by John Q on June 3, 2009
The economic crisis has, as we’ve been discussing, raised a lot of interest in Keynesian economics, but so far it’s been based more on the obvious bankruptcy of alternatives than on successful examples of Keynesian fiscal stimulus. Although there were some big financial bailouts late last year, few countries engaged in large-scale fiscal stimulus before the first few months of this year (Obama’s package was passed in February, and is only now being implemented, so we can’t expect to see evidence of impacts on GDP until late this year).
Australia went early and hard with a substantial cash handout to households in December 2008, followed by another round of cash stimulus delivered a month or two ago, and then a large-scale infrastructure program. The national accounts for the March quarter (which should include the effects of the first round of stimulus) have just come out, and show growth of 0.4 per cent, compared to a 0.6 per cent contraction in the December 2008 quarter[1]
On the face of it, this is a big success for Keynesian fiscal policy. And, there’s pretty general agreement that, despite some qualifications and plenty of concerns about the future, the prima facie interpretation is the correct one.
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by Eszter Hargittai on June 3, 2009
by John Holbo on June 3, 2009
It’s no secret that I’m a Klarion the Witch Boy fan. Which is why I was so amazed to see this on Flickr today. Kirby’s Klarion dates from 1973. But here is a pilgrim “witch boy” as early as 1965! “Thrills of mystery, Unknown worlds, strange powers – beyond” indeed! This could change everything! I feel like those scientists who dug up the Ida fossil. (Because I’m much less ambitious, obviously.)

by Henry Farrell on June 2, 2009
“Matthew Yglesias”:http://yglesias.thinkprogress.org/archives/2009/06/prestige-cross-pollination.php does Martin Feldstein a serious injustice.
Feldstein’s characterization of the bill isn’t really correct and some of his economic analysis is debatable. But beyond that, the key point on which Feldstein’s argument turns actually has nothing whatsoever to do with economics. … Feldstein’s hypothesis … is clearly a proposition about _international relations_ … Presumably the reason the Post is interested in Feldstein is his expertise in economics. So there’s no reason for them to be running an op-ed whose key contention has nothing to do with economics.
Matt is clearly unaware of Feldstein’s distinguished record as a theorist of international relations (this may not be as distinguished as his research record on “the relationship between Social Security and savings”:http://www.monthlyreview.org/nftae02.htm, but you can only do what you can do). Feldstein is particularly famous (well, famous is one way of putting it), for his suggestion in a 1997 “Foreign Affairs article”:http://www.nber.org/feldstein/fa1197.html that the introduction of the euro might lead to a civil war that would tear Europe apart.
War within Europe itself would be abhorrent but not impossible. The conflicts over economic policies and interference with national sovereignty could reinforce long-standing animosities based on history, nationality, and religion. Germany’s assertion that it needs to be contained in a larger European political entity is itself a warning. Would such a structure contain Germany, or tempt it to exercise hegemonic leadership?
A critical feature of the EU in general and EMU in particular is that there is no legitimate way for a member to withdraw. This is a marriage made in heaven that must last forever. But if countries discover that the shift to a single currency is hurting their economies and that the new political arrangements also are not to their liking, some of them will want to leave. The majority may not look kindly on secession, either out of economic self-interest or a more general concern about the stability of the entire union. The American experience with the secession of the South may contain some lessons about the danger of a treaty or constitution that has no exits.
The carpers and the hurlers on the ditch might complain that Jean-Yves Reb hasn’t reached for his rifle in the intervening ten years, and doesn’t look like he’s going to anytime in the foreseeable future. But that would be to miss the point that Feldstein’s contribution spurred “much”:http://users.ox.ac.uk/~ssfc0041/federalideals.pdf “spirited”:https://segue.middlebury.edu/repository/viewfile/polyphony-repository___repository_id/edu.middlebury.segue.sites_repository/polyphony-repository___asset_id/2089508/polyphony-repository___record_id/2089509/polyphony-repository___file_name/Amy_Verdun.pdf “discussion”:http://mq.dukejournals.org/cgi/reprint/12/4/33.pdf among international relations scholars, and specialists on the European Union (most of it not very complimentary to Professor Feldstein, but again, you can only do what you can do).
