The pandemic has afforded all of us a refresher course on the five stages of grief, a theoretical and controversial framework for describing how people cope with tragedy: denial, anger, bargaining, depression and acceptance.

https://t.co/nqPmjCvyab

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The US election news has largely overshadowed a seismic moment in global finance: Ant, a fintech company that spun out of Alibaba/Alipay, was scheduled to have the world's largest IPO, topping even Aramco, the Saudi sovereign wealth fund.

Then Chinese regulators canceled it.

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As @yvessmith writes in her excellent @nakedcapitalism breakdown, the consensus narrative on this is capricious Chinese regulators changed their minds and jerked the rug out from under Ali's billionaire owner Jack Ma.

The reality is a lot

To understand it, you need to understand the difference between the Chinese and American "money story." In the US, there is widespread, unquestioning faith in the fairytale that money predates the state and is separate from it.

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In this story, people come together to trade but are plagued by disparate goods: if I want to pay for your chickens with a cow, how do you make change? They spontaneously decide that something (gold?) is money and price their cows and chicks in it.

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Then, governments come along tax our gold away, and then to add insult to injury, governments abandon gold and insist that paper is as good as gold, print too much of it and crash the economy!

This probably sounds familiar to you, but it's just not true.

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When it's railroading time, you get railroads.

When the railroads turn into the personal satrapies of rail-barons, you get trustbusters.

A couple decades ago, it was online service time. We had the users, the telcoms systems, the computers, the modems, so we got platforms.

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We had that, but we lacked something important: effective antimonopoly enforcement. Lax merger laws allowed companies with access to capital markets to buy out or neutralize all their competitors, so we got monopolies.

Right on schedule, we're getting digital trustbusters.

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Now, some people aren't technically sophisticated, but they do understand a lot about competition law. That's how you get meat-and-taters antitrust proposals like @amyklobuchar's #CALERA, which address the structural problems with antitrust

Klobuchar's bill is hugely important. The reason we have monopolies is that we stopped enforcing anti-monopoly law 40 years ago. Monopoly isn't a tech problem, it's everywhere from sneakers to glass bottles to pro wrestling to candy to

Klobuchar's CALERA doesn't just seek to apply antitrust law to tech - it also explicitly restores the pre-Reagan basis for fighting monopolies: we fight monopolies because they concentrate power and corrupt our politics. All monopolies are guilty unless proven otherwise.

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When you hear the phrase "free market," you probably think of "a market that is free from regulation" but that's the opposite of the phrase's original meaning!

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Adam Smith used the term to describe a market that was free from "economic rents" - money earned by owning things, rather than doing things. Smith recognized that markets attract parasites - "rentiers" - who seek to drain wealth by "investing" rather than building and doing.

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Which meant that, in the absence of muscular state intervention, markets would become less and less free - more and more dependent on the whims of rentiers who used money to breed money by creating toll-barriers between parts of the productive economy.

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For Smith, markets were only free if they were regulated. But that's the opposite of the way that we talk about free markets today. Today, a free market is a market where you are free to collect rents - passive income from owning things, at the expense of people doing things.

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This is true in so many metaphorical ways, but it's especially true when we're talking about actual rent - actual homes that people need to survive and produce, whose primary role today is to serve as an asset class to be maximized, not a basic human right.

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Accountancy is more likely to be mocked than celebrated (or condemned), but accountants, far more than poets, are the unacknowledged legislators of the world.

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Though "bean counters" are employed by firms, they are notionally bound by a professional code of ethics every bit as serious as the Hippocratic Oath: "count things honestly." Without an accurate accounting of quantities, you can't make good decisions on quality.

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Though accountancy concerns itself with counting things, it is inextricably bound up with the realm of ideas, and accounting conventions (how you account for things) are philosophical matters, not empirical ones.

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It's no coincidence that #ModernMonetaryTheory owes more to accountancy than it does to economics. Economic accounts of the economy have an unfortunate tendency to proceed from first principles, creating models based on pure reason, without checking in on the actual world.

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For example, neoclassical econ's "homo economicus," the rational value-maximizing actor who populated so many models; or economists' insistence on targeting inflation with interest rates; or treating national "debts" like they were household debts.

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1. I was walking in the woods yesterday and I had an epiphany. It wasn’t one I wanted to have. I was thinking about today’s class, where we are reading Kimmerer’s ‘Gathering Moss’. I’ve taught Braiding Sweetgrass in multiple classes every year since 2016. It’s eminently teachable

2. Both books are beautifully written. Students uniformly enjoy them as assigned reading. They do a great job communicating to non-Indigenous folks the contours of basic Indigenous relationships to more-than-human beings. They’re wildly popular with white readers.

