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NEW WORLD ECONOMICS
New World Economics | A New World of Economics, Economics for the New World. By: Nathan Lewis. Twitter city design channel @NathanNWE. Twitter economics and policy channel @NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats. Extraordinary, original, fundamentally important,easy-to-read
COMMODITIES IN THE 1970S However, as commodity prices in dollar terms soared in the 1970s (even as their real values declined), people grasped on to this idea of “limits to growth” and concluded that humans were reaching those limits then, in the 1970s. M. King Hubbert’s estimate of world petroleum production, circa 1971. A core element of the “limits togrowth
BITCOIN = A CAN OF SHIT There is a lot of variability, but it was recently about $300m/month, or $3.6 billion per year. To maintain a simple database. This money has to come from somewhere. Bitcoin transaction fees have also been all over the place, typically between $1-$5, but recently at $13. More expensive than a stock market transaction.LIFE WITHOUT CARS
Life Without Cars. Life used to be without cars. Before 1925 or so, only the wealthy had automobiles, and before 1900 nobody did. Most of the cities and civilizations of the world were developed without cars. Indeed, I would argue that there really hasn’t been much in the way of cities and civilizations built since cars became common. U.S. TAX HIKES OF THE 1930S The basic exemption for married couples fell to $2,000 from $2,500. The basic corporate tax rate rose from 19% to 22.1%. The income tax rate on income of $8,000 rose to 12% from 10%; the rate on income of $50,000 rose to 48% from 35%. The top rate remained unchanged at 79%. Wikipedia on the Revenue Act of 1940. HOW MUCH SHOULD PARKING COST? Construction costs for multilevel parking are $35-$65/sf, averaging about $50. $50*325sf=$16,250 per parking space. Underground parking costs roughly one multiple for each level below grade. Thus, underground parking that is one level below grade is 2x$16,250, or $32,500 per parking space. Two levels below grade costs 3x$16,250 or$48,750/space.
THE GOLD MINING BOOM OF THE 1850S In The Ages of Gold, Timothy Green estimates Egyptian gold mining production of between 1,000kg and 2,000kg (1.0 and 2.0 metric tons) per year, in the 15th century B.C. Egypt mined gold since the fourth millennium B.C. Between 3000 BC and 1500 AD is 4500 years of gold mining history, including of course the Aztecs and Incas, Indians,Europeans
BRITAIN’S RETURN TO GOLD IN 1925 Britain’s Return to Gold In 1925. December 9, 2018. Today, I thought I would say something about Britain’s return to the gold standard at the prewar parity value in 1925. This is often portrayed as a big mistake. But, it doesn’t seem like that big of a deal to me. Basically, it involved about a 10% rise in the value of the pound,from
THE DEVALUATION OF THE BRITISH POUND, SEPTEMBER 21, 1931 The British pound was the leading international currency and reserve currency at the time. Its devaluation was a shock that led directly to many echo devaluations worldwide. By the end of 1931, 23 countries had left the gold standard. The vertical line of course represents the devaluation. We see a drop in gold a little before, which is related FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE Foreign Exchange Rates, 1913-1941: Just Looking At the DataMarch 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economic history. A great many misconceptions today stem from that time.NEW WORLD ECONOMICS
New World Economics | A New World of Economics, Economics for the New World. By: Nathan Lewis. Twitter city design channel @NathanNWE. Twitter economics and policy channel @NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats. Extraordinary, original, fundamentally important,easy-to-read
COMMODITIES IN THE 1970S However, as commodity prices in dollar terms soared in the 1970s (even as their real values declined), people grasped on to this idea of “limits to growth” and concluded that humans were reaching those limits then, in the 1970s. M. King Hubbert’s estimate of world petroleum production, circa 1971. A core element of the “limits togrowth
BITCOIN = A CAN OF SHIT There is a lot of variability, but it was recently about $300m/month, or $3.6 billion per year. To maintain a simple database. This money has to come from somewhere. Bitcoin transaction fees have also been all over the place, typically between $1-$5, but recently at $13. More expensive than a stock market transaction.LIFE WITHOUT CARS
Life Without Cars. Life used to be without cars. Before 1925 or so, only the wealthy had automobiles, and before 1900 nobody did. Most of the cities and civilizations of the world were developed without cars. Indeed, I would argue that there really hasn’t been much in the way of cities and civilizations built since cars became common. U.S. TAX HIKES OF THE 1930S The basic exemption for married couples fell to $2,000 from $2,500. The basic corporate tax rate rose from 19% to 22.1%. The income tax rate on income of $8,000 rose to 12% from 10%; the rate on income of $50,000 rose to 48% from 35%. The top rate remained unchanged at 79%. Wikipedia on the Revenue Act of 1940. HOW MUCH SHOULD PARKING COST? Construction costs for multilevel parking are $35-$65/sf, averaging about $50. $50*325sf=$16,250 per parking space. Underground parking costs roughly one multiple for each level below grade. Thus, underground parking that is one level below grade is 2x$16,250, or $32,500 per parking space. Two levels below grade costs 3x$16,250 or$48,750/space.
