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Should-Read: Morgan Kelly and Cormac Ó Gráda (2016): Adam Smith, Watch Prices, a...

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Should-Read: Morgan Kelly and Cormac Ó Gráda (2016): Adam Smith, Watch Prices, and the Industrial Revolution: "Watches were the first mass-produced consumer durable...

...and were Adam Smith’s preeminent example of technological progress.... Smith makes the notable claim that watch prices may have fallen by up to 95% over the preceding century.... We look at changes in the reported value of over 3,200 stolen watches from criminal trials in the Old Bailey in London from 1685 to 1810... the real price of watches in nearly all categories falls steadily by 1.3% a year... showing that sustained innovation in the production of a highly complex artifact had already appeared in one important sector of the British economy by the early eighteenth century....

Against the view of a narrowly based Industrial Revolution, our results on watchmaking support the view of a more broadly based advance across many manufacturing sectors proposed by Berg and Hudson (1992) and Temin (1997) , among others.... What distinguishes watches... is that, except for scientific instruments, watches were the most complex artifacts of their time. That is what makes their productivity growth so interesting.... Our results support the view that the roots of the Industrial Revolution stretch back further than the mid-eighteenth century. The beginnings of growth in the seventeenth century are consistent with the findings of Broadberry et al. (2015) on English GDP.... As Bailey and Barker (1969) demonstrate, the origins of watchmaking in Lancashire lie in the area’s tradition of brass making that dates back to the late sixteenth century...

Adam Smith Watch Prices and the Industrial Revolution The Quarterly Journal of Economics Oxford Academic

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dougsmith
15 days ago
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dougsmith
15 days ago
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16 days ago
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StunGod
15 days ago
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I'm an American, and I'm a fixer.
Portland, Oregon, USA, Earth
digdoug
15 days ago
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13bats is a friend of mine. In a weird coincidence, it turns out he actually took my wife to her prom, (about 20 years before I met her)

He's flummoxed by the viral take off of this image. He posted on Facebook and it has like 35,000 shares.
Louisville, KY
wreichard
16 days ago
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Damn right.
Earth
jhamill
16 days ago
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Not bad
California

The U.S. Tax Code Actually Doesn’t 'Soak the Rich'

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Nick Buffie at the CEPR:

The U.S. Tax Code Actually Doesn’t “Soak the Rich” : In 2012, Republican presidential candidate Mitt Romney famously commented that 47 percent of Americans were “dependent on government” because they didn’t pay any federal income taxes. He went on to explain that his job was “not to worry about those people.”
Journalists and other public figures often claim that only the rich pay taxes, supporting this with the argument that the rich pay the vast majority of federal income taxes. However, federal income taxes are just one part of the broader tax code. When we consider other types of federal taxes as well as state and local taxes, it becomes clear that the overall tax code isn’t extremely progressive – in other words, it doesn’t “soak the rich,” and it certainly doesn’t let the poor off the hook. ...
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dougsmith
22 days ago
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kemayo
23 days ago
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Alternately... I have a kid. But she's fairly self reliant, and can handle herself if I sleep in.
St Louis, MO
adamcole
23 days ago
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Who wants my fucking kids
Philadelphia, PA, USA
kleer001
23 days ago
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True... But then again this attitude is an evolutionary dead end.
ryanbrazell
23 days ago
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L O L

This was actually my same train of thought this morning, when I slept until 11am.
Richmond, VA

Frederick Douglass on Immigration

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Let’s recognize Frederick Douglass more and more for his terrific views on immigration:

I submit that this question of Chinese immigration should be settled upon higher principles than those of a cold and selfish expediency.

There are such things in the world as human rights. They rest upon no conventional foundation, but are external, universal, and indestructible. Among these, is the right of locomotion; the right of migration; the right which belongs to no particular race, but belongs alike to all and to all alike. It is the right you assert by staying here, and your fathers asserted by coming here. It is this great right that I assert for the Chinese and Japanese, and for all other varieties of men equally with yourselves, now and forever. I know of no rights of race superior to the rights of humanity, and when there is a supposed conflict between human and national rights, it is safe to go to the side of humanity. I have great respect for the blue eyed and light haired races of America. They are a mighty people. In any struggle for the good things of this world they need have no fear. They have no need to doubt that they will get their full share.

