A Theory of Accumulation and Secular Stagnation, Author: Daniel Aronoff.
Thomas Malthus’s key insight, Aronoff stresses, is his theory of accumulation, the state in which “economically significant” entities, such as wealthy individuals, corporations, and countries with mercantilist policies (Aronoff points to China as a prime example), hoard financial assets, intending never to spend a good portion of them.
A prominent assumption of economic theory is that savers will eventually need to spend their money, whether to fund retirement, invest in growth projects, build infrastructure, or serve some other purpose. Take away this important assumption, however, and the rest of the theory loses much of its value as an explanatory instrument.
At the micro level, accumulation is a logical action if one expects deflation in the future. If many wealthy individuals, corporations, and governments adopt this tactic, however, massive repercussions could arise throughout the global economy, creating a self-fulfilling prophecy.
Source: Book Review: A Theory of Accumulation and Secular Stagnation
With the exception of a few late-night tweets that suggest he is sometimes visited by hobgoblins in the hours of darkness that take over his phone, the actions and appointments of President-elect Trump have been strong and decisive.
This is especially true regarding the people with whom he is choosing to surround himself in the White House and in his cabinet.
Reince Priebus is an exceptional choice for chief of staff. This is a tough job and its impact on the presidency is immense. A chief of staff is obviously the gatekeeper, but he is also the fixer.
When problems arise, as they always do — especially with Congress — it is the chief of staff’s job to go up to the Hill, stroke egos and settle the seas.
Source: Judd Gregg: So far, pretty good | TheHill
This reality television show will be set on Capitol Hill as President Trump’s cabinet nominees fight for survival against angry Democrats looking for revenge after getting wiped out on Election Day.
The opening scene has Trump demanding that Congress should ignore concerns over the heavy military presence among his top advisors. Trump will wave the flag and stir public support for a waiver to allow a recently retired general, James Mattis, to become his Secretary of Defense.
Trump needs the waiver to void a World War II-era law intended to protect civilian control of the military.
Trump is likely to win that battle. But then the fight for survival gets nasty.
Source: Juan Williams: Who will survive in Trump’s reality show? | TheHill