[PEN-L] pen-l changeover warning
I just got this from our tech people: I just noticed something that may cause some confusion on the list. We cannot access if people had their subscription set to digest mode or not. This can be set by the user through the web interface, but it will require that they know their password. This can easily be retrieved by going to the public page: https://lists.csuchico.edu/mailman/listinfo/pen-l/members The last form will say: To unsubscribe from pen-l, get a password reminder, or change your subscription options enter your subscription email address: Putting in your e-mail address there and hitting the button will take you to a that will let you click a button to get your password e-mail to you. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Peak food
Agricultural populists have argued this way since the mid 1800s. For a brief moment they made common cause with the striking railroad workers, but for the most part the connection has not been made by urban workers. On Wed, Feb 20, 2008 at 03:17:41AM -0800, soula avramidis wrote: this brings me to whatever is going to happen to real wages (w/p) where p is determined by mark-up and the degree of monopoly or market imperfection in the broader sense. to use one analytical tool from kalecki: w/p=Q/kL-fF/pL, where k is the degree of monopoly, f is the price of imported material and F is their volume. the rest is standard notation. So by again, broad analogy, as the profits in agriculture rise the real wages fall. And so once more, the scissors open and there will a marked departure of values from prices leaving the direct producers with a little less than they have had before. - Original Message From: Michael Perelman [EMAIL PROTECTED] -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Peak food
Yes, but production costs are a relatively small part of most food costs compared to profits, distribution, marketing On Mon, Feb 18, 2008 at 11:48:38PM -0800, soula avramidis wrote: isn't the rising cost of energy content of modern agriculture specifically rising oil prices partly responsible for the rise in food prices? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Peak food
Have many already lost their land? On Mon, Feb 18, 2008 at 02:24:24PM -0500, Max B. Sawicky wrote: If prices rise, doesn't it put some of the marginal corn producers back in the game? I'm thinking about Mexico. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] LM leaving list for a while/China's socialist path
Leigh has left the list. I mentioned that I thought that Lou's first comment was a bit too harsh. I would have hoped that we could have learned something from Eric; that he could have moved beyond boilerplate engaged with John G. Marty. I am not sure that that could have happened. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Repression at University of Missouri, Kansas City
A very troubling report: http://cas.umkc.edu/aaup/facadv23.html -- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com
Re: [PEN-L] LM leaving list for a while/China's socialist path
You may be right. On Mon, Feb 18, 2008 at 08:43:27PM -0500, Louis Proyect wrote: It is actually not in very good form to subscribe to a mailing list and begin posting long provocative essays right off the bat. He would have been better off easing into the discussion. Frankly, I don't think he was that interested in discussing things. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] From Michael Lebowitz on Venezuela
Michael sent this article about new developments in Venezuela to the new address, which does not work till Friday @ 5 Pacific time. http://www.greenleft.org.au/2008/740/38297 -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Deng Xiao Ping Theory: The Framework which Guides China's Development
First of all, Michael Lebowitz is on the list and will be glad to hear from Eric. Second, Lou's remark was more biting than necessary. I did not notice any statement that Marx was unnecessary, but rather that Deng was building on Marx's conception of development. That said, most of us here, myself included, do not see China as having much in common with Marx's values. I recently met with a delegation of Chinese experts, including someone who was in charge of editing Deng's papers. Eric's perspective seems to be relatively close to the prevailing thought. It may be that somehow China will use its recent spurt and development to quickly lift impoverished population up and improve the environment, but I, for one, still remain skeptical. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] new pen-l address
several people have written to ask about the new address. It will be [EMAIL PROTECTED] Everyone currently subscribed is supposed to automatically be transferred to the new list. -- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com
Re: [PEN-L] China's Socialist Path
I am very interested in this exchange -- even more so if Marty jumps in. Please try to keep the temperature down, but I think that we can benefit from tapping Eric's expertise, especially because his views are in the minority here. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Sacramento Flood Danger
Seth sent this url to the new address that does not work yet. It is a very interesting story about the dangers lack of caution regarding the inland water system in California, which poses a danger equal to Katrina -- yet the housing there is booming. http://www.newsreview.com/sacramento/Content?oid=623337 -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] subprime primer
David Shemano sent a funny explanation of the subprime crisis. He kindly asked if he should post it to the list, but it is far to big for most mailboxes. I put a link to it here. http://michaelperelman.wordpress.com/2008/02/15/a-subprime-primer/ -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Important Notice regarding the Future of Pen-L
Pen-l is moving The school is putting us on a new server as of five o'clock Pacific time 22nd February. Everything will be the same except that the new address will be [EMAIL PROTECTED] After that, only messages with the new address will reach the list. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Conspiracies
Carroll should not have rekindled this. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] David Brooks predicts a centrist Democratic president whoever wins
Isn't this a common pattern, that the left falls (not really wins) into office once the right model becomes exhausted, leaving the purported left to harm the masses in ways that the right is reluctant to do. On Wed, Feb 13, 2008 at 12:32:42PM -0500, Michael Smith wrote: A Hunger Chancellor, in other words: http://en.wikipedia.org/wiki/Heinrich_Br%C3%BCning -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] David Brooks predicts a centrist Democratic president whoever wins
Actually, I was thinking in more global terms, including Britain, France, ... On Wed, Feb 13, 2008 at 12:56:01PM -0500, Louis Proyect wrote: I would look at it a different way. Since the late 1970s, American capitalism has had a need to attack wages, working conditions, the social safety net, etc. in order to maintain its dominance in the world market. Every single president, either Democrat or Republican, has been on board for this agenda. This will remain true. The only way to defend wages, working conditions and the social safety net is the same way as during the 1930s: militant mass action. The sole purpose of the Democratic Party is to preempt such action by promising pie in the sky. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] David Brooks predicts a centrist Democratic president whoever wins
I was both surprised disappointed that Goolsbee hooked up with the DLC. The papers of his that I have read have been interesting, but non-political. An a Bonesman to boot! -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Support the Troops, Not!