by Ingrid Robeyns on June 2, 2009
One could debate and dispute whether implementing a Basic Income Grant would be a good idea in affluent post-industrial societies, as we did (“here”:https://crookedtimber.org/2007/02/28/redesigning-distribution/ and “here”:https://crookedtimber.org/2007/07/10/should-feminists-support-basic-income/ and “here”:https://crookedtimber.org/2009/02/02/feminism-and-basic-income-revisited/) at CT before. Yet for developing societies with serious problems of persistent poverty, it seems to me like a very good idea indeed. One could add as a (desirable) condition that such a society should be able to internally generate the money to fund such a BIG (that is, there must be a big enough section of rich or middle class people whose consumption or income can be taxed). The idea may work wonderfully in countries like South Africa for example. If you give poor South Africans a relatively tiny BIG, they are not given welfare payouts that enable them to sit back and rest (as the critics may have it), but rather people are given some very basic means to take their lives in their own hands: money for food, for basic health care, for school fees, for a roof above their head, and perhaps to set up a small business. No more begging for food needed. The amounts can be tiny and may seem like pocketmoney to people in the global North, but as we know from the relative success of microcredits, poor people can change their lives (and those of their children) when they have small amounts of money.
There is now empirical evidence supporting this line of reasoning, coming from Namibia, where in 2004 “a coalition”:http://www.bignam.org/ of churches, trade unions, NGOs and AIDS organisations decided to run a pilot project to figure out what a small BIG would do to the lives of the extreme poor.
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by John Holbo on June 1, 2009
Yes, it is true! Visit the official book site. You can view the whole thing via Issuu.com, which has a very nice Flash-based reader: minimal and elegant but full-featured. And/or download the PDF for offline reading.
Want to see a neat trick? I can embed the book, like so.
Then you just click to turn the page (illegible at this size) or click to open and read in full-screen mode. It’s a very nice viewer they’ve got. Or I could make the embed open on a particular page, so when I’m blogging about a passage while teaching, I can just point the kids to the page in question. Or open the book itself onscreen in class and zoom so it’s readable. Neat, I call it.
The full book title (some would say: over-full): Reason and Persuasion, Three Dialogues by Plato: Euthyphro, Meno and Republic book I, with commentary and illustrations by John Holbo and translations by Belle Waring. It will be out in print by mid-August. The version that is up right now is actually the final draft – so far as I can tell. But I still have a week-and-a-bit to catch any last typos or mistakes. (I have a terrible suspicion that the Stephanus pages may have shifted a bit during the last edit. Gotta check that. How tedious, but oh-so-necessary.) I hope there aren’t any major problems with the book still, at this point. But if there are – well, I will do my best to make needed changes. So if you would like to volunteer your services as proofreader/last minute reviewer/critic, you are most welcome.
Not pre-publication peer-review. Not old-fashioned post-publication review. Perinatal peer-review. (Socrates always said he was a midwife. So I assume he would approve.)
The book is published by Pearson Asia (that’s a story in itself) and will be available in paperback by mid-August. They’ve been bringing out nice, inexpensive draft versions for my students in Singapore (that’s why I have an Asian publisher.) For this first general release I insisted on extending the deal I had insisted on for my own classroom use: I reserve the e-rights and so have a free hand to try manner of cool free e-stuff. I’m hoping one reward for my virtuous ways will be that some folks will want to adopt the book for classroom use. (Free e-availability is a big pedagogic bonus, I think.) And will then see to it that copies of the book are in school bookstores, so Pearson (and I) get paid a little. That seems fair.
OK, that’s all for now. If you want to talk Plato, please come on over to the book site. (And link! Please link! And help me edit the book, last minute, if you wouldn’t mind.) But it might be fun to chat about e-publishing in academia in this thread. If you are inclined. Doesn’t this sort of thing make a lot of sense. whatever you think of my particular book? I say it does.
by John Q on June 1, 2009
I’m working on a bunch of essays, book chapters and maybe even a book or two in response to the global financial crisis, making the general point that the sudden collapse of the neoliberal order has found social democrats unprepared for the shift from a long defensive struggle to the opportunity (and need!) to develop a progressive response to the crisis. As obvious examples, it’s necessary to reconstruct the global financial system and to ensure that the burden of the debts that are building up so rapidly is not borne by the poor, who did nothing to create the crisis. This piece (PDF) is an example of what I’m thinking.
I have plenty of ideas about policy (though of course I’m always interested in new ones). But, I don’t have much of a feeling for the political strategies that are needed, so I thought I would try the crowdsourcing thing, which has worked pretty well for me in the past.
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