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J. Bradford DeLong
Berkeley, CA
J. Bradford DeLong is an economist teaching at the University of California at Berkeley.
Interests: history, economic history, information age, political economy, grand strategy, international relations, material culture., information technology, economics
Recent Activity
**Live from the Roasterie:** *Why the Hegemony of the New Keynesian Model?* The baseline New Keynesian model was not, originally, intended to become a workhorse. It was intended as a proof-of-concept: to demonstrate that introducing very small market-imperfection frictions into a DSGE framework generated very Keynesian-monetarist conclusions. But the extraordinary shortcuts needed for tractability were and are a straitjacket that makes it extremely hazardous for policy analysis. It cannot fit the time series. And when it does fit the time series, it does so for the wrong reasons. So why require everything to fit in this Procrustean Box? This is a serious question--closely related to the question of why models that are microfounded in ways we know to be wrong are preferable in the discourse to models that try to get the aggregate emergent properties right. Continue reading
Posted 1 hour ago at Brad DeLong's Grasping Reality...
**Across the Wide Missouri: John C. Danforth:** In the Name of Politics: "Republicans have transformed our party into the political arm of conservative Christians.... >...The elements of this transformation have included advocacy of a constitutional amendment to ban gay marriage, opposition to stem cell research involving both frozen embryos and human cells in petri dishes, and the extraordinary effort to keep Terri Schiavo hooked up to a feeding tube. Standing alone, each of these initiatives has its advocates.... But the distinct elements do not stand alone. Rather they are parts of a larger package.... In my state, Missouri, Republicans in the General Assembly have advanced legislation to criminalize even stem cell research in which the cells are artificially produced in petri dishes and will never be transplanted into the human uterus. They argue that such cells are human life that must be protected, by threat of criminal prosecution, from promising research on diseases like Alzheimer's, Parkinson's and juvenile diabetes. >It is not evident to many of us that cells in a petri dish are equivalent to identifiable people suffering from terrible diseases. I am and have always been pro-life. But the only explanation for legislators comparing cells in a petri... Continue reading
Posted 2 hours ago at Brad DeLong's Grasping Reality...
Critics... well, probably better to call them "friends" have pointed out to me that last summer I didn't spend enough time linking to Dan Kervick's and Matt Brunig's contributions to the Piketty debate. I remember reading them at the time. And I cannot figure out why I didn't focus more on them--save probably because both seemed to me to be thinking along the lines I was thinking along, I didn't think that there was much new there. But usually I am anxious to promote people saying things that I think are smart and right, so it is a puzzle... Anyway: some from Dan Kervick: * 2014-05-30: [Piketty on the Dynamics of Inequality: Four Useful Theorems](https://ruggedegalitarianism.wordpress.com/2014/05/30/piketty-on-the-dynamics-of-inequality-four-useful-theorems/) * 2014-06-03: [Taking Stock at My Cottage Piketty Industry | Rugged Egalitarianism](https://ruggedegalitarianism.wordpress.com/2014/06/03/taking-stock-at-my-cottage-piketty-industry/) * 2014-06-18: [The Growth of Wealth and the Rate of Return on Capital](https://ruggedegalitarianism.wordpress.com/2014/06/18/the-growth-of-wealth-and-the-rate-of-return-on-capital/) * 2014-05-28: [Let’s End the Confusion over Piketty’s “Second Fundamental Law”](https://ruggedegalitarianism.wordpress.com/2014/05/28/lets-end-the-confusion-over-pikettys-second-fundamental-law/) * 2014-06-04: [Why Is r > g So Significant for Piketty? | Rugged Egalitarianism](https://ruggedegalitarianism.wordpress.com/2014/06/04/why-is-r-g-so-significant-for-piketty/) * 2014-05-24: [Naked Piketty – with a Bonus Workbook!](https://ruggedegalitarianism.wordpress.com/2014/05/24/naked-piketty-with-a-bonus-spreadsheet/) * 2014-06-05: [The Rate of Return on Capital Is Not a Growth Rate](https://ruggedegalitarianism.wordpress.com/2014/06/05/the-rate-of-return-on-capital-is-not-a-growth-rate/) And some from Matt Bruenig: And Matt Bruenig: * 2014-04-22: [On Piketty's Capital:... Continue reading
Posted 2 hours ago at Brad DeLong's Grasping Reality...
