gives judges discretion and
encourages litigation, and which necessarily benefits the party with more
wealth who is more able to finance litigation. In the area of land-use,
such a circumstances almost always benefits the State as against individual
landowners. An unfortunate result.
David Shemano
who said something like capitalism is
judged by its results, but communism is judged by its promises. That never
seemed fair to me.
David Shemano
David,
I have been away for several days, and clearly
this thread has gone all over kingdom come. I also
understand
even more material wealth? And is that not a constant across history,
culture, and economic system?
David Shemano
Ian Murray wrote:
Not that we need to embrace asceticism by any means, by why was/is
Buddha the exception and not the 'rule' in dealing with the psychology
of wealth?
I don't know. Maybe you should try an evolutionary psychology list. They
have an answer for everything.
David Shemano
maintain the equilibrium you could
theoretically create by eliminating private property.
David Shemano
David S. writes:
I am trying to think this through. Let me summarize my understanding of the
discussion. Your original argument was that the elimination
and prosperity came to a horrific end. Unless we
act with complete success in the coming years, I think we may soon find out.
David Shemano
to stop it?
David Shemano
gardens? I mean, there are plenty of senior
citizens, but how many historic olive gardens do you come across?
David Shemano
to strenghten the dollar relative to other currencies.
David Shemano
of the unit of account. Conversely, if 50
apples were destroyed in a fire, the price would also increase to $2.00, but
that would not be, in my view, an example of monetary inflation, because the
price change reflects a change in the quantity of the actual goods and
services.
David Shemano
to conflate the two (increases and decreases
in the quantity of the unit of account as compared to increases and
decreases in the quantity of goods and services).
David Shemano
years. Runaway slaves could not be
returned to the master. Slaves could not be worked on the Sabbath. It was
a crime to beat a slave to death. Certain physical harm resulted in the
slave being freed. There were no comparable laws in the Greco-Roman world.
David Shemano
Regarding the prior and current discussion of Fed policy, the high dollar,
etc., please read the attached Jude Wanniski column from today entitled
Greenspan Undermines the AFL-CIO!!, the title of which alone may perk the
interest of some of you.
http://www.polyconomics.com/
relative to other
commodities. Remember, prior to 1971, when Nixon severed the link, there
was little price gyration in oil (or other commodities generally) remotely
comparable to what occurred after 1971.
David Shemano
love your phraseology -- you are in favor of
dispassionate long-term planning, while I am presumably against that and in
favor of emotional short-term anarchy. If that is the choice, I am 100% in
agreement with you. Now, about the details . . . .
David Shemano
supply was at the complete mercy of the limited
wisdom of fallible human beings, and we got the monetary chaos we have
experienced for the past 30 years.
David Shemano
.
David Shemano
does not allow for the
elasticity of credit that capitalism needs?
How about some gold standard quotes from Das Kapital? I understand Karl was
a bit of a gold-bug himself.
David Shemano
Doug Henwood writes:
How about some gold standard quotes from Das Kapital? I understand Karl
was
a bit of a gold-bug himself.
In vol. 1, yes. But in vol. 3, there's lots of juicy stuff about
credit. It's risky to get your Marx via Jude Wanniski.
manipulate interest rate
counter-cyclically to the strength/weakness of the economy. In other words,
the present Fed believes it should destroy the village in order to save it.
David Shemano
know something about economics.
David Shemano
the economy? A gold standard will stabilize the value of the
currency, which will help facilitate market transactions, but the economy
will still be subject to fiscal policy, regulatory policy, war, natural
disaster, technological change, revolution, etc.
David Shemano
of capitalism)?
David Shemano
Jim Devine writes:
I think one problem is that you seem to assume that capitalism is merely a
bunch of mutually-beneficial exchanges between individuals. This misses the
class and expansionary nature of capitalism.
Where did this come from and what does this have to do with the topic at
hand?
or the wrongness is not dependent on what I assume capitalism
is or is not.
David Shemano
from the money supply, and you can decrease interest rates
simply by pumping money into the system. If there is anything we have
learned over the past 30 years, it is that maybe you can fool lenders once
or twice, but you cannot do it as a sustained policy over time.
David Shemano
explain what I am misunderstanding.
David Shemano
. The problem is that the masses want bread and
circuses, but don't want to pay taxes. That puts great pressure on
governments to inflate the money supply, so governments do not like the gold
standard. The mechanism is the easy part.