The mantra about supporting the troops is like the conservatives concerned about the sanctity of life until after the baby is born. The military opposes improving the GI Bill because it gives soldiers and incentive not to reenlist. Even after a soldier leaves, navigating the system is complicated and the ultimate funding is inadequate for a college education, except, perhaps from a mail-order diploma mill. Here is the story from the Boston Globe. Sennott, Charles M. 2008. GI Bill Falling Short of College Tuition Costs: Pentagon Resists Boost In Benefits. Boston Globe (10 February).http://www.boston.com/news/nation/washington/articles/2008/02/10/gi_bill_falling_short_of_college_tuition_costs/ The original GI Bill provided full tuition, housing, and living costs for some 8 million veterans; for many, it was the engine of opportunity in the postwar years. But, in the mid 1980s, the program was scaled back to a peacetime program that pays a flat sum. Today the most a veteran can receive is approximately $9,600 a year for four years -- no matter what college costs. The Pentagon and White House have so far resisted a new GI Bill out of fear that too many will use it -- choosing to shed the uniform in favor of school and civilian life. The incentive to serve and leave, said Robert Clarke, assistant director of accessions policy at the Department of Defense, may outweigh the incentive to have them stay. Paul Rieckhoff, an Iraq war veteran and director of the Iraq and Afghanistan Veterans of America, an organization based in New York, said that enhancing the GI Bill is a solid investment in the country's future. One study he cites suggests that every dollar spent on the original GI Bill created a seven-fold return for the economy. Funding the GI Bill as Senator Webb proposes it for one year would cost this country what it spends in Iraq in 36 hours, he said. Beyond the financial struggle is a daunting bureaucratic obstacle course that can confound veterans and sometimes steer them away from the benefit altogether. That struggle starts with the requirement that all participants buy into the program with a $1,200 upfront payment. William Bardenwerper, an Army veteran of Iraq with an undergraduate degree from Princeton University, described a six-month odyssey of paperwork in trying to navigate the current GI Bill. He kept a detailed log of his frustrating, and to-date fruitless, effort to access his benefits for graduate school. Not to sound elitist, said Bardenwerper, but if a 31-year-old Princeton grad has a hard time deciphering what he is entitled to, then I have no idea how a 21-year-old armed only with a GED could navigate this system. Clarke, of the Department of Defense, said it is simply off-base to compare what was offered to World War II veterans to the situation today. There was no concern about retention rates back then, he said; rapid demobilization was the order of the day. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] apologia
Rice is the biggest crop in Butte County. Much of the soil is a lava cap with almost no topsoil. It was only used for grazing until Japanese immigrants realized it was good for rice. They lost the land while they were interned. When I first came here, the rice burning was such that there was virtually no visibility. Since then, the rice burning is much more modest. One of the largest organic rice operations, Lundberg, is located here. They do not burn on their organic fields. On Sun, Feb 10, 2008 at 11:02:55AM -0800, Dan Scanlan wrote: On Feb 10, 2008, at 10:39 AM, Jim Devine wrote: do we really grow rice in California? (I may have reported this, but I'm not convinced it's true.) Those of us who live in the Sierra foothills suffer the smoke from the burning of the rice fields in the Sacramento Valley every summer. The Nation in general suffered the smoke of the California rice industry in the 1960/70s when it helped urge along the war in Viet Nam to destroy that region's competitive rice economy. Dan Scanlan -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Economists As Bullying Witch Doctors
Esther-Mirjam Sent has a work in progress regarding how Herbert Simon made an ass of himself in debating with progressive mathematicians, who did not approve of Samuel Huntington joining the National Academy of Sciences. She included two wonderful quotes from one of the mathematicians, Neal Koblitz regarding economist misuse of mathematics. Sent, Esther-Mirjam. 2008. Mathematical Verbiage as a Witch Doctor's Incantation? Herbert Simon vs. The Mathematics Community. unpub. Koblitz, Neal. 1988. A Tale of Three Equations: Or the Emperors Have No Clothes. The Mathematical Intelligencer, 10: 1, pp. 4-10. 10: Mathematical verbiage is being used like a witch doctor's incantation, to install a sense of awe and reverence in the gullible and poorly educated. Koblitz, Neal (1981) Mathematics as Propaganda. in Lynn Arthur Steen, ed. Mathematics Tomorrow (New York: Springer-Verlag): pp. 111-120. Koblitz (1981) had noted: Mathematics can be used to mystify and intimidate rather than to enlighten the public. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Let.s Go Hillary
everybody. On Thu, Feb 07, 2008 at 05:30:37PM -0500, Charles Brown wrote: Who just me ? Michael Perelman [EMAIL PROTECTED] 02/07/2008 5:20 PM Be nice. On Thu, Feb 07, 2008 at 05:14:01PM -0500, Charles Brown wrote: But you are not tired of being offensive ? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Let.s Go Hillary
Be nice. On Thu, Feb 07, 2008 at 05:14:01PM -0500, Charles Brown wrote: But you are not tired of being offensive ? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Let.s Go Hillary
I think Hillary Clinton will be an excellent candidate. The Democrats managed to lose the last elections with boring policy wonks, devoid of any charm. Now after eight years of George Bush, throwing on election will be more challenging. The Hillary is not just a policy wonk, she is grating and lacks any true commitment except to win at all costs. She probably has more negatives than any first time presidential nominee in my lifetime, with the possible exception of Barry Goldwater, who at least was an authentic person. If anyone is up to the challenge of blowing this election, I think it is Hillary. More than anyone else, she has the potential of finally proving the emptiness of the Democratic Party to the general public. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Let.s Go Hillary
I had Kerry, but left out Dukakis. Bill Clinton, for all his faults, could be charming, but these others On Wed, Feb 06, 2008 at 11:24:23AM -0500, Doug Henwood wrote: On Feb 6, 2008, at 10:55 AM, Michael Perelman wrote: More than anyone else, she has the potential of finally proving the emptiness of the Democratic Party to the general public. Have you forgotten Kerry? Dukakis? Doug -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Let.s Go Hillary
Instead, I think that the lack of charm reflects the emptiness. I don't think that they are aware of the problem. The Republicans ran an worhtless candidate -- Bush -- but they realized that they had to give him an image, which they did successfully. As a candidate, however, Bush, especially the first campaign, sometimes show humor, which is totally lacking in the Dems. Here is Hillary, whose campaign is run by a PR person, the one time they had her do something -- cry, but then immediately shift to talking points -- a real sign of authenticity. But even that quick display was the most effective thing she did. On Wed, Feb 06, 2008 at 11:47:50AM -0500, Charles Brown wrote: CB: Is the emptiness of the Democratic Party the lack of charm of its presidential candidates ? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] The Super Bowl and Intellectual Property vs God
The NFL has a rule to limit TV screens to 55 inches at public viewings. The league makes an exception for venues like bars and restaurants that regularly broadcast sporting events. But churches that dare to let their parishioners watch the mayhem on the big screen are coming under fire. Presumably, the league is not protecting intellectual property, but want parishioners to go to bars instead of churches on Sunday. Alter, Alexandra. 2008. God vs. Gridiron: As Church Super Bowl Parties Are Busted by NFL. Wall Street Journal (2 February): p. W 1. http://online.wsj.com/article/SB120190701069036633.html?mod=home_we_banner_left -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] A Sociological Analysis of the Rogue Trader
The Wall Street Journal has a very perceptive article about the class nature of Jerome Kerviel, a striving person from a modest background, who was trying to compete with and win approval from his more fortunate colleagues. Kerviel's story is obviously self-serving, but much of it rings true -- especially his ill-fated efforts to be accepted. Gauthier-Villars, David and Stacy Meichtry. 2008. Kerviel Felt Out of His League. Wall Street Journal (31 January): p. C 1. http://online.wsj.com/article/SB120168164214928349.html In 2005, Jérôme Kerviel got the biggest break of his career: a promotion out of Société Générale SA's lowly back office -- a place so uncool it was dubbed the mine -- and into a coveted job as a trader at the powerful bank. But if clawing your way up from the mailroom wins you a badge of honor in the U.S., not so within in the rigid class system that defines the upper ranks of French finance. Mr. Kerviel's effort to impress his colleagues now appears to be a motivating factor behind his disastrous trading spree, which burned a $7.3 billion hole in Société Générale's books. I was held in lower regard than the others because of my educational and professional background. Mr. Kerviel told prosecutors over the weekend. His comments were from a transcript and confirmed by prosecutors and his lawyer. Trading might not be rocket science, but Société Générale has a tradition of drawing its star traders from France's most elite schools. Many have doctorates in disciplines such as astrophysics or nuclear science The bank's top brass, including investment-banking head Jean-Pierre Mustier, is from the engineering school Polytechnique, the M.I.T. of France. Chief Executive Daniel Bouton graduated from the prestigious Ecole Nationale d'Administration, a school known for churning out high-level government functionaries that run the country. If you graduated from ENA or Polytechnique, you have an absolute tenure; if not, you miss out on all the good job opportunities, according to a former Société Générale executive. This rift exists all over the bank. The high-pressure atmosphere has taken its share of victims. In June, a trader in his 30s who worked on the same floor as Mr. Kerviel jumped to his death from a footbridge near Société Générale's towering headquarters in the La Défense suburb of Paris. Moments before his death, Mr. Marchet says, a supervisor had interrogated the trader for losing about .9 million in unauthorized trades. He took his bag, left Société Générale and jumped off a bridge, Mr. Marchet says. that death came in the wake of two other suicides in recent years. In 2005, a trader jumped to his death from a ninth-floor window at the bank's headquarters, Mr. Marchet said. A year later, a back-office employee jumped in front of a train commuting between La Défense and the center of Paris. The trading desk where Mr. Kerviel landed, the Delta One unit, deals with trades aimed at making small profits with stock-market fluctuations. Mr. Kerviel, who hails from a small town in Brittany and graduated from a little-known university, suggested in his statement to prosecutors that he hoped to curry favor with people who counted. At first, Mr. Kerviel's strategy paid off -- too well, in fact. His gains snowballed so quickly that, at some point, he had locked in a gain of .1.6 billion, about a third of the bank's overall net profit in 2006. At that moment, I don't know what to do, Mr. Kerviel told investigators. I am happy, proud, but I don't know how to justify my gains. What seemed to disappoint Mr. Kerviel was that his trading prowess wasn't being acknowledged. He told prosecutors that he believes managers were aware of his methods but never spoke up as long as things were going well. I cannot believe that my superiors did not realize the amount I was risking, he said in the interrogation. It is impossible to generate such profit with small positions. That's what leads me to say that while I was [in the black], my supervisors closed their eyes on the methods I was using and the volumes I was trading. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Devine in the news!
