Marx on Prices; Lenin Quote

Folks, I found an interesting quote about prices in the Contribution "Prices are thus high or low not because more or less money is in circulation, but there is more money in circulation because prices are high or low. This is one of the principal economic laws, and the detailed substantiation

Lenin Quote: Thanks!!!

Thanks to all those that set me straight on the Keynes' "Lenin Quote." BTW, I am fairly certain that JMK got the phrase "animal spirits" from Marx!! Thanks again, Jason

Lenin Quote

Where, and in what year did Lenin say: "Debauching a currency is the surest way to ruin an economy." Also, did Marx or Lenin have any specific comment about inflation and its causes? Thanks so much, jason

Shameless Promotion: intro to econ

In a message dated 98-05-02 18:01:06 EDT, you write: << << I get questions like this all the time, and never know what to answer. Any advice? >I purchased your "Wall Street" and I find myself lacking substantially >enough economics background. I was wondering if you could recommend to

Re: May day

Well, I gues I should tell everybody: Today is my 40th birthday. Somehow astrology and politics must have had some role way back when... (alright, so I also played left wing in ice hockey). Can anyone tell me if there are any children's sneakers that are: 1) made in the US, and 2) not under sw

Re: Update to Shaikh's _Measuring the Wealth of Nations_

Jim, Why don't you call him at 212-229-5717 Jason

Re: Dollars Break, the Yen Bends

In a message dated 98-04-17 01:36:03 EDT, you write: << Comptroller of the Currency >> If its that guy Lugwig, there are a lot of insurance agents who HATES what he's doing to financial services (of course, all those Travelers' guys have just been given a new script by that mis-named communist

Re: Broken Yen

In a message dated 98-04-15 17:12:39 EDT, you write: << Finally we have a Hashimoto government whose posture generally seems to be that tax cuts plus *monetary easing* (not exactly the world consensus recommendation) will produce the necessary growth to solve the problem. Meanwhile they are a

Re: Fed lowers margin requirements

Folks, FYI: Schwab is offering a 7.75% - 9.25% margin loan rate. Ever notice that a loan shark is never around when you really need one! J

Re: Broken Yen

tion of Japanese financial markets is not being used to argue for lower interest rates, rather for greater efficiency. It seems that Japan needs to re-gain the confidence of their citizens - and offering free market dogma is clearly not going to improve the siutation. Any comments? jason hecht

URPE Articles on Deficit/Radical Critiques

Folks, I'm trying to write a critique of the mainstream analysis of the balanced budget arguments, especially in light of the recent "balance." Looking back in the RRPE, I found one article by Paulo Cipolla in Vol. 24 #2, Summer 1992. I like Cipolla's approach but it is a very short article.

Doug's "In Style"

Once again, the "paper of record" comes not to praise (or bury) Doug, but to note that his tome "Wall Street" a quote "left deconstruction of financial markets" was #1 in sales at the "academic, Labyrinth Books." Of course, Doug is good enuff for the style section, but, ahem, really not appropria

Re: Is Inflation Dead?

Jim, Thanks so much for your thoughtful reply. I will indeed get your article out of the URPE reader (and reflect on your references and comments). Would you mind taking a look at the "radical" section when I'm done? By the way, I always check your posting and Doug's on pen-l. Unlike others,

Is Inflation Dead?

Folks, I wanted to take a quick survey of whether inflation remains an "economic issue." I'm helping Bob Carson update his "Economic Issues Today," which Sharpe expects to publish in December. I don't know how many of you are familiar with the text, but it covers 15 issues (7 micro, 7 macro, 1

Re: a proposed leading indicator

Jim, I like your idea! Isn't there a "contrarinan" shool of invesment analysts who use Time covers and the sort (I think somebody uses this at Barron's). The key thing, is that economists are so full of crap (most of the time) re: "turning points" that your indicator is probably an indicator or

Re: Griliches & Poverty

In a message dated 98-03-19 11:52:19 EST, you write: << Eh? Where'd this happen? Which Fed economist, where? >> Latest issue of the "Journal of Economic Perspectives." jason

Griliches & Poverty

Here's an interesting twist: Zvi vs a FRB Economist, with Zvi claiming no U-Turn in poverty rates (based on consumption, not income) and the Fed guy responding that while not as "bad" as census is reporting, poverty has been trending upward (possibly). ZG concludes we have won the war on poverty

Nomenclature, Please!