[Diary March 30, 1915](http://world-war-one.net/diary-march-30-1915/): >**Western Front:** Flanders: Intelligence officers of XV Corps, French Tenth Army, learn from PoWs that extensive German preparations near Zillebeke east of Ypres to employ ‘asphyxiating gases’ (ie chlorine cylinders). Champagne: Reims Cathedral under bombardment. Vosges: German counter-attack in Fecht valley reaches Herrenberg. >**Southern Fronts:** Serbia: Austrian river steamer Belgrad tries to break Allied Danube blockade (night 30/31), hits Russian mine and is sunk by Serb 75mm field guns. >**Eastern Front:** Austrian GHQ morale 'below zero. The Chief (Conrad) never stops grumbling'. >**African Fronts:** Southwest Africa: McKenzie’s South African Central Force (11,000 men) occupies Aus 80 miles inland from Lüderitz. >**Home Fronts:** Britain: King offers total alcohol abstinence in Royal Household for duration of war. Continue reading
Posted 2 hours ago at Brad DeLong's Grasping Reality...
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**[Over at Project Syndicate][1]: The Monetarist Mistake:** Two months ago here, I briefly noted that I had found the best explanation for why the collective economic policymakers of the North Atlantic have left and continue to leave the job of fighting and guiding recovery from our Lesser Depression at most half-done. The best explanation is to be found in my friend, teacher, and patron, [Barry Eichengreen’s][2] [*Hall of Mirrors*][3]. But I have short shrift to both the argument of the book, and to its praise. It is the best book on 2008-present that has yet been written. And Eichengreen’s book’s central argument deserves to be the centerpiece of a much larger discussion. **[READ MOAR][1]** [1]: http://www.project-syndicate.org/commentary/friedman-ideas-great-recession-by-j--bradford-delong-2015-03 [2]: https://www.project-syndicate.org/columnist/barry-eichengreen [3]: https://global.oup.com/academic/product/hall-of-mirrors-9780199392001 So let me try to launch one piece of that discussion today: *Hall of Mirrors* traces our tepid and inadequate response to the crisis in 2007-2009 to the triumph of monetarism. In the 1960s and 1970s monetarist economists advanced their particular economyc-historical interpretation of the causes of the 1930s Great Depression. And the sometime disciples of Milton Friedman overwhelmed their Keynesian and Minskyite peers. The Great Depression, Friedman and his co-author Anna Jacobson Schwartz had argued in their 1963 [*Monetary... Continue reading
Posted 2 hours ago at Brad DeLong's Grasping Reality...
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[**Over at Equitable Growth**][1]: It is always instructive to look at the materials that the Federal Reserve's Federal Open Market Committee pumps out, especially their semi-anonymized (hi, Charlie Evans, with your 3% longer-run value) estimates of what the appropriate federal funds rate would be. Thus we can see, comparing January 2012 when the Federal Reserve began publishing its dot-plots to today, the Federal Reserve collectively and slowly come to recognize current reality. Back at the start of 2012 the FOMC participants all thought that in the "longer run"--which at the beginning of 2012 I take to be next year, 2016--the federal funds rate ought to be back at its normal mid-expansion level, which they all took to be in the 3.75%-4.5% per year range. Today, of course, only one participant (Charles Plosser?) still thinks the federal funds rate ought to be in that range next year, and at the very bottom of it. [**READ MOAR**][1] [1]: http://equitablegrowth.org/?p=10142 And we can see, comparing November 2013 to today, the Federal Reserve stick to its guns as to the anticipated pace of policy tightening set in motion with Ben Bernanke's mid-2013 announcement that it was time to stop searching for further extraordinary monetary... Continue reading
Posted yesterday at Brad DeLong's Grasping Reality...
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**Janet Yellen**: [FRB: Speech--Yellen, Normalizing Monetary Policy: Prospects and Perspectives--March 27, 2015](http://www.federalreserve.gov/newsevents/speech/yellen20150327a.htm): >I would like to thank President Williams for his kind introduction and the Federal Reserve Bank of San Francisco for inviting me to what promises to be a very stimulating and important conference. >As you know, last week the Federal Open Market Committee (FOMC) changed its forward guidance pertaining to the federal funds rate. With continued improvement in economic conditions, an increase in the target range for that rate may well be warranted later this year. Of course, the timing of the first increase in the federal funds rate and its subsequent path will be determined by the Committee in light of incoming data on labor market conditions, inflation, and other aspects of the current expansion. >In my remarks today I will discuss some factors that will likely guide our decisions as we adjust the stance of monetary policy over time. I will also discuss why most of my colleagues and I believe the return of the federal funds rate to a more normal level is likely to be gradual. In doing so, I will address three questions. First, why does the Committee judge that an increase in... Continue reading
Posted yesterday at Brad DeLong's Grasping Reality...