3. I’ve found Braiding Sweetgrass to be a great entry point for non-Indigenous folks to Indigenous scholarship. But this is where yesterday’s epiphany comes in. Neither Braiding Sweetgrass or Gathering Moss tends to the deep deep lineages of Indigenous scholarship in Canada or US

4. As the popularity of ‘Braiding Sweetgrass’ has soared, I’ve seen more and more white folks wax on about ‘braiding knowledge’. But they often don’t know any of the lineages of these concepts beyond what is presented in this one book. They confidently run with this.

5. Kimmerer does a commendable job of weaving in her own experiences, her family stories+nods to some very important knowledge keepers who deserve to be celebrated for their work. But Braiding Sweetgrass does not tend to the citational politics Sara Ahmed & others teach us about

Unless we pass laws which support people to enable them to self-isolate properly, any improvements to test & trace will have marginal impact and cases will simply spiral out of control once again as we ease lockdown in December.

A short thread on what we can do and why 👇
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Improving the currently poor rates of self-isolation is actually the key point, which many scientists, politicians, & commentators do still seem to be missing.

This requires good public health communication, proper support for those who need to self-isolate, & trust.
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Massive testing and tracing will only significantly reduce
transmission if positive cases isolate effectively. Yet
currently fewer than 20% of those who should isolate are fully adherent.

I don't think I need to explain why it's so critical to improve these rates.

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Survey data shows intention to adhere to test/trace/isolate behaviours is higher than self-reported adherence: whilst 76% of people intend to share contacts, only 50% of people correctly recognise symptoms &
just 12% get a test, 18% isolate, & 11% of contacts isolate properly.
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Self-reported ability to self-isolate
is three times lower in those who earn less than £20,000 per year or have less than £100 saved.

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Thread: This is a long thread about my wife's grand-father: Vinayak Apte.
Born, brought up & lived in Pune. Aptewada, Sadashiv Peth. Qualified as an engineer in 1920s or so. Married around same time.
I promise you this is worth reading, so settle down with your cup of tea....1/n

Around 1921, young Vinayak writes to Mahatma Gandhi expressing his desire to join Bapu & work for freedom struggle.
Bapu writes back saying sending money for the ticket (₹5) & get your backside up here (not exactly these words, but you know what I mean!).
Bapu adds a PS...2/n

"If you change your mind, please return the ₹5 by money order to Sabarmati Ashram" Typical Bapu, you might say! Careful with money.
Vinayak quits his job & decides to go to Sabarmati. Entire extended Apte clan is horrified. Joining that fakir? Giving up your job? Ostracised.

Vinayak goes to Sabarmati with young wife & 2-3 yr old daughter. Wifey not impressed at all, bcoz on arriving there they are assigned to separate living quarters (men & women), celibacy & every1 (incl her, a Brahmin woman) was expected to clean toilets! Horror of horrors..3/n

Wife never forgave Vinayak & Bapu. She had married a engineer & was looking forward to a prosperous life. Life on other hand, was full of austerity. Everyone had to work & was paid a pittance. 5 am wake up.Cook. Clean. Khadi sarees (which btw weigh a ton!) & evening prayers...4/n

For Black History Month, Vox is publishing a big series on rethinking policy for Black America.

I wrote 3,200 words on eradicating exclusionary zoning.

It's a 3 step formula: Persuade, incentivize, and if all else fails, SUE THE SUBURBS.

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We know that exclusionary zoning is locking millions out of opportunity.

Work by @OppInsights, Richard Rothstein, Ta-Nehisi Coates, @nhannahjones, @RickKahlenberg, Chang-Tai Hsieh, Enrico Moretti and @ProfSchleich details the economic impact of these discriminatory policies.

51 years after the Fair Housing Act, it's never been seriously enforced. It's time to change that.

First things first, Biden has work to do to convince whoever can be convinced that there is a racial, environmental, and economic imperative to undo residential segregation.

Use whatever explanation works!

For sympathetic progressives Biden should link racial and environmental justice to ending exclusionary zoning.

For everyone else, he can simply make an economic

Second, there are many tools to incentivize localities that rely on federal dollars to reform their zoning codes.

There is a ton of federal money that can be conditioned on reforming exclusionary zoning laws. @ebwhamilton has some good ideas on this front.