Trevor Jackson reviewing Harold James & Linda Yueh on crises; Martin Wolf thinking about Roger Bootle & James Vitali’s views on economic transformation; Reverend Mother Rana Foroohar sees...
We still have to see what the UK's Labour Party manifesto contains, but it is clear that the huge investment in the renewable energy transition has been abandoned, at least for now.It is somewhat concerning that the party has become far more conservative, with little to indicate a better future than fixing some of the obvious declines in the country - especially NHS waiting times. Whether deliberate of incompetence, the Tory desire to privatise the NHS by stealth is happening anyway as the very long waiting times is being partially mitigated by private care. The Shadaow Chancellor, Rachel Reeves has maintained she will stick to the policy of balancing the budget. This gives her almost no leeway to do any significant public investment. Instead the idea is to use private investment instead. We'll see if that works...
It isn'y clear to me from my remote position whether Labour has given any reason to vote for them rather than against the Tories.
We have a unified theory of the Great Depression: Gold System thinking (if not the Gold System itself).
What is the unified theory of the glacial recovery from the financial crisis? We have the ECB constrained by the Schwaben housewife theory. Fed coud not bring itself to admit that an inflation target is not an inflation ceiling. But what was the BOE’s problem? Why could it provide enough stimulus to offset “austerity?”
Cowen: Has comparative advantage ever actually had that effect if technology promoting, human and physical capital accumulation policies have been in effect?
El Erian:
‘The last mile to the 2% inflation target needs to be run with economic well-being firmly in mind.’
In which mile should that be ignored?
Smil:
Net Zero by 2050? Maybe not. It sure won’t happen without taxes on net CO2 emissions. And THAT's not going to happen until "environmentalists" get on board.
The only page Commerce and USTR should be on is, how to restrain the destructive injection of protectionism into a few modest initiatives to reduce dependence on China and China interdictable supply sources and subsidies to zero CO2 emitting technologies pending enactment of a tax on net emissions.
Treasury should be laser focused on raising revenue at as low dead weight loss as possible.
“[James’s] focus… is on supply crises… not currency, banking, or stock market crises, and he wants to analyze whether they promoted or restrained globalization.”
Probably a mistake.
“Both books assume that crises are inevitable, and they are both composed of a history of failures and blunders, but they both conclude with optimism.”
As is appropriate, contingent on the blunders [monetary policy being to contractionary in 1929-40 and 2008-2020, fiscal policy being too expansionary (too little revenue) 1980 – present (except for Clinton), and deposit taking institutions lending long term as fixed rates] being recognized as such.
We still have to see what the UK's Labour Party manifesto contains, but it is clear that the huge investment in the renewable energy transition has been abandoned, at least for now.It is somewhat concerning that the party has become far more conservative, with little to indicate a better future than fixing some of the obvious declines in the country - especially NHS waiting times. Whether deliberate of incompetence, the Tory desire to privatise the NHS by stealth is happening anyway as the very long waiting times is being partially mitigated by private care. The Shadaow Chancellor, Rachel Reeves has maintained she will stick to the policy of balancing the budget. This gives her almost no leeway to do any significant public investment. Instead the idea is to use private investment instead. We'll see if that works...
It isn'y clear to me from my remote position whether Labour has given any reason to vote for them rather than against the Tories.
We have a unified theory of the Great Depression: Gold System thinking (if not the Gold System itself).
What is the unified theory of the glacial recovery from the financial crisis? We have the ECB constrained by the Schwaben housewife theory. Fed coud not bring itself to admit that an inflation target is not an inflation ceiling. But what was the BOE’s problem? Why could it provide enough stimulus to offset “austerity?”
Cowen: Has comparative advantage ever actually had that effect if technology promoting, human and physical capital accumulation policies have been in effect?
El Erian:
‘The last mile to the 2% inflation target needs to be run with economic well-being firmly in mind.’
In which mile should that be ignored?
Smil:
Net Zero by 2050? Maybe not. It sure won’t happen without taxes on net CO2 emissions. And THAT's not going to happen until "environmentalists" get on board.
Forooohar:
The only page Commerce and USTR should be on is, how to restrain the destructive injection of protectionism into a few modest initiatives to reduce dependence on China and China interdictable supply sources and subsidies to zero CO2 emitting technologies pending enactment of a tax on net emissions.
Treasury should be laser focused on raising revenue at as low dead weight loss as possible.
Jackson:
“[James’s] focus… is on supply crises… not currency, banking, or stock market crises, and he wants to analyze whether they promoted or restrained globalization.”
Probably a mistake.
“Both books assume that crises are inevitable, and they are both composed of a history of failures and blunders, but they both conclude with optimism.”
As is appropriate, contingent on the blunders [monetary policy being to contractionary in 1929-40 and 2008-2020, fiscal policy being too expansionary (too little revenue) 1980 – present (except for Clinton), and deposit taking institutions lending long term as fixed rates] being recognized as such.