David Shemano
happy to oblige.
What are the good reasons for not having a gold standard?
David Shemano
for Harvard students, he
said. I'm writing basically for Aristide and Hosni Mubarak and Gloria
Arroyo and Fox. Political leaders know this isn't a one-shot idea. They know
it amounts to a revolution.
David Shemano
and fall in response to shifts in supply and demand
curves, but they will not rise because of an increase in the unit of
account. What am I conflating?
David Shemano
confronts us with the limitations on
the possibility of peaceful transition to democracy and reminds us of open
and violent conflicts that have preceded its establishment.
David Shemano
with you. But the
libertarian side of me believes that any proposed cure would be worse than
the disease.
If we eliminated lawyers, what would aggressive, argumentative, anal,
overeducated liberal arts types do?
David Shemano
reactionary, I have to ask, does this mean that the
anarchists do not do readings of Bastiat and Henry Hazlitt at their strategy
sessions?
David Shemano
-
The Broken Window
LET US BEGIN with the simplest illustration possible: let us, emulating
Bastiat, choose a broken pane of glass.
A young hoodlum
?
David Shemano
can do is look at his actions, the consequences of
his actions, and then make a judgment.
So I ask again, why do you believe the deaths should be treated differently?
David Shemano
justification for his actions.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Michael Perelman
Sent: Thursday, August 16, 2001 9:30 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:15958] Re: Re: Fw: The Fall of 'Challenge'?
David, have been
as:
Criminal homicide constitues murder when:
(a) it is committed purposely or knowingly; or
(b) it is committed recklessly under circumstances manifesting extreme
indifference to the value of human life.
David Shemano
-Original Message-
From: [EMAIL PROTECTED
.
David Shemano
to spend the additional 2% of GDP (let alone the
existing 5% of GDP), to reduce childhood poverty, or cleanup the
environment, or cut taxes. But that decision will not be allowed, because
of this generation's decisions. Where is the justice in that?
David Shemano
for their own
subsistence. If I was sitting on the jury, that is blindly running a red
light or worse.
David Shemano
In reply to Charles:
CB: You haven't proven the fact you assert.
If my facts were true, would it make any difference to you?
David Shemano
In reply to Charles:
CB: If your facts were false, would it make any difference to you ?
I would acquit Lenin of premeditated murder of the peasants if he did not
order the taking of the subsistence food. It would not change my overall
impression of Lenin and his rule.
Now you answer.
David
In reply to Charles:
CB: I would acquit Lenin of homicide on the defense of necessity. It
would not change my opinion of Lenin and his leadership.
Res ipsa loquitor.
David Shemano
would have
had the moral upper hand, and I would have supported him. But if he did
that, he probably would have lost, so he chose the "count every Democratic
vote" strategy. He deserved to lose after that.
And that's how this bourgeois Republican thinks.
David Shemano
of the story, subjecting
them both to critical examination and reaching an independent conclusion.
It's my own version of the dialectical process.
It's also fun watching lefties arguing with lefties.
David Shemano
s applications (Word,
Explorer, etc.).
David Shemano
At 09:37 AM 12/6/00 -0800, you wrote:
It's also fun watching lefties arguing with lefties.
so we have to be on our best behavior...
Don't change for me. I promise not to reveal anything to the members of the
vast right-wing conspiracy.
David Shemano
ns, I would be happy to answer as best I can.
David Shemano
Korea from 194? to present.
4. Rulers of Cuba from 1959 to present.
5. Rulers of China from 1949 to present.
6. Every ruler of an African country since 1960 whoever quoted Marx.
Take care,
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED
ecision
making regardless of the results of the decision making, then you have
chosen an end which I do not share.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Lisa Ian Murray
Sent: Wednesday, December 06, 2000 2:20 PM
To: [EMAIL PROTECTED]
Su
of their misery. I am quite aware of
the "external" effects of private decisions in a very practical sense. Feel
free to take advantage of my perspective if you think it would be helpful to
advance your own understanding.
Take care,
David Shemano
cynical.
In the abstract, I don't blame Gore for litigating under the
circumstances. But the original question was why Republicans are not
wishy-washy about the issue. I hope this explains why.
David Shemano
-Original Message-From: [EMAIL PROTECTED][mailto:[EMAIL PROTECTED]]On
Behalf O
es -- which all goes
to show the absurdity of allowing losing candidates to pick and choose county
manual recounts in a statewide election.
