J. Bradford DeLong's Blog, page 115

Steve M.: We Might Have Impeachment Now Because They Foun...

Steve M.: We Might Have Impeachment Now Because They Found a Way to Make It Centrist https://nomoremister.blogspot.com/2019/09/we-might-have-impeachment-now-because.html: "A couple of days ago I predicted that the Ukraine whistleblower story wouldn't amount to anything, because of Nancy Pelosi's fear of a left-centrist voter backlash against impeachment and because rank-and-file voters aren't likely to understand what the fuss is about. And yet now we're being told that impeachment seems 'almost inevitabl'. What changed? There's no polling evidence I know of.... There's no reason to believe that even a single Republican in Congress will support impeachment or vote to convict in the Senate. (Mitt Romney's words are characteristically mealy-mouthed: "If the President asked or pressured Ukraine's president to investigate his political rival, either directly or through his personal attorney, it would be troubling in the extreme." And I swear I can hear Susan Collins quietly wringing her hands somewhere off in the distance.) Yet impeachment is on the table now. Why? Nancy Pelosi is still the same person she was a week ago, when impeachment was being slow-walked at her insistence. Pelosi still fears Republicans and Reagan Democrat, Obama/Trump voters in Michigan diners. But she's accepting this because now she can sell the pursuit as centrist. It's about global stability and international alliances. If you want to use the term, Trump is being accused of high crimes and misdemeanors in a neoliberal way...

But wait���wasn't Russiagate also about global stability? Yes, but those awful progressives seized on it and never let go. That Maddow woman talked about it every night. Blue-collar retires eating pancakes don't like her! They also don't like Hillary Clinton, or at least they didn't like her enough to maintain the Democrats' blue Electoral College wall in 2016. This story involves Joe Biden. Rural diner customers like Joe Biden....

#noted

Weekend Reading: Lin Zexu (1839): To Queen Victoria

Weekend Reading: Lin Zexu** (1839): To Queen Victoria: "We find that your country is sixty or seventy thousand li from China. The purpose of your ships in coming to China is to realize a large profit. Since this profit is realized in China and is in fact taken away from the Chinese people, how can foreigners return injury for the benefit they have received by sending this poison to harm their benefactors? They may not intend to harm others on purpose, but the fact remains that they are so obsessed with material gain that they have no concern whatever for the harm they can cause to others. Have they no conscience? I have heard that you strictly prohibit opium in your own country, indicating unmistakably that you know how harmful opium is. You do not wish opium to harm your own country, but you choose to bring that harm to other countries such as China. Why?...

...The products that originate from China are all useful items. They are good for food and other purposes and are easy to sell. Has China produced one item that is harmful to foreign countries? For instance, tea and rhubarb are so important to foreigners' livelihood that they have to consume them every day. Were China to concern herself only with her own advantage without showing any regard for other people's welfare, how could foreigners continue to live?

I have heard that the areas under your direct jurisdiction such as London, Scotland, and Ireland do not produce opium; it is produced instead in your Indian possessions such as Bengal, Madras, Bombay, Patna, and Malwa. In these possessions the English people not only plant opium poppies that stretch from one mountain to another but also open factories to manufacture this terrible drug.

As months accumulate and years pass by, the poison they have produced increases in its wicked intensity, and its repugnant odor reaches as high as the sky. Heaven is furious with anger, and all the gods are moaning with pain! It is hereby suggested that you destroy and plow under all of these opium plants and grow food crops instead, while issuing an order to punish severely anyone who dares to plant opium poppies again.

A murderer of one person is subject to the death sentence; just imagine how many people opium has killed! This is the rationale behind the new law which says that any foreigner who brings opium to China will be sentenced to death by hanging or beheading. Our purpose is to eliminate this poison once and for all and to the benefit of all mankind...

#globaliation #moralresponsibility #weekendreading

I would note that the "boom" in capital investment we had...

