financial crisis 10 years on: turn into the curve

Looking Back: The Financial Crisis Began 10 Years Ago This Week by Schoenholtz and Cecchetti

The Fed blew it

everything EMichael writes is to exculpate the Democrats from blame nothing is ever their fault.

Andolfatto on inflatoin

A monetary-fiscal theory of inflation by David Andolfatto

Bunker on measuring potential GDP

Measuring potential GDP in the United States, and the case for emphasizing demand in monetary policy by Nick Bunker

remember to read "business bad for business"

Business Is Bad for Business by Andrew Elrod

tight labor markets bad for profits? Goldman Sachs warnings.
Marshall Steinbaum: 

Exactly. As @JWMason1 has shown, corporations are pumping cash out to shareholders, rather than sucking it in for investment.

1:35 PM - 6 Aug 2017

Gavin Wright paper

Joan Robinson on labor market and productivity gains

Cambridge capital controversy

Some members of the Marxian school argue that even if the means of production "earned" a return based on their marginal product, that does not imply that their owners (i.e., the capitalists) created the marginal product and should be rewarded. In the Sraffian view, the rate of profit is not a price, and it is not clear that it is determined in a market. In particular, it only partially reflects the scarcity of the means of production relative to their demand. While the prices of different types of means of production are prices, the rate of profit can be seen in Marxian terms, as reflecting the social and economic power that owning the means of production gives this minority to exploit the majority of workers and to receive profit. But not all followers of Sraffa interpret his theory of production and capital in this Marxian way. Nor do all Marxists embrace the Sraffian model: in fact, such authors as Michael Lebowitz and Frank Roosevelt are highly critical of Sraffian interpretations, except as a narrow technical critique of the neoclassical view. There are also Marxian economists, like Michael Albert and Robin Hahnel, who consider the Sraffian theory of prices, wages and profit to be superior to Marx's own theory.

Anti-Trust

Oligopolies help create inflation via rent extraction and cost-push inflation. Competition makes inflation lower and the Fed's job easier.

Currently overseas competition keeping inflation down. Charles Evans.

HBOs confederacy

Compare contrast Handmaid's Tale and Roots.

billionaire benefactors

In Weary Wisconsin Town, a Billionaire-Fueled Revival

In Kalamazoo, Mich., a group of well-to-do town “elders” pay for every public school student in town to go to college. And Columbus, Ind., has become an architectural mecca thanks to the support of J. Irwin Miller, whose family made its riches manufacturing engines.

DSA

9 questions about the Democratic Socialists of America you were too embarrassed to ask by Jeff Stein

DSA has certainly been a beneficiary of the Dirtbag Left and its iconoclastic rage; Chapo Trap House frequently directs its guests to support the socialist organization, and its founders are in Chicago for the DSA convention. Mother Jones called the podcast a “gateway drug” for democratic socialism, and DSA’s leaders recognize that’s correct. Even if DSA won’t adopt Chapo’s insult-humor shtick in its official platform, it’s hard to imagine that some of its beliefs won’t seep in some way into the organization through new membership. 

Chapo’s “dirtbag” politics have alarmed other left-leaning writers. In an essay for the New Republic, Jeet Heer warned against what he called its “dominance politics” as counterproductive to building a coalition with center-left Democrats. 

But in an interview last year, Chapo Trap House co-host Matt Christman countered that Donald Trump had captured the “transgressive thrill of defying the cultural expectations of the elite,” and that the left would be wise to reclaim it. Incisive put-down humor, he suggested, isn’t just useful for amassing a podcast following; it could also be helpful to an ascendant left-wing politics. 

“The gonad element of politics is now totally owned by the right. All the left has now is charts and data. You cannot motivate people with charts and data and lecturing,” Christman said. “If we’re going to win, we cannot allow [right-wing provocateur] Milo Yiannopoulos and all of these carnival-barking Nazis to have all of the fucking fun.”

Sweet, Sweet Phantasy by Whyman

Sweet, Sweet Phantasy by Tom Whyman

potential output

Romer and Romer on Friedman

What Recovery

What Recovery: Reading Notes

Chris Dillow: Output Gap, RIP

YES: THE CBO'S GROWTH FORECASTS ARE NOT UNREASONABLE... by Brad DeLong

Coibion paper

Romer and Romer Do the Numbers on Friedman-Sanders by Dean Baker

Matthew Klein Alphaville Potential output forecasts worthless

Kocherlakota

How a Fed inflation hawk changed his mind by Anna Saphir

Colleagues put it simply: he cares about on-the-ground data, and he knows how to listen.
That much was clear in August when Kocherlakota, who turns 49 on Friday, donned a pair of jeans and took his board's nine directors on a tour of the booming oil fields of North Dakota. 

In a 14-hour, 300-mile bus trek, they visited a fracking rig, a pipeline, a workers' camp, and a natural gas plant. They heard locals speak of life in the heart of the U.S. energy boom. 

"His style is to let everybody else do the talking and he listens intently," said Lawrence Simkins, one of the board members and president of Montana-based Washington Cos, a privately owned transportation and equipment firm. 

As the bus maneuvered truck-clogged roads, Kocherlakota got into a discussion with another director about the mental health toll on workers separated for months on end from their families.

jinxed

Game of Thrones, People of Earth, Jeremy Corbyn, weird Twitter, Trumpcare fails, Mueller impanels grand jury. Feeling better.

fully automated luxury gay space communism & UBI

"Fully Automated Luxury Gay Space Communism": Has the Time For Universal Basic Income Finally Come? by Tom Syverson

Chelsea Manning

Chelsea Manning is the best thing about Twitter.

full automated luxury gay space communism

full automated luxury gay space communism

Trump wasting congressional majority like Carter did - Matthews

Trump is wasting his congressional majority — like Jimmy Carter did by Dylan Matthews

corncobbed

Why Is Everyone on Twitter Suddenly Talking About Corncobs? by Jesse Singal

Chappelle; Econospeak circles the drain

Dave Chappelle: Trump is “a bad DJ at a good party” by Constance Grady

Chappelle also said the small Ohio town where he lives is a "Bernie Sanders island in a Trump sea." "A subversive, weird place." Colbert responded "The Austin of Ohio." Chappelle: "But with none of the money and fun stuff to do at night."

The Output Gap per the Gerald Friedman Defenders by Econospeak

Friedman scandal

Why are big-shot liberal economists hippie-punching Bernie Sanders? by Ryan Cooper (February 16, 2016)