Kim-Mai Cutler: Nothing Like This Has Ever Happened Before - "San Francisco Bay Area poverty rates in all nine counties have increased in the last economic cycle, even with the Facebook and Twitter IPOs and private tech boom. The main transfer mechanism is land and housing costs, as rising rents and evictions push service and other low-wage workers to the brink. [Henry] George's solution was a single land tax that would replace all other government revenue sources. If an owner wanted to develop their property to make it more useful or productive, George argued that they should have the right to keep the value from those efforts. But increases in the value of underlying land were created by — and ultimately belonged to — the public at large." (previously: 1,2,3) [more inside]
Why Hamilton—Not Jefferson—Is the Father of the American Economy - "How we can better energize America's economy, create more jobs, and provide more fulfilling lives for our citizens?" By Stephen Cohen and Brad DeLong (previously; [unfinished] book preview) [more inside]
BBC: "Huang's new project is based on a similar idea - this time, he asked people to display everything they've ever bought online. The results are a testament to the overwhelming popularity of online shopping, particularly China's most popular internet shopping platform, Taobao." [more inside]
The political economy of a universal basic income: "your view of what is feasible should not be backwards looking. The normalization of gay marriage and legalization of marijuana seemed utopian and politically impossible until very recently. Yet in fact those developments are happening, and their expansion is almost inevitable given the demographics of ideology... UBI — defined precisely as periodic transfers of identical fixed dollar amounts to all citizens of the polity — is by far the most probable and politically achievable among policies that might effectively address problems of inequality, socioeconomic fragmentation, and economic stagnation." [more inside]
- Welfare economics: an introduction
- The perils of Potential Pareto
- Inequality, production, and technology
- Welfare theorems, distribution priority, and market clearing
- Normative is performative, not positive
How The Economic Machine Works by Ray Dalio actually makes a case against austerity and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
This country (the Roman Empire) has more than four hundred smaller cities and towns. It extends several thousand li in all directions. The king has his capital (that is, the city of Rome) close to the mouth of a river (the Tiber). The outer walls of the city are made of stone. - A Third Century Chinese Account Composed between 239 and 265 CE, Quoted in zhuan 30 of the Sanguozhi. Published in 429 CE. Draft English translation
Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
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]
Spanning one-ninth of the earth's circumference across three continents, the Roman Empire ruled a quarter of humanity through complex networks of political power, military domination and economic exchange. These extensive connections were sustained by premodern transportation and communication technologies that relied on energy generated by human and animal bodies, winds, and currents. Conventional maps that represent this world as it appears from space signally fail to capture the severe environmental constraints that governed the flows of people, goods and information. Cost, rather than distance, is the principal determinant of connectivity. For the first time, ORBIS allows us to express Roman communication costs in terms of both time and expense. By simulating movement along the principal routes of the Roman road network, the main navigable rivers, and hundreds of sea routes in the Mediterranean, Black Sea and coastal Atlantic, this interactive model reconstructs the duration and financial cost of travel in antiquity.
Kate Rich has run the Feral Trade grocery business trading goods along social networks since 2003. Feral Trade forges new, 'wild' trade routes between art, business and social interaction. Goods hitchhike on other sources of movement, harnessing the surplus freight potential of social and cultural travel to haul grocery items intercity, often using other artists and curators as mules. An online courier database provides a live, public view of all movements in the network.
Framce Trombly creates household goods such as garden hoses, extension cords, and receipts out of cloth and thread.