Re: RE: Re: Re: RE: RE: Profit Rates -- FromMichael Ya tes

Davies, Daniel wrote: >To be fair, although there are known serious problems with depreciation, the >WorldCom and Global Crossing affaires aren't really relevant to the >statistics Doug quoted. The assets of WorldCom and Global Crossing are >worth exactly what they were worth before the meltdown

Re: Re: Regional planning and property rights

Michael Perelman wrote: >Is a law saying that I cannot grow marijuana on my land a taking? Of course not. Growing marijuana is illegal. Growing poppies because they're beautiful is legal, but if you grow them to make opiates, it's illegal. (Most garden-variety poppies contain opiates - there's

Re: RE: Re: military fiscalism and trickle downeconomics

Forstater, Mathew wrote: >Too many Keynesians (or closet Keynesians) do not deal >with these issues of the *composition* of aggregate or government >demand. Doesn't Joan Robinson have a pungent quote about how it was too bad that Keynes never asked what spending was for? Doug

Re: RE: day of reckoning for the dollar?

Max Sawicky wrote: >Bob Eisner used to point out that those holding dollar-denominated >assets who started to bail out ran the risk of taking a bath as the >process continued. How's that any different from any other speculative market? People sell stocks in a bear market, it drives the value of

Re: RE: Re: Re: Million demonstrators in France

Davies, Daniel wrote: >1) How does one use one's vote to "promote socialism" in a two-candidate >race between a conservative and a fascist? Didn't some people once say "After Hitler, us"? Doug

Re: RE: Oh Six

Devine, James wrote: >But we are seeing a >"proletarian recession," a steady and sustained rise in the unemployment >rate and, to AG's glee, a move toward above the NAIRU. He's even thinking of >hiking interest rates... Eh? How do you know? The collective wisdom of Wall Street is that no such h

Re: Re: Bob Pollin in the NYT

Ian Murray wrote: > > The NYT has an article questioning whether the recovery is real. >> > > http://www.nytimes.com/2002/05/05/business/yourmoney/05VIEW.html >> -- >=== > >Gee how'd he get quoted? He and the reporter, Louis Uchitelle, have known each other for years. Uchitelle d

Re: RE: Hetero Depts

Sabri Oncu wrote: >Why is it that we don't see any Hetero Depts at Ivy League >universities? Liza Featherstone & I discovered in researching our sweatshop economics piece for the late Lingua Franca that the only Marxist to have gotten a job at a prestige U.S. economics department in the last

Re: RE: Hetero Depts

Devine, James wrote: >The reason for the last qualification is that the University of Chicago >school of economics has especially low standards. A lot of their math isn't >virtuous at all. I heard this story recently from a Chicago grad student. The day Pinochet was arrested, a U of C economist

Re: Hetero Depts

Eric Guthey is a business historian of a progressive bent who teaches at the Copenhagen biz school. Doug Joshua Bragg wrote: >I was at the University of Copenhagen last year studying Economic >Development. I expected a very heterodox tradition considering the >enormous Danish aid program and

Re: RE: Re: Doug tells thetruth..........................

Max Sawicky wrote: >MJ: "The truth"about Doug 'I'm no pacifist' Henwood is that he, too, is in >favour of US policy, that is, Henwood favours the policy of bombing Afghan >towns and cities, he favours the random and/or mass slaughter of Afghanis, >he favours the destruction of whatever remains o

Re: Big bourgeoisie funding of "alternate media" onthe Internet

Speaking of which...Danny Schechter ("The Media Dissector"), one of the proprietor of Globalvision (which produced the TV show South Africa Now during the 1980s) and Mediachannel.org, was a delegate at the World Economic Forum in NYC this past Feb. Not a correspondent covering it, but a full-f

Re: Gates' $$ in Big Pharma

Eugene Coyle wrote: >FOUNDATION'S MOVES >companies valued at nearly $205 million -- an >investment likely to attract attention more for >its symbolism than its size. ¥ Gates >Fights > >Malnutrition With >The foundation, the nation's larges

Re: Re: good economics writing & abstraction

Michael Perelman wrote: >Doug does not belong on the list. He is not and has never been an >"economist." Sure, he can write now, but what about after a deadening 7 >years as an econ. grad student. Thanks for the clarification (and the kind words, Jim). But Krugman can write, even if he's less

