Interesting to compare how someone like DeLong evaluates resources spent on bubble-fueled private investment versus those spent on, say, public-school salaries. When do we insist on a rigorous cost-benefit analysis? and when do we say say, it's all fine, something useful will probably come of it?

NEW (and I would say groundbreaking) paper from
@gdp-center.bsky.social colleagues mapping the global landscape of climate-related industrial policies.

It finds green industrial policy is increasing fast, is dominated by the Global North + China, and the policy mix differs across countries

I'm curious about whether this arbitrage is extending the "insurability" of areas that would otherwise be uninsurable due to increased risk from climate change etc. A convoluted kind of positive externality from finance? 🤔

Deutsche is Going There, noting the lack of a big USD rally on the latest tariffs shock

This is why the Chibber et al. anti-woke/anti-PMC stuff is not just politically foolish but irremidiably wrong-headed. They read the result of a management-labour conflict in the tech sector as if it were an organic outgrowth of the universities where *they* work, and the bosses' position...

Thanks so much, Guntram. I'm glad you found the piece helpful.

I’d caution against cases where we back a single company, and, if that fails, draw the conclusion that industrial policy as a whole doesn’t work.

I'm afraid the issue requires more contemplation. So a thread on your question.

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A whole lot of things worth reading in Adam Hanieh’s new book, but this point near the end — that fossil capital’s power is a manifestation of underlying dynamics of capital accumulation rather than a cause in itself of failures to end fossil fuels — seems pretty vital to me.