Principles of Fascist Economics

Discussion in 'The Pavilion' started by Macrobius, Sep 10, 2012.

  1. Macrobius The Old Usager

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    LaRouche is an interesting fellow. He started as a Trotskyite Labour organiser (think: Sparticus Youth League, if you know what SYL is -- basically the 'You bastards killed Rosa Luxembourg!' crowd). His anti-Israeli politics in the 1976 elections attracted the interest of no less an intellect than Revilo P. Oliver (who opined, however, that he was funded by the Vatican -- thus showing the limitations of *his* mind).

    In any event, his writings are very interesting, if rather one-sided and tedious in certain predictable ways, once you get the sense of his central mythos -- but they do repay the effort spent on them, and that handsomely.

    Personally, I think their are two keys to understanding LaRouche: (1) he was raised a Mennonite ('Quaker') and his earliest works are on religious themes, not political ones -- not that the distance from Mennonites to the Trots or even Trolls is all *that* far and (2) the 'H' in his middle name stands for Hermetyle -- Hermes is Matter (hyle in Greek). Back when the LaRouchies were attacking Thomas Fleming of the Rockford Institute, I wrote him and told him this. He thanked me for the information, and replied that it sounded like something out of an H.P. Lovecraft novel, and that he would use it if necessary. Rather like the Deplorable Word of Paleoconservatism, I suppose.

    There certainly is something more than a little alchemical about the fellow, though as with Socrates, the question whether it is him on his genie speaking on any given occasion might give one pause. He claims it is a family name, handed down by tradition.
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  2. Macrobius The Old Usager

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    Krugman has a nice article up
    http://krugman.blogs.nytimes.com/2013/09/10/license-to-stagnate/?_r=0
    Esp. nice since it cites this paper by Romer: http://elsa.berkeley.edu/~dromer/papers/JEP_Spring00.pdf [PDF!]

    which gives a nice, undergraduate level discussion of the IS-LM-AS and IS-MP-IA models, very much the way mainstream New Keynesians think.
    My discussion above owed a lot to Olivier Blanchard (Brad Delong's teacher), and his intermediate Macro text.

    I went to school with Delong, and graduated in the same class, but unlike Ron Unz and Ed Veira, who were also in the same class, I did not know him personally.
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  3. Macrobius The Old Usager

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    And the jury is in:

    http://equitablegrowth.org/2014/06/...ng-lasting-harm-u-s-economy-financial-crisis/

    I haven't read the (behind paywall) paper, but the abstract gives away the punchline (white men were disproportionately laid off and 'total factor productivity' went down):


    Robert Hall: Quantifying the Lasting Harm to the U.S. Economy from the Financial Crisis: “The financial crisis and ensuing Great Recession…
    …left the U.S. economy in an injured state. In 2013, output was 13 percent below its trend path from 1990 through 2007. Part of this shortfall—2.2 percentage points out of the 13—was the result of lingering slackness in the labor market in the form of abnormal unemployment and substandard weekly hours of work. The single biggest contributor was a shortfall in business capital, which accounted for 3.9 percentage points. The second largest was a shortfall of 3.5 percentage points in total factor productivity. The fourth was a shortfall of 2.4 percentage points in labor-force participation. I discuss these four sources of the injury in detail, focusing on identifying state variables that may or may not return to earlier growth paths. The conclusion is optimistic about the capital stock and slackness in the labor market and pessimistic about reversing the declines in total factor productivity and the part of the participation shortfall not associated with the weak labor market.

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  4. Roy Fokker Forum Veteran

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  5. Blitzed stahl blitzt kalt

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    So the so-called "middle class" evaporated. Only took about a couple hundred years! Who in the world would've of thought it would be so.
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  6. Macrobius The Old Usager

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