Re: RE: good economics writing & abstraction

Alejandro Reuss wrote: >Thanks for the good press (I'm one of the editors at D&S). Is Michael Mandel, now at Business Week, a D&S alum (Dollars & Sense, that is, not dominance & submission)? Doug

Re: Hutton on Argentine crisis, IMF

Chris Burford wrote: >The areas in which the EU needs to protect [project? - CB] an idea >of a more liberal, multilateralist and just order are legion. Start >with finance. The world needs a genuine supranational financial >institution that monitors economic performance and stands ready to >p

Re: RE: Re: Re: Small and Imperfect Step toAlternative Text

Devine, James wrote: >the aggregate >production function, which Samuelson admitted years ago was fallacious Where'd he do that? Doug

new LBO stuff

Finally, after all too long an interval, I've uploaded some new stuff to the LBO website . As always, the articles are richly peppered with links. * Articles on the collapse of the twin neoliberal models - Enron

Re: interesting thought

Michael Perelman wrote: >"To convert the businessman into the profiteer is to strike a blow >at capitalism, because it destroys the psychological equilibrium >which permits the petpertuance of unequal rewards. The economic >doctrine of normal profits, vaguely apprehended by everyone, is a >neces

Re: RE: Japan

Forstater, Mathew wrote: >See Downgrading Japan, C-FEPS Policy Note 02/01 > >"It is no secret that the Japanese economy remains moribund, facing its >third recession in a decade and with rising unemployment, price >deflation, and persistently stagnant growth. And in spite of near-zero >interest r

Re: Markets and Diversity

Michael Perelman wrote: >In his presidential address to the American Economic Association, >Sherwin Rosen claimed that one of the benefits of the market is >its ability to provide diversity. Yet in a number of areas, >diversity is shrinking. Publishers resist printing books that >cannot sell at

Re: : Markets and Diversity

Justin Schwartz wrote: >>Bourdieu argues in his book On Television >> that >>competition produces sameness, not diversity. >> >>Doug >> > >What's his reasoning? Or is it just an observation? I would expect >it to depend on the circumstances.

Re: Re: : Markets and Diversity

Bill Lear wrote: >On Monday, June 3, 2002 at 14:39:44 (+) Justin Schwartz writes: >>[Doug Henwood writes:] >>>Bourdieu argues in his book On Television >>><http://www.leftbusinessobserver.com/Why_TV_sucks.html> that >>>competition produces sameness,

Re: Re: Re: : Markets and Diversity

Michael Perelman wrote: >Thanks for all of your responses. My intuition is that goods with very >small marginal production costs, such as books and television, tend to aim >for mass markets, while other types of goods try to be able to capture >expensive niches, often with the adjective designer

Re: Estimating Surplus

Eric Nilsson wrote: >For the NIPA aware. > >If you want to come up with a crude estimate for the total surplus generated >by capitalist firms within the US economy, is there anything particularly >wrong with simply summing up various data taken from the National Income >data in NIPA (table 1.

Re: RE: RE: Estimating Surplus

Eric Nilsson wrote: >Of course, I'm not entirely sure whether net interest payments should be >included as profit from lending something scarce (money) need not be profit >from capitalist activities. But I haven't quite figured this out yet. Net interest is figured as what biz pays to households

Re: RE: Re: RE: RE: Estimating Surplus

Eric Nilsson wrote: >Doug wrote, >> Net interest is figured as what biz pays to households, right? It's >> an expense for business and an income for households. > >Yes indeed that is the case. I guess such a number doesn't add to capitalist >surplus. No but it's a subtraction from it. The conc

Re: Michael -- odd message from your server

[EMAIL PROTECTED] wrote: >Michael and others --- > >To be safe, update your antivirus software and scan your drives! > >I just got a message titled: >"Re: ALERT - GroupShield ticket number OA131_1023248015_MEXCMBX01_3" >from the pen-l e-mail server. GroupShield is a server antivirus software >p

Re: Re: Re: RE: Re: RE: RE: Estimating Surplus

[EMAIL PROTECTED] wrote: >Doug wrote, >> The concept is that households are >> the ultimate holder of business debts - financial institutions are >> just intermediaries. > >It depends on your theory, I guess. What you say above is reasonable from the >point of view of some economists. I was j

