BC ECONOMY
Saved by @Mollyycolllinss

Expect to see a lot more stories like this. But let's also use this to have a more sophisticated conversation about why the rising tide of cheaper, cleaner energy - like all prior energy transitions - doesn't necessarily lift all boats. Brief thread:

 1/ First to state the obvious: the domestic fossil fuel industry in the US wouldn't exist without massive subsidies. $650B/year according to the IMF. https://t.co/sZbnh1G5Qw
2/ That in turn means that the transition to cleaner, cheaper energy is delayed by those market distortions. Taking away the subsidies is smart economic and environmental policy. It is FANTASTIC that @POTUS is doing so.
3/ But it is paternalistic and naive to assume that workers in those displaced industries will have an easy transition. Knowing how to run an oil rig is a highly specialized, highly skilled job. Gaining that skill set takes time and is geographically specific
4/ The fact that there will be economic gains in other sectors doesn't imply that a 55 year old who planned to work for another 10 years can simply take a correspondence course in thin film deposition and move to the solar industry.
5/ Moreover, the transition from dirty to clean energy will - much like the transition from muscle- to fossil- power boost economic productivity. e.g., create more GDP per labor hour.
6/ That is also a great thing. But it is also disruptive to labor markets. Doubling labor productivity MIGHT mean you get paid twice as much. More typically, it means that half of your co-workers are now superfluous.
7/ To be clear, every wave of Schumpeterian disruption in the past has created more jobs than it destroyed as whole new industries were created and there is no reason to expect this to be different.
8/ But that point about general labor markets is not applicable to specific individuals. The automation of agriculture made our food cheaper and created whole new industries. But the 2nd half of Ma Joad's life was still a lot worse than the 1st.
9/ So let us all embrace and accelerate this transition to clean energy. But let's not hand-wave the pain away. Embrace the rising tide. Then take caution to help out those boats that aren't lifting. /fin

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Pavlina R Tcherneva
Pavlina R Tcherneva
@ptcherneva
$600/wk Unemployment Insurance cannot deliver the benefits of a $600/wk Job Guarantee. From the outset, I should say JG is not a replacement for UI, no matter what you may have heard. I’ll get to this later, but read this long 🧶 w/ that in mind.


Automatic stabilization: Both $600/wk UI and JG will provide counter cyclical spending. But UI will be weaker. Counter-cyclical stabilization is not just about the absence of income. It is also about the transmission and structure of economy

Firms don't like to hire the unemployed. Mass and long-term unemployment make the problem worse. JG would recover labor markets much faster than a UI of the same amount, both b/c of the higher direct, induced & tertiary employment effects & b/c of private firm hiring preferences.

JG stabilizes spending patterns better. Uncertain job prospects may mean more cautious spending from the unemployed compared to those w/ guaranteed jobs.
UI is temporary, which makes matters worse. Even if it were permanent, it still won't resolve the problem of job scarcity.

Nations who once achieved tight full employment through active labor market policies demonstrate that unemployment does NOT fluctuate the same way it does w/o them. Direct employment, ELR type policies diminish drastically/even eliminate these amplitudes (eg postwar Japan/Sweden)
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Latest @SouledOutWorld articles:
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All in one convenient location to access.


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Rohit Lamba
Rohit Lamba
@rohlamba
0/ A holiday economic theory reading list. Some of my favorite pieces on theory that can be read with minimal sweat, but with the maximal intellectual reward. In no particular order:

1/ Myerson 1999. "Nash equilibrium & history of economic theory." JEL. Written with characteristic Myersonian elegance. "how a few short papers by a young mathematician achieved one of the great watershed breakthroughs in the history of social

2/ Blackwell & DeGroot 1986. “A conversation with David Blackwell.” Stat Science. After his PhD at 21, "There were 105 black colleges at that time & I wrote 105 letters of application." Beautiful discussion on a gamut of ideas & his intellectual life.

3/ Geanakoplos 1992. “Common Knowledge.” JEP. Zuper piece, lucidly written. Lots of interesting puzzles, great for teaching. When Moriarty says "All I have to say has already crossed your mind," Holmes retorts "then possibly my answer has crossed yours."