I would note that the "boom" in capital investment we had in 2018 was on the order of 1/5 of what the Trumpets had promised. Rana and Daniel's point is that the "boom" we had was directed in directions that substitute for rather than complement labor���and thus claims it will drive wage gains are implausible:

Rana Foroohar (November 2018): US Capital Expenditure Boom Fails to Live Up to Promises: "One of the key economic tales told by the Trump administration is that corporate tax cuts would spur huge investment and growth in the US economy, raising wages and ushering in a new era of bullishness. Not quite.... Nearly half of the corporate profits that were repatriated went straight into stock price-bolstering share buybacks. Capital expenditures grew too, at least for a couple of quarters. But what business is investing in has changed quite a lot... and that alters everything.... Back in 1998... 48.3 per cent of business investment went to new structures and industrial equipment and about 30 per cent into technology such as information processing equipment and various types of intellectual property, according to data compiled by Daniel Alpert.... This year, only 28.6 per cent went to structures and industrial equipment, while technology and intellectual property made up 52 per cent of all new investment...

...Investments in data processing equipment or software upgrades, which make up a big chunk of this year���s tech related spending, tend to be job killing, at least in the short term.... Investment in intangibles such as licenses or patents does represent innovation and it can enrich the owners of that intellectual capital. But such spending does not tend to improve the livelihoods of a broader swath of workers���at least not in America.... You can see these shifts playing out in the key corporate stories of the day.... Five big US companies���Apple, Alphabet, Cisco, Microsoft and Oracle ��� increased capital investment 42 per cent year on year to 42.6bn. But they also spent a whopping 115bn buying back their own stock, making them by far the largest beneficiaries of Donald Trump���s tax cuts, a great irony considering how the US president likes to position himself as being tough on Silicon Valley....

Like the Trump tax cuts, the current investment boom has benefited companies. It has been less kind to workers, particularly those who once would have benefited from factory jobs that carried good health and retirement benefits.... We are stuck with a capex ���boom��� that is more like a fizzle...

#noted

Highest-quality economic theory on how to do the analysis...

Highest-quality economic theory on how to do the analysis of societal well-being right, and in the process nest utilitarianism in a broader sensible framework:

Emmanuel Saez and Stefanie Stantcheva (2016): Generalized Social Marginal Welfare Weights for Optimal Tax Theory: "Evaluat[ing] tax reforms by aggregating money-metric losses and gains of different individuals using 'generalized social marginal welfare weights.' Optimum tax formulas take the same form as standard welfarist tax formulas.... Weights directly capture society���s concerns for fairness without being necessarily tied to individual utilities. Suitable weights can help reconcile discrepancies between the welfarist approach and actual tax practice, as well as unify in an operational way the most prominent alternatives to utilitarianism.... There is no social-welfare objective primitive.... Instead, our primitives are generalized social marginal-welfare weights which represent the value that society puts on providing an additional dollar of consumption to any given individual. These weights directly reflect society���s concerns for fairness.... We define a tax system as locally optimal if no small reform is desirable... Slides

#noted

Abby D. Phillip: "Melania Trump has never met North Korea...

Abby D. Phillip: "Melania Trump has never met North Korea's Kim Jong Un.... Trump claimed she has a good relationship with him. Here's how @PressSec explains the discrepancy https://t.co/47dp8U9dRO: 'While the First Lady hasn't met him, he feels like she's gotten to know him too...

#noted

Felix Salmon: 1 Big Thing: The Cost of Unstable Norms: "A...

Felix Salmon: 1 Big Thing: The Cost of Unstable Norms: "Adam Neumann, Kevin Burns, Boris Johnson and Donald Trump were historically rewarded for breaking the rules. Now, suddenly, the rules seem as though they might matter. Neumann... WeWork, broke more rules even than Travis Kalanick... of Uber... became billionaires by losing billions of dollars, and they both awarded themselves voting control of their boards despite holding only a minority economic position.... Burns... Juul Labs, allowed his company to market its products to children and to claim without FDA permission that they were significantly safer than cigarettes.... Johnson, the U.K. prime minister, made his name and reputation by making up lies about the European Union and getting them printed in a respectable newspaper.... Trump���well, if you don't know how Trump built his career by violating political rules and norms, Axios Edge is not the place for you to find out.... Neumann and Burns were both fired.... Johnson's activity was found to be illegal in a unanimous ruling by the U.K. Supreme Court. Impeachment proceedings are beginning against Trump... Their punishment does not restore trust to the system. Instead, it reveals the degree to which trust is now absent. A world where rule-breaking and 'disruption' continue to be celebrated in both the economic and political spheres is a world where a lot of energy ends up being wasted on trying to discern the status of formerly clear boundaries. Capitalism works best when everybody is playing by the same rules. Right now we seem to be moving away from that ideal...