THE GOLD MINING BOOM OF THE 1850S In The Ages of Gold, Timothy Green estimates Egyptian gold mining production of between 1,000kg and 2,000kg (1.0 and 2.0 metric tons) per year, in the 15th century B.C. Egypt mined gold since the fourth millennium B.C. Between 3000 BC and 1500 AD is 4500 years of gold mining history, including of course the Aztecs and Incas, Indians,Europeans
BRITAIN’S RETURN TO GOLD IN 1925 Britain’s Return to Gold In 1925. December 9, 2018. Today, I thought I would say something about Britain’s return to the gold standard at the prewar parity value in 1925. This is often portrayed as a big mistake. But, it doesn’t seem like that big of a deal to me. Basically, it involved about a 10% rise in the value of the pound,from
THE DEVALUATION OF THE BRITISH POUND, SEPTEMBER 21, 1931 The British pound was the leading international currency and reserve currency at the time. Its devaluation was a shock that led directly to many echo devaluations worldwide. By the end of 1931, 23 countries had left the gold standard. The vertical line of course represents the devaluation. We see a drop in gold a little before, which is related FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE Foreign Exchange Rates, 1913-1941: Just Looking At the DataMarch 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economic history. A great many misconceptions today stem from that time. CURRENCY DEVALUATIONS OF THE 1930S Chile had several currency depreciation events. China was on a silver standard, not a gold standard, and the value of the currency fell vs. gold as a result of the falling value of silver vs. gold. In the late 1930s, the currency was further devalued as the government printed money to pay for war with Japan. This resulted in hyperinflation in HOW MUCH SHOULD PARKING COST? Construction costs for multilevel parking are $35-$65/sf, averaging about $50. $50*325sf=$16,250 per parking space. Underground parking costs roughly one multiple for each level below grade. Thus, underground parking that is one level below grade is 2x$16,250, or $32,500 per parking space. Two levels below grade costs 3x$16,250 or$48,750/space.
PLACE AND NON-PLACE
Nothing happens while people are in their cars. Cars are just the means to get from one Place to another Place. Non-Places are areas of the city where nothing happens. This includes: Parking lots. Useless greenery (not a park, but landscaping where nobody goes) Roadways and other transportation infrastructure. THE GREAT U.S. ECONOMIC EXPANSION OF 1870-1913 We remember the Bretton Woods era as one of the most successful and prosperous periods in all of U.S. history. But, actually, the 1870-1912 period had a higher annualized rate of growth in industrial production, 5.0% per year vs. 4.8%. Not bad for an era that most economists today think was a time of chronic economic difficulties andstagnation.
THE FEDERAL RESERVE IN THE 1920S The Federal Reserve in the 1920s November 18, 2012. A friend asked me some questions about the Federal Reserve in the 1920s. For the most part, the Fed was adhering to the principles of a gold standard system, after a rather wrenching postwar ECONOMIC NATIONALISM For some reason, “nationalism” is a naughty word these days, but all that it means is that one feels an allegiance to one’s “nation.”. The main reason for the badmouthing of “nationalism” seems to be that it is the primary alternative to “globalism,” which is, of course, promoted by globalists, and we all know who they are. BOOK NOTES: THE AGE OF INFLATION, BY JACQUES RUEFF Book Notes: The Age of Inflation, by Jacques Rueff. October 14, 2012. A friend suggested that I should read some books by Jacques Rueff, an economist of some influence during the 1930s to 1960s. I looked into Rueff in the past and didn’t see anything that warranted more investigation. However, it is hard to be too critical of someone whenyou
HYPERINFLATION IN GERMANY #2: THE STOCK MARKET The market recovers in 1920 and 1921, again related to the stabilization of the mark. It was now down about 85% from its 1913/1918 level. As the hyperinflation intensified in 1922, the stock market crashed to abysmal levels, with the lowest level on this chart of 2.72 on October 1922. Yes, 2.72, compared to 1913=100. THE FEDERAL RESERVE IN THE 1930S #2: INTEREST RATES The Federal Reserve in the 1930s #2: Interest Rates. Let’s continue our look at the Federal Reserve and monetary conditions in the 1930s. This is a touchy time. Everybody has their own idiosyncratic notions of what they think happened in the 1930s. Let’s just look at the data. First of all, there wasn’t really a “Fed funds rate” in THE VALUE OF GOLD SINCE 1971 #2: THE DRAMATIC PEAK IN 1980 The “gold price” went from $380/oz. in November 1979 to $850 in January 1980, and back down to $500 in March 1980. So, there wasn’t twelve months for commodity prices to start to move. By 1981, the dollar was rising back towards $300/oz.NEW WORLD ECONOMICS