In a message dated 98-03-14 06:26:38 EST, you write: << > Short-term bobs in interest rates aren't the same thing as long-term trends. The data I cited was for long-term rates. >> Hey folks, I like the discussion, but try to pay attention to one another: Long-term RATES are different fro

Re: cost comparison

Do they figure in "security costs?" The NYTs did a piece about crime in Mexico and S. Africa on this topic. Seems that CEOs should take care (i.e. have an army to protect them). jason

Radio, Radio

Doug, I have a good friend who used to be the manger at WPUB (Princeton's station) which went "commerical" in the late-1980s. BTW, are the income and net worth data (in LBO 80) your figures that are compiled from Fed data or the actual Fed numbers. Jason

Re: Jobless PhDs

Check out the lastest issue of the "Chronicle of Higher Ed." also "Academe" and "Aft On Campus" have had a bunch of articles. Jason

Suing an Employer

In a message dated 98-03-09 12:01:57 EST, you write: << there's a big increase in lawsuits by employees against companies. It's expensive, but not totally so given the ability to hire a lawyer on contingenc >> Jim. Most lawyers do not take wrongful termination or other employment cases on a c

Re: Smith & Ricardo v. 'neo-classical' economists

In a message dated 98-03-08 02:52:45 EST, you write: << 3) Where does Ricardo point out that particularly mobile capital can undo his whole thesis of comparative advantage? >> Page 155, "On Foreign Trade," in Principles Pelican Books (1971) Ricardo notes how capital flight will only be curt

Re: progress in economic research (cont.)

Doug, Why don't you forward this to Letterman's writers, place it under: "Stupid Dictator Tricks," maybe they can segue it into "Torturecam." Jason

Re: Flat Earth, Curved Sun

Tom, What a great example! I'm bring it to class next tuesday Jason

Re: Flat Earth, Curved Sun

In a message dated 98-01-26 20:06:32 EST, you write: << Ford's white-collar bureaucracy circa 1955 with, say, the free-floating e-mail networks of Microsoft, where each new software release reduces the labor-time it takes to download a program, copy an image file, etc. >> Dennis, While I

Re: Bear Market? (Formerly Japan's MoF)

In a message dated 98-01-26 18:24:22 EST, you write: << Yet what else can they try? At some level of international indebtedness the willingness of speculators to hold dollars will disappear, and it would appear from your chart that that day is fast approaching. At least the low interest ra

Please Re-Post: Full translation of Castro speech

Louis, If you still have the file, could you re-post the speech. Or, if it is in the archive, could you send me the site name? Thanks a million, Jason

Re: Japan's MoF

Doug, The "bears" in the latest Barron's roundtable all repeat the same thing. Another "Rational Expectations" hypothesis - all assertion, no facts. The Swiss guy (Schauf?) in the group has a real killer scenario: Indo melt-down - ethnic Chinese attacked in Jakarta; China invades; Aussies go in

Re: swooning, hiccupping, hyperventilating, and vomitingcurrencies

A basic problem with "overshooting" is that equations that do overshoot are victim to the "never the same" paradigm that econometric parameters can never capture. S, we have things like "Chow Tests" that suggest some profound "structural change" has taken place. Ex post, dates like 1873, 188

Re: currency fundamentals

John, The only model more "add-factored" (i.e. the amount of "fudiging" needed to override the model's "unruly" predictions) are the interest rate equations. Moreover, even with all the fancy GARCH stuff - none of the commercial forecasters use it - they stick to an old tried-and-tried eclectic

Re: currency fundamentals

In a message dated 98-01-19 17:03:14 EST, you write: << Shorter term models bring in capital movements, but even there there are differences between stock models and flow models. The latter generally involve interest parity conditions. Thus, higher interest rates should raise the valu

Grooves, Microeconomists, & Elvin Jones

In a message dated 98-01-19 10:47:44 EST, you write: << Ornette Coleman is a symbol of this migration. He started off playing in rhythm and blues bands in Texas bars with largely black clienteles. Under the impact of the bebop revolution, he began to rework some of the basic principles of th

Productivity & Currency Values

In a message dated 98-01-17 18:56:50 EST, you write: << What's happening with relative productivity growth in the SE Asian countries? Shaikh says that fundamental currency values are determined by relative productivity changes, and he's got a convincing set of charts to prove it. >> I belie

Re: White Jazz

In a message dated 98-01-18 00:16:08 EST, you write: << Most young black jazz musicians follow in the footsteps of Wynton Marsalis, whom some people regard as a neoconservative. He is the curator of the jazz program at Lincoln Center. His partner is Stanley Crouch, the author of "The Hanging

Auto Repair Shop Wage Rates

Folks, Can I get avg hourly earnings for the "Auto Repair Shop" industry (SIC ) by state, from about 1972 to 1996? Thanks, Jason

How Do "Off Budget" Items Affect Deficit?

Folks, If the S&L costs were counted as an "on line" current budget expenditure how much greater would be the deficit? Similarly, taking the Soc Sec surplus off the revenue side would imply a larger current budget deficit? Any estimates how large the 1997 deficit would be? Thanks Jason

Lite n' UP!!!