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**Andrew Golis**: [Twitter](https://mobile.twitter.com/agolis/status/581836419007713280): >**@agolis:** What an insidious and stupid formulation : >**@agolis:** Notice the way it subtly precludes the possibility that anything 'divisive' or 'ideological' could be in the state or local interest. And the way that it broadly grants the idea that Schumer's advocacy on behalf of business interests is in the state and local interest. >**@michaelbd:** @agolis Spoken like a really divisive ideologue who hates New York, Andrew. >**@michaelbd:** @agolis What’s good For Wall Street is good. Finis. Anyone who disagrees is probably some nobody from upstate. >**@agolis;** @michaelbd and nothing worth doing is ever something people intensely disagree about. >**@root_e:** @agolis @msbellows NYTimes is into the consensus of people who buy or sell $10M and up condos. >**@agolis:** @jmartNYT @michaelbd there are so many intense value judgments baked into that. why not say 'Schumer has cannily maintained broad support w an econ agenda amenable to Wall St & Main St biz interests'? Continue reading
Posted yesterday at Brad DeLong's Grasping Reality...
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[Captured Continental Army Second-in-Command Charles Lee Does Strategic Planning for the British Reconquest of America:](https://books.google.com/books?id=aFkOAAAAIAAJ&pg=PA363&lpg=PA363&dq=%22if+the+province+of+maryland+or+the+greater+part+of+it+is%22&source=bl&ots=E0F11Jj6uJ&sig=mOSOjOPskpZaeVLkXYz1AnOkRr4&hl=en&sa=X&ei=iwAYVYGHO4T5yQS14YHQAw&ved=0CDUQ6AEwCQ#v=onepage&q=%22if%20the%20province%20of%20maryland%20or%20the%20greater%20part%20of%20it%20is%22&f=false) Continue reading
Posted yesterday at Brad DeLong's Grasping Reality...
**John Maynard Keynes**: [The General Theory of Employment, Interest and Money: 24. Concluding Notes on the Social Philosophy towards which the General Theory might Lead](https://www.marxists.org/reference/subject/economics/keynes/general-theory/ch24.htm): "THE outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes... >...The bearing of the foregoing theory on the first of these is obvious. But there are also two important respects in which it is relevant to the second.... The removal of very great disparities of wealth and income... through... direct taxation... [is] deterred by... the fear of making skilful evasions too much worth while... of diminishing unduly the motive towards risk-taking, but mainly, I think, by the belief that the growth of capital depends upon the strength of the motive towards individual saving, and that for a large proportion of this growth we are dependent on the savings of the rich out of their superfluity. >Our argument... may considerably modify our attitude.... Up to the point where full employment prevails, the growth of capital depends not at all on a low propensity to consume but is, on the contrary, held back by it; and only in... Continue reading
Posted 2 days ago at Brad DeLong's Grasping Reality...
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**Jen Ebberler**: [Inventing Trajan: The Evidence, or How Do We Know What We Think We Know?](http://inventingtrajan.blogspot.com/2015/03/the-evidence-or-how-do-we-know-what-we.html): "For a period of time that is chock full of historiographers and biographers, the reign of Trajan is badly documented... >...It's weird, almost as if writers purposely avoided the topic. There is a rich record of coins, civic and private monuments, and inscriptions.... Most of the scholarship on Trajan is done by archaeologists and others with a strong, non-textual orientation.... Neither Suetonius nor Tacitus treated Trajan's rule explicitly. Book 10 of Pliny's Letters has a complicated textual history, and it's unclear exactly how we are to understand its relationship to Books 1-9 (or, even, when it became attached to Books 1-9). Trajan is surprisingly absent from Pliny's letters otherwise.... >From the fourth century AD, a brief account of Trajan survives as part of Aurelius Victor's *Liber de Caesaribus*; the *Historia Augista* begins with the reign of Hadrian but there have been suggestions that it included lost accounts of the reigns of Nerva and Trajan. Similarly, Ammianus Marcellinus's *Res Gestae* started with the reign of Trajan, but that section of the text is no longer extant. Another late 4th century historian, Eutropius, treated Trajan's reign.... Continue reading
Posted 2 days ago at Brad DeLong's Grasping Reality...