New World Economics | A New World of Economics, Economics for the New World. By: Nathan Lewis. Twitter city design channel @NathanNWE. Twitter economics and policy channel @NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats. Extraordinary, original, fundamentally important,easy-to-read
COMMODITIES IN THE 1970S However, as commodity prices in dollar terms soared in the 1970s (even as their real values declined), people grasped on to this idea of “limits to growth” and concluded that humans were reaching those limits then, in the 1970s. M. King Hubbert’s estimate of world petroleum production, circa 1971. A core element of the “limits togrowth
BITCOIN = A CAN OF SHIT There is a lot of variability, but it was recently about $300m/month, or $3.6 billion per year. To maintain a simple database. This money has to come from somewhere. Bitcoin transaction fees have also been all over the place, typically between $1-$5, but recently at $13. More expensive than a stock market transaction.LIFE WITHOUT CARS
Life Without Cars. Life used to be without cars. Before 1925 or so, only the wealthy had automobiles, and before 1900 nobody did. Most of the cities and civilizations of the world were developed without cars. Indeed, I would argue that there really hasn’t been much in the way of cities and civilizations built since cars became common. CURRENCY DEVALUATIONS OF THE 1930S Chile had several currency depreciation events. China was on a silver standard, not a gold standard, and the value of the currency fell vs. gold as a result of the falling value of silver vs. gold. In the late 1930s, the currency was further devalued as the government printed money to pay for war with Japan. This resulted in hyperinflation in BRITAIN’S RETURN TO GOLD IN 1925 Britain’s Return to Gold In 1925. December 9, 2018. Today, I thought I would say something about Britain’s return to the gold standard at the prewar parity value in 1925. This is often portrayed as a big mistake. But, it doesn’t seem like that big of a deal to me. Basically, it involved about a 10% rise in the value of the pound,from
THE FEDERAL RESERVE IN THE 1930S #2: INTEREST RATES The Federal Reserve in the 1930s #2: Interest Rates. Let’s continue our look at the Federal Reserve and monetary conditions in the 1930s. This is a touchy time. Everybody has their own idiosyncratic notions of what they think happened in the 1930s. Let’s just look at the data. First of all, there wasn’t really a “Fed funds rate” in BOOK NOTES: THE AGE OF INFLATION, BY JACQUES RUEFF Book Notes: The Age of Inflation, by Jacques Rueff. October 14, 2012. A friend suggested that I should read some books by Jacques Rueff, an economist of some influence during the 1930s to 1960s. I looked into Rueff in the past and didn’t see anything that warranted more investigation. However, it is hard to be too critical of someone whenyou
FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE Foreign Exchange Rates, 1913-1941: Just Looking At the DataMarch 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economic history. A great many misconceptions today stem from that time. FOREIGN EXCHANGE RATES 1913-1941 #2: THE CURRENCY Foreign Exchange Rates 1913-1941 #2: The Currency Upheavals of the Interwar Period April 6, 2014. Last week, we started to look at the history of currency values in the 1913-1941 period.NEW WORLD ECONOMICS
New World Economics | A New World of Economics, Economics for the New World. By: Nathan Lewis. Twitter city design channel @NathanNWE. Twitter economics and policy channel @NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats. Extraordinary, original, fundamentally important,easy-to-read
COMMODITIES IN THE 1970S However, as commodity prices in dollar terms soared in the 1970s (even as their real values declined), people grasped on to this idea of “limits to growth” and concluded that humans were reaching those limits then, in the 1970s. M. King Hubbert’s estimate of world petroleum production, circa 1971. A core element of the “limits togrowth
