asterisk2a + adamsmith   9

Public Lecture by Professor Niall Ferguson 2013-04-09 - YouTube
[6 Killer Apps - ] Degeneration and Regeneration after the GFC // interlude: Margaret Thatcher, the power of ideas in public office, in politics: Nature of freedom, economic freedom & other freedoms. Hayek & Adam Smith // The Great Degeneration (new Book 2013). Theme: The role of institutions in the creation and preservation of freedom. // GFC = "The slight depression." Avoided Great Depression like scenario by policy response (reflation) different to previous history. Talks abt equity market levels back 2 pre-2007 levels. EQUITY/(financial) ASSET PRICES. Bank Bailout! But NOT reached (real economy) escape velocity! Proper recovery! Under Keynes it should be an admission of defeat (bc lack of fiscal stimulus)! Is a sub-plot in the story of western decline! Great reconvergence of west & the rest of the world. // &! &! importance of civil institutions - &! &!
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september 2015 by asterisk2a
Libor affair shows banking’s big conceit -

[LIBOR scandal exposes] a big conceit at the very heart of the modern banking world.

Most notably, in recent decades large investment banks in the City of London and Wall Street have increasingly wrapped their activities with an evangelical adherence to the rhetoric of free markets; whenever they have wanted to justify
sky-high profits, wacky innovations or, most recently, the need to prevent a new regulatory drive, they have invariably cited the ideals of Adam Smith.


[T]he real issue was that Libor was never organised as a proper market in the first place, which is precisely why the manipulation continued unchecked on such a wide scale for so long.

[...] the market has been dominated by a small clique of powerful banks, which also controlled the BBA.
CFTC  free  market  economic-thought  economic  history  financialmarkets  interbank  lending  interbank  oligopol  competition  toobigtofail  adamsmith  accountability  transparency  WallStreet  greatrecession  GFC  banking  banking  crisis  SEC  BBA  FSA  manipulation  barclays  EURIBOR  LIBOR 
june 2012 by asterisk2a
The 70% Solution - J. Bradford DeLong - Project Syndicate
The utilitarian economic logic is clear. Yet more than half of us are likely to reject the conclusion reached by Diamond and Saez. We feel that there is something wrong with taxing our superrich until the pips squeak so much that further taxation reduces the number of pips. And we feel this for two reasons, both of them set out more than two centuries ago by Adam Smith – not in his most famous work, The Wealth of Nations, but in his far less discussed book The Theory of Moral Sentiments.

Unlike today’s public-finance economists, Smith understood that we are not rational utilitarian calculators. Indeed, that is why we have collectively done a very bad job so far in dealing with the enormous rise in inequality between the industrial middle class and the plutocratic superrich that we have witnessed in the last generation.
taxation  superrich  rich  adamsmith  economics  psychology  sociology  moral  academia  lesson 
november 2011 by asterisk2a
Born Poor? | Santa Fe Reporter
Milton Friedman
“The founders of the discipline of economics, almost to a man—and they were only men—thought that the problem of distribution between classes—they used the word classes—was the key to understanding why nations grew or not,” Bowles says.

What Bowles sees as the essence of his profession—problems of wealth distribution—the Friedmanites see as the road to hell.
SamuelBowles  Gini-coefficient  TomHertz  MiltonFriedman  inequality  economics  employment  poverty  socialism  development  research  AdamSmith  wealth-distribution  AlanGreenspan  ElinorOstrom  nobelprize 
february 2010 by asterisk2a

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