Tyler Cowen’s new e-pamphlet (The Great Stagnation) takes on the slowing gains to be had from social and technological progress and offers an interesting explanation of some of the trends that many people see as troubling: the flat arc of median incomes since 1973 and the apparently universal surprise that the last decade offered no… Continue reading The Great Stagnation and the Possibilities of Redistribution
(This post is especially for my friends who are reading William Gaddis’s The Recognitions right now.) Post-structuralist trickster or stuffy monetarist? You guess: If modernity is characterized by loss of the sense of the real, this fact is connected to what has happened to money in the twentieth century. Everything threatens to become unreal once… Continue reading When Money Itself Comes to Represent Nothing: Baudrillard or Austrian Economist?
The Quiet Coup: In my view, the U.S. faces two plausible scenarios. The first involves complicated bank-by-bank deals and a continual drumbeat of (repeated) bailouts, like the ones we saw in February with Citigroup and AIG. The administration will try to muddle through, and confusion will reign. Boris Fyodorov, the late finance minister of Russia,… Continue reading Today’s Reading