"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"

- Tyrion Lannister


"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."

- Jorah Mormont


"These bad people are what I'm good at. Out talking them. Out thinking them."

- Tyrion Lannister


"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."

- Michael Barone

Saturday, April 19, 2014

Krugman on Picketty




secstags or policy-induced paralysis

When It Comes to Generating Jobs It Pays Not to Listen to the Experts
It is remarkable that no country has outlawed economics as a dangerous occupation on a par with drug dealing or murder for hire. The damage done to the world over the last seven years based on policies designed by economists has been incredible. 
Floyd Norris documents this fact in a nice piece comparing the change in employment rates (the percentage of the population employed) in rich countries since 2007. The only two countries with higher employment to population ratios today than at the start of the downturn are Germany and Japan. Both countries have broken with the economic orthodoxy in important ways. 
In Germany, the government has adopted policies that encourage employers to keep workers on the payroll by cutting back hours rather than laying them off. As a result, their unemployment rate is almost three percentage points below its pre-recession level even though its growth has actually been somewhat slower than in the United States. 
Japan has adopted a policy of aggressive deficit spending even though its debt to GDP ratio is already more than twice that of the United States. It also has deliberately targeted a higher rate of inflation as a way of lowering real interest rates and reducing debt burden. As a result, it has created a number of jobs that would be the equivalent of more than 4 million in the United States. 
In short, ignoring the economic orthodoxy works. Listening to orthodox economists brings destruction to the economy and devastates peoples' lives.

Tuesday, April 15, 2014

Monday, April 14, 2014

Thursday, April 10, 2014

Piketty list

Why We’re in a New Gilded Age by Paul Krugman (5.8.14 issue)

The short guide to Capital in the 21st Century by Matt Yglesias (4.8.14)

THOMAS PIKETTY UNSUCCESSFUL ATTEMPTED SMACKDOWN WATCH: I FIND MYSELF DISAPPOINTED BY THE USUALLY-RELIABLE JAMES GALBRAITH AND PETHOKOUKIS by DeLong (4.6.14)

Kapital for the Twenty-First Century? by James K. Galbraith (Spring 2014 issue)

The New Marxism, Part Two  by James Pethokoukis (3.31.14)

Piketty on Capital: A Footnote by Henry Farrell (4.5.14)

Capital in the 21 Century: Still Mired in the 19th (See correction) by Dean Baker (3.9.14 / 4.5.14)

Philip Pilkington: Misdirection – Galbraith on Thomas Piketty’s New Book on Capital (4.3.14)

The Top of the World: An ambitious study documents the long-term reign of the 1 percent by Doug Henwood (April/May 2014 issue)

Piketty's Inequality Story in Six Charts by John Cassidy (March 26, 2014)

Dialogue: Eleven (so Far) Worthwhile Reviews of and Reflections on Thomas Piketty’s “Capital in the Twenty-First Century”: Wednesday Focus: March 26, 2014 by DeLong (3.25.14)

Fed exit

Monetary policy after quantitative easing: The case for asset based 
reserve requirements (ABRR) by Thomas Palley

The Americans


AV Club reviews The Americans: " Arpanet"



Piketty

Why We’re in a New Gilded Age by Paul Krugman


Wednesday, April 09, 2014

Baker and trade

Krugman, Greider, and the Continuing Saga of Sustained Secular Stagnation by Dean Baker

OVER AT THE WASHINGTON CENTER FOR EQUITABLE GROWTH: IN WHICH I AM PERTURBED BY KENNETH ROGOFF'S EVEN-HANDED HIPPIE- AND AUSTERIAN-PUNCHING: EARLY THURSDAY FOCUS ON WEDNESDAY by DeLong

The Central Bank

What Is Going on with the Federal Reserve?: Watching an Ongoing Discussion by DeLong
With unemployment above and inflation below its formal targets, Why is the Federal Reserve talking about withdrawing stimulus? Why is it talking about moving to a regime in which it is no longer purchasing long-term securities as part of quantitative easing? And why is it forecasting that it will begin to increase interest rates six months after quantitative easing ends?

The Secstags

A Model of Secular Stagnation by Gauti Eggertsson Neil Mehrotray

Piketty

The short guide to Capital in the 21st Century by Matthew Yglesias