“Economic theory has come to a dead end — the last real breakthroughs were in the 1960s,” says Yanis Varoufakis, a Greek economist recently hired by the video-game company Valve. “But that’s not because we stopped being clever. We came up against a hard barrier. The future is going to be in experimentation and simulation
— and video game communities give us a chance to do all that.”
posted by Chrysostom
on Oct 1, 2012 -
"Liberals have not always been very good at communicating why liberalism works. There’s many reasons for this, but part of it is that it can be hard to defend the obvious from an absurd and deceptive attack. For half a century you had to be a crank to oppose what Roosevelt accomplished; liberals got out of the habit of arguing for their beliefs.
I hope this page will help. Liberals don’t need to apologize for their vision of how American society should work. Liberalism saved American capitalism and democracy, defeated Naziism, created a prosperous middle class, and benefited every sector of society, from the back streets to Wall Street. " Mefi's own Zompist (previously
) on Why Liberalism Works.
posted by The Whelk
on Sep 30, 2012 -
"Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks." [Five years on, the Great Recession is turning into a life sentence
posted by vidur
on Aug 13, 2012 -
Financial Markets, Politics and the New Reality
: "Louis M. Bacon is the head of Moore Capital Management, one of the largest and most influential hedge funds in the world. Last week, he announced that he was returning one quarter of his largest fund, about $2 billion, to his investors, [saying] it is impossible to make money when there is heavy political involvement, because political involvement introduces unpredictability in the market… Adam Smith and David Ricardo, who modern investors so admire, [never] used the term "economics" by itself, but only in conjunction with politics; they called it political economy… The investors' problem is that they mistake the period between 1991 and 2008 as the norm and keep waiting for it to return."
posted by the mad poster!
on Aug 9, 2012 -
The current system of corporate governance is bunk. Capitalist corporations are on the way to certain extinction. Replete with hierarchies that are exceedingly wasteful of human talent and energies, intertwined with toxic finance, co-dependent with political structures that are losing democratic legitimacy fast, a form of post-capitalist, decentralised corporation will, sooner or later, emerge.
An analysis of the management and organizational style of Valve Software
posted by barnacles
on Aug 5, 2012 -
...But most of all
, I am emerging from this drama with a renewed appreciation for the value of my taxpayer-supported public services. The Berkeley Fire Department did right by me — not only by saving most of my house from burning to the ground, but also by demonstrating real human kindness and connection in the middle of fire and chaos. In the rubble, I found magic. And in a strange way, I feel like I deserved it. In Berkeley, we are addicted to high taxes — in the 25 years I’ve lived here, I can’t even count how many times I and my fellow citizens have said a resounding yes to yet another tax hike or bond measure. Two weeks ago, I got my money’s worth. [more inside]
posted by latkes
on Jul 13, 2012 -
In less than an hour, the Supreme Court will hand down its final judgment in what has become one of the most crucial legal battles of our time: the constitutionality of President Obama's landmark health care reform law.
The product of a strict party line vote following a
of debate, disinformation
, and tense legislative wrangling, the Affordable Care Act
would (among other popular reforms
) require all Americans to buy insurance coverage by 2014, broadening the risk pool
for the benefit of those with pre-existing conditions.
The fate of this "individual mandate," bitterly opposed by Republicans despite its similarity to past plans touted by conservatives
(including presidential contender Mitt Romney
) is the central question facing the justices today
. If the conservative majority takes the dramatic step
of striking down the mandate, the law will be toothless, and in danger of wholesale reversal, rendering millions uninsured
, dealing a crippling blow to the president's re-election hopes, and possibly endangering the federal regulatory state
But despite the pessimism of bettors
, some believe
the Court will demur, wary of damaging
its already-fragile reputation
with another partisan 5-4 decision
. But those who know don't talk, and those who talk don't know
. Watch the SCOTUSblog liveblog
for updates, Q&A, and analysis as the truth finally comes out shortly after 10 a.m. EST.
posted by Rhaomi
on Jun 28, 2012 -
GDP since Jesus. That headline is a big promise. But here it is: The economic history of the world going back to Year 1 showing the major powers' share of world GDP, from a research letter written by Michael Cembalest, chairman of market and investment strategy at JP Morgan.
everything to the left of 1800 is an approximation of population distribution around the world and everything to the right of 1800 is a demonstration of productivity divergences around the world. [more inside]
posted by Golden Eternity
on Jun 22, 2012 -
In Praise of Leisure
- "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren
.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via
) [more inside]
posted by kliuless
on Jun 22, 2012 -
Tails of the Unexpected:
"Normality has been an accepted wisdom in economics and finance for a century or more. Yet in real-world systems, nothing could be less normal than normality. Tails should not be unexpected, for they are the rule." An eminently human-readable explanation of why normal models fail to describe the uncertainties of our abnormal world. [more inside]
posted by ecmendenhall
on Jun 9, 2012 -
Take a holiday in Somaliland: journey to the state that isn’t.
"Positioned on the upper haunch of the Somali dog-leg the Republic of Somaliland looks initially unpromising. It is mainly dry and rocky, there are few paved roads, and the population is small and generally dispersed. ... Whilst the economy may be on the up, Somaliland still feels extremely isolated. An employee of a big international NGO who I met in the lobby of my hotel, The Mansoor, looked at me with astonishment when I said I’d come to Hargeisa for fun. 'The biggest danger here,' he said 'is dying of boredom.'
posted by mykescipark
on May 28, 2012 -
"I call it the destruction of shared prosperity hypothesis. ... [A]round 1980 the U.S. adopted a fundamentally flawed economic paradigm ... that abandoned full employment and severed the link between wages and productivity growth. ... Financial deregulation, regulatory forbearance, financial innovation, financial mania, and plain vanilla financial fraud kept the economy going by making ever more credit available, However, as the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed ever larger speculative bubbles to grow. The house price bubble was simply the last and biggest bubble and was effectively the only way around the stagnation that would otherwise have developed in 2001." - an interview
with Thomas Palley
on the origins and prognosis for the crisis
posted by crayz
on Apr 18, 2012 -
The Incentive Bubble
) - "The fraying of the compact of American capitalism by rising income inequality and repeated governance crises is disturbing. But misallocations of financial, real, and human capital arising from the financial-incentive bubble are much more worrisome to those concerned with the competitiveness of the American economy." [more inside]
posted by kliuless
on Apr 3, 2012 -