Economic growth -- meaning a rising standard of living for the clear majority of citizens -- more often than not fosters greater opportunity, tolerance of diversity, social mobility, commitment to fairness, and dedication to democracy...
But when living standards stagnate or decline, most societies make little if any progress toward any of these goals, and in all too many instances they plainly retrogress...
And as we shall see from our own experience as well as that of other countries, merely being rich is no bar to a society's retreat into rigidity and intolerance once enough of its citizens lose their sense that they are getting ahead.
CNN, 9 January 2024, has Trump saying "I don’t want to be Herbert Hoover." CNN adds: "The US
stock market crashed during former President Herbert Hoover’s first year in office in 1929, which
signaled the beginning of the Great Depression." See my work on the Trump Depression
Tuesday, September 17, 2019
Economics over Politics, always. Why?
If you need to ask why, I suppose you need an answer. Here's a good answer, from Chapter 1 of The Moral Consequences of Economic Growth by Benjamin M. Friedman:
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I've been hearing the phrase "late capitalism" for so long that I'm forced to conclude that the very concept of late cap...
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It is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit. ...
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As I write this it is mid-October in an even-numbered year. Elections are weeks away. Yesterday, I saw Republican candidates heavily adver...
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Went to Harbor Freight the other day. When I left, there was so much traffic I had to fight my way out of the parking lot -- at one p.m. on ...
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I'm not a fan of "diagrams" in economics, but sometimes... This is a screen capture of slide 36 from a SlideShare presentatio...
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