From the monthly archives:

October 2013

Sveriges Riksbank prize actually, blah blah blah

by Daniel on October 15, 2013

I have always been of the view that there’s no real point in getting too outraged about the Nobel Prize for Economics. For one thing – economics is an important subject which is bound to have an important prize, and it’s a good thing that this prize isn’t wholly in the control of the American Economic Association[1], because if it was it would be a whole lot worse. For another, on an objective look at the quality of the company which the Economics Nobel is keeping, I don’t think anyone can really claim it’s bringing the average down. The Peace Prize is a notorious joke, of course, but the Literature prize is also wildly eccentric, and even the Physics and Chemistry prizes are occasionally awarded to people who believe in ESP[2]. So let’s stipulate that the Balzan Prize and the Fields Medal are both really really good prizes, and that winning one of them is probably even better than having dinner with the King of Sweden[3].

So, the Fama/Shiller/Hansen prize, or as the vast majority of comment has it, the prize for “Fama, Shiller and that other guy”. What does it say about the state of economics? I think it encapsulates everything good and bad about the subject. First, the good.

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Ingrid links to some fascinating discussion from Philip Mirowski of the role of Swedish domestic politics in the establishment of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, with emphasis on the way in which claims of “scientific” status for economics helped the claim of the Swedish central bank to independence from government.

In the broader context, it seems pretty clear that, if the idea had arisen even a few years later, it would have been rejected. In 1969, economics really did seem like a progressively developing science in which new discoveries built on old ones. There were some challenges to the dominant Keynesian-neoclassical synthesis but they were either marginalized (Marxists, institutionalists) or appeared to reflect disagreements about parameter values that could fit within the mainstream synthesis.

Only a few years later, all of this was in ruins. The rational expectations revolution sought, with considerable success, to discredit Keynesian macroeconomics, while promising to develop a New Classical model in which macroeconomic fluctuations were explained by Real Business Cycles. This project was a failure, but led to the award of a string of Nobels, before macroeconomists converged on the idea of Dynamic Stochastic General Equilibrium models, which failed miserably in the context of the global financial crisis. The big debate in macro can be phrased as “where did it all go wrong”. Robert Gordon says 1978, I’ve gone for 1958, while the New Classical position implies that the big mistake was Keynes’ General Theory in 1936

The failure in finance is even worse, as is illustrated by this year’s awards where Eugene Fama gets a prize for formulating the Efficient Markets Hypothesis and Robert Shiller for his leading role in demolishing it. Microeconomics is in a somewhat better state: the rise of behavioral economics has the promise of improved realism in the description of economic decisions.

Overall, economics is still at a pre-scientific stage, at least, as the idea of science is exemplified by Physics and Chemistry. Economists have made some important discoveries, and a knowledge of economics helps us to understand crucial issues, but there is no agreement on fundamental issues. The result is that prizes are awarded both for “discoveries” and for the refutation of those discoveries.

And the Nobel Memorial Prize in Economics…

by Ingrid Robeyns on October 14, 2013

Wait, why do we have actually have The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ? If you have ten minutes to spare, Philip Mirowski will give us part of the answer, and tell us about his research project investigating this issue.

So, during our latest enjoyable discussion fracas mêlée, John alluded to the fact that what I have is something more like a reading illness than a love of literature per se. I usually either walked to school or took the (very crowded) bus when I lived in New York. So I never developed the special skill, honed to perfection by my uncle, of folding the New York Times first, in half upper to lower; then, in halves again but along the central line; finally, in half again along the midline, and reading 1/8 of a page at a time. This sounds easy. But you really need to picture my uncle, a partner at Cadwalader, Wickersham & Taft, taking the subway to work down on Wall Street from the upper East side, whence he was bound to get a seat–I must note he was being rather frugal (which will seem to be belied by what follows, but having a smaller number of really well-made suits is cheaper in the long run). There he is: sitting, in a beautiful bespoke suit (I thought he would die when during a brief fever of dot.com bubbliness the firm introduced “casual Fridays,” which policy was happily discarded in 2000, as I assured him it would be), and horn-rimmed glasses, on the express, hemmed in by people, none of whom he is inconveniencing in any way by his NYT reading, because of his special, lifetime-New-Yorker ability to pick up each section, shake it into sudden crisp folds against its own grain, and repeat, as needed, until all is read and the crossword finished by 7:45 a.m. when he gets to work. (As I say, it sounds easy, but think of what happens when you must get from an article folded into the top left 1/8 of one page into the middle 1/8 of the lower part of the next page, and you may not extend it beyond your knees or your elbows beyond your shoulders.) He is a very meticulous and wonderful person, my uncle.
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One woman, two votes

by Ingrid Robeyns on October 13, 2013

I became a Dutch citizen earlier this year. That is, I became a Dutch citizen given the definition of ‘citizen’ that most political scientists would use – someone with full political rights, including the right to vote and the right to stand for election. The process was partly Kafkaesque – perhaps I’ll tell you some more about that another time.

