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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
Verified account
@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    Noah Smith‏Verified account @Noahpinion Oct 20

    Noah Smith Retweeted Branko Milanovic

    The Great Recession didn't just mean "rich countries producing more stuff they don't need anyway". It meant mothers unable to afford food for their kids. It meant families evicted from their homes into freezing streets. It meant people dying because they couldn't afford a copay.https://twitter.com/BrankoMilan/status/1053766861744168960 …

    Noah Smith added,

    Branko Milanovic @BrankoMilan
    But if you are concerned how much stuff the world is producing annually, then the Great Recession was indeed bad, even very bad. (But if you think we should not be producing this much stuff anyway, then you should welcome the Great Recession.) pic.twitter.com/T7H1hPJvs5
    3:17 PM - 20 Oct 2018
    • 46 Retweets
    • 206 Likes
    • Jacques-Louis Gregory Mostizky Vlad Tira Art obandsoller Anthony Sfinarolakis Tyler Bilbo João Carvalho Jesse Anttila-Hughes
    6 replies 46 retweets 206 likes
      1. Noah Smith‏Verified account @Noahpinion Oct 20

        The Great Recession meant over half of Black Americans' wealth vanishing. It meant workers losing good jobs they had worked at their entire life. It meant millions of people in despair, turning to heroin.

        3 replies 16 retweets 114 likes
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      2. Branko Milanovic‏ @BrankoMilan Oct 20
        Replying to @Noahpinion

        My point was directed against those who argue in favor of degrowth, so I am not sure I need a lesson in this.

        1 reply 1 retweet 8 likes
      3. Noah Smith‏Verified account @Noahpinion Oct 20
        Replying to @BrankoMilan

        Yes I think you're right. The degrowth people annoy me.

        1 reply 0 retweets 6 likes
      4. Noah Smith‏Verified account @Noahpinion Oct 20
        Replying to @Noahpinion @BrankoMilan

        However, I would not call rich-country growth "plutocratic growth". When that growth goes negative, it's not the plutocrats who suffer most. In fact, most American plutocrats did fine in the Great Recession.

        2 replies 0 retweets 10 likes
      5. Branko Milanovic‏ @BrankoMilan Oct 20
        Replying to @Noahpinion

        It is the standard terminology. It is plutocratic because the weights are counties total GDPs.

        1 reply 0 retweets 3 likes
      6. Noah Smith‏Verified account @Noahpinion Oct 20
        Replying to @BrankoMilan

        I just think that terminology is misleading. A proper measure of "plutocratic" growth would be individually weighted, not country-weighted.

        2 replies 0 retweets 4 likes
      7. Branko Milanovic‏ @BrankoMilan Oct 20
        Replying to @Noahpinion

        If it is individually-weighted it is democratic, not plutocratic.

        1 reply 0 retweets 0 likes
      8. Noah Smith‏Verified account @Noahpinion Oct 20
        Replying to @BrankoMilan

        I mean, the plutocratic rate of growth should be the rate of growth for plutocrats. What you have there is not that.

        3 replies 0 retweets 4 likes
      9. Branko Milanovic‏ @BrankoMilan Oct 20
        Replying to @Noahpinion

        Noah, you want to change the accepted terminology. Fine w./me, call it total GDP-weighted---but plutocratic growth rate is standard. It has nothing to do w/ *plutocrats*: it has to do with weighting being proportional to total income.

        2 replies 0 retweets 2 likes
      10. 3 more replies
      1. Tom Ealey‏ @tom_ealey Oct 20
        Replying to @Noahpinion @delong

        Right on Noah. Economists to meet the real world once in a while.

        0 replies 0 retweets 3 likes
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      1. Johnathan Storm‏ @johnathanstorm Oct 24
        Replying to @Noahpinion

        Considering that a democracy requires people with the right values being elected by the population... You almost need to teach economics to kids early on so they understand what kinds of priorities the people they elect need to have.

        0 replies 0 retweets 0 likes
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      1. Restless dragon deprived of sufficient enrichment‏ @sciliz Oct 20
        Replying to @Noahpinion

        So... why are all those things still happening?

        0 replies 0 retweets 0 likes
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      1. Matthias Baldwin‏ @MatthiasBaldwin Oct 20
        Replying to @Noahpinion

        The name "Great Recession" seems like an understatement. Perhaps we should go back to the 19th century method and call it the "Panic of 2008."

        0 replies 0 retweets 0 likes
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