No. This was about the poor powerless employers bullied about by those mean unions. On Thu, Jan 31, 2008 at 10:21:44PM -0500, Max B. Sawicky wrote: When I saw the header I thought this was about that big fat drag queen in the John Waters movies. Jim Devine wrote: In LA OPINION, a L.A. Spanish-language newspaper, I am said something like the following (my translation, based on an on-line translation service and my memory of what I said): -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] What is the Fed worried about?
I invited Minsky to Chico. I think everybody here -- even the conservatives -- appreciated his visit. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Time in a capitalist economy
The American Economic Review has a fascinating article that inadvertently points to a relatively insecure, but significant negative consequence of capitalism. The authors find: Specifically, households in their late forties pay, on average, 4 percent more for identical goods than households in their late sixties. This is consistent with the fact that market labor hours, earnings, and time demands from children all decline after middle age. Additionally, we document that higher-income households pay higher prices than lower-income households, and dualworker couples pay higher prices than singleworker couples. Aguiar, Mark and Erik Hurst. 2007. Life-Cycle Prices and Production. American Economic Review, 97: 5 (December): pp. 1533-59. Normally, we hear that higher prices are a form of rationing scarce goods, but the scarcity here is a scarcity of customers. Stores try to draw customers in with low prices in order to make more profits, often using loss leaders, so they can charge more for less inelastic goods. Even assuming that the average price is somehow fair or efficient, this strategy costs people time, jumping back and forth to get the best deal. This time cost falls outside of the typical economic measures, along with wait time on the telephone, standing around in a store until a clerk comes your way, long commutes, and interminable security checks before an uncomfortable and often late plane ride. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] total mismash
People should be more respectful here. You can disagree, but there is no need to reprimand others for their ideas. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Thoughts on Credit in the United States Economy
I'm far from an expert on credit, so I'm posting this, hoping that some of you may contribute to my education. My understanding is that most families avoided borrowing for consumer goods, except for pianos and encyclopedias, which were considered moral consumption. Then in the 1920s, the automobile industry, facing a stagnating market, encouraged consumers to purchase automobiles on credit. The Depression and the unavailability of consumer goods during the war left most families in the United States without much of a credit burden. Over time, an increasing share of consumption depended on credit, the absence of which would have limited economic growth. After the early 1970s, when the great burst of inequality began, the dependence on credit as an engine of economic growth became more extreme. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Daniel Davies on International Debt
Shane Taylor posted an alert on LBO about Daniel's latest. It is, as usual, a dandy one. Of Development and Debt by Daniel Davies http://crookedtimber.org/2008/01/25/of-development-and-debt/ -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] A New Economy?
The distinction between productive and unproductive has many meanings -- Even Marx was not entirely consistent. A golf course or a meth lab can be productive in the sense of producing surplus value. On a different level of abstraction, an economy devoted exclusively to catering to the domestic rich, might be likely to fall behind, although an economy like Dubai with some trendy cache might prosper -- until some newer, more trendy spot pops up. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Re: [PEN-L] The Bubble Bursts: Our economy is in serious trouble
I don't think that Dubai has that much oil. It was historically an entrepot. It is close to Iran. It made big bucks during the last Iraq war. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Cap and Trade versus Carbon Tax
Giving polluters property rights is ridiculous. The abuses of carbon trading are so flagrant that the trade of cap trade should be an obvious non-starter. Patrick Bond gave us a good example of the Durban garbage dump trade some time ago. Some kinds of regulation do seem workable. Many people are now in favor of the mercury-involved light bulbs, calling for the elimination of incadescent bulbs. Setting standards for scrubbers seems reasonable -- especially before they are constructed. One other problem with cap and trade. With environmental racism in place, polluters have little reason to reduce the toxic impact of people that they impact. Instead, they can agree to shut down some already defunct Russian factory. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] stimulus plan
How outrageous are the tax cuts? All I am seeing concerns the checks sent to taxpayers. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Cap and Trade versus Carbon Tax
You don't get carbon credits for shutting down a plant? On Sat, Jan 26, 2008 at 09:35:32PM -0500, Max B. Sawicky wrote: Shutting down a plant doesn't get you any points in a cap and trade scheme. If the emissions target is set and enforced, it doesn't matter who shuts down what or what equipment they buy. Setting the target in and of itself by the way is easier than trying to figure out the tax rate that gets you to the target. Of course nobody ever tried to game a tax system, yuk yuk. I can't speak on offsets. Don't know anything about them. Speaking of emissions, my 1996 car failed our state emissions test because some little light on the dashboard won't go off. (It says service engine soon, and I've been ignoring it for years.) If I can't find somebody who can fix it for a decent price, I'll have to buy another goddamn car. Wonder how the working class feels about shit like that. I'd add one more argument against cap and trade: it is easier to game than a carbon tax. You already mentioned one example of this: companies trying to grandfather in normal upgrades in equipment. Another entirely predictable possibility: some idiot on Wall St will sooner or later try and corner the market for offsets and increase costs for everyone else. One question to ask ourselves: if indeed offsets and taxes are almost equivalent why does Wall St love offsets so much? -raghu. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Bank Failures in Second Life
, they are starting to encounter real-world limitations. The banking crisis at Second Life surfaced during the summer, when Linden banned gambling on the site, citing conflicting gambling regulations around the world. That caused a run on Ginko Financial, a Second Life bank that had invested heavily in the virtual world's gambling operations. Ginko capped withdrawals, and ultimately issued bonds to customers instead. The bank went out of business in August. Linden essentially acknowledges that the financial services being offered in its virtual society have evolved to the point that they need to be regulated in the real world. From now on, proof of an applicable government registration statement or financial institution charter will be required of anyone collecting deposits in Second Life, according to Linden. The company insists it isn't, and can't start acting as, a banking regulator. If this is real money, there is an argument that you need to follow real law, says Benjamin Duranske, a lawyer who runs the Second Life Bar Association and is writing a book on virtual law. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] The Two Faces of Bill Gates