The reason I wanted Dutch citizenship is that I want to be able to vote in the country in which I live, in which I plan to stay, in which my children grow up, in which I work, in which I pay taxes, and – perhaps the most important – where I care a lot about how institutions are being redesigned and policies implemented. The reason I didn’t apply for Dutch citizenship earlier on, is that it has only recently become possible for me to acquire Dutch citizenship without losing my Belgian citizenship. And I didn’t want to give up Belgian citizenship, since at the ‘personal identity’ level it feels like a denial of part of oneself if one has to give up the nationality that has shaped the person one has become. I think people should be able to hold two passports since one’s nationality does not only reflect which political community one regards oneself most engaged with, but also one’s identity at a deeper level – whatever one prefers to call this – the psychological level or related to one’s personal self-narrative, or something similar.

But now I am in this remarkable position to be a person with two votes. I can vote for the national and regional elections in Belgium, and for local, national and European elections in the Netherlands. Isn’t this a violation of the deep democratic principle we all know by the slogan ‘one man, one vote’? Some friends have suggested that there is nothing wrong with having two votes, since after all one has ties with both countries. But that doesn’t seem quite right to me, since it would still mean that one person overall has greater political power than their co-citizens.

So I guess my position is this: Two passports: fine. Two votes: not OK. We should have a set of rules such that those of us who hold two passports should prioritise them: the first one gives one all the rights of all other citizens, and the second one gives one all the rights of the citizens except the right to vote.

The Web of Fear

by Harry on October 11, 2013

has been found! And in pretty good shape by the looks of it. Fantastic news.

The History of Fear, Part 4

by Corey Robin on October 11, 2013

Today, in part 4 of my series on the intellectual history of fear, I turn to Hannah Arendt’s theory of total terror, which she developed in The Origins of Totalitarianism—and then completely overhauled in Eichmann in Jerusalem. As I make clear in my book, I’m more partial to Eichmann than to Origins. But Origins has been the more influential text, at least until recently, and so I deal with it here.

The Origins of Totalitarianism is a problematic though fascinating book (the second part, on imperialism, is especially wonderful). One of the reasons it was able to gain such traction in the twentieth century is that it managed to meld Montesquieu’s theory of despotic terror with Tocqueville’s theory of democratic anxiety. It became the definitive statement of the Cold War in part because it took these received treatments of Montesquieu and Tocqueville and mobilized them to such dramatic effect. (One of the reasons, as I also argue in the book, that Eichmann provoked such outrage was that it undermined these received treatments by reviving ways of thinking about fear that we saw in Hobbes and that had been steadily abandoned during the 18th and 19th centuries.)

But, again, if you want to get the whole picture, buy the book.

• • • • •

Mistress, I dug upon your grave

To bury a bone, in case

I should be hungry near this spot

When passing on my daily trot.

I am sorry, but I quite forgot

It was your resting-place.

—Thomas Hardy

It was a sign of his good fortune—and terrible destiny—that Nikolai Bukharin was pursued throughout his short career by characters from the Old Testament. Among the youngest of the “Old Bolsheviks,” Bukharin was, in Lenin’s words, “the favorite of the whole party.” A dissident economist and accomplished critic, this impish revolutionary, standing just over five feet, charmed everyone. Even Stalin. The two men had pet names for each other, their families socialized together, and Stalin had Bukharin stay at his country house during long stretches of the Russian summer. So beloved throughout the party was Bukharin that he was called the “Benjamin” of the Bolsheviks. If Trotsky was Joseph, the literary seer and visionary organizer whose arrogance aroused his brothers’ envy, Bukharin was undoubtedly the cherished baby of the family. [click to continue…]

Upstairs, Downstairs at the University of Chicago

by Corey Robin on October 9, 2013

Back in May at the University of Chicago, this happened:

Two locksmiths with medical conditions were told to repair locks on the fourth floor of the Administration Building during the day. Stephen Clarke, the locksmith who originally responded to the emergency repair, has had two hip replacement surgeries during his 23 years as an employee of the University. According to Clarke, when he asked Kevin Ahn, his immediate supervisor, if he could use the elevator due to his medical condition, Ahn said no. Clarke was unable to perform the work, and Elliot Lounsbury, a second locksmith who has asthma, was called to perform the repairs. Lounsbury also asked Ahn if he could use the elevator to access the fourth floor, was denied, and ended up climbing the stairs to the fourth floor.

