J. Bradford DeLong's Blog, page 2235
August 9, 2010
Greg Clark on Technological Unemployment
Greg Clark:
Unemployed Horses: [T:]here was a type of employee at the beginning of the Industrial Revolution whose job and livelihood largely vanished in the early twentieth century. This was the horse. The population of working horses actually peaked in England long after the Industrial Revolution, in 1901, when 3.25 million were at work. Though they had been replaced by rail for long-distance haulage and by steam engines for driving machinery, they still plowed fields, hauled wagons...
The Paralysis of the Federal Reserve
Paul Krugman tries to figure out what is going on--why the Federal Reserve has not already pushed its balance sheet to $3 trillion and set a 3% CPI-inflation target:
Self-induced Paralysis: Reading Jon Hilsenrath’s column today, I was initially a bit skeptical about this assertion:
When Japan fell into deflation in the 1990s, Mr. Bernanke, then a Princeton professor, urged the Bank of Japan to set an objective of 3% to 4% inflation. The reason: With interest rates pinned at...
Yet Another DeLong Smackdown Watch: Beveridge Curve Vs Matching Function II
Robert Waldmann:
Beveridge Curve Vs Matching Function II: I am certainly not convinced that there is anything unusual going on.... [T:]here is always alarm about a shift in the Beveridge curve, and many rude things are said about the unemployed.... I assert that there is no evidence there. The argument is based on the accidental theory that hiring is proportional to vacancies. It absolutely isn't. Decades of data prove that it isn't. There is nothing odd about the latest data which...
Liveblogging World War II: August 9, 1940
New York Times headline:
53 Reich Planes Shot Down in Raids by 800, British Say. Nazis Report 12 Ships Sunk.
August 8, 2010
links for 2010-08-08
With a little bit of luck
John Schmitt: The Wage Penalty for State and Local Government Employees
IraqiGovernment.net
@delong stay tuned to us for the latest Iraqi News http://www.IraqiGovernment.net
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Liveblogging World War II: August 8, 1940
Eleanor Roosevelt:
My Day by Eleanor Roosevelt: HYDE PARK, Wednesday—I am entirely convinced that one of the things that must be done, if we are going to develop the Good Neighbor Policy satisfactorily, is to make the Spanish language the second language learned by every school child in this country. We elders had better do what we can too, no matter how haltingly, to learn this language spoken by so many people whom we must understand.... I hope that in every school in this country we...
August 7, 2010
Tony Judt
Tony Judt:
Moreover, Marx's other youthful intuition—that the proletariat has a privileged insight into the final purposes of History thanks to its special role as an exploited class whose own liberation will signal the liberation of all humankind—is intimately attached to the ultimate Communist outcome, thanks to the subordination of proletarian interests to a dictatorial party claiming to incarnate them. The strength of these logical chains binding Marxist analysis to Communist...
Livebloggin World War II: August 7, 1940
Geran General Halder:
I utterly reject the Navy's proposals [for the invasion of Britain:]. From the Army viewpoint I regard it as complete suicide. I might just as well put the troops that have been landed straight through the sausage-machine...
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