January 8, 2022
We have been growing an Asset Bubble since the 80s
The absolute price of housing has been increasing since the 1980s.
There are a lot of reasons for it, but declining interest rates are a key cause of increasing housing prices.
For the United States, our estimates for the period from 1970 to the end of 1999 suggest that a 100 basis-point fall in the nominal short-term rate, accompanied by an equivalent fall in the real short-term rate, generated a 5 percentage point rise in real house prices, relative to baseline, after three years
So it makes sense that people are apoplectic over inflation, but I suspect the underlying cause is...
January 14, 2013
On False Analogies
A fair number of things have intersected over the last few weeks and it's time for me to do a quick exploration of them. There's the Aaron Swartz persecution, robots, RMS and free software, zero bounds and trillion dollar coins, the state is losing control of money, and Kirtsaeng.
I'm a lawyer by training and I worked in a high tech law firm briefly. The law is a set of creeping analogies and we're at this interesting intersection of how to deal with the radically reduced transaction costs that the Internet and computers/logistics have brought to our doorstep.
Craig's List and FSF
December 16, 2012
The long slow slide
There's been a long slow slide away from the direction of "being a team" to "every man for himself" for a good part of my lifetime. It must stop. The Newtown shooting prompted this post… and don't worry, I'll get there… but please read through the whole piece.
The Great Depression & WWII