In a message dated 98-01-08 11:02:29 EST, you write: << Robert Saute of CUNY Grad Center says: > If you're interested in dissing rock 'n roll check out Monthly Review's > most recent socialist-realist critique of do it yourself music. Its major > finding is that the popular music industry i

Dissing Rock n' Roll: Battle of the Pen-L Drummers

In a message dated 98-01-07 23:47:15 EST, you write: << So we've dis'd sex, we've dis'd durgs - who's up for rock n roll? >> Is everybody really bored with this "Nina Thread?" How about something really interesting! Alright here's my challenge: I challenge any Pen-ler to a battle of the R

Prisons and Oil Rigs

The recent shortage in oil drilling equiment has prompted an Alabama rig manufacturer to use prison inmates to build rigs (see NYT Business Section, 11/1/97). While Oil Exploration mutual funds are up over 70% YTD, crude oil prices continue to stagnate. Any interesting thoughts on this? jason

Re: the superiority of economics ...

In a message dated 97-12-13 02:51:14 EST, you write: << But it is also true that many PoliSci departments are quantitatively oriented, and in those cases, it may well be that the analytic rigour of economics has made a major contribution to fuzzy-minded regressions and factor analyses. >>

Re: Barrons on monthly effect

Jim, Which Barrons article had the stuff on "December effect." RE: Seasonal Adjustment, the guys I work with (actuaries) refuse to deal with the Gov't Seas Adjust problem; they'll take a lot more autoregression from using 4QMA's rather than the stupid revisions due to bizarre seasonal factors. W

Bad Risks and Profitability

In a message dated 97-12-08 13:56:25 EST, you write: << This is also true, incidentally, of banks, who tend to make money on only a very small portion of their checking account clients. These are yet two of many examples of why the unrelenting chorus of "let's have more competition and we'l

Re: Doug's question

In a message dated 97-12-05 20:03:02 EST, you write: << but it's pretty clear that information technology, software, telecoms, multimedia, biotech, aerospace, and the medical industry are going to be the growth poles of the early 21st century. Most of these industries are indeed overrepresente

[PEN-L:8134] Re: Trade as a Percentage of the US Economy

> >But there seems like a more basic issue linked to statistical measurement >of the economy (a favorite topic recently on the list). If we measure the >economy in hours of work, what percentage of hours of work consumed come >from trade? > > I agree. Moreover, what about an index/measure tha

[PEN-L:7725] Herfindahl Index

Does anyone know if the Census or FTC has published an update of the Herfindahl index for various industries? I want to compare measures of concentration from manufacturing and non-manufacturing sectors. Thanks Jason

[PEN-L:7687] No More Econ Ph.D's

Has anyone read John Cassidy's piece in the 12/2/96 New Yorker. "The Decline of Economics"? It's a bunch of fluff, but there are some choice quotes: "Is economics making enough progress to justify the millions of dollars a year that the taxpayer spends to subsidize economic research? the ans

[PEN-L:7686]

>Date: Fri, 29 Nov 1996 11:45:45 -0800 (PST) >From: [EMAIL PROTECTED] (Tom Walker) >Sender:[EMAIL PROTECTED] >Subject: [PEN-L:7653] Re: The Long Term (Henwood) > >O.K., Doug, you win, U.S. workers have never had it so good ;-) It's just > us >deluded, apocalytic ignoramuses who ar

[PEN-L:7001] Alternatives to Herfindahl Index

Does anyone know of any alternative/unconventional (but reasonable) measures of market concentration other than the Herfindahl Index? Also: how does one access the Pen-l archive? Thanks, Jason Hecht

Hist/Thought Text; "Adjunctization of Academia"

making some noise!!! Give me some feedback on the above. Jason-- Jason Hecht [EMAIL PROTECTED] 48 West 68th Street, Apt. 3A New York, New York 10023-6015 (212) 799-6377

Re: Race, morals, and welfare

round 1940. People "believed" in the merit-reward idea back then, but didn't think it too radical that a person should work for five days and get "paid" for six. Convincing them that we should move to four days after 50 years isn't hard - enacting it against the wis

Pearl Jam & Insurance

or which everyone is entitled or not. Arguments about price controls are moot for most hospitals. Jason -- Jason Hecht [EMAIL PROTECTED] 48 West 68th Street, Apt. 3A New York, New York 10023-6015

Pension Funds & Commodity Futures

(e.g. pork bellies, gold, gasoline). Anyone have data on Calpers or the UC system? The NY State Teachers Retirement system got a gurantee of about 8% for a number of years, Iguess this is one way to finance it -- Jason Hecht [EMAIL PROTECTED] 48 West 68th Street, A

Who holds S&L Mortgages?

and leave their nice safe offices out in Queens and get a plush corner office on Wall street. So, who out there in Pen-L land can help me with a useful response to this nice student (yes, he is visting from mainland China, and yes we had an interesting discussion about planning) before next Monday'

Who holds S&L Mortgages?

and leave their nice safe offices out in Queens and get a plush corner office on Wall street. So, who out there in Pen-L land can help me with a useful response to this nice student (yes, he is visting from mainland China, and yes we had an interesting discussion about planning) before next Monday'

Trying to get on Pen-l

I'm trying to see if after unsubscribing (in order not to load up my mailbox) I can get back on line. Jason Hecht [EMAIL PROTECTED]