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Posts tagged with Brad Delong

Communism vs capitalism, quantified in one table.

Obviously there are different communisms and different capitalisms, different histories and different cultures, and many variations in individual experience (monetary and non-monetary). So information is lost in projecting all that down to just one number. But there’s definitely something to this capitalism thing.

A factor of 10-20 difference in money necessitates a very strong counterargument.

  • Not just “Money isn’t everything”,
  • not just “Selfishness is bad because it is”,
  • not just “But the Great Recession”,
  • not just “Banksters”,
  • not just “Economic theories neglect stuff”.

Something about the disorderly price system is working; we think we have some vague sketches of why; that’s not an argument for predatory, parasitic, dog-eat-dog, regulatory-capture free markets; but it does suggest that ≥some aspects of capitalism are worth using.

via @delong










Notice that even though output is in a log scale, output is shooting up in an exponential way.
These numbers don’t divide by the increasing population, though.
DATA from Brad DeLong

Notice that even though output is in a log scale, output is shooting up in an exponential way.

These numbers don’t divide by the increasing population, though.

DATA from Brad DeLong