"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister

"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."

- Daenerys Targaryen


"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

"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker

Saturday, October 06, 2018

Bernie would have won

"This is as good a day as any to remind everyone that hillary controlled the dnc during the primaries, trump was her preferred 'pied piper' opponent, and Bernie woulda won."

Tyler Cowen on zero marginal product workers

Zero marginal product workers by Tyler Cowen

Welcome to Hellworld.


Wednesday, October 03, 2018

Monday, October 01, 2018

distribution of wealth & economics

JW Mason tweeted a link to this article by Laurie Macfarlane approvingly.
"The amount of wealth does not just depend on the number of assets that are accumulated – it also depends on the value of these assets."
When the slaves were freed in the South at the end of the Civil War, the South lost a lot of wealth, which was priced at 600% of national income.

Economics uses marginal productivity theory to justify the distribution of value and wealth between labor, capital and land.

These are determined politically and normatively, not by any "natural" law. 
A similar effect is observed with pension provision: while private pensions (funded through capital markets) are included as a component of financial wealth in the OECD’s figures, public pensions (funded from general taxation) are excluded. As a result, a country that provides generous universal public pensions will look less wealthy than a country that rely solely on private pensions, all else being equal. The way that we measure national wealth is therefore skewed towards commodification and privatisation, and against socialisation and universal provision.
Reminds one of the discussion of the "Freedom Indexes" by the Bruenigs and what these indexes actually measure.

 The Left really needs to set up a shadow accounting system. Maybe via the UN or some other international institutions. (I seem to remember Stiglitz had one, not doubt some have been set up.)

Leftwing government would give accounting in both systems and if things went well the global economic system would shift to a normatively better system which accounts for socialized value.

Saturday, September 29, 2018

UBI (and SWF-UBD)

The Case for Giving Every American a Share of a Public Wealth Fund by Jim Pugh

Common Wealth: workers' ownership in the history of socialism by Matt Bruenig

Will Your Universal Basic Income Check Soon Be in the Mail?: A Future Tense event recap. by ANTHONY NGUYEN

A radical idea for reducing inequality deserves more attention by Ryan Avent

UBI, the Unknown Ideal by Max Sawicky

Job Guarantee Programs: Careful What You Wish For by Thomas Palley

SWF+UBD by Steve Randy Waldman

Tackling Inequality Through the Social Ownership of Capital by Matt Bruenig

Opinion: All Americans would get an income boost under this new plan to share the country’s riches by Peter Barnes

The case for an American social wealth fund by Ryan Cooper

A Simple Fix for Our Massive Inequality Problem by Matt Bruenig

Robot Takeover Matters Less If We're All Shareholders by Noah Smith

A Response to Mike Konczal on the Social Wealth Fund by Matt Bruenig

Alaska Gives Cash To Its Citizens Every Year. The Rest Of The U.S. Could Too. by David Dayen

The big idea that could make democratic socialism a reality by Matt Yglesias

Why We Need a Social Wealth Fund by Peter Gowan

I Do Not Understand Why the Left Should Want a Sovereign Wealth Fund by Mike Konczal

A “SOCIAL WEALTH FUND” COULD BE THE NEXT BIG IDEA by Rachel M. Cohen

Stockton’s Awesome Public Experiment by Jeff Spross

Why reform conservatives should embrace a universal basic income by Jeff Spross

'I feel very betrayed': Basic-income recipients react to one of the world's largest experiments suddenly being canceled (BusinessInsider)

Could a Universal Basic Income Become a Political Reality? by Clio Chang

Why the world should adopt a basic income by Guy Standing

Labour set to include pilot of radical basic income policy in next manifesto, John McDonnell says

Universal basic income vs jobs guarantees: which one will make us happier? by Cory Doctorow

Universal Basic Income Is Not the Solution to Poverty by Felix Salmon

What if the Government Gave Everyone a Paycheck? by Robert Reich

Here’s the one book every millennial and Gen Z new graduate should read (and it’s not Dr. Seuss) by Erin Kaine (on David Graeber)

"My forthcoming book will be called "The Case For People's QE" and will be published by Polity, probably in Spring 2019." - Frances Coppola

Who Really Stands to Win from Universal Basic Income? By Nathan Heller

Do We Need a Universal Basic Income? A Debate. BY MATT BRUENIG REBUTTAL BY ROHAN GREY & RAÚL CARRILLO

excellent podcast on JG-UBI by Current Affairs

BASIC INCOME, NOT BASIC JOBS: AGAINST HIJACKING UTOPIA by Scott Anderson

JOB GUARANTEE: MARXIST OR KEYNESIAN? by Chris Dillow


My impression of job guarantee advocates, which I am afraid you are not doing much to dispel, is that they are not willing to admit that their preferred approach ahas any drawbacks, or that any alternatives have any merits.

