Category: Economics

The bar is higher in the financial districtThe bar is higher in the financial district

Tetman Callis 0 Comments 6:29 am

“The belief that a person has a share in an unknown life to which his or her love may win us admission is, of all the prerequisites of love, the one which it values most highly and which makes it set little store by all the rest. Even those women who claim to judge a man by his looks alone, see in those looks the emanation of a special way of life. That is why they fall in love with soldiers or with firemen; the uniform makes them less particular about the face; they feel they are embracing beneath the gleaming breastplate a heart different from the rest, more gallant, more adventurous, more tender; and so it is that a young king or a crown prince may make the most gratifying conquests in the countries that he visits, and yet lack entirely that regular and classic profile which would be indispensable, I dare say, for a stockbroker.” – Marcel Proust, Swann’s Way (trans. Moncrieff and Kilmartin)

Joke’s on everyoneJoke’s on everyone

Tetman Callis 2 Comments 7:22 am

“There are certain queer times and occasions in this strange mixed affair we call life when a man takes this whole universe for a vast practical joke, though the wit thereof he but dimly discerns, and more than suspects that the joke is at nobody’s expense but his own. However, nothing dispirits, and nothing seems worth while disputing. He bolts down all events, all creeds, and beliefs, and persuasions, and hard things visible and invisible, never mind how knobby; as an ostrich of potent digestions gobbles down bullets and gun flints. And as for small difficulties and worryings, prospects of sudden disaster, peril of life and limb; all these, and death itself, seem to him only sly, good-natured hits, and jolly punches in the side bestowed by the unseen and unaccountable old joker. That odd sort of wayward mood I am speaking of, comes over a man only in some time of extreme tribulation; it comes in the very midst of his earnestness, so that what just before might have seemed to him a thing most momentous, now seems but a part of the general joke.” – Herman Melville, Moby Dick

Sunday services at the Church of MammonSunday services at the Church of Mammon

Tetman Callis 0 Comments 7:02 am

“There is all the difference in the world between paying and being paid. The act of paying is perhaps the most uncomfortable infliction that the two orchard thieves entailed upon us. But being paid,—what will compare with it? The urbane activity with which a man receives money is really marvellous, considering that we so earnestly believe money to be the root of all earthly ills, and that on no account can a monied man enter heaven. Ah! How cheerfully we consign ourselves to perdition!” – Herman Melville, Moby Dick (emphasis in original)

We can’t hardly sell it, anywayWe can’t hardly sell it, anyway

Tetman Callis 2 Comments 5:46 am

“Writers need to have an attitude. Not an ego, but we need to have more of a we-can-do-this-and-you-can’t attitude that lets the rest of the world know that we’re good at this because we’ve practiced and trained and we do it every goddam day. And that it has value because in this world where all that seems to matter is selling stuff, writing and art are the only things that remind us what it is to be a human.” – Joe Ponepinto, “Un-Job”

Good luck with thatGood luck with that

Tetman Callis 0 Comments 4:18 am

“Some bribe, importune, solicit, rise early, pray, insist, and yet at the end do not obtain what they desire, while another comes and without knowing why or wherefore finds himself spirited into a position of rank and authority that many others had sought in vain. There is indeed much truth in the saying that ‘Merit does much, but fortune more.’” – Miguel de Cervantes Saavedra, Don Quixote (trans. Starkie)

For the greater good of allFor the greater good of all

Tetman Callis 0 Comments 5:46 am

“The profession of pimp is no ordinary office, but one requiring wisdom and most necessary in any well-governed state. None but wellborn persons should practice it. In fact, it should have its overseers and inspectors, as there are of other offices, limited to a certain appointed number, like exchange brokers.” – Miguel de Cervantes Saavedra, Don Quixote (trans. Starkie)

Zero-sum, but not a gameZero-sum, but not a game

Tetman Callis 0 Comments 6:06 am

“It would clearly be desirable if the only actions performed were those in which what was gained was worth more than what was lost. But in choosing between social arrangements within the context of which individual decisions are made, we have to bear in mind that a change in the existing system which will lead to an improvement in some decisions may well lead to a worsening of others. Furthermore we have to take into account the costs involved in operating the various social arrangements (whether it be the working of a market or a government department), as well as the costs involved in moving to a new system. In devising and choosing between social arrangements we should have regard for the total effect.” – R. H. Coase, “The Problem of Social Cost”

Incremental steps along the road to perditionIncremental steps along the road to perdition

Tetman Callis 0 Comments 5:43 am

“Very little analysis is required to show that an ideal world is better than a state of laissez faire, unless the definitions of a state of laissez faire and an ideal world happen to be the same. But the whole discussion is largely irrelevant for discussions of economic policy since whatever we may have in mind as our ideal world, it is clear that we have not yet discovered how to get to it from where we are. A better approach would seem to be to start our analysis with a situation approximating that which actually exists, to examine the effects of a proposed policy change and to attempt to decide whether the new situation would be, in total, better or worse than the original one. In this way, conclusions for policy would have some relevance to the actual situation.” – R. H. Coase, “The Problem of Social Cost”

