Nice to see a great supporter of liberty - who wants to jail flag burners in the cell next to his former political rival - in the White House.
As Professor Steve Vladeck said on CNN:
"In addition to ignoring the Supreme Court's clear teaching that flag burning is constitutionally protected speech, Mr. Trump's tweet also casually suggests that citizens should lose their citizenship as a 'penalty' for such acts," Vladeck said. "Even if flag burning wasn't protected, it would still be unconstitutional to deprive someone of their citizenship without some voluntary act on their part to renounce their allegiance to the United States or pledge fealty to a foreign sovereign."
Keynes himself actually said that "ideas shape the course of history." Noah Smith points out that, at least in the economic sphere, those ideas are decidedly Keynesian:
"This signals a resounding defeat for the anti-Keynesian insurgents. Yes, Nobel prizes were won, careers were made, papers were published. But an economist who can’t convince politicians has almost no power."
It is interesting that Keynes has now thoroughly infiltrated the party that used to think of itself as anti-Keynesian.
The transportation revolution of the 19th century opened up new opportunities for migrant and tourist travel across the North Atlantic. While the impact of this revolution on freight cargoes and, to some extent, mass immigration has been well documented, we know considerably less about non-migrant overseas passenger travel. This column presents data on first class ocean travel fares between the US and the UK from 1826 to 1914, and demonstrates how such data can be gathered from various scattered sources and compiled into a reasonably reliable, representative, and informative long-term time series.
Campanella is absolutely right that "defining welfare solely in terms of what can be measured by markets misses much of what contributes to – or detracts from – human wellbeing."
But count me among those who see some ways in which GDP might be refined and/or supplemented with other measures of welfare rather than "replaced." Measures like the Genuine Progress Indicator and the Human Development Index are valuable, and we should be paying more attention to them than we do.
"I’ve spent a big chunk of my life around coastal elites, and there is a sense among these people that there is a big pocket of the country that is just morally deteriorating and is not especially deserving of sympathy. Awareness of this breeds resentment. I think it produces a kind of feedback loop where you feel resentful, and then the media tells your story so you feel even more resentful. And it just constantly feeds back into the sense that you’re sort of detached from the broader country..."
As with many things, there is wisdom from Adam Smith to consider here! This is from Smith's 1759Theory of Moral Sentiments:
"Man…has a natural love for society, and desires that the union of mankind should be preserved for its own sake, and though he himself was to derive no benefit from it. The orderly and flourishing state of society is agreeable to him, and he takes delight in contemplating it.”
Perhaps the despair that Vance discusses in much of the country is exacerbated - if not caused by - what Smith identified in the 18th century: the notion that true happiness in each of us is connected to the happiness of those around us.