D MacCloskey is the foremost economic historian ever in my opinion. Her position is supported by vast knowledge of hundreds of years of detailed historic economic facts. I’m with her position without question 👍👏👏👏🙏
Deirdre, what is your solution to systemic racism? There are large inequalites in wealth, income, academic achievement between black descendants of slaves and whites, not only in the US, but all around the world. It doesn't look like "meritocratic" capitalism of yours has done a good job at all at reducing these inequities.
What chance has "meritocratic" capitalism had, with all the government diktat and meddling?
My understanding is that Plessey, 1895, enshrined Jim Crow segregation in law in spite of popular opinion. The railroads didn't want it because it required running extra trains and cars. The passengers didn't want it, and fares had to go up to pay for the extra trains and cars. Then along came Woodrow Wilson 20 years later and segregated the civil service.
Someone, possibly Walter Williams or Thomas Sowell, showed that black wages were rising towards equality with whites until the 1965 Civil Rights Act, and have been stagnant since.
I would rather have the bigots display their "NO BLACKS" signs so I and everyone else knows who they are and who to avoid. I'd love to see them throw Obama out and be sued because he's as white as he is black. I'd love to see them try to justify one drop or whatever test they demand.
The only way to stop racism is to stop forcing people to pay attention to race. Get rid of affirmative action, stop talking about reparations, let bigots be bigots so everyone knows who they are, and society will heal.
It will never heal as long as government demands to make race so important.
Ben Bernanke, another who didn't deserve a Nobel (just read your OCT 2024 post and totally agree), crashed the RMBS market trying to prove his research was right. Instead, he proved his research was, in fact, minor and made a little difference. Ben did validate Friedman and Schwartz, as it was the FDIC that prevented a worse fate in 2008-09, precisely what it was intended to do. But that was not his intent.
I mention this because this new book is not so great and I haven't read it.
What I do know is the economy recovered after WWII because people had savings to spend and to have families. Not much chance to spend your pay while at war, especially since everything is paid for. They had wealth. It was not capital investment. That would be spurious correlation. A Granger causality test is recommended for this author.
Keynes argued that government demand could induce sufficient demand for labor until, after a few cycles, the wage would equal the marginal disutility of labor. Although his work is brilliant, he spawned a seemingly endless stream of misapplications of the 2nd Welfare Theorem of Economics.
The actual problem post-WWI in Britain was an excess supply of labor.
Britain's export market dominance had shifted to the US, so Brits should have gotten on ships and come to the US and worked, until in Britain wage equaled the marginal disutility of labor.
The Great Depression was induced in 1931 by a series of incredibly destructive FED decisions, but the FED was a boondoggle forced on the public by JD Rockefeller Sr. and his minions. I note that JD Rockefeller got his 'angel funding' from the Rothschild banking clan, so no surprise the FED did only what the globalist banker wanted. That Bernanke maniacally repeated the '31 FEDs mistakes was almost incomprehensible to me at the time, and I was knee-deep in the issues.
As a consultant in 2007, I developed a house price model used on the trading floor at Bear Stearns. I spoke from the microphone in the audience at the June 6, 2007 ASF annual mtg at Grand Hyatt NYC. I predicted the collapse of the RMBS market without government intervention, and was acknowledged (not by all) as the only person who knew what was going to happen. I had proven that Structured Finance was inherently flawed, a kind of slow-motion Ponzi scheme, so even if proper diligence in loan origination had been enforced, the market would still crash.
D MacCloskey is the foremost economic historian ever in my opinion. Her position is supported by vast knowledge of hundreds of years of detailed historic economic facts. I’m with her position without question 👍👏👏👏🙏
Deirdre, what is your solution to systemic racism? There are large inequalites in wealth, income, academic achievement between black descendants of slaves and whites, not only in the US, but all around the world. It doesn't look like "meritocratic" capitalism of yours has done a good job at all at reducing these inequities.
What chance has "meritocratic" capitalism had, with all the government diktat and meddling?
My understanding is that Plessey, 1895, enshrined Jim Crow segregation in law in spite of popular opinion. The railroads didn't want it because it required running extra trains and cars. The passengers didn't want it, and fares had to go up to pay for the extra trains and cars. Then along came Woodrow Wilson 20 years later and segregated the civil service.
Someone, possibly Walter Williams or Thomas Sowell, showed that black wages were rising towards equality with whites until the 1965 Civil Rights Act, and have been stagnant since.
I would rather have the bigots display their "NO BLACKS" signs so I and everyone else knows who they are and who to avoid. I'd love to see them throw Obama out and be sued because he's as white as he is black. I'd love to see them try to justify one drop or whatever test they demand.
The only way to stop racism is to stop forcing people to pay attention to race. Get rid of affirmative action, stop talking about reparations, let bigots be bigots so everyone knows who they are, and society will heal.
It will never heal as long as government demands to make race so important.
Ben Bernanke, another who didn't deserve a Nobel (just read your OCT 2024 post and totally agree), crashed the RMBS market trying to prove his research was right. Instead, he proved his research was, in fact, minor and made a little difference. Ben did validate Friedman and Schwartz, as it was the FDIC that prevented a worse fate in 2008-09, precisely what it was intended to do. But that was not his intent.
I mention this because this new book is not so great and I haven't read it.
What I do know is the economy recovered after WWII because people had savings to spend and to have families. Not much chance to spend your pay while at war, especially since everything is paid for. They had wealth. It was not capital investment. That would be spurious correlation. A Granger causality test is recommended for this author.
Keynes argued that government demand could induce sufficient demand for labor until, after a few cycles, the wage would equal the marginal disutility of labor. Although his work is brilliant, he spawned a seemingly endless stream of misapplications of the 2nd Welfare Theorem of Economics.
The actual problem post-WWI in Britain was an excess supply of labor.
Britain's export market dominance had shifted to the US, so Brits should have gotten on ships and come to the US and worked, until in Britain wage equaled the marginal disutility of labor.
The Great Depression was induced in 1931 by a series of incredibly destructive FED decisions, but the FED was a boondoggle forced on the public by JD Rockefeller Sr. and his minions. I note that JD Rockefeller got his 'angel funding' from the Rothschild banking clan, so no surprise the FED did only what the globalist banker wanted. That Bernanke maniacally repeated the '31 FEDs mistakes was almost incomprehensible to me at the time, and I was knee-deep in the issues.
As a consultant in 2007, I developed a house price model used on the trading floor at Bear Stearns. I spoke from the microphone in the audience at the June 6, 2007 ASF annual mtg at Grand Hyatt NYC. I predicted the collapse of the RMBS market without government intervention, and was acknowledged (not by all) as the only person who knew what was going to happen. I had proven that Structured Finance was inherently flawed, a kind of slow-motion Ponzi scheme, so even if proper diligence in loan origination had been enforced, the market would still crash.
“Selgin finds that fear during the 1930s of the government taking over the economy caused private investment to cease.”
That sounds like Robert Higgs’ theory. Does Selgin mention him?