David
Shemano
-Original Message-From:
[EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On
Behalf Of Joel BlauSent: Thursday, December 07, 2000
and others who would identify themselves as
conservative.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Mikalac Norman S
NSSC
Sent: Friday, December 08, 2000 4:58 AM
To: '[EMAIL PROTECTED]'
Subject: [PEN-L:5852] RE: RE: Re: Private Property
concentration camps, the Soviet Bloc. I will bet there are
even black markets in North Korea, for goodness sake.
Is that an interesting factual phenomena from your perspective? Is it
relevant to whether markets are natural and inherent in human relations, or
merely artificial creations?
David Shemano
list devote considerable
time attempting to determine when and where "capitalism" originated in
15-17th Centuries. But black markets/smuggling is a pervasive presence back
to ancient times. If so, why would left economists conclude that black
markets are intrinsic to capitalism, as opposed to all economic systems?
David Shemano
In reply to Jim and anybody else:
Before I ask other questions, please provide me with a brief answer to the
following very basic question. I realize the answer will lend itself to
something much more comprehensive, but bear with me.
We all apparently agree that "markets" exist since the
m "bad demand?" If so,
what is that ethical system?
Thanks,
David Shemano
What do you want to know?
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Michael Perelman
Sent: Thursday, December 14, 2000 8:48 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:6180] Re: Re: Question for the Lefties -- II
Maybe we should stop
ds, the "criticism" of
capitalism, at least in this example, is dependent on a preexisting moral
judgment which seems to be completely untethered to any economic analysis.
If so, isn't your criticism of capitalism dependent more on debatable
ethical judgments as opposed to empirical economic results (at least in that
example)?
David Shemano
tax cut from Bush, I'm voting for Nader next time.
David Shemano
I was thinking that we could make a list
of the numerous theories that purported
to explain the rise and fall of economic
activity (and the rate of growth of
productivity) over the years. I thought
we could consider how
not believe that growth
causes inflation. In general, inflation is viewed strictly as a monetary
phenomena.
I hope this partially answers your questions.
David Shemano
Review Online.
http://www.nationalreview.com/kudlow/kudlow122000.shtml
David Shemano
e position that regulated lower prices creates an artificially high
demand level?
Thanks,
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of
[EMAIL PROTECTED]
Sent: Tuesday, December 26, 2000 8:27 AM
To: [EMAIL PROTECTED]
Subject: [PEN-
David Shemano, like most economists, particularly right-wing
economists just doesn't get it. Raising the price of energy through
these mechanisms only transfers income from the poor to the rich
owners of the power utilities and gas companies. Since there are
no alternatives to power to heat
the state of affairs
created by a market should be given no greater weight as an ideal than the
state of affairs created by choosing prices out of a hat because they are
both artificial.
David Shemano
ng with
"running dog" in it would be nice.
Seriously, do people really get upset over email postings from people they
don't know? The thought is incomprehensible to me.
David Shemano
hat the market price does not provide intrinsically valuable information.
David Shemano
For those interested, enclosed are conservative analyses of the California
energy crisis:
http://www.opinionjournal.com/editorial/feature.html?id=75000389
and
http://www.latimes.com/news/comment/20001228/t000123514.html
I would be interested in your critique.
David Shemano
I am sure there
are a host of others. But if you are going to argue that the chaos in
California evidences that deregulation is empirically inefficent compared to
regulation or public ownership measured by the standards set by a market
economy, I don't see it. Maybe you can convince me.
Dav
mere rhetoric in order to link the idea of
"deregulation" to the chaos? Or is the language gulf between us so great
that you and I are using the word "deregulation" in totally different ways?
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTEC
President Clinton's policies as a contributor to economic growth?
David Shemano
You may be interested in the following supply-side analysis of the Clinton
years, which addresses certain of the topics you are discussing:
http://www.polyconomics.com/searchbase/08-18-00.html
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED
that the purpose of politics is to enact policies that you
know are bad so that you can be reelected in order to enact policies that
you know are bad?
David Shemano
long-term investments, or for debt as opposed to equity investments, and
(2) the aggregate economic consequences of a change in preference. I think
the latter question is what triggered this whole discussion and I am
interested in an answer from your perspective.
David Shemano
are empirical studies of the issue. But the fact that the
amendment has remained unchanged since 1984 is fairly good evidence that
both the corporate and union communities are satisfied with the status quo.
