Everything is Oll Korrect!

An eclectic bibliophile's journal…

Tag: economics

“For a Few Thousand Battered Books” – Ezra Pound and the First World War

This post is a revised version of an essay I wrote a few years ago; I’m posting it here in honour of Pound’s upcoming birthday. Please forgive its length – I’ll go back to my normal style shortly after this. For now, think of it as a preview of the literature-focused website I mentioned working on in last week’s post.

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Though many poets write about social, political, and economic issues, few have made such matters as integral to their work as Ezra Pound. Literary criticism would always form a large part of his prose work, like ABC of Reading, but he wrote at least as much on economics and politics, like ABC of EconomicsJefferson and/or Mussolini, and segments of Guide to Kulchur. Even in his poetry, references to historical figures like John Adams and Sigismundo Malatesta outnumber artists.

The apparent catalyst for Pound’s concern with socio-economic matters was the First World War. Prior to the war, most of his writing deals directly with encouraging a revival of the arts, and poetry in particular. After the war, beginning with Hugh Selwyn Mauberley, he began to seriously consider the war and its causes, and his conclusions on the nature of and relationship between politics, economics, and the arts would shape his poetic and prose output for the rest of his career, especially in his epic poem The Cantos.…

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How Austrian Are You?

I just took the Mises Institute’sAre You an Austrian?” quiz. Apparently, my economic views are 82/100 Austrian. A couple of my answers to the 25-question quiz were more in-line with the Chicago school, and a couple others with Keynesian/neo-classical economics. Somehow, I even managed to give one socialist answer(!).

Though my final score is probably accurate, and no such quiz is perfect, there were a few questions I had to hedge on. For example, one question asked about government involvement in endeavours like schools and roads. Well, I think government should build roads, but should not involve itself with schools.

It’s also really tough for an online quiz, with questions like “What is the reason for the interest rate, and should the rate be regulated?” Well, shit, I don’t know.

That aside, it’s definitely a step above the typical “What Pokemon type are you?” fare (I’m psychic-type, BTW). Check it out, and while you’re there read up on some Austrian economics too.

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Economics in One Post

With all the talk of the government needing to spend money in order to stimulate the economy, I figured now would be as good a time as any to break out Henry Hazlitt’s Economics in One Lesson.

In short, based on my understanding of his book, a government has only two ways, besides outright seizure, of raising money. The first is taxation, and the second is inflation (the printing of more money). Every dollar the government spends must be paid for by one dollar of taxation or inflation. In neither case is there any real gain to the economy, because by taxation wealth is simply redistributed, not created, and by inflation the value of each dollar (or pound, or whatever) is reduced, making the additional money less meaningful.

That’s, uh, really about it. Hazlitt expands on that concept in his writings, of course, but really this seems like plain common sense. Why Congress fails to grasp such concepts is a mystery.…

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