#noted

Oded Galor, Omer Moav, and Dietrich Vollrath (2009): Ineq...

Oded Galor, Omer Moav, and Dietrich Vollrath (2009): Inequality in Landownership, the Emergence of Human-Capital Promoting Institutions, and the Great Divergence https://delong.typepad.com/land-inequality.pdf: "Inequality in the distribution of landownership adversely affected the emergence of human-capital promoting institutions (e.g. public schooling), and thus the pace and the nature of the transition from an agricultural to an industrial economy, contributing to the emergence of the great divergence in income per capita across countries. The prediction of the theory regarding the adverse effect of the concentration of landownership on education expenditure is established empirically based on evidence from the beginning of the 20th century in the U.S...

Land-abundant countries that were characterized by an unequal distribution of land were overtaken in the process of industrialization by land-scarce countries in which land distribution was rather equal...
As long as landowners affect the political process and thereby the implementation of education reforms, inequality in the distribution of landownership is a hurdle for human-capital accumulation, slowing the process of industrialization and the transition to modern growth...

#noted

Politico is giving Equitable Growth's fearless leader Hea...

Politico is giving Equitable Growth's fearless leader Heather Boushey a platform to argue for distributional national accounts. This is, I think, a very good sign: Politico had followed the National Journala model of focusing on gossip and personnel, but their willingness to give serious people the mic to talk about actual policy is a sign that they may be moving beyond the idea that their role is to provide celebrity gossip about ugly people: Heather Boushey: How To Fix Inequality: Publish Distributional, Not Just Aggregate, Growth Data https://www.politico.com/interactives/2019/how-to-fix-politics-in-america/inequality/publish-distributional-not-just-aggregate-growth-data/: "To tell us how Americans���low-, middle- and high-income alike���are faring in the current economy, relative to other groups and to the average, federal agencies need to produce distributional statistics alongside the aggregate ones. That means offering not just one estimate of growth but several: growth for those with different levels of income, of different races and ethnicities, and also for variation by state or other levels of geography. Legislation has been passed that encourages the BEA to add the disaggregated data, but the law provides no new funding and doesn���t go beyond encouragement. If we do not change the way we conceptualize and analyze economic progress, we are unlikely to have very much of it. Better, fairer growth measures are a vital step toward better, fairer growth...

#noted

Weekend Reading: The Deeds of the Divine Augustus, by the Divine Augustus

Weekend Reading: Augustus: The Deeds of the Divine Augustus:

In my nineteenth year, on my own initiative and at my own expense, I raised an army with which I set free the state, which was oppressed by the domination of a faction. For that reason, the senate enrolled me in its order by laudatory resolutions, when Gaius Pansa and Aulus Hirtius were consuls (43 B.C.E.), assigning me the place of a consul in the giving of opinions, and gave me the imperium. With me as propraetor, it ordered me, together with the consuls, to take care lest any detriment befall the state. But the people made me consul in the same year, when the consuls each perished in battle, and they made me a triumvir for the settling of the state.

I drove the men who slaughtered my father into exile with a legal order, punishing their crime, and afterwards, when they waged war on the state, I conquered them in two battles.

I often waged war, civil and foreign, on the earth and sea, in the whole wide world, and as victor I spared all the citizens who sought pardon. As for foreign nations, those which I was able to safely forgive, I preferred to preserve than to destroy. About five hundred thousand Roman citizens were sworn to me. I led something more than three hundred thousand of them into colonies and I returned them to their cities, after their stipend had been earned, and I assigned all of them fields or gave them money for their military service. I captured six hundred ships in addition to those smaller than triremes.

Twice I triumphed with an ovation, and three times I enjoyed a curule triumph and twenty-one times I was named imperator. When the senate decreed more triumphs for me, I sat out from all of them. I placed the laurel from the fasces in the Capitol, when the vows which I pronounced in each war had been fulfilled. On account of the things successfully done by me and through my officers, under my auspices, on earth and sea, the senate decreed fifty-five times that there be sacrifices to the immortal gods. Moreover there were 890 days on which the senate decreed there would be sacrifices. In my triumphs kings and nine children of kings were led before my chariot. I had been consul thirteen times, when I wrote this, and I was in the thirty-seventh year of tribunician power (14 A.C.E.).