BITCOIN = A CAN OF SHIT There is a lot of variability, but it was recently about $300m/month, or $3.6 billion per year. To maintain a simple database. This money has to come from somewhere. Bitcoin transaction fees have also been all over the place, typically between $1-$5, but recently at $13. More expensive than a stock market transaction.LIFE WITHOUT CARS
Life Without Cars. Life used to be without cars. Before 1925 or so, only the wealthy had automobiles, and before 1900 nobody did. Most of the cities and civilizations of the world were developed without cars. Indeed, I would argue that there really hasn’t been much in the way of cities and civilizations built since cars became common. CURRENCY DEVALUATIONS OF THE 1930S Chile had several currency depreciation events. China was on a silver standard, not a gold standard, and the value of the currency fell vs. gold as a result of the falling value of silver vs. gold. In the late 1930s, the currency was further devalued as the government printed money to pay for war with Japan. This resulted in hyperinflation in BRITAIN’S RETURN TO GOLD IN 1925 Britain’s Return to Gold In 1925. December 9, 2018. Today, I thought I would say something about Britain’s return to the gold standard at the prewar parity value in 1925. This is often portrayed as a big mistake. But, it doesn’t seem like that big of a deal to me. Basically, it involved about a 10% rise in the value of the pound,from
THE FEDERAL RESERVE IN THE 1930S #2: INTEREST RATES The Federal Reserve in the 1930s #2: Interest Rates. Let’s continue our look at the Federal Reserve and monetary conditions in the 1930s. This is a touchy time. Everybody has their own idiosyncratic notions of what they think happened in the 1930s. Let’s just look at the data. First of all, there wasn’t really a “Fed funds rate” in BOOK NOTES: THE AGE OF INFLATION, BY JACQUES RUEFF Book Notes: The Age of Inflation, by Jacques Rueff. October 14, 2012. A friend suggested that I should read some books by Jacques Rueff, an economist of some influence during the 1930s to 1960s. I looked into Rueff in the past and didn’t see anything that warranted more investigation. However, it is hard to be too critical of someone whenyou
FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE Foreign Exchange Rates, 1913-1941: Just Looking At the DataMarch 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economic history. A great many misconceptions today stem from that time. FOREIGN EXCHANGE RATES 1913-1941 #2: THE CURRENCY Foreign Exchange Rates 1913-1941 #2: The Currency Upheavals of the Interwar Period April 6, 2014. Last week, we started to look at the history of currency values in the 1913-1941 period. THE WARREN-PEARSON INDEX The Warren-Pearson Index. The most commonly used source of price information for the U.S. before 1920 is a series compiled by two academics, George Warren and Frank Pearson, from Cornell University. The U.S. government only began collecting such data in 1919, with the Bureau of Labor Statistics wholesale price index. THE PROBLEM WITH LITTLE TEENY FARMS 2: HOW MANY ACRES CAN Thus, at 750 pounds/acre and 0.0689 acres, we get 52 pounds of wheat. There is some loss as the wheat is processed into flour. However, let’s just use that figure. At 1,700 calories/pound, that’s about 88,400 calories of food energy. With four people in the family, that’s 22,100 calories per person. HYPERINFLATION IN GERMANY #2: THE STOCK MARKET The market recovers in 1920 and 1921, again related to the stabilization of the mark. It was now down about 85% from its 1913/1918 level. As the hyperinflation intensified in 1922, the stock market crashed to abysmal levels, with the lowest level on this chart of 2.72 on October 1922. Yes, 2.72, compared to 1913=100. THE “PRICE-SPECIE FLOW MECHANISM” The “Price-Specie Flow Mechanism”. March 19, 2016. I’ve been revving up to talk about the “price-specie flow mechanism,” which is often ascribed to gold standard currencies in the past, whether as simple coinage only or in the form of gold-based banknotes. January 17, 2016: David Hume, “On the Balance of Trade,” 1742. THE GREAT U.S. ECONOMIC EXPANSION OF 1870-1913 We remember the Bretton Woods era as one of the most successful and prosperous periods in all of U.S. history. But, actually, the 1870-1912 period had a higher annualized rate of growth in industrial production, 5.0% per year vs. 4.8%. Not bad for an era that most economists today think was a time of chronic economic difficulties andstagnation.
