website documnet

8/3/2019 Website Documnet

1/21

Brad DeLong

Grasping Reality with the Invisible Hand

Fair, Balanced, and Reality-Based

Economics 1: Principles of Economics | Economics 211:

Research Seminar | Economics 210a: Introduction to

Economic History | Economics 191: Topics in Economic

Research | Friday Berkeley Economic History Laboratory

Lunch | Haas PhDBA 239S: Finance Seminar | Economics 237:

Macroeconomics Seminar |

Project Syndicate | Twitterstorms | Why Oh Why Can't We Have a Better Press

Corps? | Obama Administration | The Great Depression | Fiscal Policy | Financial

Policy | Monetary Policy

FEBRUARY 14, 2012

HOISTED FROM THE ARCHIVES: UNLEASH CHIANG KAI-SHEK!!

Brad DeLong: Unleash Chiang Kai-Shek!!:

I'm sorry, but this is just too weird:

Gainesville.com | The Gainesville Sun | Gainesville, Fla.: After more than an hour of solemn ceremony naming Rep.

Marco Rubio, R-West Miami, as the 2007-08 House speaker, Gov. Jeb Bush stepped to the podium in the House

chamber last week and told a short story about "unleashing Chang," his "mystical warrior" friend. Here are Bush's

words, spoken before hundreds of lawmakers and politicians:
http://delong.typepad.com/sdj/http://delong.typepad.com/sdj/econ-1-spring-2012/http://emlab.berkeley.edu/users/webfac/eichengreen/e211_sp12/econ211_schedule_1-4-12.pdfhttp://emlab.berkeley.edu/users/webfac/eichengreen/e211_sp12/econ211_schedule_1-4-12.pdfhttp://delong.typepad.com/sdj/econ-210a-spring-2012/http://delong.typepad.com/sdj/econ-210a-spring-2012/http://delong.typepad.com/sdj/econ-191-spring-2012/http://delong.typepad.com/sdj/econ-191-spring-2012/http://www.haas.berkeley.edu/groups/finance/seminars.htmlhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?view=summary&timeframe=range&startdate=2012-01-01&enddate=2012-06-30&filter=Secondary%20Event%20Type&filtersel=1061http://events.berkeley.edu/index.php/calendar/sn/econ.html?view=summary&timeframe=range&startdate=2012-01-01&enddate=2012-06-30&filter=Secondary%20Event%20Type&filtersel=1061http://www.project-syndicate.org/http://delong.typepad.com/sdj/twitterstorm-delong/http://delong.typepad.com/sdj/better_press_corps/http://delong.typepad.com/sdj/better_press_corps/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/economics_great_depression/http://delong.typepad.com/sdj/fiscal_policy/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/federal_reserve/http://delong.typepad.com/sdj/2012/02/hoisted-from-the-archives-unleash-chiang-kai-shek.htmlhttp://delong.typepad.com/sdj/2005/10/unleash_chiang_.htmlhttp://delong.typepad.com/sdj/2011/11/we-are-the-100.htmlhttp://delong.typepad.com/sdj/econ-1-spring-2012/http://emlab.berkeley.edu/users/webfac/eichengreen/e211_sp12/econ211_schedule_1-4-12.pdfhttp://emlab.berkeley.edu/users/webfac/eichengreen/e211_sp12/econ211_schedule_1-4-12.pdfhttp://delong.typepad.com/sdj/econ-210a-spring-2012/http://delong.typepad.com/sdj/econ-210a-spring-2012/http://delong.typepad.com/sdj/econ-191-spring-2012/http://delong.typepad.com/sdj/econ-191-spring-2012/http://delong.typepad.com/sdj/econ-191-spring-2012/http://www.haas.berkeley.edu/groups/finance/seminars.htmlhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?view=summary&timeframe=range&startdate=2012-01-01&enddate=2012-06-30&filter=Secondary%20Event%20Type&filtersel=1061http://events.berkeley.edu/index.php/calendar/sn/econ.html?view=summary&timeframe=range&startdate=2012-01-01&enddate=2012-06-30&filter=Secondary%20Event%20Type&filtersel=1061http://www.project-syndicate.org/http://delong.typepad.com/sdj/twitterstorm-delong/http://delong.typepad.com/sdj/better_press_corps/http://delong.typepad.com/sdj/better_press_corps/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/economics_great_depression/http://delong.typepad.com/sdj/fiscal_policy/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/federal_reserve/http://delong.typepad.com/sdj/2012/02/hoisted-from-the-archives-unleash-chiang-kai-shek.htmlhttp://delong.typepad.com/sdj/2005/10/unleash_chiang_.htmlhttp://delong.typepad.com/sdj/


2/21

Chang is a mystical warrior. Chang is somebody who believes in conservative principles, believes in entrepreneurial

capitalism, believes in moral values that underpin a free society.

I rely on Chang with great regularity in my public life. He has been by my side and sometimes I let him down. But

Chang, this mystical warrior, has never let me down.

Bush then unsheathed a golden sword and gave it to Rubio as a gift. "I'm going to bestow to you the sword of a great

conservative warrior," he said, as the crowd roared.

The crowd, however, could be excused for not understanding Bush's enigmatic foray into the realm of Eastern

mysticism. We're here to help. In a 1989 Washington Post article on the politics of tennis, former President George

Bush was quoted as threatening to "unleash Chang" as a means of intimidating other players. The saying was

apparently quite popular with Gov. Bush's father, and referred to a legendary warrior named Chang who was called

upon to settle political disputes in Chinese dynasties of yore. The phrase has evolved, under Gov. Jeb Bush's use, to

mean the need to fix conflicts or disagreements over an issue. Faced with a stalemate, the governor apparently

"unleashes Chang" as a rhetorical device, signaling it's time to stop arguing and start agreeing.

No word on if Rubio will unleash Chang, or the sword, as he faces squabbles in the future.

When George H. W. Bush in the 1970s and 1980s threatened to "unleash Chang" on his

tennis opponents, he was referring to China's onetime strongman and thereafter

Taiwan's dictator Chiang Kaishek, leader of the Nationalist Party, the man who had

largely reunified China in the 1920s with his army's "Northern Expedition," lost the

Chinese Civil War to Mao Zedong's Chinese Communist Party, and then taken refuge

with his Guomindang party cadres on Taiwan. After the start of the Korean War, the

American 7th Fleet protected Chiang (and Taiwan) from Mao's People's LiberationArmy.

Republican wingnuts, however, pretended that the 7th Fleet actually protected Mao's

Communists (who had, after all, won the Chinese Civil War) from Chiang's Nationalists

(who had, after all, lost it) by keeping Chiang Kaishek leashed. They periodically

called for the U.S. to "unleash Chiang Kaishek"--so that Chiang, you see, could invade

and conquer the Chinese mainland.

When George H. W. Bush, playing tennis (and losing) in the 1970s and 1980s, would

threaten to "unleash Chiang," he was mocking the right-wing nuts of his generation.

But George H. W. Bush's sons--even the smart one, Jeb--never got the joke. They, you

see, didn't know enough about world history or even the history of the Republican

Party to know who Chiang Kaishek was, or what "Unleash Chiang!" meant. Hence Jeb


3/21

Bush's explanation that twentieth-century Chinese nationalist, socialist, general, and

dictator Chiang Kaishek was a "mystical warrior... who believes in conservative

principles, believes in entrepreneurial capitalism, believes in moral values that

underpin a free society."

To me, that level of uncuriosity is scary. Why is this family ruling us, again?

UPDATE: Tim Noah claims that Jeb Bush did indeed know back in 2005 what "Unleash

Chiang!" meant, but chose to pretend that he did not.

I have no idea why Tim Noah thinks this--Noah appears to be working off nothing but

the hypothesis that Jeb Bush knows everything that Doro Bush Koch does. But my

sister knows lots of things that I don't know:

Marco Rubio Flunks History | The New Republic: Jeb's whimsical reworking of "Chang" from a real-life quixotic

obsession of the 1950s American right into a "mythical conservative warrior" was his way to perpetuate a cherished

family tradition without re-litigating the question of who lost China. Since Doro knows its real provenance, I assume

Jeb must, too.

10:28 AM in Politics |Permalink |Comments (0)

LIVEBLOGGING WORLD WAR II: FEBRUARY 14, 1942

Nazi Germany's Army Group Center: situation map:

09:44 AM | Permalink | Comments (0)
http://www.tnr.com/blog/timothy-noah/100205/marco-rubio-flunks-historyhttp://www.tnr.com/blog/timothy-noah/100205/marco-rubio-flunks-historyhttp://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/hoisted-from-the-archives-unleash-chiang-kai-shek.htmlhttp://delong.typepad.com/sdj/2012/02/hoisted-from-the-archives-unleash-chiang-kai-shek.htmlhttp://delong.typepad.com/sdj/2012/02/liveblogging-world-war-ii-february-14-1942.htmlhttp://delong.typepad.com/sdj/2012/02/liveblogging-world-war-ii-february-14-1942.htmlhttp://www.tnr.com/blog/timothy-noah/100205/marco-rubio-flunks-historyhttp://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/hoisted-from-the-archives-unleash-chiang-kai-shek.htmlhttp://delong.typepad.com/sdj/2012/02/liveblogging-world-war-ii-february-14-1942.htmlhttp://delong.typepad.com/sdj/2012/02/liveblogging-world-war-ii-february-14-1942.html


4/21

QUOTE OF THE DAY: FEBRUARY 14, 2012

"James [II Stuart]'s opponents were, by and large, revolutionaries, not reactionaries.

They appreciated that only a modernized English state could compete in

contemporary Europe. Unlike James, however, the revolutionaries looked to the

Dutch Republic rather than to the French monarchy for political inspiration."