When the dictatorship was offered to me, both in my presence and my absence, by the people and senate, when Marcus Marcellus and Lucius Arruntius were consuls (22 B.C.E.), I did not accept it. I did not evade the curatorship of grain in the height of the food shortage, which I so arranged that within a few days I freed the entire city from the present fear and danger by my own expense and administration. When the annual and perpetual consulate was then again offered to me, I did not accept it.

When Marcus Vinicius and Quintus Lucretius were consuls (19 B.C.E.), then again when Publius Lentulus and Gnaeus Lentulus were (18 B.C.E.), and third when Paullus Fabius Maximus and Quintus Tubero were (11 B.C.E.), although the senate and Roman people consented that I alone be made curator of the laws and customs with the highest power, I received no magistracy offered contrary to the customs of the ancestors. What the senate then wanted to accomplish through me, I did through tribunician power, and five times on my own accord I both requested and received from the senate a colleague in such power.

I was triumvir for the settling of the state for ten continuous years. I was first of the senate up to that day on which I wrote this, for forty years. I was high priest, augur, one of the Fifteen for the performance of rites, one of the Seven of the sacred feasts, brother of Arvis, fellow of Titus, and Fetial.

When I was consul the fifth time (29 B.C.E.), I increased the number of patricians by order of the people and senate. I read the roll of the senate three times, and in my sixth consulate (28 B.C.E.) I made a census of the people with Marcus Agrippa as my colleague. I conducted a lustrum, after a forty-one year gap, in which lustrum were counted 4,063,000 heads of Roman citizens. Then again, with consular imperium I conducted a lustrum alone when Gaius Censorinus and Gaius Asinius were consuls (8 B.C.E.), in which lustrum were counted 4,233,000 heads of Roman citizens. And the third time, with consular imperium, I conducted a lustrum with my son Tiberius Caesar as colleague, when Sextus Pompeius and Sextus Appuleius were consuls (14 A.C.E.), in which lustrum were counted 4,937,000 of the heads of Roman citizens. By new laws passed with my sponsorship, I restored many traditions of the ancestors, which were falling into disuse in our age, and myself I handed on precedents of many things to be imitated in later generations.

The senate decreed that vows be undertaken for my health by the consuls and priests every fifth year. In fulfillment of these vows they often celebrated games for my life; several times the four highest colleges of priests, several times the consuls. Also both privately and as a city all the citizens unanimously and continuously prayed at all the shrines for my health.

By a senate decree my name was included in the Saliar Hymn, and it was sanctified by a law, both that I would be sacrosanct for ever, and that, as long as I would live, the tribunician power would be mine. I was unwilling to be high priest in the place of my living colleague; when the people offered me that priesthood which my father had, I refused it. And I received that priesthood, after several years, with the death of him who had occupied it since the opportunity of the civil disturbance, with a multitude flocking together out of all Italy to my election, so many as had never before been in Rome, when Publius Sulpicius and Gaius Valgius were consuls (12 B.C.E.).

The senate consecrated the altar of Fortune the Bringer-back before the temples of Honor and Virtue at the Campanian gate for my retrn, on which it ordered the priests and Vestal virgins to offer yearly sacrifices on the day when I had returned to the city from Syria (when Quintus Lucretius and Marcus Vinicius were consuls (19 Bc)), and it named that day Augustalia after my cognomen.

By the authority of the senate, a part of the praetors and tribunes of the plebs, with consul Quintus Lucretius and the leading men, was sent to meet me in Campania, which honor had been decreed for no one but me until that time. When I returned to Rome from Spain and Gaul, having successfully accomplished matters in those provinces, when Tiberius Nero and Publius Quintilius were consuls (13 B.C.E.), the senate voted to consecrate the altar of August Peace in the field of Mars for my return, on which it ordered the magistrates and priests and Vestal virgins to offer annual sacrifices.

Our ancestors wanted Janus Quirinus to be closed when throughout the all the rule of the Roman people, by land and sea, peace had been secured through victory. Although before my birth it had been closed twice in all in recorded memory from the founding of the city, the senate voted three times in my principate that it be closed.

