On Progress and Anti-Elitism

Mariano Torras Complexity, Environment/Sustainability, Future, General, History, Politics, Public policy/Wellbeing, Reflections, Science Leave a Comment

May 31, 2021

“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.” (George Bernard Shaw) U.S. middle class living standards have been more or less stagnant over recent decades, and the same is true in most of the developed world. Inequality has both been a cause and consequence, as whatever economic growth experienced has disproportionately accrued to the social elite. But who exactly are …

The Urgency for an Enlightenment 2.0

Mariano Torras Complexity, Ecological Economics, Economic Theory, Environment/Sustainability, Future, General, History, Macroeconomics, Methodology/Statistics, Microeconomics, Politics, Public policy/Wellbeing, Reflections, Science Leave a Comment

April 30, 2021

When you automate an industry you modernize it; when you automate a life you primitivize it. (Eric Hoffer) It is well known that rationality and science emerged during the Age of Enlightenment. Many indeed attribute human progress over the past few centuries to reason and discovery. Despite a Romantic reaction against some of the worst excesses of the Industrial Revolution, there is little doubt that human reason, empiricism, and science ultimately became the dominant world view. The “defeat” of Romanticism …

A Debt Jubilee Is Unavoidable

Mariano Torras Economic Theory, Finance, Future, General, History, Macroeconomics, Politics, Public policy/Wellbeing Leave a Comment

April 11, 2021

I am truly sorry not to be teaching my macroeconomics principles class this semester. Debt is invariably an under-remarked topic in such classes, never mind a debt jubilee (or debt forgiveness). Yet everything recently happening both in the markets and politics offers a “real-time” tutorial. So, here I will try to explain why, in my view, a debt jubilee is unavoidable – sooner or later. “Debt” may be an abstract and confusing concept to many. Largely it is because we …

Are We Approaching a Tipping Point?

Mariano Torras Complexity, Environment/Sustainability, Future, General, History, Methodology/Statistics, Science Leave a Comment

March 8, 2021

Texas has been on my mind lately. No, I’m not a Republican, and I’m not crazy about hot weather. That is, in fact, the problem. Texas has been in the recent news, but not because of its heat. Quite the contrary. An unexpected winter storm last month stressed the electric grid in Texas and almost brought it down. Bill Magness, president and chief executive of the Electric Reliability Council of Texas (ERCOT), said Texas was “seconds and minutes” from complete …

Path Dependence and the Folly of Incrementalism

Mariano Torras Complexity, Economic Theory, Environment/Sustainability, Future, General, History, Politics, Public policy/Wellbeing, Reflections, Science 2 Comments

February 28, 2021

“History matters” (Robert Jensen) I am currently teaching a seminar entitled “Rethinking Progress.” One recurring topic in our discussions is the modern world’s present rate of technological advance in the absence of commensurate progress in the social sphere. My students sense an ominous imbalance and probable environmental overshoot. I want them to see the folly of incrementalism as a solution, yet do not want them to see me as preaching revolution. I therefore believe an understanding of path dependence to …

More Musings on Generalism

Mariano Torras Complexity, Future, General, History, Methodology/Statistics, Science 1 Comment

January 10, 2021

I recently read Yuval Noah Harari’s Sapiens: A Brief History of Humankind. It’s a bit late for a formal review since the book is over five years old. But in case you haven’t read it, the book is fascinating. Harari manages to convey so much historical information in an extraordinarily clear and concise manner. Despite its far-reaching scope, Harari manages to come across as profound and radical. I do not mean radical in the “leftist” or “extreme” sense, rather in …

Technological Complexity: The Next Black Swan?

Mariano Torras Complexity, Future, General, History, Microeconomics 1 Comment

December 14, 2020

A comment in Friday’s Financial Times by John Thornhill caught my eye, although not for the reason you might think. His piece was mostly a warning about how our overreliance on technology could spark the next global crisis. The article elaborated on a number of cyberwar and cybersecurity risks that make our modern society increasingly vulnerable to any number of attacks. And sure enough – would you believe it! – just two days later it appears that some Russians successfully …

Debt, More Debt, and Yes, Even More Debt

Mariano Torras Finance, Future, General, Health/Disease, History, International/Development, Macroeconomics, Public policy/Wellbeing Leave a Comment

November 22, 2020

In August of this year, Nobel laureate Joseph Stiglitz and Hamid Rashid warned that a global debt crisis was looming. And just last week, Zambia became the sixth country this year – after Argentina, Belize, Ecuador, Lebanon, and Suriname – to default on its sovereign debt when President Edgar Lungu’s government failed to make a $42.5 million interest payment that was due. Under normal circumstances one sovereign default is newsworthy; the latest announcement merely underscores what a strange year it has …

The Regional Comprehensive Economic Partnership: Why It Should Matter to Us

Mariano Torras Finance, General, History, International/Development, Macroeconomics, Methodology/Statistics, Politics, Public policy/Wellbeing 1 Comment

November 18, 2020

Just two days ago, 15 Asia-Pacific nations agreed to what is arguably the most important trade deal in history. Known as the Regional Comprehensive Economic Partnership (RCEP), it will unite the 10 countries from the Association of Southeast Asian Nations (ASEAN) – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Viet Nam – with Australia, China, Japan, New Zealand, and South Korea to create the largest trade bloc in the world. With its members accounting for about one-third …

David Graeber: A True Public Intellectual

Mariano Torras Economic Theory, Finance, General, History, Macroeconomics, Public policy/Wellbeing, Reflections Leave a Comment

September 25, 2020

Progressives the world over are mourning the tragic and untimely death of anthropologist David Graeber. He was one of the few academics who truly “walked the talk,” blending his activism and anarchism with original and pathbreaking research. Graeber is possibly best known for his involvement with Occupy Wall Street (he is frequently credited with coining the term “the 99%”) and his controversial dismissal from Yale University. I did not know him personally but am familiar with some of his professional work, …