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[Richard Pryor owns at his own roast!](https://www.youtube.com/watch?v=SAqmzmirixg): Continue reading
Posted 2 days ago at Brad DeLong's Grasping Reality...
**Eleanor Roosevelt**: [My Day, March 28, 1945](http://www.gwu.edu/~erpapers/myday/displaydoc.cfm?_y=1945&_f=md057061): >NEW YORK, Tuesday—I saw a bluebird and a robin yesterday! It is not as warm here and spring is not as far along as in Washington. Still, the feel of it is in the air, and there is a fresh, green look about the shoots that are poking their heads above ground which makes you want to settle down in the country and have nothing whatsoever to do with bricks and mortar for a long while. But bricks and mortar exist and engagements go on, and people concentrate in big cities, so here I am in New York, where at 1 o'clock I go to the Cosmopolitan Club to speak at one of their membership lunches. >At 3:30 I go on to Carnegie Hall to celebrate the awarding of the Army-Navy E to the Lighthouse Workshop of the Blind, and at 4:30 I attend a meeting of the sponsoring committee preparing for the African Dance Festival on April 4 at Carnegie Hall. >At 7 o'clock I attend a dinner at the Commodore Hotel given by the New York Section of the National Council of Jewish Women, when 'Council House,' a settlement house built... Continue reading
Posted 2 days ago at Brad DeLong's Grasping Reality...
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**Must- and Should-Reads:** * **Evening Must-Read: Michael Strain**: [How to Cut Taxes and Help the Poor](http://equitablegrowth.org/?p=10116) * **Kenneth Thomas**: [Wikileaks Releases Trans-Pacific Partnership Investment Chapter](http://www.middleclasspoliticaleconomist.com/2015/03/wikileaks-releases-trans-pacific.html) * **Today's Must-Must-Read: Ilyana Kuziemko et al.**: [What Do Americans Think Should Be Done About Inequality?](http://equitablegrowth.org/?p=10099) * **Nick Bunker**: [Risk-Sharing and Student Loans](http://equitablegrowth.org/news/effects-risk-sharing-student-loans/) **Over at [Equitable Growth](http://EquitableGrowth.org)--[The Equitablog](http://equitablegrowth.org/blog)** * [With a First-Quarter-of-2015 Projected Real GDP Growth Rate of 1.3%/Year…](http://equitablegrowth.org/2015/03/27/first-quarter-2015-projected-real-gdp-growth-rate-1-3year/) * cite>[Auto Title Loans: Am I Wrong in Noting a Flagging in Heartland Regional Boosterism?](http://equitablegrowth.org/2015/03/25/auto-title-loans-wrong-noting-flagging-heartland-regional-boosterism/) * **: [Today's Must-Must-Read: Ilyana Kuziemko et al.: What Do Americans Think Should Be Done About Inequality?](http://equitablegrowth.org/2015/03/26/todays-must-must-read-ilyana-kuziemko-et-al-americans-think-done-inequality/) * **Carter Price**: [Latest U.S. economic growth numbers highlight corporate investment](http://equitablegrowth.org/news/latest-u-s-economic-growth-numbers-highlight-corporate-investment/) * **Nick Bunker**: [Weekend reading](http://equitablegrowth.org/news/weekend-reading-30/) **Plus:** * [Things to Read at Night on March 27, 2015](http://equitablegrowth.org/2015/03/27/things-read-night-march-27-2015/) **And Over Here:** * [People Claiming That Even John Maynard Keynes Is No True Keynesian!: April Fools Festival Day XVIII](http://www.bradford-delong.com/2015/03/even-john-maynard-keynes-is-no-true-keynesian-april-fools-festival-day-xviii.html) * [Today's Economic History: John Maynard Keynes on the Trade Cycle](http://www.bradford-delong.com/2015/03/todays-economic-history-john-maynard-keynes-on-the-trade-cycle.html) * [Live from the Federal Reserve Bank of San Francisco: The first day in months when San Francisco feels like San Francisco rather than like San Diego!](http://www.bradford-delong.com/2015/03/live-from-the-federal-reserve-bank-of-san-francisco-the-first-day-in-months-when-san-francisco-feels-like-san-francisco.html) * [Liveblogging World War II: March 27, 1945: Bombardment & Invasion Of Tokashiki, Okinawa](http://www.bradford-delong.com/2015/03/liveblogging-world-war-ii-march-27-1945-bombardment-invasion-of-tokashiki-okinawa.html) * [Live from the Ferry... Continue reading
Posted 3 days ago at Brad DeLong's Grasping Reality...