Re: RE: Estimating Surplus

Eric Nilsson wrote: >Ian wrote, > > Households are suppliers/producers of labor power, no? > >Yes, but this does not mean that your economic theory must underline (or >start with) the role of "households." I just meant "households" as a synonym for people. Institutions and social structures li

Re: Re: Global unequal exchange

Sabri Oncu wrote: >By the way, I object to the styles >of others too: such as those of Doug and Louis. Heresy. I am the most stylish force around. Doug

Re: Re: RE: RE: Anti-globalization babe

Ian Murray wrote: >What's even more ridiculous about it the presumption that the 20-30 >something's are obliged to tell their world weary/cynical elders >something they don't already know, when in fact NH, NK etc. are >communicating with their peers; the ones who have to try and deal with a >path

Re: Re: Anti-capitalist fashion

Ian Murray wrote: >"...postmodernism is blank because it wants to have its commodification >and eat it. That is, it knows that the cultural industry will tailor >virtually any cultural goods for the sake of sales; it also wants to >display its knowingness, thereby demonstrating how superior it is

Re: RE: RE: Anti-globalization babe

Max Sawicky wrote: > > Thank you from the bottom of my heart for this one, Louis. >> Whoever created the "Noreena Hertz" character is clearly a satirist of the >calibre of Mark >> Twain. dd > > >She's kinda-young, kinda-wow, she's anti-globalization, >she's Jewish, she goes to demo's, she

Re: RE: Re: PK on race to the bottom (a differentone)

Devine, James wrote: >"Tariffs were, as Schumpeter put it, 'the household remedy' of the >Republican Party." -- Charles P. Kindleberger, THE WORLD IN >DEPRESSION, 1929-39, University of California Press (1973), p. 133. > >the footnote is to a book by E.E. Schattschneider, POLITICS, >PRESSURES,

Re: Re: Re: cyber security

Michael Perelman wrote: >The FEMA boys were >explaining how check clearing would work after a nuclear attack. Gives new meaning to the term "float." Did the Fedsters have anything to say about the fed funds market, post-armageddon? Would they add liquidity, if they could find any place to add

Re: RE: tompaine.com

Max Sawicky wrote: >As some here know, Kuttner is on the board of the organization >that employs me. So you can make of that whatever you like. >All I want to say is that Kuttner, whatever his faults >(which you won't hear from me, duh), is not DLC. He and >a bunch of cronies founded The Americ

Re: RE: RE: RE: RE: tompaine.com

Devine, James wrote: >Similarly, I heard on pen-l that Alan Sokal was a "social democrat." >Who cares? Does his status as a social democrat imply that he's >worse than some creep who runs a small sect of five people which >claims to have the "correct line (or program)"? should we shun Sokal >

Re: Re: Inheritance tax is Marxist

Michael Perelman wrote: >Why are the Repugs so brilliant in framing issues? The Death Tax wording >is a stroke of genius. And Gramm saying "death shouldn't be a taxable event" is too. The NYT quoted that, balanced by a liberal saying "we don't tax deaths, we tax inheritances," but that's nowh

Radio Henwood

Today, on my radio show, (WBAI, New York, 99.5 FM and , 5-6 PM NYC time): * Robert Brenner, lbo-talk lurker and author of The Boom and the Bubble, just out from Verso , talking about the book and

Re: RE: tompaine.com

Sabri Oncu wrote: > > Of course, he didn't really say much about >> the literature he parodied, in part because >> he's never really read it. >> >> Doug > >Good for him. Attacking people you haven't read and/or barely understand isn't my idea of what intellectuals are supposed to do, but yo

Re: frappacinos and Brenner

Steve Diamond wrote: >I think it is clear that a lean production theory sustains the "militant >trade union" core of LN/Solidarity politics and so it is hardly gratuitous >to discuss the link between the two. Why? Because it ignores how the law >of value operates at a global level - even in (pe

Munich conference

If by some chance you find yourself in Munich next week (June 20-22), I'll be speaking at a conference on "Cultures of Economy - Economics of Cultures," sponsored by the Bavarian American Academy. The program is at . Also on the

