Tuesday, April 12, 2011

Assault of Thoughts - 4/12/2011

"Words ought to be a little wild, for they are the assault of thoughts on the unthinking" - JMK

-The Civil War started 150 years ago today when federalConfederate troops fired on Fort Sumter.

-And fifty years ago today, Yuri Gagarin became the first man to enter space.

-Mike Whitney on Keynes, coming from something of a Post-Keynesian perspective. It's a casually written article, but good I suppose. I think he downplays the role of the interest rate in Keynes's thought far too much using precisely the selective quotation that he decries in others. For example, in the part where he discusses Keynes's skepticism of monetary policy Keynes is actually advocating monetary policy, but simply wondering whether it will be sufficient.

-The "Adam Smith Problem" that you usually hear regards the vastly overstated contrast between The Wealth of Nations and Moral Sentiments. Brad DeLong introduces a different version, presenting two views of human nature that appear in The Wealth of Nations itself.

-Good news from Maryland - it's dropping some protectionist wine laws.


  1. I don't know about wine-related laws (agricultural) in the United States, let alone on a state by state basis, but the wine industry tends to be one of the most protected. My family grows wine-producing grapes in Spain, and we're (partially) subsidized to plant and I think to uproot (not sure about the latter), but ultimately it means that the set up comes off as pretty cheap.

    It shouldn't be surprising that Spain has the largest surface area of wine-producing grapes in Europe. Ironically, it's only the third largest wine producer in Europe (after France and Italy), because Spanish wineries tend to dilute the product less.

    I don't know if you will ever come across our wine, but just in case: http://www.bodegascamposreales.com/

  2. Daniel! I didn't know you were a Counterpunch enthusiast.

    Their best recent article has to be 100 Years of Bombing: http://www.counterpunch.org/almond04052011.html

    Trust me, this one is worth it, if you haven't read it already.

  3. Jonathan - I'm not sure if I've seen this before, but I'll keep an eye out for it. France is amazingly restrictive too. I knew they were tightly regulated, but had no idea to what extent until I was over there this summer. AOCs are restricted in the kinds of grapes they can grow and in the wine-making technique.

    Prateek - I don't really read Counterpunch. I do a google blog search for myself, "John Maynard Keynes", and "1921 depression" fairly regularly just to see what's out there, and this turned up.

    "Lord Keynes" blogged on it too today: http://socialdemocracy21stcentury.blogspot.com/2011/04/mike-whitney-on-keynes.html

    I'll check you the article you suggest.

  4. Federal troops?

    You mean Confederate troops, under Beauregard.

  5. HA!

    Wow - THAT'S quite a Freudian slip!

  6. And that is good news about Maryland.

  7. Speaking of assaults on thought...

    The Muzzles have been awarded:



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