THE TWO SANTA CLAUS THEORY The Two Santa Claus Theory. May 9, 2010. In March 1976, Jude Wanniski penned a rather wonderful op-ed called “Taxes and the Two Santa Claus Theory.”. This helped turn around Republican thinking, and is still influential today. Apparently some conservative types have been referencing it recently, and Bruce Bartlett even rescued it from the THE FEDERAL RESERVE IN THE 1920S The Federal Reserve in the 1920sNovember 18, 2012. A friend asked me some questions about the Federal Reserve in the 1920s. For the most part, the Fed was adhering to the principles of a gold standard system, after a rather wrenching postwar adjustment in 1920-1921 that we looked at earlier: March 25, 2012: The U.S. Dollar During WWI andthe
FOREIGN EXCHANGE RATES 1914-1941 Foreign Exchange Rates 1914-1941. April 15, 2012. As we begin to talk more seriously about the gold standard, as a real policy option instead of a historical item of interest, I think we might have some discussions about the 1920s and 1930s. THE VALUE OF GOLD SINCE 1971 #2: THE DRAMATIC PEAK IN 1980 The “gold price” went from $380/oz. in November 1979 to $850 in January 1980, and back down to $500 in March 1980. So, there wasn’t twelve months for commodity prices to start to move. By 1981, the dollar was rising back towards $300/oz. HOW TO BUY GOLD ON THE COMEX How To Buy Gold on the Comex. January 25, 2008 . The “Comex” (it is now part of Nymex, which in turn was acquired by the CME) is the primary gold and silver futures market inNEW WORLD ECONOMICS
By: Nathan Lewis Twitter city design channel@NathanNWE Twitter economics and policy channel@NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats.. Extraordinary, original, fundamentally important, easy-to COMMODITIES IN THE 1970S Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st Century.”LIFE WITHOUT CARS
What to do with the Mainstream Media: If you ignore it, it goes away!Tribune Co., operators of the Chicago Tribune and Los Angeles Times, filed for bankruptcy.Despite rumors, Sam Zell did not buy or own the newspaper. He oversaw a complicated financing (I think the newspaper’s own pension fund was the main owner), in which he got a stake for almost free, and apparently some management HOW MUCH SHOULD PARKING COST? Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st BRITAIN’S RETURN TO GOLD IN 1925 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE PROBLEM WITH LITTLE TEENY FARMS 2: HOW MANY ACRES CANHOW MANYACRES IN USA
Last note on the Prius: The Prius gets about 51 mpg in the city and 48 mpg on the highway. It costs $22,800 in the base model, and is rumored to be a money-loser at that price due to the expensive batteries and electric motors in the vehicle. THE VALUE OF GOLD SINCE 1971 #2: THE DRAMATIC PEAK IN 1980 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st U.S. TAX HIKES OF THE 1930S In 1930, federal tax revenue amounted to 4.2% of GDP. It was probably a little higher than that in 1929, as recession tends to depress thisfigure.
FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE1913 DOLLARS TO 2020 DOLLARS1913 DOLLARS TODAYINFLATION SINCE 1913MONEP EXCHANGEEXCHANGE ENGLISH POUND US DOLLARHISTORICAL CURRENCY EXCHANGERATES
Foreign Exchange Rates, 1913-1941: Just Looking At the Data March 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economichistory.
FOREIGN EXCHANGE RATES 1913-1941 #2: THE CURRENCY Foreign Exchange Rates 1913-1941 #2: The Currency Upheavals of the Interwar Period April 6, 2014. Last week, we started to look at the history of currency values in the 1913-1941 period.NEW WORLD ECONOMICS
By: Nathan Lewis Twitter city design channel@NathanNWE Twitter economics and policy channel@NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats.. Extraordinary, original, fundamentally important, easy-to COMMODITIES IN THE 1970S Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st Century.”LIFE WITHOUT CARS
What to do with the Mainstream Media: If you ignore it, it goes away!Tribune Co., operators of the Chicago Tribune and Los Angeles Times, filed for bankruptcy.Despite rumors, Sam Zell did not buy or own the newspaper. He oversaw a complicated financing (I think the newspaper’s own pension fund was the main owner), in which he got a stake for almost free, and apparently some management HOW MUCH SHOULD PARKING COST? Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st BRITAIN’S RETURN TO GOLD IN 1925 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE PROBLEM WITH LITTLE TEENY FARMS 2: HOW MANY ACRES CANHOW MANYACRES IN USA
Last note on the Prius: The Prius gets about 51 mpg in the city and 48 mpg on the highway. It costs $22,800 in the base model, and is rumored to be a money-loser at that price due to the expensive batteries and electric motors in the vehicle. THE VALUE OF GOLD SINCE 1971 #2: THE DRAMATIC PEAK IN 1980 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st U.S. TAX HIKES OF THE 1930S In 1930, federal tax revenue amounted to 4.2% of GDP. It was probably a little higher than that in 1929, as recession tends to depress thisfigure.
FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE1913 DOLLARS TO 2020 DOLLARS1913 DOLLARS TODAYINFLATION SINCE 1913MONEP EXCHANGEEXCHANGE ENGLISH POUND US DOLLARHISTORICAL CURRENCY EXCHANGERATES
Foreign Exchange Rates, 1913-1941: Just Looking At the Data March 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economichistory.
FOREIGN EXCHANGE RATES 1913-1941 #2: THE CURRENCY Foreign Exchange Rates 1913-1941 #2: The Currency Upheavals of the Interwar Period April 6, 2014. Last week, we started to look at the history of currency values in the 1913-1941 period. SOUND MONEY FANS IN 2021 Recent Articles. Sound Money Fans in 2021 June 6, 2021; Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981 THE “SUPPLY SIDE” BOOKSHELF Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE SOCIAL SECURITY SYSTEM OF THE FUTURE Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE $50,000 SAN FRANCISCO HOME Dense spacing here, on plots that could be 1000sf. Martha’s Vineyard, MA. We are using our Traditional City design principles, of course with Narrow Streets for People of about 15 feet wide.. With a 200sf footprint, it would be possible to use plots of 500sf, with some room left for a little backyard. THE “MONEY SUPPLY” WITH A GOLD STANDARD The “dollar” was originally a European silver coin called the “thaler” which originated in 1518. Our “dollars” were basically the same value as those 16th century European coins until 1933, when there was a one-time devaluation, and the dollar wasrepegged at $35/oz.
THE TWO SANTA CLAUS THEORY The Two Santa Claus Theory May 9, 2010. In March 1976, Jude Wanniski penned a rather wonderful op-ed called “Taxes and the Two SantaClaus Theory.”
THE GOLD MINING BOOM OF THE 1850S For now we will use just the WPI until 1913. This is a nominal price index, and reflects the devaluation of the dollar during the Civil War (and Revolutionary War), and also the subsequent rise in dollar value back to the prewar parity in 1879. THE FEDERAL RESERVE IN THE 1920S The Federal Reserve in the 1920s November 18, 2012. A friend asked me some questions about the Federal Reserve in the 1920s. For the most part, the Fed was adhering to the principles of a gold standard system, after a rather wrenching postwar CURRENCY DEVALUATIONS OF THE 1930S Currency Devaluations of the 1930s September 30, 2012. For some reason, I have the urge to work on this topic a little more. I made available the raw data here: BOOK NOTES: THE AGE OF INFLATION, BY JACQUES RUEFF Book Notes: The Age of Inflation, by Jacques Rueff October 14, 2012. A friend suggested that I should read some books by Jacques Rueff, an economist of some influence during the 1930s toNEW WORLD ECONOMICS
By: Nathan Lewis Twitter city design channel@NathanNWE Twitter economics and policy channel@NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats.. Extraordinary, original, fundamentally important, easy-to COMMODITIES IN THE 1970S Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st Century.”LIFE WITHOUT CARS
What to do with the Mainstream Media: If you ignore it, it goes away!Tribune Co., operators of the Chicago Tribune and Los Angeles Times, filed for bankruptcy.Despite rumors, Sam Zell did not buy or own the newspaper. He oversaw a complicated financing (I think the newspaper’s own pension fund was the main owner), in which he got a stake for almost free, and apparently some management HOW MUCH SHOULD PARKING COST? Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st BRITAIN’S RETURN TO GOLD IN 1925 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE PROBLEM WITH LITTLE TEENY FARMS 2: HOW MANY ACRES CANHOW MANYACRES IN USA
Last note on the Prius: The Prius gets about 51 mpg in the city and 48 mpg on the highway. It costs $22,800 in the base model, and is rumored to be a money-loser at that price due to the expensive batteries and electric motors in the vehicle. THE VALUE OF GOLD SINCE 1971 #2: THE DRAMATIC PEAK IN 1980 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st U.S. TAX HIKES OF THE 1930S In 1930, federal tax revenue amounted to 4.2% of GDP. It was probably a little higher than that in 1929, as recession tends to depress thisfigure.
FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE1913 DOLLARS TO 2020 DOLLARS1913 DOLLARS TODAYINFLATION SINCE 1913MONEP EXCHANGEEXCHANGE ENGLISH POUND US DOLLARHISTORICAL CURRENCY EXCHANGERATES
Foreign Exchange Rates, 1913-1941: Just Looking At the Data March 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economichistory.