But I reject the arrogant and scornful theory by which they would limit migratory rights, or any other essential human rights to themselves, and which would make them the owners of this great continent to the exclusion of all other races of men.

See also this earlier post by Ilya Somin.

The post Frederick Douglass on Immigration appeared first on Marginal REVOLUTION.

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dougsmith
25 days ago
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freeAgent
26 days ago
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Maybe Trump could actually learn some things from Douglass--who is great, very great, by the way.
Los Angeles, CA
dukeofwulf
25 days ago
He's a yuge part of this nation's history. And some people don't know anything about him, but talk as if they do. Sad!

“Donald Trump is the literal opposite of Fred Rogers.”

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nerdy-south:

foulmouthedliberty:

khillmatic:

I posted that earlier to my facebook feed, and I’ll be honest…  When I did it I was kind of hoping it would encourage my friend who studied the life of Fred Rogers extensively to chime in because I knew he would have something pertinent to say.  I was not wrong.  

image

“Fred Rogers had such a huge problem with both Regan (who he programmed his show against) and Bush Jr. (The latter of which is much more complicated as they had a relationship that tested Fred’s boundaries.) that I can’t say “I can’t imagine how Fred would react” I know how Fred would react based on his interactions with the lesser evils of Reagan and Bush:

1. Had he not been retired, he would have themed weeks specifically against what Trump was putting in the news cycle. When Trump mocked a disabled reporter he’d have a week on disability and inclusion, when Trump promoted sexual assault, he’d program a week on respect and physical boundaries, when he bad mouthed women he’d have strong women on for a week. Fred would have travelled to do a week on Mexico and he would have moved in an Islamic neighbor.

I know this for a fact because these are the actions he took with Regan both with his “conflict weeks” and his traveling to Russia for remotes during the Cold War.

2. Fred would have attended events Trump invited him to but he would do so on his terms. He would participate in these events as well as long as it was on his terms. Because Fred would rather speak truth into those spaces then avoid them. But Fred would not accuse, he would just bear truth, refuse to be seen as supporting an evil and exit.

This is what he did to respond to the love the Bush family had for him and his work. He even offered prayer at one of their fundraisers: but it was a challenging prayer, one insisting that those in power and privilege use that for the least of these and especially children. After delivering that prayer Fred exited the building and sat outside like a kid after soccer practice waiting for his ride, spurning the thousands of dollars a plate dinner not even gladhanding with the bushes after.

When asked why he said he had reached the limit of what he could do before becoming an accuser. He wanted to challenge but never accuse as accusation was what Fred associated with the devil.

3. Fred would accept invitations to news programs when those programs allowed him to educate parents on countering the negative things coming from the president for their children. He knew those things affected children so he wanted to spread tools on helping them reject war, violence, hatred, oppression and racism.

He did this during any presidents term if it didn’t prevent him from meeting an obligation to children (he once turned down a spot on Nightline to talk about violence and children, one of his main causes, because he had a visit to an elementary school that same morning and knew he wouldn’t be mentally present for it if he was planning for Nightline in the afternoon.)

So we need to be like Fred. Getting in between children and any normalization of Trumps ways or words. Fred would have been diligently working on how to handle Trump in the land of make believe. Just like when King Friday started building nuclear bombs with money he promised to schools. Yeah Fred wasn’t subtle.” - Rev. Kevin Ireland

So much love for the people who share my love for Mr. Rogers, an actual saint among us for as long as we were blessed to have him.

I don’t believe in angels but I do believe in Fred Rogers.

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dougsmith
28 days ago
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mxm23
9 days ago
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Such a valuable story of acting on principal
San Rafael, CA
smadin
28 days ago
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I sure miss Fred Rogers.
Boston
skittone
29 days ago
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WWFRD?
adamcole
30 days ago
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"I don’t believe in angels but I do believe in Fred Rogers."
Philadelphia, PA, USA
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