Re: A strong economy

Eugene Coyle wrote: >Hey, is this a strong economy or what? > >What a great country. > >Here World Com announces a $3.8 billion accounting ?? error? > >And it knocks less than one dollar off the stock! > >Wow, talk about investor confidence. Eh? 18-Jun-02 1.56 19-Jun-02 1.52 20-Jun-02

Re: Re: Another article on Martha

Who loses from insider trading? Mostly richer people than the inside traders - e.g. institutional investors rather than the well-positioned individual. That's why it's prosecuted. And also to maintain the appearance of "fairness" - the whole racket is justified by identifying bad apples, leavi

Re: Dollar to fall by 1/3

Chris Burford wrote: >This morning on the BBC George Soros stood by his view that the >dollar could lose 1/3 of its value. Hmm, George must have a big short position. Doug

Re: RE: Greenspan's cooked book

Devine, James wrote: >other righties want to "go back to the gold standard," perhaps >because they've hoarded gold in the past and want to benefit from >capital gains... And because it's stateless money, and the only major asset for which there is no correponding liability (except that incurr

Re: Re: Greenspan's cooked book

<[EMAIL PROTECTED]> wrote: >And, lest we forget, there is more that a little strain of such fundamentalism >in Marx. The whole "fictitious capital" bit is of a piece with the line of >history's monetary cranks. For Marx, and money created by debt that is not >secured or not backed by a commodity

Re: Re: Re: RE: Greenspan's cooked book

Carrol Cox wrote: >Doug Henwood wrote: >> >> Devine, James wrote: >> >> >other righties want to "go back to the gold standard," perhaps >> >because they've hoarded gold in the past and want to benefit from >> >capital gains... &g

Re: RE: Re: Greenspan's cooked book

Devine, James wrote: >The worst of the "fundamentalist Marxism" occurred when the Social >Democrats had some power in Germany at the start of the depression >and endorsed deflationist policies, making matters worse. Yup, with Hilferding as finance minister. But there's a good reason he/they a

Re: the federal debt - query

Ellen Frank wrote: >A while back there was a billboard in Times Square >that tracked the US federal debt minute by minute. >Does anyone happen to know when that was and >who paid for it? >NEW YORK -- The plug was pulled on the National Debt Clock,

Re: RE: Re: RE: Re: Greenspan's cooked book

Devine, James wrote: >this is a common mistake, i.e., that of assigning some sort of >normative meaning to value or surplus-value, when these are >normative only from the perspective of commodity-producing society >or capitalism (respectively). The attachment of normative meaning to >surplus-

Re: Re: Re: Re: Greenspan's cooked book

joanna bujes wrote: >Ah, but we have not even begun to taste the reality of the >destruction of wealth that speculation/bubbles bring. (I sit at the >epicenter of the tech bust, and I tell thee, if a year from now I >still have a job, it will be a miracle.) Good accounting (that >takes into

Re: Re: Inflation

Michael Perelman wrote: >I have some questions: For example, how much have waiting times for medical >care increased? The medical care component of the CPI has increased more than twice as much as the overall CPI since 1979. Its weight is only 6% of the total index, however. > Do rising ho

Re: Re: the federal debt - query

Michael Pollak wrote: > >On Tue, 2 Jul 2002, Ellen Frank wrote: > >> A while back there was a billboard in Times Square that tracked the US >> federal debt minute by minute. Does anyone happen to know when that was >> and who paid for it? > >This billboard is now posted on 14th Street, on the

Re: RE: Test, test, and a big smooch to LP

Davies, Daniel wrote: >Bonus points if you can work in a few words on how the >URPE had it coming. Usage note: it's URPE, sans definite article. Kind of like the way DC-heads say "Justice" and "Treasury" and "CBO." Doug

Re: Re: Re: Re: Inflation

Michael Perelman wrote: >Help me out here Doug. Usually, I would be inclined to believe Census figures >over something from Texas, but > >Texas Transportation Institute. 2002. 2002 Urban Mobility Study >http://mobility.tamu.edu/ums/ >"Congestion is growing in areas of every size. The 75 urban a

Re: Re: RE: Re: Re: RE: Greenspan's cooked book

joanna bujes wrote: >OK, fine. Economists have decided that most of what people spend >money on: houses, education doesn't count. But the question remains: >how does this affect their planning and calculation and the >information that filters out to the uninitiated? My eight year old >daughte

Re: Re: Re: RE: Test, test, and a big smooch to LP

pms wrote: >So remind me, what is URPE, said she, the non-econ. The Union for Radical Political Economics (which just wasn't working), founded way back when. It publishes a journal, the Review of RPE. Its annual summer conference is a dizzying trip for mind and libido. T

Re: Re: RE: Re: Re: Re: Re: Imperialism in decline?