Oh, this is going to be fun! Let's start with J.W. Mason: **J.W. Mason**: [The Call Is Coming from Inside the House](http://slackwire.blogspot.se/2014/07/the-call-is-coming-from-inside-house.html): "Economists don’t listen to themselves.... Liberal economists like Krugman who want the state to take a more active role in managing the economy continue to teach an economic theory that has no place for activist policy... >...One of Krugman’s bugaboos is the persistence of claims that expansionary monetary policy must lead to higher inflation.... As an empirical matter, of course, Krugman is right. But where could someone have gotten this idea that an increase in the money supply must always lead to higher inflation? Perhaps from an undergraduate economics class? Very possibly--if that class used Krugman’s textbook. >Here’s what Krugman's *International Economics* says about money and inflation: >>A permanent increase in the money supply causes a proportional increase in the price level’s long-run value.... On average, years with higher money growth also tend to be years with higher inflation.... A permanent increase in the level of a country’s money supply ultimately results in a proportional rise in its price level but has no effect on the long-run values of the interest rate or real output... Let me interrupt... Continue reading
Posted 3 days ago at Brad DeLong's Grasping Reality...
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**John Maynard Keynes**: [The General Theory of Employment, Interest and Money: 22. Notes on the Trade Cycle](https://www.marxists.org/reference/subject/economics/keynes/general-theory/ch22.htm): "The essential character of the Trade Cycle, and, especially, the regularity of time-sequence and of duration which justifies us in calling it a cycle... >...is mainly due to the way in which the marginal efficiency of capital fluctuates.... By a cyclical movement we mean that as the system progresses in, e.g., the upward direction, the forces propelling it upwards at first gather force and have a cumulative effect on one another but gradually lose their strength until at a certain point they tend to be replaced by forces operating in the opposite direction... until they too, having reached their maximum development, wane and give place to their opposite.... [And] the substitution of a downward for an upward tendency often takes place suddenly and violently, whereas there is, as a rule, no such sharp turning-point when an upward is substituted for a downward tendency.... >The marginal efficiency of capital depends... on the existing abundance or scarcity of capital-goods... the current cost of production... [and] current expectations as to the future yield.... But, as we have seen, the basis for such expectations is very precarious...... Continue reading
Posted 3 days ago at Brad DeLong's Grasping Reality...
**Live from the Federal Reserve Bank of San Francisco:** The first day in months when San Francisco feels like San Francisco rather than like San Diego! The Fog City climate has its definite charms--especially if there are sufficient outside propane heaters so one can sit outside and watch the fog billow about one... Continue reading
Posted 3 days ago at Brad DeLong's Grasping Reality...
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[**Over at Equitable Growth**][1]: ...the U.S. economy will have grown at a rate of: * 2.8%/year over the past four quarters. * 2.5%/year over the past eight quarters. * 2.2%/year over the past twelve quarters. [**READ MOAR**][1] [1]: http://equitablegrowth.org/?p=10127 If you think that the growth rate of potential output post-2009 is 2.2%/year, we are in exactly the same position relative to potential output that we were in March of 2012. And thus monetary and fiscal policy looking forward should be the same now as they should have been in March of 2012. And if you think that the growth rate of potential output post-2009 has been less than 2.2%/year, you need to explain why--and you need to explain why it has not been due to low-pressure-economy policies, and why given that high-pressure economy policies right now are not a no-brainer. Continue reading
Posted 3 days ago at Brad DeLong's Grasping Reality...
[Bombardment & Invasion Of Tokashiki, Okinawa, 03/27/1945](https://archive.org/details/NPC-11205): Continue reading
Posted 3 days ago at Brad DeLong's Grasping Reality...
**Live from the Ferry Building: Sand Faria**: [Medium Publish Button Checklist](https://medium.com/writing-cooperative/medium-publish-button-checklist-10b018a6a9fa): "TL ; DR... >...[ ] Finality — Is it finished? [ ] Purpose — Is it worthwhile? [ ] Too Short? — Anything lacking? [ ] Too Long? — Anything redundant or superfluous? [ ] Too Shallow? — Not enough supporting content? [ ] Too Deep? — Too much supporting content? [ ] Simplicity — What does Hemingway say? [ ] Quality — Sleep on it? Proof read? Crowd edit? [ ] Publicity — Share? Cross post? Guest post? Continue reading
Posted 3 days ago at Brad DeLong's Grasping Reality...