--Steve Pincus, 1688: The First Modern Revolution

09:36 AM in Books,History | Permalink | Comments (0)

NO EXCUSE FOR ANYBODY INTERESTED IN GOOD POLICY TO VOTE FORMITT ROMNEY

A correspondent writes, apropos of the astonishingly dishonorable Mitt Romney oped:

As I am sure you all remember, going into bankruptcy with no source of continued funding would mean liquidation for

the auto makers and everyone understood that at the time including Keith Hennessy in public.

Saying he was for managed bankruptcy without a funding source was like saying he was for medical treatment but at

the time refused to pay for the medicine or that he was for having a kid finish their degree only he refused to pay the

tuition.

Other things of note: when he is blasting the pension slashing of non UAW folks, I assume he means dumping them

on the PBGC, where their pensions would be much lower for people less than 65. but Bain did exactly that same

move with several companies it took through bankruptcy--dumped the pensions onto the pbgc--so it's ironic he would

be touting his private sector experience here...


DISAPPOINTED: FLYING DOWN THE CALIFORNIA COAST AT DAWN CAN BEGLORIOUS...

...but not if the coast from Monterey to Ventura is socked in by fog...


PAUL KRUGMAN: CAMERON AND THE CONFIDENCE FAIRY: AN UPDATE

PK:

Cameron and the Confidence Fairy: An Update: Back in June 2010, when George Osborne unveiled the Cameron

governments austerity plan, it was all about confidence:

Higher interest rates, more business failures, sharper rises in unemployment, and potentially even a catastrophic loss

of confidence and the end of the recovery. We cannot let that happen. This Budget is needed to deal with our

countrys debts. This Budget is needed to give confidence to our economy. This is the unavoidable Budget.
http://delong.typepad.com/sdj/2012/02/quote-of-the-day-february-14-2012.htmlhttp://delong.typepad.com/sdj/books/http://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/2012/02/quote-of-the-day-february-14-2012.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-cameron-and-the-confidence-fairy-an-update.htmlhttp://krugman.blogs.nytimes.com/2012/02/11/cameron-and-the-confidence-fairy-an-update/?pagewanted=allhttp://delong.typepad.com/sdj/2012/02/quote-of-the-day-february-14-2012.htmlhttp://delong.typepad.com/sdj/books/http://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/2012/02/quote-of-the-day-february-14-2012.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-cameron-and-the-confidence-fairy-an-update.htmlhttp://krugman.blogs.nytimes.com/2012/02/11/cameron-and-the-confidence-fairy-an-update/?pagewanted=all


5/21

So hows it going?

The Cameron government likes to point to low British interest rates which are not just the result of safe-haven flight

into the bonds of every advanced-country government that still has its own currency. Except, actually they are. Still,

the governments commitment to fiscal responsibility has led to rising consumer confidence. Or, actually, not.

Business confidence! Thats the ticket! Or, well, no. Still, Serious People are sure that the policy was necessary

and is yielding results. I wonder what it would take to convince them otherwise.update/?pagewanted=all#>######

07:23 AM in Economics,Economics: Fiscal Policy,Economics: Macro, MoralResponsibility | Permalink | Comments (0)

PAUL KRUGMAN IS MUCH MORE POLITE TO JOHN COCHRANE AND JOHNTAYLOR THAN ECONOMICS OF CONTEMPT IS

Paul Krugman:

It Was Lehman Wot Did It - NYTimes.com: These days the bizarre economic notions are flying so thick and fast that

its hard to keep up. Economics of Contempt informs us that Taylor and Cochrane(pdf) are denying the importance of

the Lehman shock. This is, among other things, a demonstration of just how far Chicago has run away from the

legacy of Milton Friedman, who put bank runs starting with the failure of small banks at the heart of his account

of the Great Depression. But its also amazing given that these events were so recent, and so clear.

Look at what happened to yields on riskier, illiquid assets. Anyone else have the impression that something

happened in the second half of September 2008?

Now, I would argue that Lehman was more of a trigger than an ultimate cause, that the overhang of household debt

rather that continuing disruption of the financial sector is whats holding us back now. But trying to diminish the

centrality of Lehman to the crisis with arguments to the effect that most of Lehmans big counterparties survived

because the government bailed them out is just amazing.
http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/fiscal_policy/http://delong.typepad.com/sdj/fiscal_policy/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/2012/02/paul-krugman-cameron-and-the-confidence-fairy-an-update.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://krugman.blogs.nytimes.com/2012/02/14/it-was-lehman-wot-did-it/?pagewanted=allhttp://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/fiscal_policy/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/2012/02/paul-krugman-cameron-and-the-confidence-fairy-an-update.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://krugman.blogs.nytimes.com/2012/02/14/it-was-lehman-wot-did-it/?pagewanted=all


6/21

Heh. Indeed.

As I, at least, see it, the key to Lehman was that in its aftermath not only was a great

deal of liquid cash frozen but nobody was certain how big the bailout would be or who

the bailout would go to or what institutions would still be surviving when the dust

cleared.

The settlement of the Bear-Stearns bankruptcy had convinced everybody that the U.S.

government had guaranteed the unsecured debt of practically every single

commercial bank, investment bank, and shadow bank in and outside the United

States--and thus that even though people felt overleveraged, it was still worthwhile

for them to hold on to their risky asset positions because in the end they were not

that risky.

Lehman revealed that that was not true.

And then, of course, the attempts by financial institutions to rebalance their

portfolios and shed risk made their risky assets all much, much, much more risky--and

diminished the willingness to hold them.


7/21

Miss that--as it appears that Taylor and Cochrane have--and you have missed

practically everything important about the fall of 2008.

06:37 AM in Economics,Economics: Finance, Economics: Macro | Permalink| Comments (4)

ECONOMICS OF CONTEMPT IS VERY UNHAPPY THIS MORNING...Jeebus!

EOC:

Economics of Contempt: Mind-Boggling Nonsense from John Cochrane: After reading John Taylor and John

Cochrane's analyses of Lehman's failure, I'm beginning to understand how it's possible for economists to say that

"we're still arguing about the causes of the Great Depression." It's generally hard to come to an agreement when one

side simply lies, or refuses to acknowledge undeniable facts

06:18 AM in Economics,Economics: Finance, Economics: Macro | Permalink| Comments (4)

FEBRUARY 13, 2012

ECON 1: SPRING 2012: U.C. BERKELEY: SAMPLE EXAM--MIDTERM 1

Sample Midterm Exam

08:41 PM inBerkeley: Teaching, Berkeley: the University, Econ 1 Spring2012, Economics| Permalink| Comments (0)

DELONG SMACKDOWN SMACKDOWN WATCH BY DIGBY AND COMPANY: VONMISES AS PATRIARCH EDITION

Digby:

Hullabaloo:Update: Be sure to read Konczal's piece and the ensuing argument over Mises' "endorsement" of birth

control. He endorsed it --- for the husband/father to make women use if he didn't feel it was financially viable to have

more children. Rick Santorum wouldn't agree with that. But in the end they can both agree on one thing: men are

looking out for "the family" when they control women's reproduction. What could be wrong with that?

Mike Konczal:

Ludwig Von Mises Makes the Libertarian Case against Free Love (and Implicitly Against Birth Control) | Rortybomb:

Check out dueling Mises quotes and interpretation in the comment section from Gene Callahan - With the spreadand progress of capitalism, birth control becomes a universal practice and Corey Robin (whose recent book on

conservatives looks even stronger in light of these arguments by Mises) who points out that Mises isnt talking in

terms of womans autonomy but the husband as family owner: In the market economy every individual is

spontaneously intent upon not begetting children whom he could not rear without considerably lowering his familys

standard of life.

Corey Robin:
http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://economicsofcontempt.blogspot.com/2010/02/mind-boggling-nonsense-from-john.htmlhttp://economicsofcontempt.blogspot.com/2010/02/mind-boggling-nonsense-from-john.htmlhttp://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://delong.typepad.com/sdj/2012/02/econ-1-spring-2012-uc-berkeley-sample-exam-midterm-1.htmlhttp://delong.typepad.com/20120213-sample-exam.pdfhttp://delong.typepad.com/sdj/teaching/http://delong.typepad.com/sdj/teaching/http://delong.typepad.com/sdj/berkeley_the_university/http://delong.typepad.com/sdj/econ-1-spring-2012/http://delong.typepad.com/sdj/econ-1-spring-2012/http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/2012/02/econ-1-spring-2012-uc-berkeley-sample-exam-midterm-1.htmlhttp://delong.typepad.com/sdj/2012/02/econ-1-spring-2012-uc-berkeley-sample-exam-midterm-1.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://digbysblog.blogspot.com/2012/02/free-markets-not-free-love.htmlhttp://digbysblog.blogspot.com/2012/02/free-markets-not-free-love.htmlhttp://rortybomb.wordpress.com/2012/02/13/von-mises-makes-the-libertarian-case-against-free-love-and-implicitly-against-birth-control/http://rortybomb.wordpress.com/2012/02/13/von-mises-makes-the-libertarian-case-against-free-love-and-implicitly-against-birth-control/http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://economicsofcontempt.blogspot.com/2010/02/mind-boggling-nonsense-from-john.htmlhttp://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://delong.typepad.com/sdj/2012/02/econ-1-spring-2012-uc-berkeley-sample-exam-midterm-1.htmlhttp://delong.typepad.com/20120213-sample-exam.pdfhttp://delong.typepad.com/sdj/teaching/http://delong.typepad.com/sdj/berkeley_the_university/http://delong.typepad.com/sdj/econ-1-spring-2012/http://delong.typepad.com/sdj/econ-1-spring-2012/http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/2012/02/econ-1-spring-2012-uc-berkeley-sample-exam-midterm-1.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://digbysblog.blogspot.com/2012/02/free-markets-not-free-love.htmlhttp://rortybomb.wordpress.com/2012/02/13/von-mises-makes-the-libertarian-case-against-free-love-and-implicitly-against-birth-control/