Ulhas Joglekar wrote: >Is Lenin's theory of imperialism relevant today? The minute Japan and the EU begin an arms buildup and fight with the U.S. for influence in the so-called South, and U.S., EU, and Japanese capitalists withdraw their investments in each other - maybe. Doug

Re: Re: RE: Re: Re: Inflation

[EMAIL PROTECTED] wrote: >"revealed preferences" Who came up with that concept? Doug

Re: Re: Re: Re: e: Imperialism in decline?

Romain Kroes wrote: >Geographically, the whole world is >already more or less integrated into the net of the financial markets. But how deeply rooted is this net, to mix metaphors hideously? In national economies, the financial system is deeply bound up with issues of ownership and control of

Re: Re: Re: Inflation and CPI

joanna bujes wrote: >Private school tuition ranges from $8,000/year to $20,000/year...and >it goes up every year. My alma mater is up to $34,030! That's nearly 2,300 hours of work at the average wage, twice as much as in 1973, when I was there. But do we know how much people really pay? Most

Re: Imperialism in decline?

Ulhas Joglekar wrote: >Anti-imperialism is almost dead is in large parts of Asia (Palestinian >struggle excluded) and there is no sign that it will be revived in the >forseable future. Thus, the contradiction between Asia and the developed >world is not present either. > >BTW, the binary image o

Re: Re: Imperialism in decline?

Ulhas Joglekar wrote: >1. Domestic prices of grain are higher than prices in the world market. But >Indian government fixes prices every year. These prices are >annually hiked. Such increases are disproportionate to the domestic rate of >inflation. The government is committed to procure any quan

Re: Re: Re: Re: Market Socialism - an apologyalready

Michael Perelman wrote: >I appreciate that we have avoided a rehash of the market socialism >debate. With >regard to the surplus, many traditional societies consumed the surplus in the >form of a ceremony at the end of the year rather than engaging in >accumulation. You nostalgic for that pra

Re: Re: markets & profit maximization

Justin Schwartz wrote: >Not in the real world. It extreme moments of cynicism, yes. But it >tends to blow up, as we have just seen. Smith would not have been >surprised. He thought you needed the moral sentiments to make a >market society go. He was quite right. Yeah, except that a "market so

Re: Re: Re: Re: markets & profit maximization

Justin Schwartz wrote: >Well, there's a tension there. But like the bumblebee, supposedly >aerodynamically impossible, the old whore keeps going along, which >means she's not as crooked as some say. Btw democracy is notoriously >a sinkhole of corruption and self-dealing too, when it's not an

Re: Re: Re: Re: Re: Re: markets & profitmaximization

Justin Schwartz wrote: >But Doug, tell me true, you have been relentlessly caricaturing my >views for the last little while, when you could write the answers to >your own own snipes,a nd agree with thosea nswers. Why have you been >doing this? jks I'm not the one who made the analogy between

Re: markets & profit maximization

Justin Schwartz wrote: >Lots of socialist share Stalin's view that profit and competition >are just wicked. Course Uncle Joe didn't go in for democratic >discussion of people's preferences. Who's doing caricature now? Anyone who brings up planning, you invoke Stalin - and then hold up Hayek

Re: RE: George W. Bush is a crook

Devine, James wrote: >Is it possible that Schrub belongs to "Skull & Bones," the famous >Yale secret society, which is supposed to pledge to support any >member's career for life -- or to guarantee some minimum yearly >income for them? (Of course, we don't know, since it's secret.) If >he was

Re: Re: Re: Re: markets & profit maximization

Justin Schwartz wrote: >American democracy in particular is remarkably narrow and >close-minded. Toqueville said that he knew of no other country where >there was so little freedom of thought. I don't think that has >changed much, despite the progress. Consider: the drug war, the >punitive na

