House of Paine

de-longeurs

read this 
 ho hum  pablum

fuck 
u'd be ashamed to even mention
stuff like this ....

and he's a big time eco-prof 


===========================================


 Bradford DeLong is 
professor of economics 
at the University of California 
                at Berkeley
 and a former 
Assistant U.S .Treasury Secretary.

"Most academic economics 
rely on concepts laid down
 at the beginning of the 20th century 
by the British economist Alfred Marshall
 who said that “nature does not make leaps.”

 Yet we economists find ourselves
 increasingly disturbed 
by the apparent inadequacy
 of the neo-Marshallian toolkit 
that we have built 
to explain our world.


-----disturbed?

i'd say only too
  much the opposite 
contented to  further
reify 
their pangloss toys  ---------------


The central bias of this toolkit 
is that we should trust
 the market to solve 
the problems we set it


------------ and one can't see 
who  in the fucking real world 
          benefits by this eh? ....

might it be ....wall street ?  ----------


 and that we should not expect
 small (or even large) changes 
to have huge effects

---------- what an effective
 asses jawbone  braker
it can be

to say 

"mostly you're in for  more of the same  "

if large can't produce huge 
but only move back towards the middle
and  small ain't goin no where really big ....
then why
 re act to change?
just ride thru it  ----------

 A technological leap 
that raises the wages
 of the skilled and educated 
will induce others 
to become skilled and educated
 restoring balance 
so that inequality 
does not grow too much.

So a country where labor productivity 
is low 
will become an attractive location
 for foreign direct investment
 and the resulting increase
 in the capital-labor ratio
 will raise productivity


------------- 
we may not live in the best of all possible worlds
but we got the best of all possible systems
so come what may
he best re action is automatically underway 
 long as we don't fuck with the system
despite what hits us
 we are always heading
in the best of all possible directions--------------


 Wherever one looks
 using Marshall’s toolkit
 one sees the market system  
pulling things back to normal
 compensating for 
and attenuating the effects
 of 
shocks and disturbances.

---------------- breeds quietism eh ? 
again qui bono? -----------


Marshall’s economics 
has had a marvelous run

---------- what ? 
so did the byzantine empire -------------------------


 and has helped economists
 make sense of the world

----------- sense sense


ya like 

bed time stories ... ---------



 Yet obviously
   progress and understanding
  require something new

----------  so u want progress
   as in what 
faster growth less in equality
smog warfare 

what ?----------------------




 -----  well whatever the reason
we need a change here

 lets  construct  ------

an economics of virtuous circles
 thresholds and butterfly effects
 in which small changes 
have very large effects


---------- don't we already have all these 
rare critters
locked away for safe keeping
         in the journals ? -----------


-------- then a twinge of conscience --------------


Perhaps we've always needed this 


----------- okay mister luther
where ya want we should put
the hair shirts  ? ... ---------



 yet three centuries ago 
there was also technological progress
 from the mechanical clock 
and the watermill 
to the cannon and the caravel
 and on to strains of rice
 that can be cropped 
three times a year in Guangzhou 
and the breeding of merino sheep 
that can flourish in the hills of Spain

 But these innovations
 served only 
to increase the human population
 not raise median standards of living


----------so marshall fits everything before 1700 ? -------------


-------------- 
what happened after that moved so fast
it burst 
                  malthus' governor 
and invalidated the yet to be formulated economics of alfred the great -----------



------now its  on to 
  the pb  gripe sine qua non 
 we're wealthy but unequal -------------------------------------

No doubt
 we live today 
in an extraordinarily unequal world
  

Marshall’s economics
—the equilibrium economics 
of comparative statics
 of shifts in supply and demand curves
 and of accommodating responses
is of almost no help 
in accounting for this

---------nand why not
when its endurance
was precisely based
on its ability
to distract the minds eye
from the real dynamic of capitalism

with  a toy  economics 
that no more 
reflects 
 the reality of the last 250 years ?
then the tale of cinderell and  sleeping beauty ----------


---------- at last he poses the question ...------------

 Why in the last 250 years
 after stagnating for centuries 
 has the rate of growth 
undergone an acceleration 
that is extraordinarily rapid ?



-----with that openner
and no time to throw us a hunch answer
    this ivy  fool's questions 
begin to flow  like maple sap 
in march   --------------




 Where is the economics 
of invention, innovation,
 adaptation, and diffusion?

 Not in Marshall.

 And why is today’s world
 so unequal 
that it is hard to find
 any measures of global distribution 
that do not show divergence ?


-----and  now is he at  climax ?

read on ...---------------


 The real sources of growth
 are not to be found 
in supplies and demands ---yes----

and the allocation of scarce resources
 to alternative uses  ---oh oh yes ------

 but in technological
 and organizational change ---yes yes yes ----

 about which ----yesssssssssssss----
 economists
 have too little  --yes yes yes -----

 to say  -------- zzzooooooooooo ------------------


---------- 
whoops sorry
i was wrong no climax  
no  brake thru to a higher ground 
here ---------------


-------------instead
 him slips  back
into a rendition of 
 the law of uneven development ----------

Economic historians 
 rightly point out
 that before the Industrial Revolution
 differences in median 
standards of living 
across the high civilizations 
of Eurasia were relatively small

 A peasant in the Yangtze Valley
 in the late 17 century 
had a different style 
of life than his or her contemporary peasant
 in the Thames Valley
 but not one that was clearly
 better or worse.

Two centuries later, 
that was no longer the case: 
for the first time in recorded history
 people had a standard of living
light-years above 
any neo-Malthusian benchmark 
of subsistence


--- who knew this was all there 
         waiting in the lap of ....-----------


----now we get a curious
      anti land lord klass  side blast -------

 The early industrial-era 
economic accomplishments 
occurred despite
 the loss of a substantial proportion
 of national income
 to support a corrupt, decadent,
 and profligate aristocracy.



-----------where as today ...?---------

 ------ back to the fools question cascade -------------.

How, exactly,
 did these accomplishments occur? 

What were the small differences 
that turned out to matter so much?

Economists are now awakening 
to the realization 
that the most interesting questions 
they face 
were always beyond the reach 
of Marshall’s toolkit. 


---------- now awakening

now ...
what utter clownery
 rip where ya been all yer life ?-------------

Clearly, economics—
if it is to succeed and progress

must be very different 
in a generation 
from what it is today

--------------nonsense 

 my god
what  more
  need you to discover here pal ?
you're stalling too...

like general mc clellan
" the boys still need more 
guns and training abe"

is it not the case
that policy is whats  fucked here
not science 
is it not merely
that blood letting era  policy 
is  still alibi-ed 
by citing  alfred the great 

if u were to take 
the cream of journal models
already resting un used

and go  out into the field
and  throw en around some 

 wham ....  u know damn where 
it  would  take us

all we need 
is to impliment what we know


not  dither around trying to find more

before we dare eat that peach



believe me
u all know way more 
then u dare  impliment 

enough to take us  all
souring beyond the present 
           wall street beat ass system ------------