4/ Morris 1995. "The common prior assumption in economic theory.” E&P. This beauty was Stephen's first chap of PhD thesis! Does rationality imply CP? Does relaxing CP make theorizing uninteresting? Is failure of CP a failure of information processing?
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Gregg Gonsalves
Gregg Gonsalves
@gregggonsalves
Here @playbookplus goes again: ‘HOW MUCH IS BIPARTISANSHIP WORTH?’ I don't know @politico, how many more months would you like the pandemic to drag on for? How many more dead? How many more people, businesses ruined economically? I'm sorry but this is garbage framing in a crisis.

Oh but this is what powerful people are talking about in DC! Might that point itself be examined with more seriousness than taking this BS at face value? Don't you understand, we just reflect back what people are saying? We are mirrors on the world, we offer no commentary.

If "very serious people" are talking about what "nice number" would be $1.3T, 1.2T and not what we need to get out of this mess, might it be worth saying, perhaps, this conversation w/o reference to epidemiologic or economic reality is just a failure of leadership, governance?
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Per Bylund
Per Bylund
@PerBylund
The problem with (and for) #SiliconValley is their lack of #entrepreneurship. Yes, really: they're bad at being entrepreneurs, at providing the entrepreneurial function in the economy. To put it differently, they are technology driven in their profit-seeking but not consumer

driven. The difference is monumental both for the economy and the companies, and this is why they're failing. No, failing doesn't mean they are necessarily losing money, but that their profits are short-term and that they are undermining their own market positions. The business

they are in is not sustainable. This goes way beyond the selling of eyeballs, which is the focus of Facebook, Twitter, Google, and others. As it's often said, if you are not the paying for the product you *are* the product. Facebook is selling you, and your future purchases, to

their advertisers. The service the company provides is to lure you in, keep you busy, and make sure you don't leave while they feed you ads and collect data on who you are. It's the same with Google's search, maps, etc. But my point is not this, but that the focus by these

technology companies, more broadly, is unentrepreneurial--that they have lost sight of the consumer and, therefore, the real value they facilitate. They're not entrepreneurial. This, in turn, explains their behavior in everything from attempting to steer, direct, if not censor
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अस्य श्री गायत्री ध्यान श्लोक:
(gAyatri dhyAna shlOka)
• This shloka to meditate personified form of वेदमाता गायत्री was given by Bhagwaan Brahma to Sage yAgnavalkya (याज्ञवल्क्य).

• 14th shloka of गायत्री कवचम् which is taken from वशिष्ठ संहिता, goes as follows..


• मुक्ता-विद्रुम-हेम-नील धवलच्छायैर्मुखस्त्रीक्षणै:।
muktA vidruma hEma nIla dhavalachhAyaiH mukhaistrlkShaNaiH.

• युक्तामिन्दुकला-निबद्धमुकुटां तत्वार्थवर्णात्मिकाम्॥
yuktAmindukalA nibaddha makutAm tatvArtha varNAtmikam.

• गायत्रीं वरदाभयाङ्कुश कशां शुभ्रं कपालं गदाम्।
gAyatrIm vardAbhayANkusha kashAm shubhram kapAlam gadAm.

• शंखं चक्रमथारविन्दयुगलं हस्तैर्वहन्ती भजै॥
shankham chakramathArvinda yugalam hastairvahantIm bhajE.

This shloka describes the form of वेदमाता गायत्री.

• It says, "She has five faces which shine with the colours of a Pearl 'मुक्ता', Coral 'विद्रुम', Gold 'हेम्', Sapphire 'नील्', & a Diamond 'धवलम्'.

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Many readers have asked me "why do so many pulp covers feature women in ripped red blouses standing in swamps while a man fights off an unusual animal attack?"

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Will Hulsey was the undisputed king of the animal attack pulp cover. You name it, he'd paint it attacking you in a pool of stagnant water.


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Totakacharya was earlier a boy named ‘Giri’ and a devout disciple of Adi Shankaracharya. Unlike others, he was not known to be an expert in Shastras but his dedication to his Guru was complete and he used to listen to His discourses with utmost faith and devotion.
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Adi Shankar responded “नायमात्मा प्रवचनेन लभ्यो न मेधया” – Atman cannot be attained through discourses or mere intellect.
He,then, awakened the supreme knowledge in Giri.
Giri spontaneously composed: श्री शङ्करदेशिकाष्टकम् extolling his Guru’s grace.


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Neyyattinkara Krishna Kshetram
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