A reader's journal sharing the insights of various authors and my take on a variety of topics, most often philosophy, religion & spirituality, politics, history, economics, and works of literature. Come to think of it, diet and health, too!
Tuesday, January 11, 2022
Thoughts 11 Jan 2022
Friday, November 5, 2021
Thoughts: 5 November 2021
The upshot [of Say's Law]: Depressions are impossible. The very act of producing forecloses the possibility that a society will be unable to afford the fruits of production. The overall standard of living might be high or low, but it depends on how efficiently the society makes use of its resources. Unemployment cannot be a significant factor.
But depressions are real, and Say’s Law is wrong. People don’t spend all of their incomes, and what they save is not automatically converted into other spending by anyone, now or later. In the classical worldview, banking was supposed to ensure that savings aligned with investment through the establishment of interest rates ensuring that the money people wanted to save would be profitably invested in new projects. [Keynes's] A Treatise on Money had tasked central banks with handling this duty. By cutting interest rates, central banks could make it more attractive for firms to borrow the money needed to expand production and discourage people from putting money in the bank, where it would earn a lousy return. Keynes argued that although this might work—he remained to the end of his days an advocate of low interest rates and cheap money—it very well might not.
Carter, Zachary D..The Price of Peace (pp. 261-262). Random House Publishing Group. Kindle Edition.
Implicit here is the idea--or at least my idea--that depressions make no sense. They are creations of the system and not of Nature. In the Great Depression, the U.S. had not lost factories or suffered great crop failures, etc. It was a failure of the human-created system, not of some "law." My thought anyway, but I think Keynes was there way ahead of me.
Monday, November 15, 2010
David Frum: Good Conservative?
American populism has almost always concentrated its anger against the educated rather than the wealthy. So much so that you might describe contemporary American politics as a class struggle between those with more education than money against those with more money than education: Jon Stewart’s America versus Bill O’Reilly’s, Barack Obama versus Sarah Palin.
Digging back in memory, this fits with theories of Richard Hofstadter and perhaps Robert Wiebe, whose works I read as an undergraduate, or shortly after. The Tea Party phenomena has been the most interesting and scary item to watch of late. Intellectually, it's incoherent, as Frum recognizes, but it captures feelings, and feelings are much, much stronger than ideas. In thinking about our recent Iowa Supreme Court election vote, I was struck by the attitude of resentment expressed more than the anti-gay aspect. VanderPlats didn't do any overt gay-bashing, he couched his argument in terms of "elites" and "activist judges" "re-writing the Constitution". This is the real problem. The problem of crowds, the uneducated, the demos, the mob, and so on. When do we move from a democracy to a tyranny of the many? The Greeks, like Aristotle and Plato, understood the downside of democracy, and as I learn more, I gain a greater appreciation of their concerns (although I still don't buy any alternative).
Getting back to Frum, it's a really thoughtful piece. Here! Here! to more conservatives like him.
Friday, November 20, 2009
Wills: Confessions of a Conservative
A couple of weekends ago, on a lark, I picked up my copy of Garry Wills's Confessions of a Conservative (1979). As it turns out, the 30th anniversary of its publication. It was, again, a delight to read. Wills talks about how Bill Buckley plucked him from obscurity and gave him a position at the relatively new National Review as a cultural and book reviewer. During this time, Wills also learned a lot about politics and reporting. Coming out of a Jesuit seminary, Wills described his politics as "distributist" (a la Chesterton) and appropriately Catholic anti-Communist. He'd only read Plato's Republic and St. Augustine's The City of God for reasons other than their political theories. He recounts reading in the traditional works of political theory under the tutelage of some of the NR staff. However, perhaps more interestingly—and he claims more significantly—he also received guidance in his political thinking from Samuel Johnson, Newman, Ruskin, and Chesterton, among others. This made for a very interesting (and heretical) conservative. His take on "conservative" offers a very different perspective on the topic. Indeed, it ended up with him thrown overboard from the NR world, but he expanded thereby to a much wider audience.
The other fascinating thing about this book is his insight into the political process. His appreciation of politicians, bureaucrats, elites, prophets, elections, and other political phenomena truly enlightens. He quotes the likes of Duncan Black and Kenneth Arrow, who provide the formal analysis of what Wills apparently grasped intuitively: that elections don't give us "the best man" (or woman), and the compromise will inevitably result in our system. Thus, he critiques "liberal" political theory (or what I think is more a "good government" theory of politics).
The final part of the book includes an appreciation of St. Augustine and Homer, reminding us that Wills brings a classicist's eye to his perspective on our political world today.
Finally, a quote that reminds me of that "reactionary" that I've been reading, John Lukacs:
"Insofar as we steer rationally toward the future, we do so by our rear-view mirror. There is no windshield, because there is nothing to "see" up ahead. We go forward by seeing backward. By tracing the trajectory of past events we extrapolate to future positions. But if we trace only one trend, the chances of steering well are slim; too many other things will jostle and interact with the simple arc we are imagining. That is why so many simple reforms or five-year plans or platform pledges are bound to go awry, even with the best of wills. The best guides to the future are those whose knowledge of the past is broadest and deepest, who are the most cautions and aware of complexity, least confidant that they can "see" something up ahead." (216-217).
How absolutely true!














