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“Trump’s latest notion is both economically and fiscally illiterate”

July 31, 1789, the U.S. Congress passed the last of three acts providing for administering customs tariffs and collecting duties. On the nation’s birthday, the Tariff Act of July 4, 1789, had been passed by Congress followed by the Duties on Tonnage statute on July 20. Mainly, they provided operating revenue for the government. From 1816 they were designed with the additional goal of protecting manufacturing enterprises from low-priced imports....

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Snail’s pace of housing market rebalancing, as existing sales remain range bound, and inventory has not increased enough to relieve pricing pressure

 – by New Deal democrat Existing home sales have very limited value in economic forecasting, since they are the trade of an existing product rather than indicating growth or contraction in the creation of a new product. Thus my main focus at present on this data is the extent to which it shows – or not – the rebalancing of the housing market.  That’s because, unlike existing homeowners, house builders can vary square footage, amenities, lot sizes,...

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AI for the win!

The last decade has seen many initiatives toward clean, green, and low-carbon energy, as well as a global shift toward electric vehicles and automation. Many of these initiatives were enabled rare earth magnets, which is why rare earth magnets are heavily used now and will continue to be used in the future. When my dad retired as a chemical engineer for Martin-Marietta at the age of 62, he started a one-man company based on a patent he was awarded. It...

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Book proposal: Marx’s Fetters and the Realm of Freedom: a remedial reading — part 3

Marx revealed the dark secret of classical political economy: that the writers in that tradition assumed the ubiquity of a distinctive economic sphere that was, in fact, unique to and characteristic of capital. To them capitalism was eternal and earlier forms of society were simply incomplete in their striving toward the absolute. By breaking with that tradition, Marx was able to more completely grasp the dynamic of capital accumulation and crisis.Marx had a theory of crisis and of the...

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Elections are about trust, blame, and identity.  Here’s how to use that against Trump.

According to one well-known theory of electoral competition, voters care about policies, and candidates pick policies to maximize their appeal to voters.  This suggests that campaigns will try to appeal to the median voter.  There is obviously something to this model, and this year, as always, it is a safe bet that each side will, at least to an extent, focus on issues that tend to draw in cross-pressured voters.  The Democrats will focus on...

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