8/21

Ludwig Von Mises Makes the Libertarian Case against Free Love (and Implicitly Against Birth Control) | Rortybomb:

Given that Mikes point was the connection between sexual autonomy for women and birth control, I dont think the

quote Gene cites not when its read in context actually undermines what Mike is trying to get. If you go onto

read after the passage in question the whole discussion is on 667-672 of Human Action (Volume 3 if you have the

four volume edition) Mises makes it very clear that its the father/husband whos making the decision as to whether

he wants to reproduce. And hes making that decision as a market actor, balancing his sexual desire against what the

market dictates he can support (in terms of the number of children). Mises writes (on 672): In the market economy

every individual is spontaneously intent upon not begetting children whom he could not rear without considerably

lowering his familys standard of life. Thus the growth of population beyond the optimum size as determined by the

supply of capital available and the state of technological knowledge is checked. The interest of each individual

coincide with those of all other individuals. (In addition, and tangentially, Mises refers to abortion as one of several

egregious and repulsive practices that include infanticide.) He never speaks of birth control as an advance for

womens autonomy, and he never once says its the woman who will be deciding it. Its always the man, and the

larger context in which he speaks of the issue is that it has resolved the Malthusian conundrum of population size

versus scarcity. Theres absolutely nothing to suggest that hed be in favor of women using birth control outside the

confines of marriage i.e., free love or on their own initiative or for the sake of their own desire.

01:24 PM inHistory,Moral Responsibility, Obama Administration,Philosophy: Moral, PoliticalEconomy | Permalink | Comments (10)

MITT ROMNEY RUNS TO THE LEFT OF OBAMA ON ENTITLEMENTS: ATTACKSBUDGET FOR NOT MORE SPENDING MORE

Mitt Romney on the 2013 Obama budget proposal:

This week, President Obama will release a budget that wont take any meaningful steps toward solving our

entitlement crisis. The President has failed to offer a single serious idea to save Social Security and is the only

president in modern history to cut Medicare benefits for seniors

Is there any reason that anybody who cares about public policy should vote for this for

president? Anybody? Anybody? Bueller?

09:21 AM in Highlight, Moral Responsibility,ObamaAdministration, Politics |Permalink |Comments (16)

DELONG SMACKDOWN WATCH: GENE CALLAHAN EDITION

Gene Callahan:

La Bocca della Verita: Why Oh Why Can't We Have a Better Blogosphere?: Mike Konczal claims that Ludwig von

Mises's case against "free love" is "implicitly" a case against birth control. [T]his new tool called Google, with which

one can actually find out what Mises thought about birth control, rather than just giving it your best guess. If he had

tried this Google thingie, he might have discovered that Mises was a birth control enthusiast:

It is not the practice of birth control that is new, but merely the fact that it is more frequently resorted to. Especially

new is the fact that the practice is no longer limited to the upper strata of the population, but is common to the whole

population. For it is one of the most important social effects of capitalism that it deproletarianizes all strata of society.
http://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/moral_philosophy/http://delong.typepad.com/sdj/moral_philosophy/http://delong.typepad.com/sdj/political_economy/http://delong.typepad.com/sdj/political_economy/http://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/highlight/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-watch-gene-callahan-edition.htmlhttp://gene-callahan.blogspot.com/2012/02/why-oh-why-cant-we-have-better.htmlhttp://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/moral_philosophy/http://delong.typepad.com/sdj/political_economy/http://delong.typepad.com/sdj/political_economy/http://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/highlight/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-watch-gene-callahan-edition.htmlhttp://gene-callahan.blogspot.com/2012/02/why-oh-why-cant-we-have-better.html


9/21

It raises the standard of living of the masses of the manual workers to such a height that they too turn into 'bourgeois'

and think and act like well-to-do burghers. Eager to preserve their standard of living for themselves and for their

children, they embark upon birth control. With the spread and progress of capitalism, birth control becomes a

universal practice. The transition to capitalism is thus accompanied by two phenomena: a decline both in fertility rates

and in mortality rates. The average duration of life is prolonged." -- Human Action

My point here is to note, once again, how the desire to bash one's political opponents tends to throw even minimal

standards of truth-seeking right out the window. It would have taken Mike about two or three minutes to find out what

Mises really thought about birth control... but why bother, when he thought he had a juicy quote with which he could

order libertarians to "man up"? And Brad DeLong, without bothering to check this himself, enthusiastically jumped on

the bandwagon.

Brad, why oh why can't we have a better blogosphere?

Touch...

I would plead, unconvincingly:

1. That having plowed my way through Socialism and Money and Credit, there is

no way in the Holy Name of the One Who Is that I will spend any time plowing

through Human Action: "time's winged chariot" you know

2. That I was thinking of Friedrich von Hayek's take on how Harriet Taylor

bewitched John Stuart Mill into socialism

3. That, historically, since before the days of Wollstonecraft the combination of

enthusiasm for birth control and enthusiasm for female sexual subordination is

something quite rare

4. That I am now eagerly looking forward to reading people from the Ludwig von

Mises institute denounce Mitch McConnell for attempting to reproletarianize

America

But I will redouble my efforts to first verify, then trust


DAILY KOS: MITT'S MATH #2

A Republican delegate count:

Attorney-at-Arms:
http://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/delong-smackdown-watch-gene-callahan-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-watch-gene-callahan-edition.htmlhttp://delong.typepad.com/sdj/2012/02/daily-kos-mitts-math-2.htmlhttp://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/delong-smackdown-watch-gene-callahan-edition.htmlhttp://delong.typepad.com/sdj/2012/02/daily-kos-mitts-math-2.html


10/21

Daily Kos: Mitt's Math #2: Maine Update! Not Enough Delegates To Avoid Brokered Convention: Here's how it stands

right now for Mitt (based on the delegate projection most favorable to Romney): IA - 12, NH - 9, FL - 50, NV - 14, CO

- 13, MN - 6, ME - 11, Superdelegates - 17, Hunstman endorsement - 2. So far: 134.

There are only 122 winner-take-all delegates left. If Mitt gets all of those, and I'm counting the Superdelegates right,

he needs 898 out of 1797 from the other states, or, just about exactly 50%.


REPUBLICANS GO ALL-IN AGAINST CONTRACEPTION WATCH

Matthew Yglesias:

Freedom of Conscience And Its Limits: Let me pull a point out of a rather long John Holbo post. Start with the

assumption that ObamaCare is repealed, in its entirety, tomorrow. The day after tomorrow Abdul Hussain, owner and

CEO of a large private firm with 5,000 employees, announces that his firm will no longer offer employees health

insurance that permits women to visit male doctors or male employees to be treated by female doctors. This is a

newsworthy event, and the day after the day after tomorrow Health and Human Services Secretary Kathleen Sebeliusand Attorney General Eric Holder both offer the opinion that this is a form of illegal discrimination. Will Mitch

McConnell and other Congressional Republicans stand up for Hussain's "freedom of conscience" in this case? Will

my conservative twitter followers?

I'm going to guess no.

Conservatives don't like the Affordable Care Act and are sympathetic on the merits to the claims of those who think

contraceptives or morally wrong, so in this particular case the principle of "freedom of conscience" seems appealing

to them. But there's actually nobody who endorses the general principle being invoked here.

08:35 AM in Moral Responsibility, Obama Administration, Politics |Permalink |Comments (2)

QUOTE OF THE DAY: FEBRUARY 13, 2012

"A lesion in one spot leaves you unable to tell a Jack Russell from a badger (not that

there is much difference), and with damage in another spot, the toaster is

unrecognizable. There are even people with certain brain lesions who specifically

cannot recognize fruit. Harvard researchers Alfonso Caramazza and Jennifer Shelton

claim that the brain has specific knowledge systems (modules) for animate and

inanimate categories that have distinct neural mechanisms. These domain-specific

knowledge systems arent actually the knowledge itself, but systems that make you

pay attention to particular aspects of situations, and by doing so, increase your

survival chances. For example, there may be quite specific detectors for certain

classes of predatory animals such as snakes and big cats. A stable set of visual clues
http://www.dailykos.com/story/2012/02/11/1063904/-Mitt-s-Math-2-Maine-Update-Not-Enough-Delegates-To-Avoid-Brokered-Convention?via=userhttp://www.dailykos.com/story/2012/02/11/1063904/-Mitt-s-Math-2-Maine-Update-Not-Enough-Delegates-To-Avoid-Brokered-Convention?via=userhttp://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/daily-kos-mitts-math-2.htmlhttp://delong.typepad.com/sdj/2012/02/daily-kos-mitts-math-2.htmlhttp://delong.typepad.com/sdj/2012/02/republicans-go-all-in-against-contraception-watch.htmlhttp://www.slate.com/blogs/moneybox/2012/02/13/freedom_of_conscience_and_its_limits.htmlhttp://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/republicans-go-all-in-against-contraception-watch.htmlhttp://delong.typepad.com/sdj/2012/02/republicans-go-all-in-against-contraception-watch.htmlhttp://delong.typepad.com/sdj/2012/02/amazon-kindle-your-highlights.htmlhttp://www.dailykos.com/story/2012/02/11/1063904/-Mitt-s-Math-2-Maine-Update-Not-Enough-Delegates-To-Avoid-Brokered-Convention?via=userhttp://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/daily-kos-mitts-math-2.htmlhttp://delong.typepad.com/sdj/2012/02/republicans-go-all-in-against-contraception-watch.htmlhttp://www.slate.com/blogs/moneybox/2012/02/13/freedom_of_conscience_and_its_limits.htmlhttp://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/2012/02/republicans-go-all-in-against-contraception-watch.htmlhttp://delong.typepad.com/sdj/2012/02/amazon-kindle-your-highlights.html


11/21

may be encoded in the brain that make you pay attention to certain aspects of

biological motion, such as slithering"

--Michael S. Gazzaniga, Who's in Charge?: Free Will and the Science of the Brain

08:26 AM in Science, Science: Biology, Science: Cognitive | Permalink | Comments (5)

Older

Feed the

grad students

C u r r e n t l y H i g h l i g h t e d

Mitt Romney Runs to the Left of Obama on Entitlements: Attacks Budget for

Not More Spending More

Reading Fallows's "Obama, Explained"

Businessweek Opinions-of-Shape-of-Earth-Differ Journamalism: PaulKrugman Edition

Tracking the Forward March of Human Liberty...