David Shemano
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
Westinghouse reneged on its contract for uranium purchases because the
price had gone up too much?
On Mon, Jan 15, 2001 at 01:10:49PM -0800, David Shemano wrote:
I asked David earlier if he would teach us about bankruptcy. Here is my
question. As Doug Orr has written discussed, bankruptcy is often used
Mr. Brown:
As I previously stated, my primary reason for participating on this list is
to understand how lefties think. Therefore, if you don't mind, please
explain why you posted these articles to this list. Why are they
interesting to you? What is their relevance? Thanks.
David Shemano
You should all be happy to know that my firm is now representing an energy
producer that sells electricity to the utilities and is owed several hundred
million dollars. Cross your fingers that the present negotiations are
unsuccessful and a bankruptcy ensues.
David Shemano
-Original
drain
and they are now out of cash.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Michael Perelman
Sent: Wednesday, January 17, 2001 2:38 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:7075] Re: RE: Bankruptcy again
David, how could
ing to win.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Eugene Coyle
Sent: Thursday, January 18, 2001 6:37 AM
To: [EMAIL PROTECTED]
Subject: [PEN-L:7099] Re: Re: Re: RE: Bankruptcy again
I shouldn't be as flip as I was a minute ago. Ther
, their assets are going to exceed their
liabilities. But because those assets are illiquid, and the banks are
refusing to extend credit based upon the value of those illiquid assets,
they cannot pay their bills as they come due.
David Shemano
-Original Message-
From: [EMAIL
rent story.)
Thank you and the others for the compliment. I appreciate the level of
discussion.
David Shemano
and
thereby made some serious enemies, as Dough Henwood's article states. The
fact that Marc Rich was pardoned and Milken was not is conclusive proof that
Clinton is really as corrupt as he appears.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED
nd
thereby made some serious enemies, as Dough Henwood's article states.
I could use some dough. Wanna send some?
---
Here is Milken's website. Send him an email with your request. He appears
to be very generous.
http://www.mikemilken.com/index.html
David Shemano
I should note that my best friend is friends with the Milkens. I don't know
Milken personally, but based on my friend's report and other reports,
Milken, while as financially sophisticated as anybody alive, is truly
politically and socially naive, extremely honest and believes in his social
missi
Michael --
Without arguing about what Milken actually did as opposed to what he was
accused of doing, give me a hypothetical example of how a pension fund, for
example, would have been harmed.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED
capitalism. Hey,
this is a left-wing list -- who am I to argue about that?
But that was not my question. What did Milken, as opposed to every other
bond trader, do to justify imprisonment, or at least specific criticism?
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto
. Milken acted as the broker in order to convince the investors that
there would always be a liquid market for the bonds.
Now tell me, what did Milken do wrong? You are being way too vague.
David Shemano
Michael --
All I am asking for is an example of how Milken did anything "fraudulent."
I am sure that there were unsavory people who invested with Milken, but that
should not be imputed to Milken. It was certainly not grounds to imprison
him.
On to the next topic.
Dav
of SLs. But don't confuse cause and
effect -- Milken and the junk bond market were not created by banking
deregulation, but deregulation did create a set of buyers of bonds.
David Shemano
available, which
means that the available pool of capital for entrepreneurs has been
dramatically increased.
David Shemano
arket, instead of buying shares off Drexel's
shelf at market price."
Michael, I understand you find Milken and his activities distasteful. But
this man was actually sent to prison and I would hope even left-wingers
would agree that a wealthy man should not be sent to prison without cause.
David Shemano
d wealth.
I suppose the bottom line is that Milken will be the Alger Hiss of his time
and will be argued about for generations based upon ideology.
David Shemano
native progress
indicators" (to the extent they can be isolated from GDP growth), what would
be your conclusion? Is there any better way to judge what people actually
value other than to observe migrations?
David Shemano
that you cannot examine migrations in a macro sense and obtain
valuable information regarding what people desire and value?
David Shemano
The California Assembly failed to pass the utility bailout last night
because of lack of Republican support for rate increases. Does this mean
California lefties will be voting Republican in the next election?
http://www.newsday.com/ap/text/national/ap865.htm
David Shemano
The following is an interview with Hernando de Soto, the author of "The
Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere
Else": http://www.christianitytoday.com/bc/2001/001/6.24.html
Any general or specific critique would be appreciated.
David Shemano
of contract
and property rights as the impediment to the poor.
David Shemano
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