When my sons Gaius and Lucius Caesar, whom fortune stole from me as youths, were fourteen, the senate and Roman people made them consuls-designate on behalf of my honor, so that they would enter that magistracy after five years, and the senate decreed that on thatday when they were led into the forum they would be included in public councils. Moreover the Roman knights together named each of them first of the youth and gave them shields and spears.

I paid to the Roman plebs, HS 300 per man from my father's will and in my own name gave HS 400 from the spoils of war when I was consul for the fifth time (29 B.C.E.); furthermore I again paid out a public gift of HS 400 per man, in my tenth consulate (24 B.C.E.), from my own patrimony; and, when consul for the eleventh time (23 B.C.E.), twelve doles of grain personally bought were measured out; and in my twelfth year of tribunician power (12-11 B.C.E.) I gave HS 400 per man for the third time. And these public gifts of mine never reached fewer than 250,000 men. In my eighteenth year of tribunician power, as consul for the twelfth time (5 B.C.E.), I gave to 320,000 plebs of the city HS 240 per man. And, when consul the fifth time (29 B.C.E.), I gave from my war-spoils to colonies of my soldiers each HS 1000 per man; about 120,000 men i the colonies received this triumphal public gift. Consul for the thirteenth time (2 B.C.E.), I gave HS 240 to the plebs who then received the public grain; they were a few more than 200,000.

I paid the towns money for the fields which I had assigned to soldiers in my fourth consulate (30 B.C.E.) and then when Marcus Crassus and Gnaeus Lentulus Augur were consuls (14 B.C.E.); the sum was about HS 600,000,000 which I paid out for Italian estates, and about HS 260,000,000 which I paid for provincial fields. I was first and alone who did this among all who founded military colonies in Italy or the provinces according to the memory of my age. And afterwards, when Tiberius Nero and Gnaeus Piso were consuls (7 B.C.E.), and likewise when Gaius Antistius and Decius Laelius were consuls (6 B.C.E.), and when Gaius Calvisius and Lucius Passienus were consuls (4 B.C.E.), and when Lucius Lentulus and Marcus Messalla were consuls (3 B.C.E.), and when Lucius Caninius and Quintus Fabricius were consuls (2 B.C.E.) , I paid out rewards in cash to the soldiers whom I had led into their towns when their service was completed, and in this venture I spent about HS 400,000,000.

Four times I helped the senatorial treasury with my money, so that I offered HS 150,000,000 to those who were in charge of the treasury. And when Marcus Lepidus and Luciu Arruntius were consuls (6 A.C.E.), I offered HS 170,000,000 from my patrimony to the military treasury, which was founded by my advice and from which rewards were given to soldiers who had served twenty or more times.

From that year when Gnaeus and Publius Lentulus were consuls (18 Bc), when the taxes fell short, I gave out contributions of grain and money from my granary and patrimony, sometimes to 100,000 men, sometimes to many more.

I built the senate-house and the Chalcidicum which adjoins it and the temple of Apollo on the Palatine with porticos, the temple of divine Julius, the Lupercal, the portico at the Flaminian circus, which I allowed to be called by the name Octavian, after he who had earlier built in the same place, the state box at the great circus, the temple on the Capitoline of Jupiter Subduer and Jupiter Thunderer, the temple of Quirinus, the temples of Minerva and Queen Juno and Jupiter Liberator on the Aventine, the temple of the Lares at the top of the holy street, the temple of the gods of the Penates on the Velian, the temple of Youth, and the temple of the Great Mother on the Palatine.

I rebuilt the Capitol and the theater of Pompey, each work at enormous cost, without any inscription of my name. I rebuilt aqueducts in many places that had decayed with age, and I doubled the capacity of the Marcian aqueduct by sending a new spring into its channel. I completed the Forum of Julius and the basilic which he built between the temple of Castor and the temple of Saturn, works begun and almost finished by my father. When the same basilica was burned with fire I expanded its grounds and I began it under an inscription of the name of my sons, and, if I should not complete it alive, I ordered it to be completed by my heirs. Consul for the sixth time (28 B.C.E.), I rebuilt eighty-two temples of the gods in the city by the authority of the senate, omitting nothing which ought to have been rebuilt at that time. Consul for the seventh time (27 B.C.E.), I rebuilt the Flaminian road from the city to Ariminum and all the bridges except the Mulvian and Minucian.