Macroeconomics: Somehow the Bullshit Artists Have Won--A Question forGavyn Davies Department

Which Romney Is Romney? Guest Lecture: The Macroeconomics of Government Budgeting

On the Fed's Policy of Quantitative Easing Coupled with Promises Not to LetPrices Recover Any of the Ground Relative to Trend They Lost in theRecession...

Hysteresis and the American Unemployment Problem

Thinking Aloud About Fiscal Policy in a Depressed Economy...

Worth Reading from This Weblog:
http://delong.typepad.com/sdj/science/http://delong.typepad.com/sdj/science_biology/http://delong.typepad.com/sdj/science_cognitive/http://delong.typepad.com/sdj/2012/02/amazon-kindle-your-highlights.htmlhttp://delong.typepad.com/sdj/page/2/http://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/reading-fallowss-obama-explained.htmlhttp://delong.typepad.com/sdj/2012/02/businessweek-opinions-of-shape-of-earth-differ-journamalism-paul-krugman-edition.htmlhttp://delong.typepad.com/sdj/2012/02/businessweek-opinions-of-shape-of-earth-differ-journamalism-paul-krugman-edition.htmlhttp://delong.typepad.com/sdj/2012/02/businessweek-opinions-of-shape-of-earth-differ-journamalism-paul-krugman-edition.htmlhttp://delong.typepad.com/sdj/2012/02/the-forward-march-of-human-liberty.htmlhttp://delong.typepad.com/sdj/2012/02/macroeconomics-somehow-the-bullshit-artists-have-won-a-question-for-gavyn-davies-department.htmlhttp://delong.typepad.com/sdj/2012/02/macroeconomics-somehow-the-bullshit-artists-have-won-a-question-for-gavyn-davies-department.htmlhttp://delong.typepad.com/sdj/2012/02/which-romney-is-romney.htmlhttp://delong.typepad.com/sdj/2012/02/guest-lecture-the-macroeconomics-of-government-budgeting.htmlhttp://delong.typepad.com/sdj/2012/01/on-the-feds-policy-of-quantitative-easing-coupled-with-promises-not-to-let-prices-recover-any-of-the-ground-relative-to-tren.htmlhttp://delong.typepad.com/sdj/2012/01/on-the-feds-policy-of-quantitative-easing-coupled-with-promises-not-to-let-prices-recover-any-of-the-ground-relative-to-tren.htmlhttp://delong.typepad.com/sdj/2012/01/on-the-feds-policy-of-quantitative-easing-coupled-with-promises-not-to-let-prices-recover-any-of-the-ground-relative-to-tren.htmlhttp://delong.typepad.com/sdj/2012/01/hysteresis-and-the-american-unemployment-problem.htmlhttp://delong.typepad.com/sdj/2012/01/thinking-aloud-about-fiscal-policy-in-a-depressed-economy.htmlhttp://www.typepad.com/services/tipjar/confirm?tj_xid=6w00e551f0800388340120a5f4c441970c&blog_xid=6a00e551f08003883400e551f080068834http://delong.typepad.com/sdj/science/http://delong.typepad.com/sdj/science_biology/http://delong.typepad.com/sdj/science_cognitive/http://delong.typepad.com/sdj/2012/02/amazon-kindle-your-highlights.htmlhttp://delong.typepad.com/sdj/page/2/http://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/reading-fallowss-obama-explained.htmlhttp://delong.typepad.com/sdj/2012/02/businessweek-opinions-of-shape-of-earth-differ-journamalism-paul-krugman-edition.htmlhttp://delong.typepad.com/sdj/2012/02/businessweek-opinions-of-shape-of-earth-differ-journamalism-paul-krugman-edition.htmlhttp://delong.typepad.com/sdj/2012/02/the-forward-march-of-human-liberty.htmlhttp://delong.typepad.com/sdj/2012/02/macroeconomics-somehow-the-bullshit-artists-have-won-a-question-for-gavyn-davies-department.htmlhttp://delong.typepad.com/sdj/2012/02/macroeconomics-somehow-the-bullshit-artists-have-won-a-question-for-gavyn-davies-department.htmlhttp://delong.typepad.com/sdj/2012/02/which-romney-is-romney.htmlhttp://delong.typepad.com/sdj/2012/02/guest-lecture-the-macroeconomics-of-government-budgeting.htmlhttp://delong.typepad.com/sdj/2012/01/on-the-feds-policy-of-quantitative-easing-coupled-with-promises-not-to-let-prices-recover-any-of-the-ground-relative-to-tren.htmlhttp://delong.typepad.com/sdj/2012/01/on-the-feds-policy-of-quantitative-easing-coupled-with-promises-not-to-let-prices-recover-any-of-the-ground-relative-to-tren.htmlhttp://delong.typepad.com/sdj/2012/01/on-the-feds-policy-of-quantitative-easing-coupled-with-promises-not-to-let-prices-recover-any-of-the-ground-relative-to-tren.htmlhttp://delong.typepad.com/sdj/2012/01/hysteresis-and-the-american-unemployment-problem.htmlhttp://delong.typepad.com/sdj/2012/01/thinking-aloud-about-fiscal-policy-in-a-depressed-economy.html


12/21

Internet Tools:

Twitter Threads

Is Regulatory Uncertainty a Major Impediment to Job Growth?

C a t e g o r i e s

Berkeley: PEIS

Berkeley: Teaching

Berkeley: the City

Berkeley: the State of Mind

Berkeley: the University

Berkeley: Universities and Academe Books
http://twitter.theinfo.org/http://delong.typepad.com/sdj/is-regulatory-uncertainty-a-major-impediment-to-job-growth.htmlhttp://delong.typepad.com/sdj/archives.htmlhttp://delong.typepad.com/sdj/peis/http://delong.typepad.com/sdj/teaching/http://delong.typepad.com/sdj/berkeley_the_city/http://delong.typepad.com/sdj/berkeley_the_state_of_mind/http://delong.typepad.com/sdj/berkeley_the_university/http://delong.typepad.com/sdj/academe/http://delong.typepad.com/sdj/books/http://delong.typepad.com/sdj/2011/10/the-ecbs-battle-against-central-banking.htmlhttp://delong.typepad.com/sdj/2011/11/the-sorrow-and-pity-of-the-liquidity-trap.htmlhttp://delong.typepad.com/sdj/2011/11/wanted-a-sympathetic-account-of-geithnerism.htmlhttp://delong.typepad.com/sdj/2011/11/felix-salmon-tries-to-puzzle-out-geithnerism-the-government-needs-to-lend-to-banks-freely-but-at-a-penalty-rate-blogging.htmlhttp://delong.typepad.com/sdj/2011/11/time-to-spread-foam-on-the-runway-the-federal-reserve-needs-to-act-now-to-firewall-off-the-eurocrisis.htmlhttp://delong.typepad.com/sdj/2011/11/department-of-huh-john-taylor-and-milton-friedmans-monetary-policy-edition.htmlhttp://delong.typepad.com/sdj/2011/11/department-of-huh-benevolent-colonial-officials-department.htmlhttp://delong.typepad.com/sdj/2011/11/yes-the-us-government-ought-to-own-the-banks-now.htmlhttp://delong.typepad.com/sdj/2011/12/the-70-solution-taxing-the-rich-department.htmlhttp://delong.typepad.com/sdj/2011/12/the-household-survey-a-note-on-the-december-2-2011-report.htmlhttp://twitter.theinfo.org/http://delong.typepad.com/sdj/is-regulatory-uncertainty-a-major-impediment-to-job-growth.htmlhttp://delong.typepad.com/sdj/archives.htmlhttp://delong.typepad.com/sdj/peis/http://delong.typepad.com/sdj/teaching/http://delong.typepad.com/sdj/berkeley_the_city/http://delong.typepad.com/sdj/berkeley_the_state_of_mind/http://delong.typepad.com/sdj/berkeley_the_university/http://delong.typepad.com/sdj/academe/http://delong.typepad.com/sdj/books/


13/21

Econ 1 Spring 2012 Econ 191 Spring 2012 Econ 210a Spring 2012 Econ 24-1 Fall 2011 U.C. Berkeley

Economics Economics: 101b Fall 2005 Economics: 101b Fall 2005 Lectures

Economics: 113 Economics: Economists Economics: Energy and Oil

Economics: Environment

Economics: Federal Reserve

Economics: Finance

Economics: Fiscal Policy

Economics: Great Depression Economics: Growth Economics: Health Economics: History Economics: Industrial Organization