Clarke and Lounsbury were told they had to haul their asthma and hip replacements up four flights of stairs because the University of Chicago has had a policy of forbidding workers from using the elevators in this building, which houses the President’s office, during daytime hours. [click to continue…]

If a “devoted choir of lemmings”:http://johnhcochrane.blogspot.com/2013/10/ferguson-on-krugtron.html were to go head-to-head against a “squadron of rabid, venom-unleashing command-lambs”:http://select.nytimes.com/2006/06/25/opinion/25brooks.html?hp, which would win? The command-lambs might look at first like the obvious choice, but I can’t help feeling that the mysteriously compelling harmonies of the lemming-choir’s deadly siren song would give the crafty rodents a decisive strategic advantage.

Cornell historian Holly Case has a fascinating piece in The Chronicle Review on Stalin as editor. Reminds me of that George Steiner line that the only people in the 20th century who cared about literature were the KGB. [click to continue…]

The History of Fear, Part 3

by Corey Robin on October 7, 2013

Today, in my third post on the intellectual history of fear, I talk about Tocqueville’s theory of democratic anxiety. (For Part 1, Hobbes on fear, go here; for Part 2, Montesquieu on terror, go here.)

I suspect readers will be more familiar with Tocqueville’s argument than they are with Montesquieu’s and even Hobbes’s.  His portrait of the anxious conformist has become a fixture of the modern mind. But that familiarity is part of the problem. Tocqueville’s privatized self, the submissive individualist amid the lonely crowd, has come to seem so obvious that we can no longer see how innovative, how strange and novel, it actually was. And how much it departed from the world of assumption that, for all their differences, bound Hobbes to Montesquieu. Part of what I try to do here is to recover that sense of novelty.

For more on all that, buy the book. But in the meantime…

• • • • •

There are many who pretend that cannon are aimed at them when in reality they are the target of opera glasses.

—Bertolt Brecht

Just fifty years separate Montesquieu’s death in 1755 from Tocqueville’s birth in 1805, but in that intervening half-century, armed revolutionaries marched the transatlantic world into modernity. New World colonials fired the first shot of national liberation at the British Empire, depriving it of its main beachhead in North America. Militants in France lit the torch of equality, and Napoleon carried it throughout the rest of Europe. Black Jacobins in the Caribbean led the first successful slave revolution in the Americas and declared Haiti an independent state. The Age of Democratic Revolution, as it would come to be known, saw borders transformed, colonies liberated, nations created. Warfare took on an ideological fervor not seen in over a century, with men and women staking their lives on the radical promise of the Enlightenment. [click to continue…]

Lighter Than My Shadow

by Chris Bertram on October 6, 2013

Last Thursday I went to the launch party for Katie Green’s Lighter Than My Shadow (just published by Jonathan Cape) a graphic memoir in which she tells the story of her descent into and recovery from anorexia (and quite a bit besides). It is a big book, 524 pages in all, which somewhat belies its title, yet I read the whole thing in one sitting. I know I’m not alone in having done this: once you start, it is very hard to stop. It is compelling but a hard book to read: I felt the tears welling up several times. It is also a great book. The graphic format works perfectly for the story and Katie – a terrific illustrator – has managed to convey very vividly some little part of what it felt like from the inside. The black cloud of despair, the screaming monsters in the head, the desperate urge to control, control, control and the sense of alienation from those closest to her, the pain she knows she’s inflicting on them but can’t help doing so.

When she spoke at the book launch Katie said that she hadn’t written the book to help anyone. Nevertheless, I’m sure it will help one very large group of people, the people who can’t imagine what it is like for someone in her position, who can’t understand the sense of compulsion, and why the sick person can’t just “pull themselves together”. In giving voice to this inside, Katie has pulled off something comparable to what William Styron did for depression in Darkness Visible. That’s a pretty high standard of comparison, I know, and I’m feeling swayed by the immediate experience of just having read Lighter Than My Shadow, but I don’t think it an unfitting one.

