We cover von Hayekian vs. Polanyian imperatives in the context of successive waves of Schumpeterian creative destruction; I have long thought that successful execution of my book...
I've heard and read a lot of this before, but I still enjoyed this podcast. Maybe the best summary of Slouching. Though I keep thinking of Tyler Cowan's interview and his criticism that you were too hard on Hayek. I hope some day you'll write a response.
“delve into the tension between economic growth and sustainable resource distribution,”
I wish I could READ about this “delving.”
Actually, I do not see a lot of tension if we mean by “sustainable resource distribution,” not harmful/positive for broad middle/lower middle-income people even in the short run. Specific pro-growth policies can be in tension with the interests of specific (not necessarily middle/lower middle income) people. But the big pro-growth policies -- lower deficits achieved by tax reform, merit-based immigration, land use/building code reform, delinking health insurance from employment, congestion taxation/road and street use fees, taxation of net CO2 emissions, NEPA reform -- are not detrimental to middle/lower middle-income people.
“challenges of integrating emerging economies into a global system that is equitable and sustainable.”
Garden variety globalization was super equitable. And we know exactly how to make the process “sustainable:” each country taxes the externalities its own use patterns generate. Working out the technical details are not so “challenging” if the objectives are clear.
I’d argue that the “neoliberalism” of the late 20th century failed as a growth and efficiency set of policies, chief among them failure to reform taxes to raise more revenue and minimize dead weight loss. In what ways was the safety net undermined?
2008-20 was a spectacular and still unexplained monetary policy failure. Given what seems like such an important event, why have we not seem more analysis of how the Fed allowed such a protracted period of under target inflation/over minimum unemployment to occur. A financial crises ought to have been an easier shock to deal with than COVID. That the failure has been interpreted as a failure of pro-growth policies is just weird.
“Technological advancements, while driving economic growth, have not equally benefited all segments of society equally, leading to increased socio-economic disparities.”
“DeLong might overestimate the ability of markets to self-correct and align with broader societal values without significantly greater regulatory intervention.”
Uh … that’s what policy is for. Technology and markets (even with Pigou taxes and subsidies) are not supposed to benefit all segments of society equally, self-correct, or align with broader societal values”
I've heard and read a lot of this before, but I still enjoyed this podcast. Maybe the best summary of Slouching. Though I keep thinking of Tyler Cowan's interview and his criticism that you were too hard on Hayek. I hope some day you'll write a response.
I meant "more coffee" for the upswings, not crashes.
How can I get you more coffee?
“delve into the tension between economic growth and sustainable resource distribution,”
I wish I could READ about this “delving.”
Actually, I do not see a lot of tension if we mean by “sustainable resource distribution,” not harmful/positive for broad middle/lower middle-income people even in the short run. Specific pro-growth policies can be in tension with the interests of specific (not necessarily middle/lower middle income) people. But the big pro-growth policies -- lower deficits achieved by tax reform, merit-based immigration, land use/building code reform, delinking health insurance from employment, congestion taxation/road and street use fees, taxation of net CO2 emissions, NEPA reform -- are not detrimental to middle/lower middle-income people.
“challenges of integrating emerging economies into a global system that is equitable and sustainable.”
Garden variety globalization was super equitable. And we know exactly how to make the process “sustainable:” each country taxes the externalities its own use patterns generate. Working out the technical details are not so “challenging” if the objectives are clear.
I’d argue that the “neoliberalism” of the late 20th century failed as a growth and efficiency set of policies, chief among them failure to reform taxes to raise more revenue and minimize dead weight loss. In what ways was the safety net undermined?
2008-20 was a spectacular and still unexplained monetary policy failure. Given what seems like such an important event, why have we not seem more analysis of how the Fed allowed such a protracted period of under target inflation/over minimum unemployment to occur. A financial crises ought to have been an easier shock to deal with than COVID. That the failure has been interpreted as a failure of pro-growth policies is just weird.
“Technological advancements, while driving economic growth, have not equally benefited all segments of society equally, leading to increased socio-economic disparities.”
“DeLong might overestimate the ability of markets to self-correct and align with broader societal values without significantly greater regulatory intervention.”
Uh … that’s what policy is for. Technology and markets (even with Pigou taxes and subsidies) are not supposed to benefit all segments of society equally, self-correct, or align with broader societal values”
1. "Political and Economic Systems:"
2. "Contemporary Challenges:"
3. "Historical Analysis and Future Outlook:"
Basically asking for a different book.
Some interesting comments on global organizations:
https://danieldrezner.substack.com/p/can-global-governance-structures?utm_source=post-email-title&publication_id=1010841&post_id=141899104&utm_campaign=email-post-title&isFreemail=true&r=1nzbtr&utm_medium=email