Economics: Inequality

Economics: Information

Economics: Intellectual Property Economics: International Finance

Economics: International Trade Economics: Labor

Economics: Macro Economics: Micro

Film Food and Drink

Funny Highlight
http://delong.typepad.com/sdj/econ-1-spring-2012/http://delong.typepad.com/sdj/econ-191-spring-2012/http://delong.typepad.com/sdj/econ-210a-spring-2012/http://delong.typepad.com/sdj/econ-24-1-fall-2011-uc-berkeley/http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/economics_101b_fall_2005/http://delong.typepad.com/sdj/economics_101b_fall_2005_lectures/http://delong.typepad.com/sdj/economics_113/http://delong.typepad.com/sdj/economists/http://delong.typepad.com/sdj/economics_oil/http://delong.typepad.com/sdj/economics_oil/http://delong.typepad.com/sdj/economics_environment/http://delong.typepad.com/sdj/federal_reserve/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/fiscal_policy/http://delong.typepad.com/sdj/economics_great_depression/http://delong.typepad.com/sdj/economics_growth/http://delong.typepad.com/sdj/economics_health/http://delong.typepad.com/sdj/economic_history/http://delong.typepad.com/sdj/economics_industrial_organization/http://delong.typepad.com/sdj/economics_inequality/http://delong.typepad.com/sdj/economics_information/http://delong.typepad.com/sdj/economics_intellectual_property/http://delong.typepad.com/sdj/international_finance/http://delong.typepad.com/sdj/international_trade/http://delong.typepad.com/sdj/economics_labor/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/economics_micro/http://delong.typepad.com/sdj/film/http://delong.typepad.com/sdj/food_and_drink/http://delong.typepad.com/sdj/funny/http://delong.typepad.com/sdj/highlight/http://delong.typepad.com/sdj/econ-1-spring-2012/http://delong.typepad.com/sdj/econ-191-spring-2012/http://delong.typepad.com/sdj/econ-210a-spring-2012/http://delong.typepad.com/sdj/econ-24-1-fall-2011-uc-berkeley/http://delong.typepad.com/sdj/economics/http://delong.typepad.com/sdj/economics_101b_fall_2005/http://delong.typepad.com/sdj/economics_101b_fall_2005_lectures/http://delong.typepad.com/sdj/economics_113/http://delong.typepad.com/sdj/economists/http://delong.typepad.com/sdj/economics_oil/http://delong.typepad.com/sdj/economics_environment/http://delong.typepad.com/sdj/federal_reserve/http://delong.typepad.com/sdj/economics_finance/http://delong.typepad.com/sdj/fiscal_policy/http://delong.typepad.com/sdj/economics_great_depression/http://delong.typepad.com/sdj/economics_growth/http://delong.typepad.com/sdj/economics_health/http://delong.typepad.com/sdj/economic_history/http://delong.typepad.com/sdj/economics_industrial_organization/http://delong.typepad.com/sdj/economics_inequality/http://delong.typepad.com/sdj/economics_information/http://delong.typepad.com/sdj/economics_intellectual_property/http://delong.typepad.com/sdj/international_finance/http://delong.typepad.com/sdj/international_trade/http://delong.typepad.com/sdj/economics_labor/http://delong.typepad.com/sdj/economics_macro/http://delong.typepad.com/sdj/economics_micro/http://delong.typepad.com/sdj/film/http://delong.typepad.com/sdj/food_and_drink/http://delong.typepad.com/sdj/funny/http://delong.typepad.com/sdj/highlight/


14/21

History

Information: Better Press Corps/Journamalism Information: Internet Moral Responsibility Music

Obama Administration Philosophy: Moral Political Economy Political Economy: Kleptocracy

Political Economy: Social Democracy

Political Economy: Social Security

Politics

Politics: Bushisms

Politics: Civil Liberties

Politics: Torture

Religion Science

Science Fiction Science: Biology

Science: Chemistry

Science: Climate

Science: Cognitive

Science: Physics

Sorting: Audio Sorting: DeLong's Best Work

Sorting: DeLong: Academic CV
http://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/better_press_corps/http://delong.typepad.com/sdj/internet/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/music/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/moral_philosophy/http://delong.typepad.com/sdj/moral_philosophy/http://delong.typepad.com/sdj/political_economy/http://delong.typepad.com/sdj/political_economy_kleptocracy/http://delong.typepad.com/sdj/social_democracy/http://delong.typepad.com/sdj/social_security/http://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/bushisms/http://delong.typepad.com/sdj/civil_liberties/http://delong.typepad.com/sdj/torture/http://delong.typepad.com/sdj/religion/http://delong.typepad.com/sdj/science/http://delong.typepad.com/sdj/science_fiction/http://delong.typepad.com/sdj/science_biology/http://delong.typepad.com/sdj/science_chemistry/http://delong.typepad.com/sdj/science_climate/http://delong.typepad.com/sdj/science_cognitive/http://delong.typepad.com/sdj/science_physics/http://delong.typepad.com/sdj/on_radio/http://delong.typepad.com/sdj/delongs_best_work/http://delong.typepad.com/sdj/academic_cv/http://delong.typepad.com/sdj/history/http://delong.typepad.com/sdj/better_press_corps/http://delong.typepad.com/sdj/internet/http://delong.typepad.com/sdj/moral-responsibility/http://delong.typepad.com/sdj/music/http://delong.typepad.com/sdj/obama-administration/http://delong.typepad.com/sdj/moral_philosophy/http://delong.typepad.com/sdj/political_economy/http://delong.typepad.com/sdj/political_economy_kleptocracy/http://delong.typepad.com/sdj/social_democracy/http://delong.typepad.com/sdj/social_security/http://delong.typepad.com/sdj/politics/http://delong.typepad.com/sdj/bushisms/http://delong.typepad.com/sdj/civil_liberties/http://delong.typepad.com/sdj/torture/http://delong.typepad.com/sdj/religion/http://delong.typepad.com/sdj/science/http://delong.typepad.com/sdj/science_fiction/http://delong.typepad.com/sdj/science_biology/http://delong.typepad.com/sdj/science_chemistry/http://delong.typepad.com/sdj/science_climate/http://delong.typepad.com/sdj/science_cognitive/http://delong.typepad.com/sdj/science_physics/http://delong.typepad.com/sdj/on_radio/http://delong.typepad.com/sdj/delongs_best_work/http://delong.typepad.com/sdj/academic_cv/


15/21

Sorting: Mail Call for Brad DeLong Sorting: Substantial Papers

Sorting: Video Strategy: Grand Strategy

Strategy: Terrorism

TCEH Notes TPM

Tweets Twitterstorm delong Understanding the Lesser Depression

Virtual Green Room

Web/Tech Weblogs

Website: Rules of the Road

R e c e n t C o m m e n t s

Alex Tabarrok onDeLong Smackdown Smackdown Watch by Digby andCompany: Von Mises as Patriarch Edition

diomavro on Paul Krugman Is Much More Polite to John Cochrane and JohnTaylor than Economics of Contempt Is

CaitlinO on Mitt Romney Runs to the Left of Obama on Entitlements: AttacksBudget for Not More Spending More

Bill on Republicans Go All-in Against Contraception Watch

Bill on Paul Krugman Is Much More Polite to John Cochrane and John Taylorthan Economics of Contempt Is

Bill on Disappointed: Flying Down the California Coast at Dawn Can BeGlorious...

Beth on DeLong Smackdown Smackdown Watch by Digby and Company: VonMises as Patriarch Edition

RN on Paul Krugman Is Much More Polite to John Cochrane and John Taylorthan Economics of Contempt Is
http://delong.typepad.com/sdj/mail_call_for_brad_delong/http://delong.typepad.com/sdj/substantial_papers/http://delong.typepad.com/sdj/video/http://delong.typepad.com/sdj/grand_strategy/http://delong.typepad.com/sdj/terrorism/http://delong.typepad.com/sdj/tceh-notes/http://delong.typepad.com/sdj/tpm/http://delong.typepad.com/sdj/tweets/http://delong.typepad.com/sdj/twitterstorm-delong/http://delong.typepad.com/sdj/understanding-the-lesser-depression/http://delong.typepad.com/sdj/virtual-green-room/http://delong.typepad.com/sdj/webtech/http://delong.typepad.com/sdj/weblogs/http://delong.typepad.com/sdj/website_rules_of_the_road/http://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/republicans-go-all-in-against-contraception-watch.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/mail_call_for_brad_delong/http://delong.typepad.com/sdj/substantial_papers/http://delong.typepad.com/sdj/video/http://delong.typepad.com/sdj/grand_strategy/http://delong.typepad.com/sdj/terrorism/http://delong.typepad.com/sdj/tceh-notes/http://delong.typepad.com/sdj/tpm/http://delong.typepad.com/sdj/tweets/http://delong.typepad.com/sdj/twitterstorm-delong/http://delong.typepad.com/sdj/understanding-the-lesser-depression/http://delong.typepad.com/sdj/virtual-green-room/http://delong.typepad.com/sdj/webtech/http://delong.typepad.com/sdj/weblogs/http://delong.typepad.com/sdj/website_rules_of_the_road/http://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/mitt-romney-runs-to-the-left-of-obama-on-entitlements-attacks-budget-for-not-more-spending-more.htmlhttp://delong.typepad.com/sdj/2012/02/republicans-go-all-in-against-contraception-watch.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.html


16/21

bob on Economics of Contempt Is Very Unhappy This Morning...

Gene O'Grady onEconomics of Contempt Is Very Unhappy This Morning...