Gates just gave a speech advocating a kindler, gentler capitalism, posing a good brother to the poor. At the same time, Microsoft is embarking on the most far reaching monitoring of workers ever contrived in which wireless sensors could read .heart rate, galvanic skin response, EMG, brain signals, respiration rate, body temperature, movement facial movements, facial expressions and blood pressure., the application states. The system could also .automatically detect frustration or stress in the user. and offer and provide assistance accordingly. Guth, Robert A. 2008. Bill Gates Issues Call for Kinder Capitalism: Famously Competitive, Billionaire Now Urges Business to Aid the Poor. Wall Street Journal (24 January): p. A 1. In a speech at the World Economic Forum in Davos, Switzerland, the software tycoon plans to call for a creative capitalism that uses market forces to address poor-country needs that he feels are being ignored. We have to find a way to make the aspects of capitalism that serve wealthier people serve poorer people as well, Mr. Gates will tell world leaders at the forum, according to a copy of the speech seen by The Wall Street Journal. Mr. Gates isn't abandoning his belief in capitalism as the best economic system. But in an interview with the Journal last week at his Microsoft office in Redmond, Wash., Mr. Gates said that he has grown impatient with the shortcomings of capitalism. Mostrous, Alexi and David Brown. 2008. Microsoft Seeks Patent for Office 'Spy' Software. The Times (London) (16 January). http://technology.timesonline.co.uk/tol/news/tech_and_web/article3193480.ece Microsoft is developing Big Brother-style software capable of remotely monitoring a worker.s productivity, physical wellbeing and competence. The Times has seen a patent application filed by the company for a computer system that links workers to their computers via wireless sensors that measure their metabolism. The system would allow managers to monitor employees. performance by measuring their heart rate, body temperature, movement, facial expression and blood pressure. Unions said they fear that employees could be dismissed on the basis of a computer.s assessment of their physiological state. Microsoft submitted a patent application in the US for a .unique monitoring system. that could link workers to their computers. Wireless sensors could read .heart rate, galvanic skin response, EMG, brain signals, respiration rate, body temperature, movement facial movements, facial expressions and blood pressure., the application states. The system could also .automatically detect frustration or stress in the user. and offer and provide assistance accordingly. Physical changes to an employee would be matched to an individual psychological profile based on a worker.s weight, age and health. If the system picked up an increase in heart rate or facial expressions suggestive of stress or frustration, it would tell management that he needed help. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Wallowing in filth
Thanks for this. Could you please send me the article. I am preparing a paper to deliver at Yale at the end of Feb., but I need to send them a copy right away. I would like to incorporate this article. Our library does not subscribe. I don't either. Thanks. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Time as a stabilization policy tool
David's comment about supply side economics made me rummage through my notes. Here is John Edwards' employer on taxes. The last line, as they say, is priceless. Griffin is an exception, since he is not interested in money, but in creating wealth for the community and the sheer joy of working. Also, he would work less if faced with high taxes, but only as a matter of principle (or is it principal?). Kenneth C. Griffin, who received more than $1 billion last year as chairman of a hedge fund, the Citadel Investment Group, declared: The money is a byproduct of a passionate endeavor. Mr. Griffin, 38, argued that those who focus on the money -- and there is always a get-rich crowd -- soon discover that wealth is not a particularly satisfying outcome. His own team at Citadel, he said, loves the problems they work on and the challenges inherent to their business. Mr. Griffin maintained that he has created wealth not just for himself but for many others. We have helped to create real social value in the U.S. economy, he said. We have invested money in countless companies over the years and they have helped countless people. The income distribution has to stand, Mr. Griffin said, adding that by trying to alter it with a more progressive income tax, you end up in problematic circumstances. In the current world, there will be people who will move from one tax area to another. I am proud to be an American. But if the tax became too high, as a matter of principle I would not be working this hard. Uchitelle, Louis. The Richest of the Rich, Proud of a New Gilded Age. New York Times (15 July). http://www.nytimes.com/2007/07/15/business/15gilded.html?sq=pagewanted=print -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Frontiers of Cost-Benefit Calculations
A little more than a year ago, in response to a Wall Street Journal article on airline travelers' lost luggage, an insightful reader offered a more in depth analysis: Airlines lose luggage because there is no incentive to correct the problem. It would cost money to fix the broken systems, and there is no meaningful penalty on airlines that lose baggage because our government allows airlines to pay pennies on the dollar for what is lost. Even worse, the threat of lost luggage actually benefits the airlines by forcing passengers to avoid checking luggage. Armstrong, Arthur O. 2007. Perpetual Curse of Lost Luggage. Wall Street Journal (27 January): p. A 5. I have not heard whether or not the paper ever hired this contributor. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] The Old Remedies Won't Work This Time
Although I certainly favor redistribution, by which suggests that the United States is not necessarily rich enough. I am pretty sure that I am in the minority here, but I suspect that our commercial this interpretation of riches does not really constitute what I would consider to be riches. I am suggesting that an increase in commodities does not necessarily constitute richness. For example, building a new freeway to throw up a new community of mega-mansions does not necessarily constitute as much richness as using the same resources to make cities more livable -- not just by harassing the poor through quality of life legislation. Tom Walker is correctly looking at the production side of this equation. I am thinking about the output side. On Fri, Jan 18, 2008 at 09:33:22AM -0800, raghu wrote: We can start by talking about redistribution instead of growth. But thats far too radical for even the most liberal of economists or politicians like Krugman or Nader and I suspect, even many PEN-Lers.. I never understood the case for economic growth in rich countries like the US: isn't the country rich enough? -raghu. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] The Efficiency of Publicly Owned Power Companies
Earlier, I mentioned are prolonged power outage. An invaluable article in our local weekly paper reports that our IOU -- the appropriate acronym for Investor Owned Utility -- PGE suffered much more damage than the publicly owned utilities in the region. Apparently, PGE has been relatively negligent in maintenance, leaving its infrastructure more vulnerable. Because of aggressive tree trimming and replacement of ancient power poles, the publicly owned companies experienced virtually no outages. Here is the link to the article: http://www.newsreview.com/chico/Content?oid=613885 -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] The Old Remedies Won't Work This Time
I believe that it was David McCord Wright, who claimed that there was not much pump priming during the Depression because state local government cut back on spending. Maybe someone recalls the reference. Then the military spending kicked in -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] klimt
What an interesting piece of cultural history! For those of you who overlooked Lou's review as a film review, take a look. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] the darker nations
Prashad, Vijay. The Darker Nations: A People's History of the Third World (New York: New Press). He tells the story of the Third World, first from the perspective of their efforts to create organizations to develop collectively, such as the nonaligned movement, and also to describe the failures (and occasional successes) of these individual countries. At the same time, he provides information about individual radical leaders, as well as the literature of these societies. I found it to be a remarkable work. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] The silence is defeaning...