Re: markets & profit maximization

Justin Schwartz wrote: >Whar's got into you, Doug, you think I have come around to >supporting the domiannce of money and that I would deny that it >narrow the political and cultural sphere? I'm trying to see how you relate economic organization to politics and culture. You write as if market

Re: Re: Re: Utopia/Vision

joanna bujes wrote: >To take an example, I think Pete Seeger's songs had much greater >influence on working class consciousness...than any utopian novel. Really? I thought it was middle-class beatniks, hippies, and Commies who listen to that stuff, while the working class was/is listening to

Re: RE: Larry Elliott/Dr Doom

Devine, James wrote: > >James Glassman... predicted that the Dow Jones industrial average >would not stop at 10,000 but rise inexorably to 36,000.< > >He was interviewed on US NPR this morning. He still thinks that the >Dow will hit 36,000, about 10 years from now. (Frankly, I think the >Mess

Re: Re: Mental sounds remain fund!

Tom Walker wrote: >Joanne Bujes wrote, > >>And prosperity is just around the corner... > >Or around the coroner. Ah, we're back on Depression Watch, aren't we? Hope you all have good plan for taking advantage of the blood that will soon be flowing in the streets. And a good explanation to offe

Re: Re: do recessions have a good side?

Michael Perelman wrote: >I don't think that he would characterize them as good. Crises are part of >the natural conditions of capitalism. In the short run, they wipe out >ficititous capital and restore balance, preparing the way for a further >"bad" period of capitalist prosperity -- unless, as

Re: big biz vs. big govt

Jurriaan Bendien wrote: >I used to design survey questionnaires for a job once. You should >start off by inquiring into the survey methodology. Anybody can >manufacture a certain public opinion. Let's not get trapped in >categories which may not reveal what people really think. Threats >for

Re: Re: Re: do recessions have a good side?

On Thu, Jul 18, 2002 at 12:25:26AM +0200, Jurriaan Bendien wrote: > The good side of recessions is that they clear away ideological fog and > make room for fresh ideas. They can also generate new ideological fogs: our problems are caused by lazy minorities/parasitic immigrants/disloyal citize

Re: Re: do recessions have a good side?

Tom Walker wrote: >"Recessions" can do neither. _During_ a recession, _people_ may clear away >their ideological fog or generate new fogs. Or perhaps it would be more >direct to simply say that the fog consists of attributing agency to a thing, >"the recession". I can see that PEN-L is once agai

Re: RE: summary of credit bubble

Devine, James wrote: >Third, the author says that in the late 1990s, "Profit growth was >below normal and the product of fraudulent accounting. The miracle >economic numbers were the result of manipulated government >statistics." It's true that profit growth was below normal (as the >rate of

Re: RE: positional goods

Devine, James wrote: >I wouldn't be surprised if the company suffered from a whiff of >Ponzi, i.e., that their stock-market value is dependent on the >growth of the number of the suckers -- I mean, customers -- for >their credit cards. But that number can't keep on increasing, >especially in

Re: Re: RE: Re: Yale men

joanna bujes wrote: >>One of the big things I learned at Yale was to have a visceral >>distaste for preppies and rich people, and for pretentious people >>in general. >> > > >Was it that infinite sense of entitlement that put you off? Or something else? One of the most amazing features of goin

Re: Yale men

Eugene Coyle wrote: >Is taking care of yourself by screwing associated investors taught at >Yale? I didn't take that course - maybe Jim Devine did. I got intro macro from James Tobin, money & banking from Henry Wallich, intermediate macro from William Nordhaus, and none of them uttered a word

Re: RE: The D word surfaces

Devine, James wrote: >I wouldn't call what happened in 1930 "aggressive Fed easing." >Though interest rates fell, it was mostly due to a fall in the >demand for loans. The Fed wasn't interested in stimulating the >economy. As Milton Friedman notes, the money supply fell during this >period.

