Relevant and even prescient commentary on news, politics and the economy.

From the archives: The Source and Remedy of the National Difficulties

 With a minimum of editing or preface, I am reposting this one from February 2009. Next year will be the bicentennial of the publication this astonishing but undeservedly obscure pamphlet. One “event” that I am conducting to celebrate the anniversary is posting of around 65 questions that I have mined from the text. I hope […]

Stephen Miller’s Racist Fix for Race Relations, Part II

In the immigration handbook he wrote for then Alabama Senator Sessions, Stephen Miller cited U.S. Civil Rights Commissioner, Peter Kirsanow, who subsequently was considered by Trump during the transition as a potential nominee for Secretary of Labor. In Kirsanow’s June 4 feature for National Review, Flames from False Narratives, he claimed that Black men are not […]

Stephen Miller’s Racist Fix for Race Relations

Word is circulating that Stephen Miller is writing Donald Trump’s speech on race relations. I’m going to go out on a limb and predict that Trump’s “solution” to the current malaise in the U.S. will involve extending a ban on immigration and expanding enforcement and expulsion of undocumented individuals. This seems like a safe bet […]

Looking Down Right Now

“Ryan is looking down right now, and you know that, and he is very happy, because I think he just broke a record.” “Hopefully George is looking down right now and saying this is a great thing that’s happening for our country,” Trump’s cynical invoking of George Floyd yesterday has a history that explains what […]

Four Days On, Ten Days Off

A very interesting paper (not peer-reviewed) by a team of Israeli scholars proposes that a more manageable exit from pandemic lockdown might be achieved by implementing a scheme in which employees go in to work for four days and then return to isolation for ten days before repeating the cycle. A variation on the proposal […]

Stairway to Serfdom

Stairway to Serfdom I posted the above chart four days ago in “From Social Distance to Social Justice” to illustrate Arthur Dahlberg’s argument about the eventual consequences of a declining labor share of income. Dahlberg was inspired by Stephen Leacock’s The Unsolved Riddle of Social Justice and both Leacock and Dahlberg were influenced by Thorsten Veblen. The chart […]

From Social Distance to Social Justice: An Unsolved Riddle

In the last two weeks of March and the first week of April, 2020 16.5 million new claims for unemployment were filed in the U.S. After the novel coronavirus is successfully contained some but not all of those jobs will return. The post-pandemic economy will not be the same as the economy before and to […]

How Low Can You Go?

This is not a prediction. Only an observation. From 1952 to 1996, U.S. nominal net worth of households and non-profits tracked nominal GDP pretty closely. Net worth remained pretty close to 15 times GDP. That consistent relationship ended after 1997. In the third quarter of 2007, net worth was nearly 20 times GDP but by […]

A “Wild and Dangerous” Scheme, Part Two: What’s “fixed” got to do with it? Do with it?

“…we have seen a calculation… which shows that the fixed charges, for machinery and the general management of a mill, are as nearly as possible equal to the cost of wages in the process.” In my earlier post on the “Wild and Dangerous Scheme” I teased the “egregious accounting error” committed by the author of […]