He just sent a link, not the cartoon. I did not comment because of my lack of aesthetic sense. On Wed, Jan 16, 2008 at 12:10:38PM -0800, Doyle Saylor wrote: Greetings Economists, On Jan 16, 2008, at 9:57 AM, ravi wrote: What, no comments on my Krugman cartoon? ;-) Doyle; What cartoon? I have not seen anything from Ravi with a cartoon. thanks, Doyle -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Taylorized Academic Labor
This article understates the severity of what is going on. Departments all around the country are under pressure to have measures of accountability. You can imagine what kind of standards will be set for economics. You will be expected to regurgitate the worst of the worst from the worst of the textbooks. This effort is expected to help us achieve what the administrators call excellence. -- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com
[PEN-L] Bloomberg Interviews Michael Perelman
Tom Keene of Bloomberg Radio interviewed me for an hour on Monday. You can download it here: http://media.bloomberg.com/bb/avfile/BBRECON/vMYIzswjgxsg.mp3 Tom is an excellent interviewer, who regularly interviews economists and financial experts. Their interviews are available at http://www.bloomberg.com/tvradio/podcast/ontheeconomy.html -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] commodities boom
I heard James Lovelock compare Kyoto to Chamberlain's Munich -- empty talk about a big problem. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] The Law Is an Ass
Two recent decisions confirm that Charles Dickens' Mr. Bumble was correct in declaring, The law is a (sic) Ass. In the first case, California's Supreme Court dismissed a suit by workers who were damaged by solvents, only because the majority held stocks in the oil companies. In the second, case a federal appeals court dismissed a suit by four British citizens who claimed torture, abuse, and violations of their religious rights at Guantánamo because Because the plaintiffs are aliens and were located outside sovereign United States territory at the time their alleged RFRA claim arose, they do not fall with the definition of 'person,' the court ruled. This decision is surprising, given the importance of religion in determining personhood. After all, a fertilized egg with only a few cells is considered a person in the United States. Surely these unfortunate creatures are more fully developed persons in a newly formed embryo. The first case suggests that corporations could immunize themselves from legal actions merely by ensuring that judges had some stock in the companies. On second thought, perhaps many of these corporations are not really persons after all, despite the claim that corporations have all the rights of human persons. However, some of these fictitious persons have relocated their fictitious homes to other lands. If people tortured by the government are not really persons because they are located outside the United States, surely the fictitious persons, who currently rule this country, should not be counted as persons. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] the darker nations
I just finished the book. I was impressed, even though there was a bit too much monday morning quarterbacking -- this leader did too much of that or too little of the other. Have others looked at this book? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Query on Recessions
You can look to California to see one kind of response to ordinary recessions. Arnold is planning to make massive cuts, concentrated on k-14 education, Medi-Cal, and welfare. Almost everything will hit the poor especially hard. And the Dems have protested, but cannot raise taxes without 2/3 support of both houses of the legislature and Arnold's signature. No strong voices yet. On Sun, Jan 13, 2008 at 06:35:13PM -0600, Carrol Cox wrote: Ordinary recessions do not, I think, have any particular significance for left politics. (For this post I'm defining left politics as building mass extra-parliamentary movements for major change.) Their initial impact is to drive working people to scurry for individual safety. It is also usually evident that rallying to a mass movement is not going to change immediate conditions; any succor that does come is going to be from politicians bureaucrats for their own reasons. Efforts to build such movements must continue, in any case, at all times, bad or good, to maintain a 'cadre' of activists to react to a real crisis. Hence left politics just goes trudging on its eay. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Query on Recessions
All repub. legislators signed a no-tax pledge. On Sun, Jan 13, 2008 at 06:07:39PM -0800, Jim Devine wrote: the question is whether some of the GOPniks can be dislodged from their absolute Rejectionism, their opposition to any and all tax increases. Some, more charitable, observers think that Ah-nold is trying to scare everyone enough to get the GOP to break ranks. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] the other side's view
You learn something new every day. Rogoff teaches us that union member is Columbia are relatively safe that the violence they experience comes from the rebels. Huh. Union leaders have a very short life span the paramilitaries kill them. Here is what he said: A case in point is union lobbying against the US-Colombia free-trade agreement, ratification of which would greatly advance US-Latin American relations. Legitimate questions about how the Colombian government conducted its epic civil war with drug-financed rebels do not trump broader issues. So anti-pact activists have complained that Colombia is anti-union because it does not protect union members from rebel violence. Yet the Colombian government notes that all Colombians suffer from rebel violence - union members actually experience less of it than the rest of the population. Is Rogoff willfully ignorant? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Query on Recessions
One minor amplification of Jim Devine's excellent note. He wrote: A key problem is that the Greenspan years involved not solving recessions as much as delaying them. Marx was probably correct in saying that delays -- in effect, trying to resolve one concrete contradiction -- only makes the inevitable crisis worse. I use the analogy of preventing forest fires, where the fuel builds up, making the eventual fire worse. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] doug henwood on Kuttner
http://www.truthdig.com/arts_culture/page2/20080110_doug_henwood_on_robert_kuttners_the_squandering_of_america/ Nice job! -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] US EMpire Better than Alternative - Huh?
Also, listservs are not well served by provocative remarks, especially when they have already been made. On Fri, Jan 11, 2008 at 08:53:48AM -0800, Leigh Meyers wrote: It's EXACTLY what listservs are for... FWIW, I consider movie reviews on listservs bad form unless it is a movies-l, hollywood-l list or directly related to the list's topical agenda. I would like to believe Louis intended that as a tongue-in-cheek joke. Leigh -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] US EMpire Better than Alternative - Huh?
Lou, most of the people on the list -- probably most lists -- prefer to lurk. From time to time, I used to set aside a period when the regulars were asked not to post anything to make way for lurkers, but that tactic never worked. Lurkers, let's hear from you. On Fri, Jan 11, 2008 at 11:35:05AM -0500, Louis Proyect wrote: Please, this is pen-l. It is considered bad form for teachers to give their thoughts on anything, unless it is Michael Perelman or Jim Devine. Teachers much prefer to deep lurk unless there is some non-teacher interloper that disturbs their peace in which case Michael Perelman is forced to act on their behalf. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] What happened to Robert Reich?
He was supposed to be the most leftist of the right wing bunch. This book was a big disappointment. On Fri, Jan 11, 2008 at 12:15:36AM -0600, Matthijs Krul wrote: I am reviewing his Supercapitalism. It reads like something from the DLC. When did he move so far to the right? -- Michael Perelman Why would someone who served under Bill Clinton not have DLC positions? Matthijs Krul -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] US EMpire Better than Alternative - Huh?
Our enemies do better: Japan, Germany, Vietnam. Not the powerful Grenada, however. On Fri, Jan 11, 2008 at 05:39:24PM -0500, ravi wrote: Charles already pointed out that we are the empire -- there is no void. The other option is to take Chomsky's argument: look at the data on the places we have intervened in: * how have they fared after our intervention (they here broken down by region, people/culture, etc) * how has our behaviour matched our rhetoric and the principles underlying that rhetoric (that these students probably subscribe to). --ravi -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] US EMpire Better than Alternative - Huh?
But the US hasn't really tried to coerce it into any policies. It mostly bullies friends. On Fri, Jan 11, 2008 at 02:50:43PM -0800, Jim Devine wrote: Michael Perelman wrote: Our enemies do better: Japan, Germany, Vietnam. I don't think that Vietnam is doing that well, except in terms of market criteria. Even then, it's part of the race (or crawl) to the bottom. It will be out-competed by another country with even lower wages, laxer environmental laws, etc. -- Jim Devine / Segui il tuo corso, e lascia dir le genti. (Go your own way and let people talk.) -- Karl, paraphrasing Dante. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] US EMpire Better than Alternative - Huh?
I meant former enemies. Sorry if I was not clear. On Fri, Jan 11, 2008 at 03:47:29PM -0800, Leigh Meyers wrote: On Jan 11, 2008 3:16 PM, Michael Perelman [EMAIL PROTECTED] wrote: But the US hasn't really tried to coerce it into any policies. It mostly bullies friends. Destruction of Vietnam's social infrastructure, their economy, and massive numbers of people in a war for their natural resources in the guise of 'keeping 'communism' out of SE Asia wasn't a form of coercion? Do tell... Leigh -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] US EMpire Better than Alternative - Huh?
