Primate, economist, utopian, shrill: Macroblog: http://bradford-delong.com. Retweets endorsements--except hate-retweets and 'this is interesting!'-retweets...
@itaisher The scandal is that the 2nd WT is not taught showing (a) which income distribution is needed to decentralize the Pareto optimum that maximizes a sensible SWF, & (b) which SWF is maximized by the current distribution of wealth.
@mattyglesias @MattZeitlinG @nhannahjonesood history focuses on central tendencies, variation, & the particular beliefs, attitudes, & actions of those who turn out to be crucial butterfly-wing flap actors! People who talk about "colonists " or "rebels " or "Tories " as one undifferentiated mass are not terribly serious!
@Undercoverhist @Econ_MarshallI remember back in the... spring of 1981, I think it was. I asked my professor, William Thomson, visiting from Rochester, roughly this: "The utilitarian social welfare function is Ω = U(1) + U(2) + U(3)... The competitive market economy maximizes a market social welfare 1/
* In a well-run society the top executives of Perdue pharmaceuticals should now be in jail for life for how they responded the market forces by addicting Americans to Oxycontin. * It is a very different world in the world I thought years ago that I lived in. 11/