J. Bradford DeLong

delong

delong@justinwolfers"Murphy piece" What Kevin Murpht y piece?about 1 hourago replyretweetfavorite

delong Hoisted from the Archives: Unleash Chiang Kai-Shek!! bit.ly/A4oaWp2hours ago replyretweetfavorite

delong Liveblogging World War II: February 14, 1942bit.ly/yX9Ken2 hoursago replyretweetfavorite

delong Quote of the Day: February 14, 2012bit.ly/xChe2m3 hoursago replyretweetfavorite

delong Babobilicons (1982 Short)imdb.com/title/tt0149753 hoursago replyretweetfavorite

delong Orszag: Tax Hikes, Debt Limit Loom Over Budget Debate-Bloombergmobile.bloomberg.com/news/2012-02-14 hours ago reply retweetfavorite

delong No Excuse for Anybody Interested in Good Policy to Vote for MittRomney bit.ly/wqMMca4 hours ago reply retweetfavorite

delong Disappointed: Flying Down the California Coast at Dawn Can BeGlorious...bit.ly/zeGPTj4 hours ago replyretweetfavorite

delong Paul Krugman: Cameron and the Confidence Fairy: AnUpdate bit.ly/Azix2g5 hours ago replyretweet favorite

delong People Are Human-NYTimes.comkrugman.blogs.nytimes.com/2012/02/14/peo6 hoursago replyretweetfavorite

delong It Was Lehman Wot Did It- NYTimes.comkrugman.blogs.nytimes.com/2012/02/14/it-6 hours

ago replyretweetfavorite

delong Same Net, More People Falling-NYTimes.comkrugman.blogs.nytimes.com/2012/02/14/sam6 hoursago replyretweetfavorite

Join the conversation
http://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://twitter.com/intent/user?screen_name=delonghttp://twitter.com/intent/user?screen_name=delonghttp://twitter.com/justinwolfershttp://twitter.com/delong/status/169502035325108224http://twitter.com/delong/status/169502035325108224http://twitter.com/intent/tweet?in_reply_to=169502035325108224http://twitter.com/intent/tweet?in_reply_to=169502035325108224http://twitter.com/intent/retweet?tweet_id=169502035325108224http://twitter.com/intent/retweet?tweet_id=169502035325108224http://twitter.com/intent/retweet?tweet_id=169502035325108224http://twitter.com/intent/favorite?tweet_id=169502035325108224http://twitter.com/intent/user?screen_name=delonghttp://t.co/gFyGjSqfhttp://t.co/gFyGjSqfhttp://twitter.com/delong/status/169488075922210817http://twitter.com/delong/status/169488075922210817http://twitter.com/intent/tweet?in_reply_to=169488075922210817http://twitter.com/intent/tweet?in_reply_to=169488075922210817http://twitter.com/intent/retweet?tweet_id=169488075922210817http://twitter.com/intent/retweet?tweet_id=169488075922210817http://twitter.com/intent/retweet?tweet_id=169488075922210817http://twitter.com/intent/favorite?tweet_id=169488075922210817http://twitter.com/intent/user?screen_name=delonghttp://t.co/ZBKHTOJHhttp://t.co/ZBKHTOJHhttp://twitter.com/delong/status/169477002011750400http://twitter.com/delong/status/169477002011750400http://twitter.com/delong/status/169477002011750400http://twitter.com/intent/tweet?in_reply_to=169477002011750400http://twitter.com/intent/tweet?in_reply_to=169477002011750400http://twitter.com/intent/retweet?tweet_id=169477002011750400http://twitter.com/intent/retweet?tweet_id=169477002011750400http://twitter.com/intent/retweet?tweet_id=169477002011750400http://twitter.com/intent/favorite?tweet_id=169477002011750400http://twitter.com/intent/user?screen_name=delonghttp://t.co/P5b1sJvChttp://t.co/P5b1sJvChttp://twitter.com/delong/status/169474992105455616http://twitter.com/delong/status/169474992105455616http://twitter.com/delong/status/169474992105455616http://twitter.com/intent/tweet?in_reply_to=169474992105455616http://twitter.com/intent/tweet?in_reply_to=169474992105455616http://twitter.com/intent/retweet?tweet_id=169474992105455616http://twitter.com/intent/retweet?tweet_id=169474992105455616http://twitter.com/intent/retweet?tweet_id=169474992105455616http://twitter.com/intent/favorite?tweet_id=169474992105455616http://twitter.com/intent/user?screen_name=delonghttp://t.co/Ny2QnWIihttp://t.co/Ny2QnWIihttp://twitter.com/delong/status/169467954038194177http://twitter.com/delong/status/169467954038194177http://twitter.com/delong/status/169467954038194177http://twitter.com/intent/tweet?in_reply_to=169467954038194177http://twitter.com/intent/tweet?in_reply_to=169467954038194177http://twitter.com/intent/retweet?tweet_id=169467954038194177http://twitter.com/intent/retweet?tweet_id=169467954038194177http://twitter.com/intent/retweet?tweet_id=169467954038194177http://twitter.com/intent/favorite?tweet_id=169467954038194177http://twitter.com/intent/user?screen_name=delonghttp://t.co/G6sLRi2vhttp://t.co/G6sLRi2vhttp://twitter.com/delong/status/169459942489735168http://twitter.com/delong/status/169459942489735168http://twitter.com/intent/tweet?in_reply_to=169459942489735168http://twitter.com/intent/tweet?in_reply_to=169459942489735168http://twitter.com/intent/retweet?tweet_id=169459942489735168http://twitter.com/intent/retweet?tweet_id=169459942489735168http://twitter.com/intent/favorite?tweet_id=169459942489735168http://twitter.com/intent/favorite?tweet_id=169459942489735168http://twitter.com/intent/user?screen_name=delonghttp://t.co/p5brSsPShttp://t.co/p5brSsPShttp://twitter.com/delong/status/169457087598952450http://twitter.com/delong/status/169457087598952450http://twitter.com/intent/tweet?in_reply_to=169457087598952450http://twitter.com/intent/tweet?in_reply_to=169457087598952450http://twitter.com/intent/retweet?tweet_id=169457087598952450http://twitter.com/intent/favorite?tweet_id=169457087598952450http://twitter.com/intent/favorite?tweet_id=169457087598952450http://twitter.com/intent/user?screen_name=delonghttp://t.co/rIdWpblzhttp://t.co/rIdWpblzhttp://twitter.com/delong/status/169449765623435264http://twitter.com/delong/status/169449765623435264http://twitter.com/intent/tweet?in_reply_to=169449765623435264http://twitter.com/intent/tweet?in_reply_to=169449765623435264http://twitter.com/intent/tweet?in_reply_to=169449765623435264http://twitter.com/intent/retweet?tweet_id=169449765623435264http://twitter.com/intent/retweet?tweet_id=169449765623435264http://twitter.com/intent/retweet?tweet_id=169449765623435264http://twitter.com/intent/favorite?tweet_id=169449765623435264http://twitter.com/intent/user?screen_name=delonghttp://t.co/affPYFNBhttp://t.co/affPYFNBhttp://twitter.com/delong/status/169441519185575936http://twitter.com/delong/status/169441519185575936http://twitter.com/intent/tweet?in_reply_to=169441519185575936http://twitter.com/intent/tweet?in_reply_to=169441519185575936http://twitter.com/intent/tweet?in_reply_to=169441519185575936http://twitter.com/intent/retweet?tweet_id=169441519185575936http://twitter.com/intent/retweet?tweet_id=169441519185575936http://twitter.com/intent/favorite?tweet_id=169441519185575936http://twitter.com/intent/user?screen_name=delonghttp://t.co/l7r3t6ADhttp://t.co/l7r3t6ADhttp://t.co/tqfbg1GDhttp://t.co/tqfbg1GDhttp://twitter.com/delong/status/169430434709647361http://twitter.com/delong/status/169430434709647361http://twitter.com/delong/status/169430434709647361http://twitter.com/intent/tweet?in_reply_to=169430434709647361http://twitter.com/intent/tweet?in_reply_to=169430434709647361http://twitter.com/intent/retweet?tweet_id=169430434709647361http://twitter.com/intent/retweet?tweet_id=169430434709647361http://twitter.com/intent/retweet?tweet_id=169430434709647361http://twitter.com/intent/favorite?tweet_id=169430434709647361http://twitter.com/intent/user?screen_name=delonghttp://t.co/l7r3t6ADhttp://t.co/l7r3t6ADhttp://t.co/Eh0DqYNPhttp://t.co/Eh0DqYNPhttp://twitter.com/delong/status/169430311522938882http://twitter.com/delong/status/169430311522938882http://twitter.com/delong/status/169430311522938882http://twitter.com/intent/tweet?in_reply_to=169430311522938882http://twitter.com/intent/tweet?in_reply_to=169430311522938882http://twitter.com/intent/retweet?tweet_id=169430311522938882http://twitter.com/intent/retweet?tweet_id=169430311522938882http://twitter.com/intent/retweet?tweet_id=169430311522938882http://twitter.com/intent/favorite?tweet_id=169430311522938882http://twitter.com/intent/user?screen_name=delonghttp://t.co/l7r3t6ADhttp://t.co/l7r3t6ADhttp://t.co/YaEBZMI6http://t.co/YaEBZMI6http://twitter.com/delong/status/169430257026342913http://twitter.com/delong/status/169430257026342913http://twitter.com/delong/status/169430257026342913http://twitter.com/intent/tweet?in_reply_to=169430257026342913http://twitter.com/intent/tweet?in_reply_to=169430257026342913http://twitter.com/intent/retweet?tweet_id=169430257026342913http://twitter.com/intent/retweet?tweet_id=169430257026342913http://twitter.com/intent/retweet?tweet_id=169430257026342913http://twitter.com/intent/favorite?tweet_id=169430257026342913http://twitter.com/delonghttp://twitter.com/http://twitter.com/intent/user?screen_name=delonghttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://twitter.com/intent/user?screen_name=delonghttp://twitter.com/intent/user?screen_name=delonghttp://twitter.com/justinwolfershttp://twitter.com/delong/status/169502035325108224http://twitter.com/delong/status/169502035325108224http://twitter.com/intent/tweet?in_reply_to=169502035325108224http://twitter.com/intent/retweet?tweet_id=169502035325108224http://twitter.com/intent/favorite?tweet_id=169502035325108224http://twitter.com/intent/user?screen_name=delonghttp://t.co/gFyGjSqfhttp://twitter.com/delong/status/169488075922210817http://twitter.com/delong/status/169488075922210817http://twitter.com/intent/tweet?in_reply_to=169488075922210817http://twitter.com/intent/retweet?tweet_id=169488075922210817http://twitter.com/intent/favorite?tweet_id=169488075922210817http://twitter.com/intent/user?screen_name=delonghttp://t.co/ZBKHTOJHhttp://twitter.com/delong/status/169477002011750400http://twitter.com/delong/status/169477002011750400http://twitter.com/intent/tweet?in_reply_to=169477002011750400http://twitter.com/intent/retweet?tweet_id=169477002011750400http://twitter.com/intent/favorite?tweet_id=169477002011750400http://twitter.com/intent/user?screen_name=delonghttp://t.co/P5b1sJvChttp://twitter.com/delong/status/169474992105455616http://twitter.com/delong/status/169474992105455616http://twitter.com/intent/tweet?in_reply_to=169474992105455616http://twitter.com/intent/retweet?tweet_id=169474992105455616http://twitter.com/intent/favorite?tweet_id=169474992105455616http://twitter.com/intent/user?screen_name=delonghttp://t.co/Ny2QnWIihttp://twitter.com/delong/status/169467954038194177http://twitter.com/delong/status/169467954038194177http://twitter.com/intent/tweet?in_reply_to=169467954038194177http://twitter.com/intent/retweet?tweet_id=169467954038194177http://twitter.com/intent/favorite?tweet_id=169467954038194177http://twitter.com/intent/user?screen_name=delonghttp://t.co/G6sLRi2vhttp://twitter.com/delong/status/169459942489735168http://twitter.com/intent/tweet?in_reply_to=169459942489735168http://twitter.com/intent/retweet?tweet_id=169459942489735168http://twitter.com/intent/favorite?tweet_id=169459942489735168http://twitter.com/intent/user?screen_name=delonghttp://t.co/p5brSsPShttp://twitter.com/delong/status/169457087598952450http://twitter.com/intent/tweet?in_reply_to=169457087598952450http://twitter.com/intent/retweet?tweet_id=169457087598952450http://twitter.com/intent/favorite?tweet_id=169457087598952450http://twitter.com/intent/user?screen_name=delonghttp://t.co/rIdWpblzhttp://twitter.com/delong/status/169449765623435264http://twitter.com/intent/tweet?in_reply_to=169449765623435264http://twitter.com/intent/retweet?tweet_id=169449765623435264http://twitter.com/intent/favorite?tweet_id=169449765623435264http://twitter.com/intent/user?screen_name=delonghttp://t.co/affPYFNBhttp://twitter.com/delong/status/169441519185575936http://twitter.com/intent/tweet?in_reply_to=169441519185575936http://twitter.com/intent/retweet?tweet_id=169441519185575936http://twitter.com/intent/favorite?tweet_id=169441519185575936http://twitter.com/intent/user?screen_name=delonghttp://t.co/l7r3t6ADhttp://t.co/tqfbg1GDhttp://twitter.com/delong/status/169430434709647361http://twitter.com/delong/status/169430434709647361http://twitter.com/intent/tweet?in_reply_to=169430434709647361http://twitter.com/intent/retweet?tweet_id=169430434709647361http://twitter.com/intent/favorite?tweet_id=169430434709647361http://twitter.com/intent/user?screen_name=delonghttp://t.co/l7r3t6ADhttp://t.co/Eh0DqYNPhttp://twitter.com/delong/status/169430311522938882http://twitter.com/delong/status/169430311522938882http://twitter.com/intent/tweet?in_reply_to=169430311522938882http://twitter.com/intent/retweet?tweet_id=169430311522938882http://twitter.com/intent/favorite?tweet_id=169430311522938882http://twitter.com/intent/user?screen_name=delonghttp://t.co/l7r3t6ADhttp://t.co/YaEBZMI6http://twitter.com/delong/status/169430257026342913http://twitter.com/delong/status/169430257026342913http://twitter.com/intent/tweet?in_reply_to=169430257026342913http://twitter.com/intent/retweet?tweet_id=169430257026342913http://twitter.com/intent/favorite?tweet_id=169430257026342913http://twitter.com/delong