The United States also had regional cultures, which have now degenerated into a boring sameness. Raghu and Ravi suggest that this is also happening in India. I assume that Hollywood will also blend in a little Bollywood into our domestic culture here. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] US EMpire Better than Alternative - Huh?
The differences were not useful in themselves. It was just indicative of the effect of the media to reduce local culture, not all of which was worth saving. But some regional cultures are of value. On Fri, Jan 11, 2008 at 09:04:31PM -0500, Doug Henwood wrote: On Jan 11, 2008, at 8:46 PM, Michael Perelman wrote: When I was young, I could hear the different speech patterns between New Castle and Butler, about 20 miles about. Why is that worth preserving? Doug -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Paul Samuelson: Balancing Market Freedoms
At the meetings Dean Baker remarked nostalgically that URPE grew out of an opposition to people like Samuelson Solow guiding the American Economic Association. Samuelson must be a real optimist, speculating in the article about writing 10 years from now. He is well into his 90s?? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Paul Samuelson: Balancing Market Freedoms
He has a unique interpretation of the short run. On Fri, Jan 11, 2008 at 10:36:09PM -0500, Julio Huato wrote: P Samuelson wrote: Since we live ever in the short run... Before that he wrote: When I come to write a newspaper article like this 10 years from now, I believe America may still be leading the pack in per-capita affluence. He was born in 1915. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Query on Recessions
I believe that your first question is correct. According to Marx, recession/depressions shock the system, generally making it stronger, but when then contradictions become too extreme, then even a small shock can be fatal. On Fri, Jan 11, 2008 at 09:37:34PM -0600, Carrol Cox wrote: Is it not correct that fairly frequent recessions are a necessity of the capitalist system? And certainly, in practice, they have been happening every five to ten years for a couple of centuries. But both on this list and in the financial columns of the media everyone is fussing about whether or not a recession is coming. Why so much fuss? Of course one is coming before too long. Is there so much fuss because quite a few people think something _worse_ than even a severe recession may be coming? Carrol -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Adbusters: Mankiw as a propaganda hack
A colleague, who is under quite a bit of stress, begged me to help him write a textbook. Reluctantly I agreed. I really had no interest in the project. We did a couple chapters and an outline. Little, Brown was interested enough that they flew him out to Boston. He went up the ranks of editors until he got to the highest level. There, the head honcho told him that the project was unacceptable. The reason was that our outline did not conform to that of the McConnell book. Also, does anybody remember the Spencer case? McGraw-Hill sued Spencer for plagiarizing McConnell. Spencer won the case on the grounds that the judge decided that all textbooks are plagiarisms. What was unique about the Mankiw textbook was the way it brought everything down to the simplest possible level, evading all the contradictions and even the complexity of economics. My first reaction to the book was that it reminded me of cotton candy -- all fluff. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] What happened to Robert Reich?
I am reviewing his Supercapitalism. It reads like something from the DLC. When did he move so far to the right? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Adbusters: Mankiw as a propaganda hack
Dean Baker reminded me at the meetings that Mankiw and Hubbard used to do decent work. There is a problem that as you ascend the ranks, your critical facilities decline. Unless, like me, you accomplish the latter without the former. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Obama's economic advisers
Horse race? What about horse sh..? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Arnold Schwarzenegger Has a Brilliant Idea
Our governor is proposing again to automatically reduce spending every time a state has a deficit and in good times to put money away for a rainy day. This last part reminds me of the strategy of Jerry Brown, who put money away for a rainy day. The Republicans, seeing money piling up in state coffers, argued that the savings was proof that the government to need the money. Voilà, the infamous proposition 13. As a result of the Brown precedent, I assume that the Schwarzenegger plan will effectively ratchet down government spending. During bad times, you will get spending cuts. During good times, you will get saving and then tax cuts, which will create budget deficits requiring less savings. Grover Norquist would be proud that our governor would have turned to state into a bathtub, into which he could shrink the state. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] A robot Reads from Michael Perelman
Hear a robot reading from my book, The Invention of Capitalism http://technorati.com/videos/youtube.com%2Fwatch%3Fv%3DNlwxZHWsiB0 -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] New Orleans My Own Mini-Katrina
Late last week, while attending the American Economic Association meetings in New Orleans and talking to people about hurricane Katrina, we got word of an extraordinary storm hitting Chico. Because we have a huge tree right on top of our house and the reports were that trees were toppling all over -- some almond orchards must have their trees -- we figured that our house was a goner. We called and neighbors told us that our house was the only one that did not suffer external damage. We were especially relieved driving home last night to see that electricity had been restored almost everywhere as we approached our house. Suddenly, the last two houses were dark. So we are left without electricity, water, or the ability to use our gas stove. Sadly, until power is restored, I will not be very active here. See you soon. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] The Wall Street Journal Becomes Underconsumptionist
Hayashi, Yuka. 2008. Growing Reliance on Temps Holds Back Japan's Rebound. Wall Street Journal (7 January): p. A 1. http://online.wsj.com/article/SB119939511325465729.html?mod=todays_us_paapl=yr=125968 One reason Japan's rebound hasn't gotten traction: companies' growing reliance on temporary workers, who earn less -- and spend less -- than full-time employees. The shift in hiring can be seen at companies like Hino Motors Ltd. The truck-making unit of Toyota Motor Corp. is paying record dividends this year. But it also has been filling thousands of factory jobs with temporary workers, who start at $10 an hour and get few benefits. More than a third of the people in Japan's labor force are categorized as nonpermanent workers: part-timers, temps on fixed-term contracts and people sent to companies by temporary-staffing agencies. That compares with 23% in 1997 and 18% in 1987. Use of temps gives companies flexibility and cost control, helping them succeed in highly competitive global industries like manufacturing. Big Japanese companies have reported earnings growth for five straight years. In the past decade, average wages in Japan have fallen every year except two because of an increase in temps and stagnant wages for full-timers. Consumption by working families declined on a year-on-year basis in six of the past eight quarters. This even though the Japanese are also saving less: A Bank of Japan survey showed that some 23% of households had no savings last year, compared with just 10% in 1996. The result is sluggish domestic demand and growth that is supported by exports to a lopsided extent. In the July-September quarter, when Japan's economy grew at an annualized rate of 1.5%, exports were rising at an annualized 11% rate and domestic demand was shrinking slightly. Personal consumption is so weak in Japan that it accounts for only a little over half of the economy, compared with 70% in the U.S. Until the late '90s, worker-friendly laws forbade temporary-labor contracts except for a few specialized areas, such as computer programming. A change in 1999 allowed temp agencies to dispatch workers to many more types of jobs. And in 2004, manufacturers were allowed to use workers sent by temporary-help agencies. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] I need internet help ASAP
thanks. I suspected something like that. On Thu, Jan 03, 2008 at 06:10:11AM -0800, Leigh Meyers wrote: This from techguy: The system is trying to dial a connection that doesn't exist. Go to 'internet options' in control panel, connection tab, and select 'never dial an internet connection'. Works for me as I use dsl. Not completely sure if you use dial up but try that first. If not try selecting other options here such as dialing the default connection http://forums.techguy.org/windows-nt-2000-xp/579493-error-623-a.html It solved the users problem... Apparently, the modem was trying to do a dialup connection and bunged up whatever other connection was desired. Leigh On Jan 2, 2008 7:58 PM, ravi [EMAIL PROTECTED] wrote: On Jan 2, 2008, at 10:50 PM, Michael Perelman wrote: I am travelling to the econ. meetings. I keep getting Error 623. The system cannot find the phonebook entry for the site. What the hell is that? I can still get email with a unix account because I was already logged on. I don't know if I will be able to get back on line once I turn off the computer. The above doesn't provide enough info... You get Error 623 from what/ where? In your browser? When you try to access a site? Please provide more info. Or ping me online (IM). --ravi -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] New Interview on The Confiscation of American Prosperity
