Books

My still-in-progress book (outline here) will have a chapter on privatisation. That reminded me of some thoughts on school privatisation and for-profit education that I thought might be of interest here. The near-total failure of the for-profit education ventures that proliferated in the 1990s is striking and to some extent mysterious. In part, I suspect that the whole enterprise (at least as regards school education) was based on a misdiagnosis of the problems of the public school system, focusing on organizational factors, rather than the more intractable effects of steadily growing inequality. The limited success of the charter schools movement would point in that direction. But I argue below (from a piece I wrote for Campus Review in Australia a couple of years ago) that there are more fundamental problems with the for-profit approach. Your thoughts appreciated.

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I got my hands on a pretty good old book, Cartoon Cavalcade (1943) – and if you got your hands on it too, you wouldn’t pay more’n a few dollars for the privilege, my friend. It’s an anthology of American cartoons from the 1880’s to the 1940’s: 450 pages worth, plus editorial matter from the early 40’s, providing a historically interesting perspective on all this history. Following up this much-commented post of mine, I’ll post a Reginald Marsh item from 1934: [click to continue…]

More bookblogging! It’s all economics here at CT these days, but normal programming will doubtless resume soon.

Most of what I’ve written in the book so far has been pretty easy. I’ve never believed the Efficient Markets Hypothesis or New Classical Macro and it’s easy enough to point out how the occurrence of a massive financial crisis leading to a prolonged macroeconomic crisis discredits them both.

I’m coming now to one of the most challenging section of my book, where I look at why the New Keynesian program (with which I have a lot of sympathy) and ask why New Keynesians (most obviously Ben Bernanke) didn’t, for the most part, see the crisis coming or offer much in response that would have been new to Keynes himself. Within the broad Keynesian camp, the people who foresaw some sort of crisis were the old-fashioned types, most notably Nouriel Roubini (and much less notably, me) who were concerned about trade imbalances, inadequate savings, and hypertrophic growth of the financial sector. Even this group didn’t foresee the way the crisis would actually develop, but that, I think is asking too much – every crisis is different.

My answer, broadly speaking is that the New Keynesians had plenty of useful insights but that the conventions of micro-based macroeconomics prevented them from forming the basis of a progressive research program.

Comments will be appreciated even more than usual. I really want to get this right, or as close as possible
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Over the fold, yet more from my book-in-progress, Zombie Economics: Undead ideas that threaten the world economy. This is from the Beginnings section of the Chapter on Micro-based Macro, and covers the breakdown of the Phillips curve and the rise of New Classical and Rational Expectations macro. This (along with the bits to come on DGSE models) is probably the section on which my own background is weakest, so feel free to point out my errors.

I’ve now posted drafts of the first three chapters (+Intro) at my wikidot site, so you can get some context. In particular, before commenting on omissions, take a quick look to see that the point hasn’t been covered elsewhere.

Micro-based macro is here

I’ve got a lot out of comments and discussion so far, and I hope some of this is reflected in what you are reading.

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What is your best theory about how this image was generated? (I got it from Amazon.)

Seriously. This can’t be a picture of a published book, can it? On the other hand, it’s an image of a book published in 1984, so presumably they made the image by scanning an old book. I am curious whether such a monstrosity exists in real life. It’s not just the misspelling. It’s like a full course in how not to design a book cover.

Another installment of my slowly-emerging book on Zombie Economics: Undead ideas that threaten the world economy. This is from the Beginnings section of the Chapter on Micro-based Macro. I’ve now posted drafts of the first three chapters (+Intro) at my wikidot site, so you can get some context. In particular, before commenting on omissions, take a quick look to see that the point hasn’t been covered elsewhere.

Micro-based macro is here

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I’ve just finished “Dirt Music”:http://www.amazon.com/exec/obidos/ASIN/0330490265/junius-20 (“UK link”:http://www.amazon.co.uk/exec/obidos/ASIN/0330490265/junius-21 ), having read “Breath”:http://www.amazon.com/exec/obidos/ASIN/0312428391/junius-20 (“UK link”:http://www.amazon.co.uk/exec/obidos/ASIN/0330455729/junius-21 ) a few days back. I can’t remember a novelist grabbing me so tightly recently, or giving me such pleasure, or, sometimes, pain. I’ve never been to Australia, never mind Western Australia, I don’t care about surfing and not much about fishing. It really doesn’t matter. Winton is all about life, regret, sensation, grief, commitment, and working out what (and who) matters and what doesn’t. No plot spoilers here. I’m set to read everything else he’s written.

I’m starting now on what will I think be the hardest and most controversial chapter of my book – the argument that the search for a macroeconomic theory founded on (roughly) neoclassical micro, which has been the main direction of macro research for 40 years or so, was a wrong turning, forcing us to retrace our steps and look for another route. As always, comments and criticisms accepted with gratitude.

