disco  African-Americans  Harlem_Renaissance  Great_Depression 
february 2016 by jerryking
Canada beware: We are suffering a great depression in commodity prices - The Globe and Mail
MICHAEL BLISS
Special to The Globe and Mail
Published Friday, Jan. 15, 2016

The Great Depression of the 1930s used to be understood as a worldwide structural crisis that was partly an adjustment to the great expansion of crop acreage and other primary industries undertaken to meet the demands of the First World War. Unfortunately the history of those years now tends to be viewed through the distorting lenses of economists fixated on monetary policy and financial crisis management.

They thought that the crisis of 2008 might become a replay of the 1930s. For the most part they have not realized that it is today’s global depression in commodity prices that has eerie echoes of the great crack-up. If it’s true that we have overexpanded our productive capacity to meet the demands of Chinese growth, and if that growth is now going to slow, or even cease, then history is worrisomely on the verge of repeating itself....One sign of the beginning of wisdom is to be able to shed illusions. Make no mistake. Right now, the world is experiencing a great depression in commodity prices, led by the collapse of oil, that represents an enormous shrinkage in the valuation of our wealth. As a country whose wealth is still highly dependent on the returns we can get from selling our natural resources, Canada is very vulnerable. In a time of price depression, our wealth bleeds away.
'30s  adjustments  commodities  commodities_supercycle  economic_downturn  Great_Depression  historians  history  illusions  Michael_Bliss  natural_resources  overcapacity  pricing  overexpansion  slow_growth  wisdom  WWI 
january 2016 by jerryking
Carpe Diem Nation - NYTimes.com
February 11, 2013 | NYT | By DAVID BROOKS.

Europeans who settled America gave their lives a slingshot shape. They pulled back so they could shoot forward. They volunteered to live in harsh conditions today so their descendants could live well for centuries. The pioneers who traveled West did the same thing. So has each generation of immigrants — sacrificing the present for the sake of the future.

This slingshot manner of life led to one of those true national clichés:..This future-oriented mentality had practical effects. For decades, government invested heavily in long-range projects like railroads and canals...Today, Americans have inverted this way of thinking. Instead of sacrificing the present for the sake of the future, Americans now sacrifice the future for the sake of the present...Why have Americans lost their devotion to the future? Part of the answer must be cultural. The Great Depression and World War II forced Americans to live with 16 straight years of scarcity. In the years after the war, people decided they’d had enough. There was what one historian called a “renunciation of renunciation.” We’ve now had a few generations raised with this consumption mind-set. There’s less of a sense that life is a partnership among the dead, the living and the unborn, with obligations to those to come....If the president were to propose an agenda for the future, he’d double spending on the National Institutes of Health. He’d approve the Keystone XL pipeline. He’d cut corporate tax rates while adding a progressive consumption tax. He’d take money from Social Security and build Harlem Children’s Zone-type projects across the nation. He’d means test Medicare and use the money to revive state universities and pay down debt.
David_Brooks  future  Obama  Great_Depression  WWII  instant_gratification  intergenerational_rivalry  delayed_gratification  foresight  far-sightedness  forward_looking  sacrifice  Keystone_XL  long-term  social_trust  consumption  the_Greatest_Generation  Carpe_diem  long-range  railroads  canals 
february 2013 by jerryking
The Missing Fifth - NYTimes.com
May 9, 2011| NYT | By DAVID BROOKS. Americans should be
especially alert to signs that the country is becoming less vital &
industrious. One of those signs comes from the labor market. As my
colleague David Leonhardt points out, in 1954, about 96 % of American
men between the ages of 25 & 54 worked. Today that number is around
80 %. One-fifth of all men in their prime working ages are not getting
up & going to work...The result is this: There are more idle men now
than at any time since the Great Depression, & this time the
problem is mostly structural, not cyclical. These men will find it hard
to attract spouses. Many will pick up habits that have a corrosive
cultural influence on those around them. The country will not benefit
from their potential abilities. This is a big problem. It can’t be
addressed through the sort of short-term Keynesian stimulus some on the
left are still fantasizing about. It can’t be solved by simply reducing
the size of govt. as some on the right imagine.
cultural_corrosion  David_Brooks  gender_gap  unemployment  men  Great_Depression  participation_rates  structural_change  Keynesian  joblessness  habits  values 
may 2011 by jerryking
Messy Times for Ben Bernanke and the Fed - NYTimes.com
May 14, 2010 | New York Times | By SEWELL CHAN. "we had neither
the mandate nor the tools to be the financial system’s supercop. "
Notes: (1) read “The Great Contraction, 1929-1933,” in which Milton
Friedman and Anna Jacobson Schwartz blamed the Fed’s failure to expand
the money supply for the Depression’s severity and duration. (2)
“Because I appreciate the role of chance and contingency in human
events, I try to be appropriately realistic about my own capabilities. I
know there is much that I don’t know.”

— Ben S. Bernanke, May 22, 2009
(3) “Keep a ‘gratitude journal,’ in which you routinely list
experiences and circumstances for which you are grateful.”

— Ben S. Bernanke, May 8, 2010
economists  Benjamin_Bernanke  U.S._Federal_Reserve  gratitude  messiness  pretense_of_knowledge  Great_Depression  Milton_Friedman  humility  unknowns  chance  luck  contingency  books  economics  economic_history  financial_system  frequency_and_severity 
may 2010 by jerryking
Lessons of the '30s: Long Study of Great Depression Has Shaped Bernanke's Views; Fed Nominee Learned Perils Of Deflation, Gold Standard And Pricking of Bubbles; A Grandmother's Explanation
Dec 7, 2005 | Wall Street Journal pg. A.1 | Greg Ip. "In
1983, Mark Gertler asked his friend and fellow economist Ben Bernanke
why he was starting his career by studying the Great Depression. "If you
want to understand geology, study earthquakes," Mr. Bernanke replied,
according to Mr. Gertler. "If you want to understand economics, study
the biggest calamity to hit the U.S. and world economies." "Lafley was
in charge of the company's Asian operations during a major Japanese
earthquake and the Asian economic collapse. That's when he discovered,
he says, that "you learn ten times more in a crisis than during normal
times.""
10x  Benjamin_Bernanke  economists  U.S._Federal_Reserve  bubbles  financial_history  Greg_Ip  Great_Depression  disequilibriums  geology  earthquakes  '30s  anomalies  crisis  deflation  lessons_learned 
november 2009 by jerryking
Fareed Zakaria GPS - CNN.com
BOOK OF THE WEEK
The Fat Tail: The Power of Political Knowledge for Strategic Investing by Ian Bremmer and Preston Keat.
The Lords of Finance by Liaquat Ahamed
"It's about how we got into the last great depression, and it contains good lessons on how to avoid this new one."
Science and Government ~ The Godkin Lectures at Harvard University, 1960 by C.P. Snow.
US POLITICS
• "The Inheritance: The World Obama Confronts and the Challenges to American Power" by David E. Sanger.
THE ECONOMY
• "The Ascent of Money: A Financial History of the World" by Niall Ferguson.

HISTORY
• "The Wise Men" by Walter Isaacson.
• "Imagining India: The Idea of a Nation Renewed" by Nandan Nilekani
SOCIOLOGY
• "Outliers" by Malcolm Gladwell
FOREIGN POLICY
• "Power Rules: How Common Sense Can Rescue American Foreign Policy" by Leslie Gelb
news  media  geopolitics  Fareed_Zakaria  globalization  cnn  interviews  Great_Depression  Outliers  Malcolm_Gladwell  books  Ian_Bremmer  David_Sanger 
april 2009 by jerryking

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