**Evening Must-Read: Michael Strain**: [How to Cut Taxes and Help the Poor](http://equitablegrowth.org/?p=10116): "Many tax expenditures are obscure. But several are familiar to large swaths of Americans, including the mortgage-interest deduction.... >Who benefits from this subsidy?... In 2013, the mortgage-interest deduction cost a whopping $70 billion, nearly three-quarters of which accrued to households with income in the highest 20 percent of the population, with 15 percent going to the top 1 percent.... More than half of the tax benefits from the 10 costliest tax expenditures were enjoyed by households in the top 20 percent. Seventeen percent of the benefits accrued to the top one percent. We should move the tax code away from spending money on high-income Americans... phase out the mortgage-interest deduction and the tax exclusion for employer-provided health care... keep the tax deduction for charitable contributions and the child tax credit.... What to do with the extra revenue?... Use much of it to lower tax rates as a way to encourage work and investment... use some of the money to encourage work.... Only four in 10 high-school dropouts have a job... the low wages less-educated Americans can command in today’s labor market... expand the Earned Income Tax Credit (EITC)....... Continue reading
Posted 4 days ago at Brad DeLong's Grasping Reality...
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**Laura Ingalls Wilder**: [February 18, 1911](https://kindle.amazon.com/your_highlights): "Conditions have changed so much in the country within the last few years that we country women have no need to envy our sisters in the city... >...We women on the farm no longer expect to work as our grandmothers did. With the high prices to be had for all kinds of timber and wood we now do not have to burn wood to save the expense of fuel, but can have our oil stove, which makes the work so much cooler in the summer, so much lighter and cleaner. There need be no carrying in of wood and carrying out of ashes, with the attendant dirt, dust and disorder. >Our cream separator saves us hours formerly spent in setting and skimming milk and washing pans, besides saving the large amount of cream that was lost in the old way. >Then there is the gasoline engine. Bless it! Besides doing the work of a hired man outside, it can be made to do the pumping of the water and the churning, turn the washing machine and even run the sewing machine. On many farms running water can be supplied in the house from springs... Continue reading
Posted 4 days ago at Brad DeLong's Grasping Reality...
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**Vox.Com**: [40 Maps That Explain the Middle East](http://www.vox.com/a/maps-explain-the-middle-east?utm_medium=social&utm_source=twitter&utm_campaign=voxdotcom&utm_content=thursday): Continue reading
Posted 4 days ago at Brad DeLong's Grasping Reality...
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**Wikipedia**: [Battle of Iwo Jima](http://en.wikipedia.org/wiki/Battle_of_Iwo_Jima): >At 18:00 on 16 March (25 days after the landings), the 5th Marine Division still faced Kuribayashi's stronghold in a gorge 640 m (700 yd) long at the northwestern end of the island. On 21 March, the Marines destroyed the command post in the gorge with four tons of explosives and on 24 March, Marines sealed the remaining caves at the northern tip of the island. >However, on the night of 25 March, a 300-man Japanese force launched a final counterattack in the vicinity of Airfield No. 2. Army pilots, Seabees and Marines of the 5th Pioneer Battalion and 28th Marines fought the Japanese force for up to 90 minutes but suffered heavy casualties (53 killed, 120 wounded). Two Marines from the 36th Depot Company, an all-African-American unit, received the Bronze Star. 1st Lieutenant Harry Martin of the 5th Pioneer Battalion was the last Marine to be awarded the Medal of Honor during the battle. >Although still a matter of speculation because of conflicting accounts from surviving Japanese veterans, it has been said that Kuribayashi led this final assault, which unlike the loud banzai charge of previous battles, was characterised as a silent attack. If... Continue reading
Posted 4 days ago at Brad DeLong's Grasping Reality...
**Today's Must-Must-Read: Ilyana Kuziemko et al.**: [What Do Americans Think Should Be Done About Inequality?](http://equitablegrowth.org/?p=10099): "While respondents who view information about inequality are more likely to believe that inequality is a serious problem... >...they show no more appetite for many government interventions to reduce inequality— with the notable exceptions of increasing the estate tax and the minimum wage. Our working hypothesis is that those surveyed alighted on the estate tax because it applies to many fewer Americans than respondents had assumed. And respondents favored increasing the minimum wage because doing so does not necessitate heavy government involvement... The survey reveals a deep mistrust of the federal government’s ability to administer programs effectively and efficiently even after confronted with the importance of these programs in alleviating poverty among those Americans at the bottom of the ladder... > Continue reading
Posted 4 days ago at Brad DeLong's Grasping Reality...