Of Rocks and Revolutions

This post is part of a series featuring behind-the-scenes dispatches from our Pohanka Interns on the front lines of history this summer as interpreters, archivists, and preservationists. See here for the introduction to the series. It is difficult to explain how the most advanced military technology of the 18th century relies upon a rock to function. Examined with modern eyes, the flintlock musket is as absurd as the macaroni fashion of the era. A petite vise grips a hunk of flint, which when thrown upon a steel battery, showers sparks on a criminally unmeasured amount of black powder. This produces a blinding flash, ushering a jet of flame through an eighth inch wide hole in the barrel. The powder condensed behind the ounce ball of lead is transformed from inert sulfur, charcoal and potassium nitrate into instant leviathan strength. The bullet careens down the barrel until its ejection from the twelve gauge bore, destined for whatever organic matter may halt the progress of this thoroughly unnatural reaction. [excerpt

They Were Only Playin\u27 Leapfrog! : The Infantryman and the Staff Officer in the British Army in the Great War

The British Infantryman of the First World War hated Staff Officers more than any other supporting or service branch in the BEF. This essay explores this attitude, its motivations, and the ways complaining helped British Infantrymen endure the Great War. It argues that the British Infantryman felt separate from the Staff Officers because of his intimate understanding of combat and killing and manifested his frustration with the helpless circumstances of war by hating Staff Officers, but ultimately understood the Staff Officer\u27s role and the necessity of their service. By reconsidering the hackneyed views of the \u27Poor Bloody Infantry\u27 a new source of endurance is identified

Roasting the Pig to Burn Down the House: A Modest Proposal

This essay addresses the question whether one should support regulatory proposals that one believes are, standing alone, bad public policy in the hope that they will do such harm that they will ultimately produce (likely unintended) good results. For instance, one may regard a set of proposed regulations as foolish and likely to hobble the industry regulated, but perhaps desirable if one believes that we would be better off without that industry. I argue that television broadcasting is such an industry, and thus that we should support new regulations that will make broadcasting unprofitable, to hasten its demise. But it cannot be just any costly regulation: if a regulation would tend to entrench broadcasting\u27s place on the airwaves, then the regulation will not help to free up the spectrum and should be avoided. Ideal regulations for this purpose are probably those that are pure deadweight loss - regulations that cost broadcasters significant amounts of money but have no impact on their behavior. Am I serious in writing all this? Not entirely, but mostly. I do think that society would benefit if the wireless frequencies currently devoted to broadcast could be used for other services, and the first-best ways of achieving that goal may not be realistic. I am proposing a second-best - a fairly cynical second-best, but a second-best all the same. I would prefer not to go down this path, but if that is the only way to hasten the shriveling of television broadcasting\u27s spectrum usage, then it is probably a path worth taking

CONSUMER ACCEPTANCE OF GENETICALLY MODIFIED FOODS: ROLE OF PRODUCT BENEFITS AND PERCEIVED RISKS

This study examines consumer willingness to consume genetically modified food products with clearly stated benefits and risks. Results suggest that male; white, Southerners, and those with some college education are more likely to consume genetically modified fruits and vegetables. Trust in government, biotech industry, and medical professional on matters relating GM foods also have a positive impact on the willingness to consume GM foods; such trust allays fears associated with risks posed by GM technology. Conversely, risk seems to negatively influence the willingness to consume GM products. Once the respondents are well informed of the risk of the product, this greatly diminished their willingness to consume such products. Older respondents (age above 55 years), those taking time to read food labels, and those with either high or low score on actual knowledge of GM based on a simple scientific quiz, are less enthusiastic toward GM foods. Income, religion and political affiliation did not play any significant role on influencing the willingness to consume GM fresh fruits and vegetables.Consumer/Household Economics,

Recent Perspectives in and on Macroeconomics

The experience of costly disinflation in the early 1980s has contradicted the central policy promise of the new classical macroeconomics just as sharply as the experience of accelerating inflation in the l970s contradicted the chief promise of earlier thinking. Much of the attractive appeal of each approach rested on its holding out the prospect of successfully dealing with the foremost macroeconomic policy issue of its time -unemployment in the earlier case, and inflation more recently -without incurring the costs that previous thinking associated with effective solutions. Inflation did accelerate in the 1970s, however, and now the real economic costs of disinflation have proved remarkably in line with conventional estimates antedating the new classical macroeconomics. The implication of this unfortunate outcome is not, of course, simply to return to earlier approaches,but to retain what is theoretically appealing about the methodology of the new classical macroeconomics i a form that does not lead to falsified policy conclusions.

Deficits and Debt in the Short and Long Run

This paper begins by examining the persistence of movements in the U.S. Government%u2019s budget posture. Deficits display considerable persistence, and debt levels (relative to GDP) even more so. Further, the degree of persistence depends on what gives rise to budget deficits in the first place. Deficits resulting from shocks to defense spending exhibit the greatest persistence and those from shocks to nondefense spending the least; deficits resulting from shocks to revenues fall in the middle. The paper next reviews recent evidence on the impact of changes in government debt levels (again, relative to GDP) on interest rates. The recent literature, focusing on expected future debt levels and expected real interest rates, indicates impacts that are large in the context of actual movements in debt levels: for example, an increase of 94 basis points due to the rise in the debt-to-GDP ratio during 1981-93, and a decline of 65 basis point due to the decline in the debt-to-GDP ratio during 1993-2001. The paper next asks why deficits would exhibit the observed negative correlation with key elements of investment. One answer, following the analysis presented earlier, is that deficits are persistent and therefore lead to changes in expected future debt levels, which in turn affect real interest rates. A different reason, however, revolves around the need for markets to absorb the increased issuance of Government securities in a setting of costly portfolio adjustment. The paper concludes with some reflections on %u201Cthe Perverse Corollary of Stein%u2019s Law%u201D: that is, the view that in the presence of large government deficits nothing need be done because something will be done.