Re: The D word surfaces

Carl Remick wrote: >Analysts at research and money management firm Bridgewater >Associates point out that this is the first time since 1930 that the >stock market has fallen in the face of aggressive Fed easing. Um, this was reported in LBO #100, in May. Damn. Wish I made a quarter as much as

Re: ivy education

joanna bujes wrote: >So...following up on the Yale men thread...is the education given at >the ivies worth it? I thought so. I had some very good professors, and one's fellow students are an education in themselves. Classes were very lively - much more so than the University of Virginia, wher

Re: Big K

Jurriaan Bendien wrote: >Seems to me the main thing getting in the way of Keynesian >pump-priming is the existence of multinational corporations and >international financial markets (international capital mobility). The U.S., Japan, and the EU are all relatively closed economies, with imports

Re: The D word surfaces

Devine, James wrote: >I'd have to look again at this, but the Fed often has let the >discount rate follow the market -- and market rates were clearly >falling. According to Friedman & Schwartz, market rates may have >fallen more than the discount rate: "Though discount rates fell >absolutely

Re: RE: Re: Re: The D word surfaces

Devine, James wrote: >I quoted Epstein & Ferguson to the effect that monetary policy >hadn't been applied because of bank influence, agreeing with what >you say below. On the other hand, Doug was saying that it was >applied -- since the discount rate fell a lot -- but didn't work. As >far as

Re: Re: the inadequacies of democracy

Bill Lear wrote: >On Tuesday, July 23, 2002 at 22:29:25 (-0700) Ian Murray writes: >> Robert Dahl is >>eighty-six years old. He knows what he is talking about. And he >>thinks that the Constitution has got something the matter with it. >>http://ww

Re: Re: Re: RE: Re: Re: The D word surfaces

Michael Perelman wrote: >Can >the system really avoid problems through good management? No, but it can mitigate or manage them, at least sometimes. Doug

Re: RE: The D word surfaces

Devine, James wrote: >According to F&S, in the late 1920s, Federal Reserve policy was "too >easy to break the speculative boom, yet too tight to promote healthy >economic growth" [quoted in Temin, 1976, _Did Monetary Forces Cause >the Great Depression?_: 23]. This may have been a key problem f

Re: Re: RE: The D word surfaces

joanna bujes wrote: >If anyone has any interesting reading on deflation, could the please >cite it? (There's a lot of stuff on inflation, but no so much on >deflation.) A classic: >Fisher, Irving (1933). "The Debt-Deflation Theory of Great >Depressions," Econometrica 1, pp. 337-357. It may

Re: Re: RE: Market correction

Michael Perelman wrote: >Doesn't the term "market correction (rebound) work like the description of >the Middle East "peace process" -- suggesting a hope rather than >information? No. As DD pointed out, a "correction" is a move counter to the larger trend. A correction in a bull market is a do

Re: RE: Charles P. Kindleberger

Devine, James wrote: >does anyone know anything about the following book? > >- >>Book Description for Peter M. Garber, _Famous First Bubbles: The >>Fundamentals of Early Manias_: >The jargon of economics and finance contains numerous colorful terms >for market-asset pric

Re: Sokal (verb)

Devine, James wrote: > >What's a "sokal"?< > >Alan Sokal is a physicist who embarrassed the post-modernist journal >SOCIAL TEXT Sokal has now joined with ex-Social Text'er Bruce Robbins in a campaign to get American Jews to sign a petition critical of Israeli policy. Times change Doug

Re: Re: Re: Sokal (verb)

joanna bujes wrote: >At 02:12 PM 07/25/2002 -0400, you wrote: >>Sokal has now joined with ex-Social Text'er Bruce Robbins in a >>campaign to get American Jews to sign a petition critical of >>Israeli policy. Times change >> >>Doug > >Are you serious? Completely. They had a big ad in the NY

Re: Re: Re: Sokal (verb)

Justin Schwartz wrote: >>Sokal has now joined with ex-Social Text'er Bruce Robbins in a >>campaign to get American Jews to sign a petition critical of Israeli >>policy. Times change >> > >How so? He always said he was on the left. He was just one of them >flat headed scientific realist lefti

Re: Re: Vandana Shiva

Michael Pollak wrote: >Again, the village mill model could work for that too. And it is true >when you grind things fresh they taste a lot better. It's certainly true >for coffee and spices. Grinding flour is a synecdoche for a society characterized by a large pesantry producing very low-tech

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