Kris Welch interviewed me last week on KPFA. I don't come in until the last 25 minutes or so. She is a great interviewer and always makes conversation livelily -- well, as lively as I can be. http://www.kpfa.org/archives/index.php?arch=24012 -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] I need internet help ASAP
I am travelling to the econ. meetings. I keep getting Error 623. The system cannot find the phonebook entry for the site. What the hell is that? I can still get email with a unix account because I was already logged on. I don't know if I will be able to get back on line once I turn off the computer. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Losing an Edge, Japanese Envy India?s Schools - NYT
Very interesting. Could it be that relative affluence is enough to lower young people's drive for capitalist striving? I have a few white, native born students who are serious students, but most are not. My foreign students (admittedly a more selective group) have much more drive. On Tue, Jan 01, 2008 at 10:38:07PM -0500, ravi wrote: From the read and weep (with laughter, if you prefer) department: http://tinyurl.com/2hdzgr Japan is suffering a crisis of confidence these days about its ability to compete with its emerging Asian rivals, China and India. But even in this fad-obsessed nation, one result was never expected: a growing craze for Indian education. Despite an improved economy, many Japanese are feeling a sense of insecurity about the nation?s schools, which once turned out students who consistently ranked at the top of international tests. That is no longer true, which is why many people here are looking for lessons from India, the country the Japanese see as the world?s ascendant education superpower. Bookstores are filled with titles like ?Extreme Indian Arithmetic Drills? and ?The Unknown Secrets of the Indians.? Newspapers carry reports of Indian children memorizing multiplication tables far beyond nine times nine, the standard for young elementary students in Japan. And Japan?s few Indian international schools are reporting a surge in applications from Japanese families. --ravi -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Alfred Chandler and the ghostwriters' unappreciated contribution
A while ago, I posted some material regarding how well-placed academics rely on low-paid researchers to do their work for them, leading them to produce shoddy and sometimes plagiarized work. An interesting counter example is the ghostwriter, John McDonald, who wrote Alfred P. Sloan's My Years with General Motors. In this case, the ghostwriter was superior to the purported author. The book was not published for years, until McDonald sued the company to allow the manuscript to be published. McDonald's wrote a very interesting book about his role and the reason for General Motors's fears about its publication: McDonald, John. 2002. A Ghost's Memoir: The Making of Alfred P. Sloan's My Years with General Motors. (Cambridge and London: The MIT Press). 1: On March 4, 1959 Sloan called McDonald to say that General Motors did not want the book published because its lawyers feared it would destroy the company. 75-6: Hugh Cox, who was chief trial counsel for the Du Ponts during the many years of the government suit against Du Pont/General Motors was pleased with the book as American history, and could not see what Cravath had against it, except possibly one line in the Product Policy of 1921: A monopoly is not planned. 48: Their specific objection was the detailing of the 1921 Product Policy drafted by Sloan. Even though the policy specified, a monopoly is not planned, the lawyers feared the government would still interpret the document as monopolistic since Sloan wanted GM to cover the market for all grades of automobiles. Later, I found that the story became more interesting. McDonald, a writer for Fortune, had already published a very popular book on game theory. I had seen the book around for years, but never opened it and never associated it with Sloan's book. *** What follows is too long for the list, but the best part comes later at http://michaelperelman.wordpress.com/2008/01/02/alfred-chandler-and-the-ghostwriters-unappreciated-contribution/ -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Losing an Edge, Japanese Envy India?s Schools - NYT
Some of my Japanese students arrive knowing virtually no English, except for reading with their electronic dictionaries. I cannot believe help hard they work, slogging through, with virtually no social life. One of our best students got a graduate scholarship, but he aged a great deal during the time you spend here. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] you've got to be kidding!
And God spake: Heck of a job Huckie. On Mon, Dec 31, 2007 at 02:05:44PM -0800, Jim Devine wrote: from SLATE: the LA [TIMES] takes a look at how religion infused Mike Huckabee's governorship and would likely do the same in his presidency. The paper focuses on an instance in which Huckabee held up relief legislation after a 1997 tornado because he objected to the catastrophe?which the bill had called an act of God?being blamed on the Almighty. -- Jim Devine / Segui il tuo corso, e lascia dir le genti. (Go your own way and let people talk.) -- Karl, paraphrasing Dante. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Leon Walras and the Nobel Peace Prize
Kissinger's nauseating Nobel Peace Prize award might deflate some of the interest in beyond Leon Walras's nomination. Walras wrote his own nomination and had some colleagues submit it. The basis of his nomination was his work in mathematical economics. Although he wrote almost about free trade, his claim was that his work had produced a scientific basis for free trade and free trade would be certain to establish a regime world peace. Unfortunately, the nomination went to the great advocate of peace, Theodore Roosevelt. See Sandmo, Agnar. 2007. Retrospectives: Léon Walras and the Nobel Peace Prize. Journal of Economic Perspectives, Vol. 21, No. 4 (Fall): pp. 217-28. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Leon Walras and the Nobel Peace Prize
Yes, almost nothing, according to the article. He was interested in showing how markets work, but free trade, as I understand it, usually refers to international trade. On Mon, Dec 31, 2007 at 06:06:47PM -0800, Jim Devine wrote: almost _nothing_ about free trade? -- -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] More Health Care Outrages
As if the health care situation were not bad enough, Business Week has an very good report showing how medical providers are signing unwitting patients up to transfer their bills onto credit cards that charge unconscionable rates. How much further can this crap go? Grow, Brian and Robert Berner. 2007. Fresh Pain for the Uninsured. Business Week (3 December): pp. 34-41. http://www.businessweek.com/magazine/content/07_49/b4061001.htm 36: ... hospitals and clinics are bringing in more sophisticated help. They are transferring patient accounts wholesale to finance experts, banks, credit-card companies, and even private equity firms. Many of these third parties use credit scores and risk-analysis software to price the debt and impose interest rates as high as 27% on past-due bills. 36: A host of nimble firms like CompleteCare in North Little Rock, Ark., began exploring this terrain years ago. Bigger players have jumped in more recently, although the market remains fragmented and reliable market share information isn't available. U.S. Bank, a U.S. Bancorp unit, finances about $2 million in patient debt per month through a medical-benefit firm, charging most customers annual interest of 13.5%, and as much as 24% on late bills. General Electric's powerful financial arm markets its CareCredit card to dentists, plastic surgeons, and some hospitals, with loan volume expected to hit $5 billion this year, up 40% from 2006. Citigroup and Capital One now offer similar cards. Everybody is saying [medical finance] is the next horizon -- whether it is lines of credit or credit cards, says June St. John, a senior vice-president at Wachovia, which is exploring the business. Whetting all these appetites is the $250 billion consumers pay in medical expenses out of their pockets, an amount that doesn't include insurance premiums. That's an estimate for 2005 from the consulting firm McKinsey Co. The figure could hit $420 billion by 2015. 36: Many patients say they don't realize their debts are being shifted to such interest-charging middlemen as GE Money Bank, the unit that issues the CareCredit card. 39: CompleteCare, the small Arkansas firm ... says it works with 40 hospitals and more than 400 physician practices across the country. Addressing potential health-industry clients, the company boasts on its Web site that it pioneered the concept that patients become consumers the minute they walk out of your facility. 39: Patients can sign an admission-consent forms that include a small-print section authorizing the hospital to turn over her account. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Download uproar
I know that most musicians get little or nothing from their recordings. The vast flow of royalties go to the royalty who are chosen by the studios Clear Channel. Has anyone gathered data about the extent of royalties that go to those other than the top name artists? On Sun, Dec 30, 2007 at 04:38:57PM -0800, Leigh Meyers wrote: I dunno... Maybe because musicians need to eat? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Download uproar
I tried to that in the early part of Steal This Idea. On Sun, Dec 30, 2007 at 07:49:04PM -0500, Michael Smith wrote: I wish somebody would write a good critical history of copyrights and patents, all the way into the Big-Brotherish world of intellectual property (what a concept!) that we live in nowadays. The justification has always been that the musician, writer, inventor etc. need to eat, but surely the real beneficiary, except in quite rare cases, has been the publisher? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Away with Sarbanes Oxley?
