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Tom Barson's avatar

This post was crazy fun. It all starts with this interdisciplinary Rakesh guy accusing @DeLong of thinking like J.S. Mill and our hero refusing to take it as a compliment and instead insisting that he's a lot like Freddie-from-Barmen, but different. Yeah, but maybe, compared to Mill, not different enough.

What Mill brings to the table is separability. Some feudal-mode-of-production guy once wrote 'qui bene distinguit bene docet," and sure enough, Mill is clear-headed enough to say that all sorts of constraints apply to the production of wealth, but "it is not so with the distribution of wealth." Mill thought that we had slouched damn near to utopia on the production side, but were idiots when it came to distribution. Mill did NOT think "rules" of distribution were inseparably bound to the forces or relations of production. He thought that there were many possible distribution schemes, "but what practical results will flow from the operation of those rules must be discovered, like any other mental or physical truths, by observation and reasoning." I don't think he means introspection here. I think he means "Let's try some things and see what works."

Brad, I don't think you improve on Freddie-from-Barmen by discerning new forces-and-relations-of-production-regimes, each with its new determinate distribution regime. As I see it, the forces-and-relations stuff is all idealistic, internal-relations nonsense. It's too many connections and too few distinctions, cats chasing dialectical tails. We have better tools for measuring constraints and imagining possibilities. We have human ingenuity to build on and human nature to contend with. A so-so economist, Mill still saw this clearly. Let's forget Engels and move on.

Marc Sobel's avatar

re: Fed Raises Rates and Says It Isn’t Done Yet. We Think It Is. - Morningstar, Inc.: ‘Even as the Fed says it expects “ongoing” rate hikes, we expect the next move will be to cut rates by year-end…

Given the lead time on interest rate changes, this timing would support the paranoid Thumb On The Scales theory that the Fed is engineering a recession in time for the election ending in the quarters after.

Just because your (sic) paranoid...

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