17/21

R e c e n t P o s t s

Hoisted from the Archives: Unleash Chiang Kai-Shek!!

Liveblogging World War II: February 14, 1942

Quote of the Day: February 14, 2012

No Excuse for Anybody Interested in Good Policy to Vote for Mitt Romney

Disappointed: Flying Down the California Coast at Dawn Can Be Glorious...

Paul Krugman: Cameron and the Confidence Fairy: An Update

Paul Krugman Is Much More Polite to John Cochrane and John Taylor thanEconomics of Contempt Is

Economics of Contempt Is Very Unhappy This Morning...

Econ 1: Spring 2012: U.C. Berkeley: Sample Exam--Midterm 1

DeLong Smackdown Smackdown Watch by Digby and Company: Von Mises asPatriarch Edition

FEATURED: The 70% Solution: December 1, 2011: Project Syndicate

Via a circuitous Internet chain Paul Krugman of Princeton Universityquoting Mark Thoma of the University of Oregon reading the Journal ofEconomic Perspectives I got a copy of an article written by EmmanuelSaez, whose office is 50 feet from mine, on the same corridor, and theNobel laureate economist Peter Diamond. Saez and Diamond argue that theright marginal tax rate for North Atlantic societies to impose on their richestcitizens is 70%.

It is an arresting assertion, given the tax-cut mania that has prevailed inthese societies for the past 30 years, but Diamond and Saezs logic is clear.The superrich command and control so many resources that they are

effectively satiated: increasing or decreasing how much wealth they havehas no effect on their happiness. So, no matter how large a weight we placeon their happiness relative to the happiness of others whether we regardthem as praiseworthy captains of industry who merit their high positions, oras parasitic thieves we simply cannot do anything to affect it by raising orlowering their tax rates.
http://delong.typepad.com/sdj/2012/02/hoisted-from-the-archives-unleash-chiang-kai-shek.htmlhttp://delong.typepad.com/sdj/2012/02/liveblogging-world-war-ii-february-14-1942.htmlhttp://delong.typepad.com/sdj/2012/02/quote-of-the-day-february-14-2012.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-cameron-and-the-confidence-fairy-an-update.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://delong.typepad.com/sdj/2012/02/econ-1-spring-2012-uc-berkeley-sample-exam-midterm-1.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2011/12/the-70-solution-taxing-the-rich-department.htmlhttp://delong.typepad.com/sdj/2012/02/hoisted-from-the-archives-unleash-chiang-kai-shek.htmlhttp://delong.typepad.com/sdj/2012/02/liveblogging-world-war-ii-february-14-1942.htmlhttp://delong.typepad.com/sdj/2012/02/quote-of-the-day-february-14-2012.htmlhttp://delong.typepad.com/sdj/2012/02/no-excuse-for-anybody-interested-in-good-policy-to-vote-for-mitt-romney.htmlhttp://delong.typepad.com/sdj/2012/02/disappointed-flying-down-the-california-coast-at-dawn-can-be-glorious.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-cameron-and-the-confidence-fairy-an-update.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/paul-krugman-is-much-more-polite-to-john-cochrane-and-john-taylor-than-economics-of-contempt-is.htmlhttp://delong.typepad.com/sdj/2012/02/economics-of-contempt-is-very-unhappy-this-morning.htmlhttp://delong.typepad.com/sdj/2012/02/econ-1-spring-2012-uc-berkeley-sample-exam-midterm-1.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2012/02/delong-smackdown-smackdown-watch-by-digby-and-company-von-mises-as-patriarch-edition.htmlhttp://delong.typepad.com/sdj/2011/12/the-70-solution-taxing-the-rich-department.html


18/21

The unavoidable implication of this argument is that when we calculatewhat the tax rate for the superrich will be, we should not consider theeffect of changing their tax rate on their happiness, for we know that it iszero. Rather, the key question must be the effect of changing their tax rateon the well-being of the rest of us.

From this simple chain of logic follows the conclusion that we have a moralobligation to tax our superrich at the peak of the Laffer Curve: to tax themso heavily that we raise the most possible money from them to the pointbeyond which their diversion of energy and enterprise into tax avoidanceand sheltering would mean that any extra taxes would not raise but reducerevenue.

The utilitarian economic logic is clear. Yet more than half of us are likely to

reject the conclusion reached by Diamond and Saez. We feel that there issomething wrong with taxing our superrich until the pips squeak so muchthat further taxation reduces the number of pips. And we feel this for tworeasons, both of them set out more than two centuries ago by Adam Smith not in his most famous work, The Wealth of Nations, but in his far lessdiscussed book The Theory of Moral Sentiments.

The first reason applies to the idle rich. According to Smith:

"A stranger to human nature, who saw the indifference of men about the

misery of their inferiors, and the regret and indignation which they feel forthe misfortunes and sufferings of those above them, would be apt toimagine, that pain must be more agonizing, and the convulsions of deathmore terrible to persons of higher rank, than to those of meaner stations..."