Whatever happened to the rabid calls for eliminating Sarbanes Oxley? Does anybody even Enron, Tyco, Worldcom, etc? After calls for strong regulation to prevent such things from happening again, we Congress gave us the weak Sarbanes Oxley. Not long after, the business press was squealing about the excessive requirements of Sarbanes Oxley. Now that the subprime mortgage scam is imploding, Sarbanes Oxley has fallen from notice. Any thoughts? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Carnegie Charles Schwab?
I don't think so. On Sat, Dec 29, 2007 at 02:32:34PM -0800, Leigh Meyers wrote: Charles Schwab? is there any connection with the discount broker? Yes. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Carnegie
I have just finished an interesting new book: Nasaw, David. 2007. Andrew Carnegie (New York: Penguin), which caused me a bit of embarrassment. In Railroading Economics, I emphasized Andrew Carnegie's role in paying careful attention to the production process of steel in contrast to they banker-like perspective of the Morgan crew, which took over Carnegie Steel. This Nasaw's story is not entirely different, but the emphasis certainly is. Nasaw totally explains that Carnegie ignored any concern with the minutia of the production process, but merely demanded reductions in cost. The most important cost for Carnegie was labor. He plowed back about 75% of the company's earnings into reinvestment, often in labor saving technologies. But even more important was the crushing of labor, especially the Homestead strike, which allowed him to increase the working day to 12 hours. This victory probably also greased the skids for the acceptance of new technology. The book is a magnificent production. Nasaw had access to material that nobody else did. Nasaw shows how important influence was in accumulating for Carnegie fortune. Carnegie reminds me of Balzac, who wrote: At the bottom of every great fortune... , there's always some crime -- a crime overlooked because it's been carried out respectably. In the case of Carnegie, no great crime seems to have been responsible. Instead, Carnegie left a trail of innumerable crimes. Homestead was the most notable, but it had a number of less bloody precedents in his own company. In his earlier career as a bond salesman, Carnegie engaged in an almost habitual dishonesty along with continual shady dealings, such as kickbacks. Carnegie was a master of accumulating political influence in the US and in Britain. The most fascinating part of the book was Carnegie's philosophy. An early age, he anticipated the basic idea of Herbert Spencer, who later became his idol. He decided he would accumulate great wealth, then rather than hoarding it, he would distribute it for noble causes. Smashing the workers at Homestead was a moral act for him. The workers would not know what to do with any extra money they earned. He wrote: ... there are higher uses for surplus wealth than adding petty sums to the earnings of the masses. Trifling sums given to each every week or month -- and the sums would be trifling indeed -- would be frittered away, nine times out of 10, in things which pertain to the body and not to the spirit; upon richer food and drink, better clothing, more extravagant living, which are beneficial neither too rich or poor. Libraries, museums, and concert halls would contribute more to human welfare. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Carnegie
Michael Nuwer wrote: I'm not sure why you think this is an embarrassment. Carnegie Steel had three basic steel-making plants before 1905, and Carnegie picked the people who ran those mills. Managers like Charles Schwab and William Jones were technical people and they did pay careful attention to the production process. Carnegie looked to shave the cost of a rail and people like Schwab and Jones found ways to do it. After the formation of US Steel, shaving cost was not the focus of Judge Gary. Because I had assumed that he played a more direct role, not just telegraphing Jones, Schwab Frick. The most important cost for Carnegie was labor. He plowed back about 75% of the company's earnings into reinvestment, often in labor saving technologies. A key factor in the history of Homestead is that Carnegie Steel refused to sell specialized products (which was common in 1890). Instead, Carnegie offered a few standard beams and told building engineers that they should pick from these choices (or buy elsewhere). This way the mill did not need to make customized rolls and change them for each order. Instead they ran the same rolls all day long. Nasaw says that he gave the order in 1890 to integrate forward into finished products. Your article looks very good. I apologize for not knowing about it before. I have discussed mass-production steel-making in: From Batch to Flow: Production Technology and Work-Force Skills in the Steel Industry, 1880-1920, _Technology_and_Culture_, Vol. 29, No. 4, Special Issue: Labor History and the History of Technology. (Oct., 1988), pp. 808-838. The book is a magnificent production. Nasaw had access to material that nobody else did. -- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com
Re: [PEN-L] merry Christmas, Americans!
We have a friend that has, by our rough estimates, something like $150,000 in credit card debt on a VERY modest income. Her husband is clueless continues to spend, while she juggles innumerable credit cards. Since she has not defaulted yet, in vultures send her more cards each month. Many of the creditors have made quite a bit of money off her, but the more recent ones will probably be caught holding the bag. I wonder how common that strategy is. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] Mercenaries and the OCC
Blackwater lowers the OCC [in a strictly monetary sense], not necessarily because the company has less dependence on technology. Its assignments are not in the highly technological work of running predator drones. Instead, it charges $700 per day or some such outlandish figure] for its troops. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Gindin, Brenner and capitalist catastrophe
What I recall from the Jacoby article was the idea that the German Social Democrats argued that they need not engage in revolutionary activities because the economy would do their work for them. They should retain their respectability so that when the crisis comes, the people will turn to them. I admit that that part of his paper was not in my notes, so I may be correct. In any case, Jacoby's story sounds like the Democratic Party strategy of today regarding the war. This new iteration will probably be a successful as the German Social Democratic revolution of the early 20th century. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
[PEN-L] A note on overaccumulation
I am sorry I do not have time for a more detailed response to this interesting thread. One of the themes I have been playing with in my writings is the idea that industries with high fixed costs and low marginal costs are prime candidates for bankruptcy without some constraint on competition. This idea is a variant on Marx's thinking on the OCC, except that Marx looks at this from the standpoint of the total economy rather than an industry. Only living labor creates surplus value. With a high OCC, small amounts of living labor have to carry the costs of constant capital. This requirement becomes increasingly difficult in a period of rapid that technological change, which devalues existing capital and creates pressure for replacement. In Railroading Economics, I make the case that this sort of condition was rule during the late 19th century. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
Re: [PEN-L] Gindin, Brenner and capitalist catastrophe
Capitalism was not establish on a particular date. Some people see capitalism in ancient Sumeria and the like since there were markets at the time. Similarly, capitalist crises do not suddenly show up one day. The system has many contradictions. Sometimes they accumulate enough to reach a critical stage. When these openings occur, there can be an opportunity to act. Crises also can offer great opportunities to capital, which, for example, consolidated in many ways as a result of the Great Depression, alongside New Deal gains. On Sat, Dec 22, 2007 at 01:28:55PM -0500, Doug Henwood wrote: Capitalism was already established in the U.S. when the railroads were being built, so stealing land, etc., doesn't really qualify as PA. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