I should disclose a slight interest. I know Katie slightly (she’s a friend of one of my children) and a photo I took is on the cover flap. So I’m not entirely impartial. Still, I think this is, objectively, a very great achievement. And I don’t mean to relativise in a way that suggests that it is great for someone who has gone through her experience to have produced something this good. I mean that it would be great for anyone to have created this, even though her experience is a condition of having done so. Anyway, people out there, this is a book that most of you ought to read. You can get it at Amazon of course, but better to buy from somewhere else. (The Guardian had a feature on the book last week.)

History of Fear, Part 2

by Corey Robin on October 5, 2013

Earlier in the week, I inaugurated a series on the intellectual history of fear with a post on Hobbes’s theory of rational fear. Today, I continue with Montesquieu’s account of despotic terror.

Now before you run away in anticipation of a fit of boredom, let me make the case for reading Montesquieu. If you felt like you were frogmarched as an undergraduate through chapter 6 of Book XI of The Spirit of the Laws, jump ahead to his crazy and kooky discussion of climate. If you were bored stiff by the separation of powers, read his gruesome treatment of despotism. Or, better yet, read his scandalous novel Persian Letters—it’s got sex, race, violence, colonialism, and sex (did I mention it’s got sex?)—which prompted Joseph de Maistre’s famous barb against the Rights of Man and in defense of multiculturalism:

The Constitution of 1795, like its predecessors, was made for man. But there is no such thing as man in the world.  In my lifetime I have seen Frenchmen, Italians, Russians, etc.; thanks to Montesquieu, I even know that one can be Persian. But, as for man, I declare that I have never in my life met him; if he exists, he is unknown to me.

But more likely you probably haven’t read Montesquieu at all.  Which is a shame.

Montesquieu used to be a theorist of commanding interest and the subject of some excellent (if at times eccentric) left-wing commentary. My favorites include Franz Neumann’s chapter in The Democratic and Authoritarian State; Althusser’s brilliant essay from the 1950s; and Marshall Berman’s discussion of the Persian Letters in his first book The Politics of Authenticity. Also check out Judith Shklar’s short book on him, from Oxford’s now discontinued Past Masters series; it’s terrific.

But lately he’s become a bit of a boutique-y item in the canon. Folks who read and write about him tend to belong to the antiquarian set.  They’re slightly fussy, vaguely conservative, scholars who like talk about things like moderation and who inevitably find in his works a mirror of their own beliefs. Montesquieu becomes, in their hands, the genteel guardian of an anodyne tradition of political moderation (though there is a burgeoning theoretical literature on the passions that sometimes breaks through this encrusted shell).

What gets lost in these treatments is the real Montesquieu, a man of fascinating if contradictory commitments, whose arguments and anticipations will find their fulfillment in some of the most blood-curdling visions of the 20th century.

I’ve tried to recapture some of that Montesquieu here (check out my discussion of Montesquieu, Freud, the death instinct, and WWI). But again, if you want to read more, buy the book. [click to continue…]

What I did over my summer “vacation”

by Eszter Hargittai on October 4, 2013

An easy way to annoy an academic, if you’re so inclined, is to ask her what she did for her summer break. Few academics have much of a break over the summer, but they are not very good at communicating this to the public.. or even their students, including those who are on the academic career track. To address this, I decided to write up the various tasks that can keep academics busy during non-teaching months (recognizing that some people also teach in the summer). I was mainly drawing on my own experiences, which had the added benefit of reminding me that even during a summer that didn’t seem particularly productive, I had actually gotten a ton done. And to be clear, the reflection is not meant as a complaint about my job, there are many things about it that I love (I won’t pretend that I love it all, of course). But I do think that academics do themselves and also their students a disservice by not being more forthcoming about how they spend their time outside of the classroom. I will be following up with another piece on what obligations are added to our list once the academic year kicks in so I welcome items that are not on this list either because I forgot that they occur over the summer or because they mainly concern term time.

Here.

“Ralph Miliband taught me and I can say he was one of the most inspiring and objective teachers I had. Of course, we had different political opinions but he never treated me with anything less than complete courtesy and I had profound respect for his integrity.”

“He had come here as a refugee, done his duty to his adopted country by serving in our Royal Navy during the war, become a great academic and raised a good family.

“I saw him week after week and it beggars belief that the Daily Mail can accuse him of lacking patriotism. I never heard him ever say one word which was negative about Britain – our country.

“The Daily Mail is telling lies about a good man who I knew. The people of this country are good and decent too. They do not want the Daily Mail attacking the dead relatives of politicians to make political points.”

Apparently, there is some question now about whether Paul Dacre’s father served during WWII. Unlike Ed Miliband’s father.