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A little bit I plan to include in the chapter on the Great Moderation, linking on to a critique of post-70s macroeconomics. As always, comments and criticism gratefully (and, mostly, I hope, gracefully) accepted

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But you knew about that already. More to the point: I’ve finally got some NON-free Plato for you! Plato you can pay for! And receive some Plato in exchange! My book is finally honest to gosh in stock at Amazon! After almost two months of not being in stock, despite occasionally shipping, this strikes me as a commercial step up. I trust my friends, mom, and the select, lofty rationalists who ordered and awaited initial copies with familial-Parmenidean serenity have, in due course, received and been pleased. But what about the appetitive masses, unable to regulate their desires and make them friendly to one another, etc? It will never be four weeks from now, the desires think to themselves. But soon it will be two days from now. Soon enough. I could wait two days. That is how desire for a book thinks. Well, now you hasty masses can get my book in, like, two days! So buy it already. Assuming you want it. (And Belle’s! Don’t forget it’s Belle’s book, too. She’s not so shameless about flogging it, mind you. But that doesn’t mean she’s without feeling in the matter.)

But I don’t feel like talking about philosophy tonight. I already did that for hours today. I just got a big stack of art and design and cartoon books. Let’s talk about that. Oh, and I did a bit of research. In my last post, I failed to give Faith Hubley half credit for “Moonbird”, so I went and read the little bit there is about her in Amid Amidi’s Cartoon Modern: Style and Design in 1950s Animation [amazon]. Fun fact: when she got married to John, one of their marriage vows was ‘to make one non-commercial film a year.’ Faith was apparently more determined in that regard than her husband. One of their first collaborations was “A Date With Dizzy” (YouTube – but no credit for Faith!), in which Gillespie’s band fails to come up with a plausible way to advertise ‘instant rope ladder’. It’s a weird clip, all I can say. (But I’ll say a bit more anyway in a moment.) [click to continue…]

From Jim Livesey comes an interesting-looking book on the origins of civil society. If I were Tyler Cowen I would say it was self-recommending, but in fact Jim recommended it to me directly. (Although we’ve never met, Jim represents the vanguard of the Blackrock Road school of history, philosophy, social science, science, and public policy — an admittedly hazy entity constituted mostly by him and his brothers.) The concept of “civil society” was in the ascendancy after 1989 and was everywhere in the social sciences and political talk by the late 1990s. Livesey’s book argues that the idea has roots in the defeated provincial elites of Scotland and Ireland, as a way for them “to enjoy liberty without directly participating in the empire’s governance”. I could probably have done with reading this two weeks ago, before I kicked off my social theory seminar with a quick and cheery survey of the situation of social theory prior to the nineteenth century, the sort of thing that gives real historians heart failure.

The stupidest decision I made as an undergraduate was not to go to Jerry Cohen’s lectures on Marxism. The London colleges, despite being almost completely separate, pooled resources to give Philosophy lecture courses for 2nd and 3rd years. The lectures were held in tiny lecture rooms at Birkbeck – I seem to remember usually being there on Tuesday and Thursday mornings. The relevant term, Jerry’s lectures were on the same morning as the philosophy of language and philosophy of mind courses; I knew that I only had the concentration for 2, and, despite being, I presumed, some sort of Marxist (unaffiliated), I had no interest in political philosophy (not least because I believed some quite unsubtle version of Marx’s theory of history). (I’ll also admit that I responded somewhat to peer-pressure; my mate Adrian was not going to the Marxism lectures, and it was fun to have coffee with him instead). Like, as I later found out, Jerry, I had not come to study philosophy in order to learn about political ideas – I’d been politically active since I was 15 and had been exposed to all the political ideas that implied while I was in secondary school (taught History by a member of the CPB (M-L); indirectly recruited to the peace movement by a former CPGBer; worked with someone in the NCP, various SWPers; engaged in conspiratorial faction fights within the peace movement against various Trotskyists including CB’s flatmate of that time… you get the idea). I went to university to study something that I knew I couldn’t learn any other way – analytical philosophy. So it was easy to pass up Jerry’s lectures, even though everyone said they were brilliant, and even though I was interested in Marxism.

Later Jerry influenced me enormously. I bought Karl Marx’s Theory of History A Defence
as a celebration of getting my degree and read it first on a trip after graduating; I studied it about half-way through graduate school (along with these papers by Levine and Wright, and Levine and Sober), and more than anything else was responsible for my shift away from philosophy of language to political philosophy; because, like most readers of KMTH, I became convinced that the version of Marx’s theory of history that had seemed to me to make political philosophy irrelevant was false. I then read what is still my favourite Jerry paper, “The Structure of Proletarian Unfreedom”, and subsequently saw him lecture at UCLA; from then on I guess I read nearly everything he published, as soon as I could get my hands on it.

So now, what I presume is his final book, Why Not Socialism? (UK) (I hope there’ll be other publications – presumably someone, probably one of our readers, is taking responsibility for seeing some of the work that Jerry left unpublished into print) is in my hands. Princeton have deliberately created it to be like On Bullshit – very short, beautifully made, small enough to fit in a smallish pocket. People have been calling it the “camping trip” book; he uses the conceit of a camping trip to demonstrate that organizing social life around the two principles that, for him, define socialism – a very stringent version of equality of opportunity, and a very demanding principle of community – is very appealing to most people in some circumstances. He goes on to demonstrate that the appeal of these principles is not superficial, or restricted to unusual circumstances such as a camping trip, but are appealing at a society-wide level too:

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Another section of the Great Moderation chapter from my book. I’m getting a lot of value from the comments, both favorable and critical, so please keep them coming.

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Another longish extract from my book project. Corrections and suggestions of all kinds are welcome. I’m also thinking it might be good to have a website where it’s possible to look at, and comment on, all the draft chapters, but I suspect people prefer the atmosphere of a comments thread. Any thoughts on this?

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