Human biomedical prosperity over time; the geology of Yosemite’s Half-Dome; very briefly noted; & the poor stockinger, Éric Monnet’s Balance of Power: Central Banks & the Fate of Democracies...
Noah Hypothesis 3. Exporting, or rather not exporting is sort of a circuit breaker for bad industrial policy. "If you can't export even with our subsidies, maybe we should just forget about the subsidies."
Plus it's an excuse to rail against import restrictions -- Lerner theorem and all that -- AND, double rail, fiscal policy that created net capital inflow => strong dollar => fewer exports. No idea if it has anything to do with _manufacturing_ productivity, but fiscal/monetary policy was not "tight fiscal/expansive monetary" as recommended in the neo Social Democracy <nee Left Neoliberalism> textbooks to promote rapid per capita growth.
I'm Tesla-phobic because I resent the wasted deadweight loss that could have gone into marginal adjustments to a tax on net emissions of CO2 AND that the subsidies were financed with growth-draining deficit, not even with taxes on income, much less taxes on consumption.
Noah Hypothesis 3. Exporting, or rather not exporting is sort of a circuit breaker for bad industrial policy. "If you can't export even with our subsidies, maybe we should just forget about the subsidies."
Plus it's an excuse to rail against import restrictions -- Lerner theorem and all that -- AND, double rail, fiscal policy that created net capital inflow => strong dollar => fewer exports. No idea if it has anything to do with _manufacturing_ productivity, but fiscal/monetary policy was not "tight fiscal/expansive monetary" as recommended in the neo Social Democracy <nee Left Neoliberalism> textbooks to promote rapid per capita growth.
Yes. Very good points all...
I'm Tesla-phobic because I resent the wasted deadweight loss that could have gone into marginal adjustments to a tax on net emissions of CO2 AND that the subsidies were financed with growth-draining deficit, not even with taxes on income, much less taxes on consumption.