This new @drodrik.bsky.social book is extremely good. Adapting old insights to a changing world, such as the decreasing labour intensity of manufacturing, Rodrik argues forcefully for a sensible approach to global governance and development. Strongly recommend.
During WW2, Milton Friedman argued against sales taxes in favour of the income tax. This was primarily for equity reasons, noting income tax “permits the cost of the war to be distributed explicitly in a socially desirable manner.”
I turned the Atkinson-Stiglitz (1976) critique of Ramsey Taxes into a meme
My reads since July
Some recommendations in economic history
Interesting Stiglitz passage reconciling Piketty's R>G with traditional neoclassic understandings of capital. Basically the volume of wealth ≠ the capital stock, as it also includes exploitation rents. Wealth can actually increase while the capital stock declines.
This tome of a book is excellent. I've always liked Stiglitz, but wished his books did more academic deep dives. This book does that, presenting the current research on inequality, as well as the corresponding models plus variations. Highly recommend.
My contribution to the welfare state debate: Pre-transfers, the Child Poverty Rate is 100%
[Link below]
A nice passage from Barr explaining why publicly provision is gold flr healthcare, but food stamps are bad (just give them money). It comes down to whether market mechanisms work in the sector. If they do, then the key issue for the poor is their lack of purchasing power.
Here are some recommendations for progressive policies analysis
I've been reading/rereading a few biographies recently, these are a few I've enjoyed
Picked my brother up from the train station and feeling like a unique individual
My reads since April
Here's a few well written critiques of mainstream economics
A few recommended readings on the welfare state
My favourite reads of the year so far
Some recommendations on history of economic thought
I've been reading/rereading a few biographies recently, these are a few I've enjoyed
Olson however has a more coherent theory of political economy
This makes me glad
With billionaires in the discourse again, here are some great reads on the topic of extreme wealth
My reads this June
As always, one has to look carefully at the assumptions going into a model to judge whether they provide an appropriate basis for policy."
While people cite Atkinson-Stiglitz (1976) to argue against capital taxes, both the paper's authors supported such taxes. Here Stiglitz notes "Those who [advocated abolishing capital taxes] typically did not understand (or did not want to understand) the limitations of the model.
