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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
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**Richard Feynman**: _Math and Science_: "I’m going to describe to you how Nature is—and if you don’t like it, that’s going to get in the way of your understanding it... >...It’s a problem that physicists have learned to deal with: They’ve learned to realize that whether they like a theory... Continue reading
**Should-Read:** We are narrative-loving animals. It's how we think. We are jumped-up East African Plains Apes, only 3000 generations removed from those who first developed language, trying to understand the world as monkeys with, as Winnie-the-Pooh would say, “very little brain”. We are lousy at remembering lists—that is why we... Continue reading
**Should-Read: Xavier Jaravel**: _[The Unequal Gains from Product Innovations: Evidence from the US Retail Sector][]_: "From 2004 to 2013 higher-income households systematically experienced a larger increase in product variety and a lower inflation rate for continuing products... [The Unequal Gains from Product Innovations: Evidence from the US Retail Sector]: http://scholar.harvard.edu/files/xavier/files/jmp_xjaravel_dec26.pdf... Continue reading
**Should-Read: Larry Summers**: _[Disillusioned in Davos][]_: "I am disturbed by (i) the spectacle of financiers who three months ago were telling anyone who would listen that they would never do business with a Trump company... [Disillusioned in Davos]: https://www.ft.com/content/290f05c8-0260-3396-86e4-d9d2095aa1a4 >...rushing to praise the new administration; (ii) the unwillingness of business... Continue reading
That certainly works well... Sincerely yours, Brad DeLong
1 reply
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**John Scalzi**: _[The New Year and the Bend of the Arc][]_: "As we begin 2017... >...there is something I’ve been thinking about, that I’d like for you to consider for the new year. It starts with a famous quote, the best-known version of which is from Martin Luther King, but... Continue reading
**Must-Read:** Looking forward at the Trump administration, it now seems very clear that under the Trump administration policy will be: * random * unmotivated by technocratic effectiveness * very interested in cutting taxes for the rich * very interested in entrenching the economic position of the rich who have Trump's... Continue reading
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**Over at [Equitable Growth](http://EquitableGrowth.org): Must- and Should-Reads:** * **Duncan Black**: _[Conservative Health Care Plan][]_: "Liberal Trump fanfic scenarios aside... * **Kevin Drum**: _[Why Do Republicans Hate Obamacare?][]_: "Why the continued rabid opposition to Obamacare?... * **Nick Rowe**: _[AD/AS: A Suggested Interpretation][]_: "Many macroeconomists don't like the Aggregate Demand/Aggregate Supply framework....... Continue reading
**Should-Read: N. Gregory Mankiw and Lawrence H. Summers** (1984): _[Are Tax Cuts Really Expansionary?][]_: "If consumer spending generates more money demand than other components of GNP... [Are Tax Cuts Really Expansionary?]: http://www.nber.org/papers/w1443 >...then tax cuts may... increasing the demand for money, [may] depress aggregate demand. We examine a variety of... Continue reading
**Note to Self:** I always find it interesting that Friedman and the monetarists formulated money demand as a function of income rather than of private spending, or even of private consumption spending. You don't need or want money when your income is high, unless you want to spend it. And... Continue reading
**Should-Read:** A (mostly) smart piece by Nick Rowe. But it is not wrong to start with Knut Wicksell, as long as you get to Irving Fisher. And C+I+G+(X-M)=Y is a way of starting with Wicksell--that's why John Hicks called it the "IS Curve". Many might find it clearer to start... Continue reading
**Better Living through Chemistry**: My first caffeinated coffee drink in two weeks--and only my third in a month and a half. WHEE!!!! Continue reading
**Live from the Land of Deferred Maintenance**: Here at Berkeley, Evans Hall needs eight elevators. It has five elevators. But now, due to deferred maintenance and to "renovations", it has only three... As a result, even though it is the third day of classes, the fifth and sixth floors of... Continue reading
**Should-Read: Duncan Black**: _[Conservative Health Care Plan][]_: "Liberal Trump fanfic scenarios