Author Archives: Lambert Strether

About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered. To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.

Researchers Ask: Does Enforcing Civility Stifle Online Debate in Social Media?

As toxic as political discourse has become, it seems almost quaint that a little over a decade ago, many social scientists were hopeful that by allowing political leaders and citizens to talk directly to one another, nascent social media platforms would improve a relationship tarnished by distrust.

Read more...

Striking a Bargain: Narrative Identification of Wage Bargaining Shocks

Workers and employers bargain over the surplus income generated by an employment relationship. This column uses information about key events in Germany relevant for wage negotiations, like labour strikes and the introduction of a minimum wage, to pinpoint changes in bargaining power between workers and employers. It finds that such wage bargaining ‘shocks’ are important drivers of unemployment and inflation and that their effect on wages is almost fully reflected in prices. Furthermore, they reduce the vacancy rate and increase firms’ profits and the labour share of income in the short run, but not in the long run.

Read more...

2:00PM Water Cooler 8/12/2022

By Lambert Strether of Corrente Bird Song of the Day White-winged Triller, Western Australia, Australia. Energetic * * * Politics “But what is government itself, but the greatest of all reflections on human nature?” –James Madison, Federalist 51 “They had learned nothing, and forgotten nothing.” –Charles Maurice de Talleyrand-Périgord “Here’s food for thought, had Ahab […]

Read more...