I built the temple of Mars Ultor on private ground and the forum of Augustus from war-spoils. I build the theater at the temple of Apollo on ground largely bought from private owners, under the name of Marcus Marcellus my son-in-law. I consecrated gifts from war-spoils in the Capitol and in the temple of divine Julius, in the temple of Apollo, in the tempe of Vesta, and in the temple of Mars Ultor, which cost me about HS 100,000,000. I sent back gold crowns weighing 35,000 to the towns and colonies of Italy, which had been contributed for my triumphs, and later, however many times I was named emperor, I refused gold crowns from the towns and colonies which they equally kindly decreed, and before they had decreed them.

Three times I gave shows of gladiators under my name and five times under the name of my sons and grandsons; in these shows about 10,000 men fought. Twice I furnished under my name spectacles of athletes gathered from everywhere, and three times under my grandson's name. I celebrated games under my name four times, and furthermore in the place of other magistrates twenty-three times. As master of the college I celebrated the secular games for the college of the Fifteen, with my colleague Marcus Agrippa, when Gaius Furnius and Gaius Silanus were consuls (17 B.C.E.). Consul for the thirteenth time (2 B.C.E.), I celebrated the first games of Mas, which after that time thereafter in following years, by a senate decree and a law, the consuls were to celebrate. Twenty-six times, under my name or that of my sons and grandsons, I gave the people hunts of African beasts in the circus, in the open, or in the amphitheater; in them about 3,500 beasts were killed.

I gave the people a spectacle of a naval battle, in the place across the Tiber where the grove of the Caesars is now, with the ground excavated in length 1,800 feet, in width 1,200, in which thirty beaked ships, biremes or triremes, but many smaller, fought among themselves; in these ships about 3,000 men fought in addition to the rowers.

In the temples of all the cities of the province of Asia, as victor, I replaced the ornaments which he with whom I fought the war had possessed privately after he despoiled the temples. Silver statues of me-on foot, on horseback, and standing in a chariot-were erected in about eighty cities, which I myself removed, and from the money I placed goldn offerings in the temple of Apollo under my name and of those who paid the honor of the statues to me.

I restored peace to the sea from pirates. In that slave war I handed over to their masters for the infliction of punishments about 30,000 captured, who had fled their masters and taken up arms against the state. All Italy swore allegiance to me voluntarily, and demanded me as leader of the war which I won at Actium; the provinces of Gaul, Spain, Africa, Sicily, and Sardinia swore the same allegiance. And those who then fought under my standard were more than 700 senators, among whom 83 were made consuls either before or after, up to the day this was written, and about 170 were made priests.

I extended the borders of all the provinces of the Roman people which neighbored nations not subject to our rule. I restored peace to the provinces of Gaul and Spain, likewise Germany, which includes the ocean from Cadiz to the mouth of the river Elbe. I brought peace to the Alps from the region which i near the Adriatic Sea to the Tuscan, with no unjust war waged against any nation. I sailed my ships on the ocean from the mouth of the Rhine to the east region up to the borders of the Cimbri, where no Roman had gone before that time by land or sea, and the Cimbri and the Charydes and the Semnones and the other Germans of the same territory sought by envoys the friendship of me and of the Roman people. By my order and auspices two armies were led at about the same time into Ethiopia and into that part of Arabia which is called Happy, and the troops of each nation of enemies were slaughtered in battle and many towns captured. They penetrated into Ethiopia all the way to the town Nabata, which is near to Meroe; and into Arabia all the way to the border of the Sabaei, advancing to the town Mariba.

I added Egypt to the rule of the Roman people. When Artaxes, king of Greater Armenia, was killed, though I could have made it a province, I preferred, by the example of our elders, to hand over that kingdomto Tigranes, son of king Artavasdes, and grandson of King Tigranes, through Tiberius Nero, who was then my step-son. And the same nation, after revolting and rebelling, and subdued through my son Gaius, I handed over to be ruled by King Ariobarzanes son of Artabazus, King of the Medes, and after his death, to his son Artavasdes; and when he was killed, I sent Tigranes, who came from the royal clan of the Armenians, into that rule. I recovered all the provinces which lie across the Adriatic to the east and Cyrene, with kings now possessing them in large part, and Sicily and Sardina, which had been occupied earlier in the slave war.