Smile by Steve Randy Waldman





Thursday, September 13, 2018

thoughts on SWF + UBD

SWF + UBD by Steve Randy Waldman

"new contributions would be made from a variety of dedicated tax streams and from the compounding of undistributed earnings. Initially the dividend would be quite small, but over time, it would grow."

Bruenig noted on twitter that other commentators failed to note the compounding of undistriubted earnings.

"Bruenig proposes paying out roughly 4% of fund value annually, assuming total returns would generally be higher than that. To generate a $12K per year UBI for US adults in 2018 dollars, the fund would need to grow to about $75T."

[is this Bruenig also or just Waldman?]

"Basically, on these numbers, the fund would have to grow to hold something like 64% of all assets, or 80% of US “net worth”, to finance a “full” UBI at a 4% per annum payout rate."

"It takes the miracle of compound growth that capitalists are always on about and turns it into a miracle of compound taxation, effectively taxing wealthier cohorts (those who would otherwise own the SWF assets) an ever increasing share of income year after year without requiring any new legislation, and with minimal distortion of investment behavior."


Wednesday, September 12, 2018

Warren vs. Sanders

Thoughts on Bernie Sanders’s Democratic Socialism and the Primary by Mike Konczal

Warren emphasizing women candidates in taking back Congress.


Tuesday, September 11, 2018

Stop Bezos Act

Bernie Sanders is picking the wrong fight with Amazon by Ryan Cooper

The controversy over Bernie Sanders’s proposed Stop BEZOS Act, explained by Matt Yglesias

Jared Bernstein

CBPP report

Ben Spielberg

Bruenig blog from past

Josh Mound

Jonathan Chait


Tuesday, September 04, 2018

job guarantee and MMT links

Job Guarantee Programs: Careful What You Wish For by Thomas Palley

SWF+UBD by Steve Randy Waldman

What if you could sue the government for a job? by Jeff Spross

Universal basic income vs jobs guarantees: which one will make us happier? by Cory Doctorow

Should Democrats play it safe with a job guarantee? by Jeff Spross

Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning by Tcherneva

What if the Government Gave Everyone a Paycheck? by Robert Reich

Here’s the one book every millennial and Gen Z new graduate should read (and it’s not Dr. Seuss) by Erin Kaine (on David Graeber)

Do We Need a Federal Jobs Guarantee? A Debate. BY ROHAN GREY & RAÚL CARRILLO REBUTTAL BY MATT BRUENIG

Yes, a Jobs Guarantee Could Create “Boondoggles.” It Also Might Save the Planet. by Kate Aronoff

10 Principles for a Federal Job Guarantee By Angela Glover Blackwell, Sarah Treuhaft, Darrick Hamilton, and William Darity, Jr.

excellent podcast on JG-UBI by Current Affairs

Robert Reich video on JG

Democrats’ Next Big Thing: Government-Guaranteed Jobs by Jim Tankersley

Three Ways to Design a Democratic Job Guarantee by Alexander Kolokotronis

Stephanie Kelton Has The Biggest Idea In Washington by Zach Carter

PUBLIC SERVICE: EMPLOYMENT:A PATH TO FULLEMPLOYMENT by L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, and Stephanie A. Kelton  (April 2018)

The Job Guarantee:Design, Jobs, and Implementation by Tcherneva (April 2018)

Why We Need a Federal Job Guarantee by Mark Paul, William Darity Jr and Darrick Hamilton

The Job Guarantee Controversy by Timothy Taylor

Baby bonds

JOB GUARANTEE: MARXIST OR KEYNESIAN? by Chris Dillow

Some thoughts about the Job Guarantee by Simon Wren-Lewis (2017)

The Long, Tortured History of the Job Guarantee By PETER-CHRISTIAN AIGNER and MICHAEL BRENES


Workfare Means New Mass Peonage by Frances Fox Piven and Barbara Ehrenreich (1987)


My impression of job guarantee advocates, which I am afraid you are not doing much to dispel, is that they are not willing to admit that their preferred approach ahas any drawbacks, or that any alternatives have any merits.


Bernie Gets Socialistic by Max Sawicky



Smile by Steve Randy Waldman

We Work by James K. Galbraith
















Strengthening Unemployment Protections in America (Center for American Progress)



The Call for Jobs for All by Matthew Klein




Israel Nash