We feel this, Smith believes, because we naturally sympathize with others(if he were writing today, he would surely invoke mirror neurons). And themore pleasant our thoughts about individuals or groups are, the more wetend to sympathize with them. The fact that the lifestyles of the rich andfamous seem almost the abstract idea of a perfect and happy state leads

us to pitythat anything should spoil and corrupt so agreeable a situation!We could even wish them immortal...

The second reason applies to the hard-working rich, the type of person who:

"devotes himself forever to the pursuit of wealth and greatness....With themost unrelenting industry he labors night and day....serves those whom he


19/21

hates, and is obsequious to those whom he despises....[I]n the last dregs oflife, his body wasted with toil and diseases, his mind galled and ruffled bythe memory of a thousand injuries and disappointments....he begins at lastto find that wealth and greatness are mere trinkets of frivolous utility....Power and riches....keep off the summer shower, not the winter storm, butleave him always as much, and sometimes more exposed than before, toanxiety, to fear, and to sorrow; to diseases, to danger, and to death...

In short, on the one hand, we dont wish to disrupt the perfect felicity ofthe lifestyles of the rich and famous; on the other hand, we dont wish toadd to the burdens of those who have spent their most precious possession their time and energy pursuing baubles. These two arguments are notconsistent, but that does not matter. They both have a purchase on ourthinking.

Unlike todays public-finance economists, Smith understood that we are notrational utilitarian calculators. Indeed, that is why we have collectivelydone a very bad job so far in dealing with the enormous rise in inequalitybetween the industrial middle class and the plutocratic superrich that wehave witnessed in the last generation.

A r c h i v e s

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011 July 2011

June 2011

May 2011

More...
http://delong.typepad.com/sdj/archives.htmlhttp://delong.typepad.com/sdj/2012/02/index.htmlhttp://delong.typepad.com/sdj/2012/01/index.htmlhttp://delong.typepad.com/sdj/2011/12/index.htmlhttp://delong.typepad.com/sdj/2011/11/index.htmlhttp://delong.typepad.com/sdj/2011/10/index.htmlhttp://delong.typepad.com/sdj/2011/09/index.htmlhttp://delong.typepad.com/sdj/2011/08/index.htmlhttp://delong.typepad.com/sdj/2011/07/index.htmlhttp://delong.typepad.com/sdj/2011/06/index.htmlhttp://delong.typepad.com/sdj/2011/05/index.htmlhttp://delong.typepad.com/sdj/archives.htmlhttp://delong.typepad.com/sdj/archives.htmlhttp://delong.typepad.com/sdj/2012/02/index.htmlhttp://delong.typepad.com/sdj/2012/01/index.htmlhttp://delong.typepad.com/sdj/2011/12/index.htmlhttp://delong.typepad.com/sdj/2011/11/index.htmlhttp://delong.typepad.com/sdj/2011/10/index.htmlhttp://delong.typepad.com/sdj/2011/09/index.htmlhttp://delong.typepad.com/sdj/2011/08/index.htmlhttp://delong.typepad.com/sdj/2011/07/index.htmlhttp://delong.typepad.com/sdj/2011/06/index.htmlhttp://delong.typepad.com/sdj/2011/05/index.htmlhttp://delong.typepad.com/sdj/archives.html


20/21

R e f e r e n c e S e c t i o n

J. Bradford DeLong's Academic CV

Brad DeLong's Short Biography

Macroeconomic Teaching Notes

Wherefore "Shrillblog"?

Policies--Comments and Otherwise

Is Regulatory Uncertainty a Major Impediment to Job Growth?

F r o m B r a d D e L o n g

J. Bradford DeLong, Professor of Economics at U.C Berkeley, a Research

Associate of the NBER, a Visiting Scholar at the Federal Reserve Bank of SanFrancisco, and Chair of Berkeley's Political Economy major.

Among his best works are: "Is Increased Price FlexibilityStabilizing?""Productivity Growth, Convergence, and Welfare," "Noise TraderRisk in Financial Markets,""Equipment Investment and EconomicGrowth,""Princes and Merchants: European City Growth Before the IndustrialRevolution,""Why Does the Stock Market Fluctuate?""Keynesianism,Pennsylvania-Avenue Style,""America's Peacetime Inflation: The

1970s,""American Fiscal Policy in the Shadow of the GreatDepression,""Review of Robert Skidelsky (2000),John MaynardKeynes, volume 3,Fighting for Britain,""Between Meltdown and MoralHazard: Clinton Administration International Monetary and FinancialPolicy,""Productivity Growth in the 2000s," "Asset Returns and EconomicGrowth."

Leigh Speakers' Bureau:

The Eighteen-Year-Old is going to college next year, which means that Ineed to think about making more money. (The idea that one might write

checks to rather than receive checks from universities is now strange tome.) So I have signed up with the Leigh Speakers' Bureau which also handles,among many others: Chris Anderson; Suzanne Berger; Michael Boskin;Kenneth Courtis; Clive Crook; Bill Emmott; Robert H. Frank; WilliamGoetzmann; Douglas J. Holtz-Eakin; Paul Krugman; Bill McKibben; PaulRomer; Jeffrey Sachs; Robert Shiller;James Surowiecki; Martin Wolf; AdrianWooldridge.
http://delong.typepad.com/sdj/j_bradford_delongs_academ.htmlhttp://delong.typepad.com/sdj/about_brad_delong.htmlhttp://delong.typepad.com/sdj/macroeconomic_teaching_no.htmlhttp://delong.typepad.com/sdj/wherefore_shrillblog.htmlhttp://delong.typepad.com/sdj/comment-policy-a-seminar-.htmlhttp://delong.typepad.com/sdj/is-regulatory-uncertainty-a-major-impediment-to-job-growth.htmlhttp://www.nber.org/papers/W1686http://www.nber.org/papers/W1686http://www.j-bradford-delong.net/pdf_files/Baumol_Convergence.pdfhttp://www.j-bradford-delong.net/pdf_files/Noise_Traders_Main.pdfhttp://www.j-bradford-delong.net/pdf_files/Noise_Traders_Main.pdfhttp://www.j-bradford-delong.net/pdf_files/QJE_Equipment.pdfhttp://www.j-bradford-delong.net/pdf_files/QJE_Equipment.pdfhttp://www.j-bradford-delong.net/pdf_files/Princes.pdfhttp://www.j-bradford-delong.net/pdf_files/Princes.pdfhttp://www.j-bradford-delong.net/pdf_files/Princes.pdfhttp://www.j-bradford-delong.net/movable_type/archives/000635.htmlhttp://www.j-bradford-delong.net/pdf_files/Keynesianism_Pennsylvania.pdfhttp://www.j-bradford-delong.net/pdf_files/Keynesianism_Pennsylvania.pdfhttp://www.j-bradford-delong.net/pdf_files/Peacetime_Inflation.pdfhttp://www.j-bradford-delong.net/pdf_files/Peacetime_Inflation.pdfhttp://www.j-bradford-delong.net/movable_type/2003_archives/000121.htmlhttp://www.j-bradford-delong.net/movable_type/2003_archives/000121.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/Econ_Articles/CIEP/CIEP_revision06102001.PDFhttp://www.j-bradford-delong.net/Econ_Articles/CIEP/CIEP_revision06102001.PDFhttp://www.j-bradford-delong.net/Econ_Articles/CIEP/CIEP_revision06102001.PDFhttp://www.j-bradford-delong.net/Econ_Articles/CIEP/CIEP_revision06102001.PDFhttp://www.j-bradford-delong.net/Econ_Articles/macro_annual/delong_macro_annual_05.pdfhttp://www.j-bradford-delong.net/movable_type/BDK-BPEA.pdfhttp://www.j-bradford-delong.net/movable_type/BDK-BPEA.pdfhttp://www.leighbureau.com/theme.asp?id=1011http://delong.typepad.com/sdj/j_bradford_delongs_academ.htmlhttp://delong.typepad.com/sdj/about_brad_delong.htmlhttp://delong.typepad.com/sdj/macroeconomic_teaching_no.htmlhttp://delong.typepad.com/sdj/wherefore_shrillblog.htmlhttp://delong.typepad.com/sdj/comment-policy-a-seminar-.htmlhttp://delong.typepad.com/sdj/is-regulatory-uncertainty-a-major-impediment-to-job-growth.htmlhttp://www.nber.org/papers/W1686http://www.nber.org/papers/W1686http://www.j-bradford-delong.net/pdf_files/Baumol_Convergence.pdfhttp://www.j-bradford-delong.net/pdf_files/Noise_Traders_Main.pdfhttp://www.j-bradford-delong.net/pdf_files/Noise_Traders_Main.pdfhttp://www.j-bradford-delong.net/pdf_files/QJE_Equipment.pdfhttp://www.j-bradford-delong.net/pdf_files/QJE_Equipment.pdfhttp://www.j-bradford-delong.net/pdf_files/Princes.pdfhttp://www.j-bradford-delong.net/pdf_files/Princes.pdfhttp://www.j-bradford-delong.net/movable_type/archives/000635.htmlhttp://www.j-bradford-delong.net/pdf_files/Keynesianism_Pennsylvania.pdfhttp://www.j-bradford-delong.net/pdf_files/Keynesianism_Pennsylvania.pdfhttp://www.j-bradford-delong.net/pdf_files/Peacetime_Inflation.pdfhttp://www.j-bradford-delong.net/pdf_files/Peacetime_Inflation.pdfhttp://www.j-bradford-delong.net/movable_type/2003_archives/000121.htmlhttp://www.j-bradford-delong.net/movable_type/2003_archives/000121.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/movable_type/archives/000757.htmlhttp://www.j-bradford-delong.net/Econ_Articles/CIEP/CIEP_revision06102001.PDFhttp:

website documnet

Documents