I founded colonies of soldiers in Africa, Sicily, Macedonia, each Spain, Greece, Asia, Syria, Narbonian Gaul, and Pisidia, and furthermore had twenty-eight colonies founded in Italy under my authority, which were very populous and crowded while I lived.

I recovered from Spain, Gaul, and Dalmatia the many military standards lost through other leaders, after defeating te enemies. I compelled the Parthians to return to me the spoils and standards of three Roman armies, and as suppliants to seek the friendship of the Roman people. Furthermore I placed those standards in the sanctuary of the temple of Mars Ultor.

As for the tribes of the Pannonians, before my principate no army of the Roman people had entered their land. When they were conquered through Tiberius Nero, who was then my step-son and emissary, I subjected them to the rule of the Roman people and extended the borders of Illyricum to the shores of the river Danube. On the near side of it the army of the Dacians was conquered and overcome under my auspices, and then my army, led across the Danube, forced the tribes of the Dacians to bear the rule of the Roman people.

Emissaries from the Indian kings were often sent to me, which had not been seen before that time by any Roman leader. The Bastarnae, the Scythians, and the Sarmatians, who are on this side of the river Don and the kings further away, an the kings of the Albanians, of the Iberians, and of the Medes, sought our friendship through emissaries.

To me were sent supplications by kings: of the Parthians, Tiridates and later Phrates son of king Phrates, of the Medes, Artavasdes, of the Adiabeni, Artaxares, of the Britons, Dumnobellaunus and Tincommius, of the Sugambri, Maelo, of the Marcomanian Suebi (...) (-)rus. King Phrates of the Parthians, son of Orodes, sent all his sons and grandsons into Italy to me, though defeated in no war, but seeking our friendship through the pledges of his children. And in my principate many other peoples experienced the faith of the Roman people, of whom nothing had previously existed of embassies or interchange of friendship with the Roman people.

The nations of the Parthians and Medes received from me the first kings of those nations which they sought by emissaries: the Parthians, Vonones son of king Phrates, grandson of king Orodes, the Medes, Ariobarzanes, son of king Artavasdes, grandson of king Aiobarzanes.

In my sixth and seventh consulates (28-27 B.C.E.), after putting out the civil war, having obtained all things by universal consent, I handed over the state from my power to the dominion of the senate and Roman people. And for this merit of mine, by a senate decree, I was called Augustus and the doors of my temple were publicly clothed with laurel and a civic crown was fixed over my door and a gold shield placed in the Julian senate-house, and the inscription of that shield testified to the virtue, mercy, justice, and piety, for which the senate and Roman people gave it to me. After that time, I exceeded all in influence, but I had no greater power than the others who were colleagues with me in each magistracy.

When I administered my thirteenth consulate (2 B.C.E.), the senate and Equestrian order and Roman people all called me father of the country, and voted that the same be inscribed in the vestibule of my temple, in the Julian senate-house, and in the forum of Augustus under the chario which had been placed there for me by a decision of the senate. When I wrote this I was seventy-six years old....

#history #weekendreading

Douglas Almond, Michael Greenstone, and Kenneth Y. Chay: ...

Douglas Almond, Michael Greenstone, and Kenneth Y. Chay: Civil Rights, the War on Poverty, and Black-White Convergence in Infant Mortality in the Rural South and Mississippi: "For the last sixty years, African-Americans have been 75% more likely to die during infancy as whites. From the mid-1960s to the early 1970s, however, this racial gap narrowed substantially. We argue that the elimination of widespread racial segregation in Southern hospitals during this period played a causal role in this improvement. Our analysis indicates that Title VI of the 1964 Civil Rights Act, which mandated desegregation in institutions receiving federal funds, enabled 5,000 to 7,000 additional black infants to survive infancy from 1965-1975 and at least 25,000 infants from 1965-2002. We estimate that by themselves these infant mortality benefits generated a welfare gain of more than $7 billion (2005$) for 1965-1975 and more than $27 billion for 1965-2002. These findings indicate that the benefits of the 1960s Civil Rights legislation extended beyond the labor marker and were substantially larger than recognized previously...

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