September 11, 2023, marks the fiftieth anniversary of General Pinochet’s military coup against Chilean President Salvador Allende. While it is now widely recognized that Pinochet authorized large-scale human rights abuses, there is an accompanying narrative that he also unleashed an economic miracle via embrace of Milton Friedman’s “Chicago Boys” vision of a market economy. The […]

This is an utterly ridiculous fallacy. 

Fascism vs Socialism

Coronavirus update: the virus is back; everyone should return to their prior precautions and get boosted this fall  – by New Deal democrat At the beginning of this year, I indicated that I anticipated only writing about Covid if something significant was happening.  It is, so let’s look at the data. Almost all State and Federal testing data is gone, but we do have a very good source in Biobot’s waste monitoring. Here’s the long term view...

What capitalists DON'T focus on

AI is getting a lot of attention these days, and rightfully so. ChatGPT looks to take lots of jobs and to become the plagiarist’s tool of choice. Will AI replace artists, composers and novelists? Time will tell, but to look at what passes for “art” today in the mass consumer market, my money’s on AI.Another technology that is pushing the envelope is CRISPR/Cas9 genome editing. The New Yorker has a nice piece summarizing the state of play. The tl;dr...

[embedded content] Roundtable with Esteban, and Carlos Bastos Pinkusfeld on Structuralism, Classical Political Economy and Demand-led Growth at the Instituto de Economia, at my alma matter earlier this summer.

from Blair Fix Have you ever wondered what it takes to become a billionaire? Do you need rare genius? Exceptional acumen? Miraculous foresight? An uncompromising work ethic? On all four counts, the answer is no. It turns out that to become a billionaire, what you really need is the right social setting. You need to live in a society that is suitably rich and appropriately unequal. Without those things, your chances of wearing the billionaire badge are low. In this post, I’ll do the math....

Another story where culture clash and the company buying the business does not understand the process. How that would happen, I am not sure. However, this is a clash of cultures and a misunderstanding of the company’s capabilities. Anchor Brewing and Its Workers Anchor Brewing is on its last kegs, sorry its last legs. and just a few months ago. But its staff, unable to let go, started drafting a plan to rescue the beermaker-in-distress. Now,...

The Yale historian Timothy Snyder first came to my attention in a footnote of an article in The New York Review of Books. The footnote gave a link to a series of 23 online lectures on the history of Ukraine, which I binge-watched over a period of about five days. I also read his books “Bloodlands” and “Black Earth.” Snyder also has a subscription-only Substack blog to which I subscribe. Snyder travels frequently to Ukraine these days, and his latest...