Law and ordering an economyLaw and ordering an economy

Tetman Callis 0 Comments 5:30 am

“The problem which we face in dealing with actions which have harmful effects is not simply one of restraining those responsible for them. What has to be decided is whether the gain from preventing the harm is greater than the loss which would be suffered elsewhere as a result of stopping the action which produces the harm. In a world in which there are costs of rearranging the rights established by the legal system, the courts, in cases relating to nuisance, are, in effect, making a decision on the economic problem and determining how resources are to be employed. It was argued that the courts are conscious of this and that they often make, although not always in a very explicit fashion, a comparison between what would be gained and what lost by preventing actions which have harmful effects. But the delimitation of rights is also the result of statutory enactments. Here we also find evidence of an appreciation of the reciprocal nature of the problem. While statutory enactments add to the list of nuisances, action is also taken to legalize what would otherwise be nuisances under the common law. The kind of situation which economists are prone to consider as requiring corrective Government action is, in fact, of the result of Government action. Such action is not necessarily unwise. But there is a real danger that extensive Government intervention in the economic system may lead to the protection of those responsible for harmful effects being carried too far.” – R. H. Coase, “The Problem of Social Cost”

What sense it makesWhat sense it makes

Tetman Callis 0 Comments 5:06 am

“Artists make the satisfying feeling of being an artist as much as they make discrete artworks. Typical art-world consumers, however, are not interested in the freedom art might signify. They want something to invest in and something that sets them apart. The trade in art objects is mainly about updating the prestige scoreboard (and property values) in the rarefied ‘art world’ of multimillionaire collectors, gallery owners, museum trustees, and artists becoming brands. The structure of the entire art milieu is meant to forestall the broader appreciation of art and protect its capability to signify status. It is meant to allow rich people to recognize the fruits of their wealth in their exclusive access to the world’s finest things. The glory of the view lies primarily in its being private-access. Ordinary people’s appreciation of art attaches to works like so many barnacles, ruining their meaning for collectors. As with any luxury brand, the wrong sort of audience for an artist can sully their market value completely. This is why so much of the discourse that surrounds contemporary art is so nauseating. It deliberately aims to destroy the confidence of nonelite audiences in their own judgment; it wants to make their potential pleasure in art depend on a recognition of their exclusion from the realm of art-making. We get the joy of knowing there’s some consumption experience beyond us that can remain forever aspirational, which gives us cause to cherish whatever brief peeks we get over the wall.” – Rob Horning, “Creative Tyranny”

Now, voyagersNow, voyagers

Tetman Callis 0 Comments 5:26 am

“Because artists are celebrated by capital for their seeming independence from it, they are liable to become confused about the social role they play. They think being above wage labor gives them automatic solidarity with those who want to abolish it. They think they are fellow travelers when really they are running dogs.” – Rob Horning, “Creative Tyranny”

Cats in a burlap sackCats in a burlap sack

Tetman Callis 2 Comments 5:42 am

“Artists must produce their reputation as a singular commodity on the market, which makes their chief obstacle other would-be artists rather than capitalism as a system, regardless of whatever critical content might inhere in their work. When artists patronize the working class with declarations of solidarity, their vows are motivated less by a desire for social change than by the imperative that they enhance the distinctive value of their personal brand.” – Rob Horning, “Creative Tyranny”

Who’s your daddy?Who’s your daddy?

Tetman Callis 0 Comments 5:37 am

“Artists work for themselves, own what they make, and must concern themselves with how to sell it. Though art has often made a mission of shocking middlebrow taste and artists have often congregated in urban Bohemian enclaves in working-class neighborhoods, they are less vanguard proletarians than petit bourgeois.” – Rob Horning, “Creative Tyranny”

Stepping upStepping up

Tetman Callis 0 Comments 5:44 am

“I know nothing I could call my own if the will by which I will ‘yea’ or ‘nay’ is not my own. If I use it to do evil, to whom is the evil to be attributed if not to myself?” – Augustine of Hippo, On Free Will (trans. Burleigh)

Pay me to watch me sufferPay me to watch me suffer

Tetman Callis 0 Comments 6:31 am

“There’s more than one way to tame an artist, and liberal democracies have developed their own strategies of containment for the unruly. The deal liberalism has made with art is that artists can say whatever they want as long as they don’t touch anything that doesn’t belong to them. And artists have to compete for attention with multibillion-dollar corporations bent on entertaining their way into viewers’ pockets. That way, the risk to current structures of power is minimized without disturbing the state’s ostensible commitment to freedom of expression. And when art struggles in its fuzzy handcuffs, it generates new images for sale.” – Malcolm Harris, “U.S.Ai.”

A human trinityA human trinity

Tetman Callis 0 Comments 4:54 am

“In every state there are three parts: the very rich, the very poor, and the middle class. So since it is agreed that the best and the mean is that which is moderate, it is evident that the best possession of goods which comes from fortune, too, is the one which is moderate, for this is the easiest to deal with in a rational manner; for he who greatly excels in beauty or strength or high birth or wealth, or in the contrarities of these, i.e. in ugliness or weakness or low birth or poverty, finds it difficult to follow reason. The former tend to become insolent or great criminals, but the latter rather rogues and petty rascals; for, of unjust effects, some result through insolence, others from roguery.” – Aristotle, Politics, Book IV (trans. Apostle and Gerson)