FOREIGN EXCHANGE RATES 1913-1941 #2: THE CURRENCY Foreign Exchange Rates 1913-1941 #2: The Currency Upheavals of the Interwar Period April 6, 2014. Last week, we started to look at the history of currency values in the 1913-1941 period.NEW WORLD ECONOMICS
By: Nathan Lewis Twitter city design channel@NathanNWE Twitter economics and policy channel@NLeconandpolicy. FULL ARCHIVE. The Magic Formula is now available in hardcover, softcover, and eBook formats.. Extraordinary, original, fundamentally important, easy-to COMMODITIES IN THE 1970S Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st Century.”LIFE WITHOUT CARS
What to do with the Mainstream Media: If you ignore it, it goes away!Tribune Co., operators of the Chicago Tribune and Los Angeles Times, filed for bankruptcy.Despite rumors, Sam Zell did not buy or own the newspaper. He oversaw a complicated financing (I think the newspaper’s own pension fund was the main owner), in which he got a stake for almost free, and apparently some management HOW MUCH SHOULD PARKING COST? Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st BRITAIN’S RETURN TO GOLD IN 1925 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE PROBLEM WITH LITTLE TEENY FARMS 2: HOW MANY ACRES CANHOW MANYACRES IN USA
Last note on the Prius: The Prius gets about 51 mpg in the city and 48 mpg on the highway. It costs $22,800 in the base model, and is rumored to be a money-loser at that price due to the expensive batteries and electric motors in the vehicle. THE VALUE OF GOLD SINCE 1971 #2: THE DRAMATIC PEAK IN 1980 Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st U.S. TAX HIKES OF THE 1930S In 1930, federal tax revenue amounted to 4.2% of GDP. It was probably a little higher than that in 1929, as recession tends to depress thisfigure.
FOREIGN EXCHANGE RATES, 1913-1941: JUST LOOKING AT THE1913 DOLLARS TO 2020 DOLLARS1913 DOLLARS TODAYINFLATION SINCE 1913MONEP EXCHANGEEXCHANGE ENGLISH POUND US DOLLARHISTORICAL CURRENCY EXCHANGERATES
Foreign Exchange Rates, 1913-1941: Just Looking At the Data March 30, 2014. Although there is plenty going on today to talk about, not to mention my perennially neglected Traditional City stuff, I seem to be getting drawn back again and again to the 1914-1941 period in economichistory.
FOREIGN EXCHANGE RATES 1913-1941 #2: THE CURRENCY Foreign Exchange Rates 1913-1941 #2: The Currency Upheavals of the Interwar Period April 6, 2014. Last week, we started to look at the history of currency values in the 1913-1941 period. SOUND MONEY FANS IN 2021 Recent Articles. Sound Money Fans in 2021 June 6, 2021; Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981 THE “SUPPLY SIDE” BOOKSHELF Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE SOCIAL SECURITY SYSTEM OF THE FUTURE Recent Articles. Targeting Interest Rates #2: Forget About It May 30, 2021; Targeting Interest Rates May 23, 2021; The Current Account Deficit May 16, 2021; Polaris Letter #2: I See Dead People May 2, 2021; Yellen Has The Right Idea But The Wrong Tax Plan April 25, 2021; Grand Unified Theory of Indirect Taxes April 18, 2021; Robert Mundell, WSJ, 1981: “Gold Would Serve Into the 21st THE $50,000 SAN FRANCISCO HOME Dense spacing here, on plots that could be 1000sf. Martha’s Vineyard, MA. We are using our Traditional City design principles, of course with Narrow Streets for People of about 15 feet wide.. With a 200sf footprint, it would be possible to use plots of 500sf, with some room left for a little backyard. THE “MONEY SUPPLY” WITH A GOLD STANDARD The “dollar” was originally a European silver coin called the “thaler” which originated in 1518. Our “dollars” were basically the same value as those 16th century European coins until 1933, when there was a one-time devaluation, and the dollar wasrepegged at $35/oz.
THE TWO SANTA CLAUS THEORY The Two Santa Claus Theory May 9, 2010. In March 1976, Jude Wanniski penned a rather wonderful op-ed called “Taxes and the Two SantaClaus Theory.”
