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Bill Ellis
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“rents embedded in the system” ? Is this synonymous with path dependency? I tied to google the phrase and came up with nothing.
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In defence of Noah... I do not agree entirely that, "We cannot redistribute respect unless we remove sources of material inequality." I do believe that without altering material inequality we can, in degree, change the norms towards how we see and treat those who work hard yet don't make much money toward the positive. And that in changing those norms it will make it easier to change policies to address inequities in wealth. There is an element of a negative feedback loop to this issue and it is better to try and effect change on both ends than to just focus on one. One more thing I would add... No matter how much a society respects those who work hard---A person that works hard, yet can't support their family will have a hard time respecting themselves. And a society where people don't have self-respect will be dysfunctional. Any economic models built on "rational expectations" will be useless fantasies. A living wage is necessary for a market economy to function properly. I know that idealized models can show that imposing a living wage is detrimental. But what does the empirical evidence show? If we look at market based economies and the times and places where there was/is , De facto or De jure, a living wage--we find vibrant functional economies.
Toggle Commented Jan 2, 2014 on Respect at Stumbling and Mumbling
I guess we it is not too early to be ready for the day when the elites who will forever cling to their old ideas, die away and make room for a new generation of more enlightened elites. They certainly can't be persuaded or displaced. I fear the unnecessary pain will continue for much too long. Sadly, we have time to come up with the "Big Theory".
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I did not even know there was an election !.. But he would have gotten my vote too. Awesome article. I was happy to see a spate of articles address this lately. Thoma's is the best.
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There is always an elite that comes to power. There is always a hegemon. Some are more benevolent than others.
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Sounds like Matt is saying... Fiscal stimulus is ineffective because of political realities... But monetary stimulus is better because all we have to do to make it work is to radically change political realities. Makes sense ? Matt's recommendations is his last paragraph are no more likely to happen than an adequate level of fiscal stimulus. A huge sustained effort will be required to change political realties to get better Fiscal and/or monetary policy. And as Matt observed, any policy prescription's efficacy WILL be diminished by the nature of politics. So the right thing to do is support both approaches as to get the best we can out of both. The urgency of chronic high unemployment demands it. Unless one has very strong objections to one approach or the other... (Matt as far as I can tell does not...just like most the economist I read )... bashing the other camp with petty objections in what is basically bragging rights contest is reckless.
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Personally, I think we are hard wired so some of us will see the world, (data) in different ways than than others of us. When data is incomplete and complex this tendency flourishes. I lean Keynesian. A lot of his stuff seems axiomatic to me. And I know through conversations on threads like these that a lot of Austrians, MMT'ers, Market Monetarist or whatevers feel and act as if their views are axiomatic too. We all hear the ring of truth... but it is not the same ring tone for all of us. I was a Keynesian before I ever heard of John Maynard Keynes. As a Kid I tried to ponder econ. (Nixon's price controls seemed like a great Idea to me. ) When I started to get a little education and encountered Keynes, I felt like he was saying what I trying to say. I felt like he had a grand view of something that I had only glimpsed. I bet something similar happened to a lot of us.
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One of the questions in particular is a bit vague. Q18..." Do you believe that the pharmaceutical industry is in league with the medical industry to “invent” new diseases in order to make money, or not? " This kinda sounds like they are in labs making new bugs... But I do believe that it is a fact that some conditions that were never considered big problems have been elevated to "disease" status, been given new medical sounding names, and have had profitable medicines developed to remedy them.
Well, I would leave "Beer with Demos" OFF your list. I checked it out because the name sounded fun. It is a Wingnut village. If I was drinking with these guys a fight might break out.
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Who is taking whom hostage ? Pointing fingers it the best the GOP can do.
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I would love to see Warren speak out against the Obama Idea of cutting Social Security to make a deal with the Repubs over letting the Bush tax cuts expire.
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I got kinda obsessed with this map. I compared it with lots other political maps. I still do. One thing I found out is that this map corresponds fairly well with the large concentrations of United States' poorly educated white population. It is not a shocking revelation to be sure...but it is not spoken of much. It's one more confirmation that Ignorance and lack of intelligence makes people susceptible to prejudice. Prejudice and bigotry are nothing more than a mental crutch for the weak minded. When divining reality, Prejudice allows the weak and lazy to leave the bulk of the myriad of information we are bombarded with unexamined and dismissed. With the aid of Bigotry one only has to determine a few narrow things, (race, party etc...) and then everything fits neatly into predetermined self-aggrandizing assumptions... assumptions that are held as fact by those who hold them.
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Bang Bang Bang...That it the sound of Sumner beating his head against the wall. Every time I think he does not make sense, I go read him and doubt things again.
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If you have not yet seen "THE INEQUALITY SPEECH THAT TED WON'T SHOW YOU". Here it is... http://www.youtube.com/watch?v=bBx2Y5HhplI&feature=share
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There is something kinda Orwellian about this bit: "The results of the study were consistent with previous studies that show that individuals with more egalitarian values disagree sharply with individuals who have more individualistic ones... " What continuum runs from Egalitarian to Individualistic ? Egalitarian to self-centered or conformist to individualistic are logical continuums. Either "egalitarian" or "individualistic" have been employed euphemistically. My money is on the latter. In America there is a taboo against calling the selfish, selfish...but not so much against calling egalitarians thieves.
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May 28, 2012