Smart Links 10 December 2012
Commentary on outsourcing U-turn, austerity failing, the Fed is about to move to outright purchases of long bonds, the extinction of the Brontosaurus, GOP split, sperm count fears, and a tribute to Bev.
Coming to America (and Canada).
The Atlantic -- The Insourcing Boom
After years of offshore production, General Electric is moving much of its far-flung appliance-manufacturing operations back home.
More the problem with austerity.
New Yorker -- It’s Official: Austerity Economics Doesn’t Work
With all the theatrics going on in Washington, you might well have missed the most important political and economic news of the week: an official confirmation from the United Kingdom that austerity policies don’t work.
“Any decent economics textbook will tell you that, other things being equal, cutting government spending causes the economy’s overall output to fall, tax revenues to decrease, and spending on benefits to increase. Almost invariably, the end result is slower growth (or a recession) and high budget deficits.”
The Fed’s next move.
New York Times -- The Next Move for the Fed
TIME is running out for Operation Twist, the Federal Reserve stimulus program named for that hip-swiveling dance from the 1960s.
Another one bites the dust, there never was a Brontosaurus it was just a better name.
NPR -- Forget Extinct: The Brontosaurus Never Even Existed
It may have something to do with all those Brontosaurus burgers everyone's favorite modern stone-age family ate, but when you think of a giant dinosaur with a tiny head and long, swooping tail, the Brontosaurus is probably what you're seeing in your mind.
The tax jump wedge. (ed’s note – Obama don't preach …
Financial Times -- The fiscal cliff could split the Republicans
If Obama persuades enough of the GOP to vote for a tax rise, the party may face civil war.
Economist -- Countdown
Yet another study suggests sperm numbers are falling in rich countries.
And thank-you Bev.
Pdf below – A Tribute to Bev Oda
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Twin Virtues: Inequality of Outcomes & Equality of Opportunity©
Ultimately, the most successful societies find the balance between the twin virtues of inequality of outcomes and equality of opportunity.
The new politics must marry the twin virtues of unequal outcomes and equality of opportunity.
When too few get too much everybody loses.
Feminism is about women living their lives on their own terms, marshalling the resources of the society to make that possible, and men embracing this as vital to a successful society and their own liberation.
Can it be that striving for equality of opportunity however imperfect the process not only benefits the individual but also creates benefits for the society that are unintended but wonderful?
Economics must be a 'moral enterprise' as much as politics claims to be. Economic outcomes need to be framed in terms of right and wrong not just efficiency if only because these often align in surprising ways that are good for society and the economy.
My vision of Canada is that any Canadian child from a family of limited circumstance can expect to have a chance at lifetime of unlimited opportunities.
Free trade is a wonderful thing. Time and time again economists have proven that free trade creates enormous wealth for each country 'on the whole'. Historians have shown that free trade is usually associated with rising political, social and cultural liberty. The perennial problem is that free trade always creates tremendous disruption for thousands even millions of individuals often concentrated in one geography, and where the state is idle, not investing in best in class instruments of social justice, free trade can be a permanent ticket out of the middle class, down, not up.
Tax policy should be founded on the principle of generating steady tax revenues sufficient to maximise environmentally sustainable economic growth in order to fund fair government.
Public policy should be designed to decrease inequality before the law and increase equality of opportunity.
Capitalism is not the problem; the problem is what we do with capitalism.
Content is always more difficult to argue than conspiracy.
Let the state regulate and the market operate (most things).
Welfare strategies are best designed as a hand up, not as a hand out.
Political debate should not be fact free fighting.
Explanation lasts longer than eloquence.
Always favour empowerment over dependency.
The most enduring public figures are embraced for the causes they fought for and not the concept of themselves they hoped others would remember them by.
Find your voice and don't be the echo of somebody else.
It is possible to operate on two different levels: the practical, cautious and conservative; and the realm of ideas, open, free, and radical.