We can do it! Photo: Margaret Bourke-White/The LIFE Picture Collection via The American economy is an unnatural disaster. Four decades of upward redistribution — followed by seven months of criminally negligent pandemic management — have left the U.S. facing mass small-business bankruptcies, a burgeoning eviction crisis, widespread unemployment, and historic inequality. Absent dramatic economic reforms, neo-feudalism will be our nation’s true Manifest Destiny.
And yet: If economic orthodoxy is less hostile to climate action than it once was, it still serves as an obstacle to reforms commensurate with the scale of the ecological problem. The Biden team itself oscillates between advocating for a mini–Green New Deal and wringing its hands about the national debt. Despite the failure of unprecedented deficit spending to produce significant inflation, Biden advisers have warned that — thanks to Trump’s tax cuts — the fiscal “pantry is going to be bare.
One cornerstone of conventional macroeconomics is that an economy’s productive potential is determined by “structural factors,” like existing technology and demographics — not by changes in demand for goods and services. Thus, during a recession, deficit spending can help expedite an economy’s return to its previous growth trajectory, but such stimulus has no impact on the economy’s long-run growth potential.
Why did this period of exceptionally statist economic policy yield exceptionally high rates of innovation, in defiance of conservative economic teaching? One reason is that conventional economic models often assume a world of decreasing returns: Which is to say, a world in which every unit produced costs more than the last one, as the inputs required to make it grow more scarce and therefore costly to secure.
EricLevitz World war was men fighting men. In climate change you’ve got men fighting the nature, & really not taking the fight seriously & starting too late to make a difference. And do you really think Biden would initiate a WWII level commitment to fighting climate change, if he wins?
EricLevitz Direct line of fire into Korean War
EricLevitz Great read
EricLevitz but WW2 had dire environmental impacts, fueled by this very mobilization
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