THE GOLD MINING BOOM OF THE 1850S For now we will use just the WPI until 1913. This is a nominal price index, and reflects the devaluation of the dollar during the Civil War (and Revolutionary War), and also the subsequent rise in dollar value back to the prewar parity in 1879. THE FEDERAL RESERVE IN THE 1920S The Federal Reserve in the 1920s November 18, 2012. A friend asked me some questions about the Federal Reserve in the 1920s. For the most part, the Fed was adhering to the principles of a gold standard system, after a rather wrenching postwar CURRENCY DEVALUATIONS OF THE 1930S Currency Devaluations of the 1930s September 30, 2012. For some reason, I have the urge to work on this topic a little more. I made available the raw data here: BOOK NOTES: THE AGE OF INFLATION, BY JACQUES RUEFF Book Notes: The Age of Inflation, by Jacques Rueff October 14, 2012. A friend suggested that I should read some books by Jacques Rueff, an economist of some influence during the 1930s to__ Navigation
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is now available in hardcover, softcover, and eBook formats. _EXTRAORDINARY, ORIGINAL, FUNDAMENTALLY IMPORTANT, EASY-TO-READ, LEARNED AND CONVINCING …_ —from the introduction by Steve Forbes Some Facts About Gun Ownership In The United States #2: Rifles andPistols
August 10, 2019
Today, we will continue to collect some interesting facts about gun ownership and firearm homicide in the United States. It is a very different picture than what you get from the mainstream media. August 4, 2019: Some Facts About Gun Ownership In The United States Blacks and Hispanics commit homicide at rates far higher than non-Hispanic Whites. This has apparently became a political issue; during the Obama Administration, statistics on the “race of offender” were scrubbed from the Bureau of Justice Statistics data. Here is how it looked up to 2008:
Here we see that Blacks committed 52.5% of homicides, despite being only 12.6% of the population. Hispanic and non-Hispanic whites are notbroken out here.
In 2008, the offending rate for blacks (24.7 per 100,000) was seven times higher than for whites (3.4). We can nevertheless be happy that the rate of homicide for both Blacks and Whites have come down considerably since 1990. Note that offender and victimization ratesare pretty similar.
Here are some statistics for victimization rates, which include
Hispanic and non-Hispanic Whites: As we can see, the rates for Hispanics are much higher than non-Hispanic Whites. But, this rate has come down in recent years, so that Hispanics are becoming more and more like non-Hispanics. For the most part, homicide patterns stay within racial boundaries: blacks kill other blacks, and whites kill other whites. The Federal Bureau of Investigation provides some detailed homicide statistics, available here:
Hispanic blacks account for 2.5% of all Hispanics. Thus, we will assume that all Hispanics are White. We will also assume that the ratio of “unknown” offences are the same as offences where the race is known. From this we get: Thus, we find that the estimated (offender) homicide rate among non-Hispanic Whites is 2.1, which is higher than Canada (1.8) or Britain (1.2), but not a lot higher. It is less than all of Europe (3.0), and also all of Asia (2.9). It is much lower than Mexico, which has very strict gun control laws, and, reportedly, only one gun store in the whole country. Homicide rates are very high throughout Latin America: We can at least be happy that the homicide rate for Hispanics in the U.S. (5.5) is lower than almost all of Latin America (average 16.3). Homicide involved firearms in 72.6% of instances. Where the type of firearm was known, it was a handgun in 91.3% of instances, a rifle in 5.2% of instances, and a shotgun in 3.4% of instances. Firearm homicide overwhelmingly involves handguns. So why all the focus on rifles? From this, if we take the percent of homicides from firearms (72.6%) and multiply by the percent of rifles and shotguns (8.6%), we find that an estimated 6.2% of homicides involve rifles and shotguns. Statistics on what percentage of homicides (and other crimes involving firearms) are committed using illegally-obtained firearms is somewhat murky. However, the estimates show that perhaps 90% or more of firearms used in crime are illegally-owned. In this 2016 survey of prison inmates by the Bureau of Justice Statistics, 90% of prisoners
who possesed a gun during their offense (this is not the same as using a gun; only possession) said that their firearms were illegally obtained. A 2016 survey in Philadelphia found that firearms were illegally obtained in 80% of cases;
a survey in Chicago found that only 3% of criminals who used a firearm purchased it legally. So, to summarize, we find that homicide in the U.S. has a strong racial component. Thankfully, homicide rates have been coming down among all Americans in recent decades, which deserves at least a little bit of celebration. About 90% of homicides involving firearms involve pistols; perhaps about 90% of these pistols are illegally obtained. From this alone, we can see that, although there are hundreds of millions of legally-owned rifles and shotguns, held by the 43% of U.S. households that own legal firearms, legally-owned rifles and shotguns account for perhaps only about 1% of homicides involving firearms; and perhaps less than 1% of all homicides. I think this is a rather amazing display of law-abiding responsibility, among tens of millions of Americans. This compares with 4.6% of homicides ascribed to hands, fists and feet. And perhaps these legally-owned rifles and shotguns really do help to reduce the incidence of gun-related crime, as many claim.Search
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