Tag Archives: Featured Stories

Larry Summers has responded to his critics. My first thought is, yes he is still really smart. Also Olivier Blanchard also thinks the Covid Relief bill is too generous, and, in particular objects to the $1400 for most Americans. Note that Blanchard is the author of the main citation in my critique of Summers (although I should also have cited Summers on secular stagnation, Delong and Summers on the Keynesian Laffer Curve and Blanchard and...

Desirable incentive effects of income taxation I Desirable Incentive Effects of Income Taxation II Desirable Incentive Effects of Income Taxation III Desirable Effects of Income Taxation IV Dissipative Signaling Desirable incentive effects of income taxation V Debt and Taxes I Debt and Taxes II Debt and Taxes III Debt and Taxes IV: This Time It’s Personal ...

Desirable incentive effects of income taxation I Desirable Incentive Effects of Income Taxation II Desirable Incentive Effects of Income Taxation III Desirable Effects of Income Taxation IV Dissipative Signaling Desirable incentive effects of income taxation V Debt and Taxes I Debt and Taxes II Debt and Taxes III Tags: federal income taxes...

Is China Now Number One?  Actually I think focusing on such questions can be a not very useful exercise, but here I am asking it anyway.  As it is, indeed the Peoples’ Republic of China (PRC) is indeed Number One on a number of important grounds, although probably the bottom line is that the world is now dominated by a G2, the US and China, with it unclear which is Number One overall.  What has happened is that up until quite recently there was no...

The Federalist Papers #74 on insurrections, treason, and the pardon power: an argument that such pardons would be invalid as “arising in a case of impeachment” The Insurrectionists from January 6 are already asking Trump for pardons. Probably the only thing that would hold him back from doing so is his innate selfishness: what would be the benefit to *him*? The thought that Trump could issue Got Out of Jail Free cards to the very people he...

This is the second post in a series. I will discuss advantages of income taxation different from the obvious advantage that taking from people with high income hurts them less than taking from people with low income. Here again, I will assume that, in equilibrium, income tax is returned to the people who pay it as a lump sum. I do this to focus on the incentive effects of income taxation. In standard models, these effects are undesirable and...

Two hundred years ago this February, Charles Wentworth Dilke anonymously published a pamphlet titled The Source and Remedy of the National Difficulties, deduced from principles of political economy. Four decades later, Karl Marx would describe the pamphlet in his notes as an “important advance on Ricardo.” In his preface to volume two of Capital, Friedrich Engels described the pamphlet as the “farthest outpost of an entire literature which in the...

An Appointment I Disapprove Of  While many of them could be more progressive, given that Biden himself is largely a moderate making moderate nods to the progressive wing of the Democratic Party in his appointments, I have largely been not too dissatisfied with appointments made so far by President-Elect Biden.  My only surprise is that a bunch of people set their pants on fire over the appointment of Neera Tanden as OMB director while barely a...

Thoughts on the Invasion of the US Capitol  It’s all happening as I write, but here are a few reactions: 1. Fortunately we see Q-Anonics, Loud Boys and other right wing crazies invading the Capitol Building and not Black Lives Matter or the Left.  Think how many lives would have been lost if it had been the other way around. 2. It will be interesting to see how deeply investigators will delve into the lax security preparations for today’s...

“He who has not Christmas in his heart will never find it under a tree.” ―Roy L. Smith