aside... [Conservative Health Care Plan]: http://www.eschatonblog.com/2017/01/conservative-health-care-plan.html >...the conservative plan for health care is "if you can't pay for it, you suffer and then die." This could be modified slightly to setting up a system by which your income is... Continue reading
**Should-Read: Kevin Drum**: _[Why Do Republicans Hate Obamacare?][]_: "Why the continued rabid opposition to Obamacare?... [Why Do Republicans Hate Obamacare?]: http://www.motherjones.com/kevin-drum/2017/01/why-republicans-hate-obamacare >...It's not because the government has taken over the health care market. On the contrary, Obamacare affects only a tiny part of the health insurance market and mostly relies... Continue reading
_[Anger is more useful than despair][]_: [Anger is more useful than despair]: https://www.youtube.com/watch?v=jeIy2MHZ0xE&ab_channel=KulOusemnes Continue reading
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**Over at [Equitable Growth](http://EquitableGrowth.org): Must- and Should-Reads:** * **JEC**: _[The Next New Macro][]_: "The seeds of disaster... lay... * **João Amador and Sónia Cabral**: _[Networks of Value-Added Trade][]_: "Global Value Chains have become the paradigm... * **Equitable Growth**: _[Third Annual Class of Grantees][]_ * **Bridget Ansel**: _[Across developed countries, family... Continue reading
**Live from Massively Dysfunctional California Hall:** I can think of nothing worse for alumni relations, development, and fund-raising in the long run than this kind of disruptive nickel-and-diming of students. Harvard finally realized this: it got rid of the infamous "red dot". Berkeley has not. You don't have to have... Continue reading
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**Live from the Cage of the Orange-Haired Baboon: Phil Mattingly**: _[On Twitter: "Asked Senate HELP Chair Lamar Alexander][]_ if he'd spoken to Trump or his team about the president-elect's healthcare plan: 'I have not.'" [On Twitter: "Asked Senate HELP Chair Lamar Alexander]: https://twitter.com/Phil_Mattingly/status/821460020944637952 Continue reading
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**Live from Planet Gutenberg:** The day's book haul. These both look very good. Unfortunately, the first day of classes is absolutely the last day you want your book showing up in my mailbox in the form of a review copy... **James Kwak** (2016): _[Economism: Bad Economics and the Rise of... Continue reading
**Live from the Orange Haired-Baboon Cage: Ken Miller**: _[Understanding Our New President’s Priorities through Twitter][]_: "Trump’s favorite individual topic... communications that disparage the media in some way (particularly the NY Times and CNN), and posts related to his “Thank You” rallies... [Understanding Our New President’s Priorities through Twitter]: https://techcrunch.com/2017/01/16/understanding-our-new-presidents-priorities-through-twitter/ >...8... Continue reading
**Should-Read: João Amador and Sónia Cabral**: _[Networks of Value-Added Trade][]_: "Global Value Chains have become the paradigm... [Networks of Value-Added Trade]: http://voxeu.org/article/networks-value-added-trade >...Bilateral gross trade flows no longer accurately represent interconnections among countries.... Examine... the profile of Germany, the US, China and Russia as suppliers of value added.... We took... Continue reading
**Should-Read: JEC**: _[The Next New Macro][]_: "The seeds of disaster... lay... [The Next New Macro]: https://meansquarederrors.blogspot.com/2016/09/the-next-new-macro.html >...in how easily New Classical-style models could be tweaked to get Keynesian behavior.... The mess in macro did not come about because some economists committed to a modelling style which turns out to yield... Continue reading
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**Over at [Equitable Growth](http://EquitableGrowth.org): Must- and Should-Reads:** * **Kenneth Arrow et al.:** (2004): [Are We Consuming Too Much?](https://www.aeaweb.org/articles?id=10.1257/0895330042162377): "We consider two criteria for the possible excessiveness (or insufficiency) of current consumption... * **Christoph Lakner and Branko Milanovic** (2013): [Global Income Distribution: From the Fall of the Berlin Wall to the... Continue reading
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**Live from the Orange-Haired Baboon Cage:** If you voted for Trump, you are dead to me... Continue reading
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