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Revisiting Empirical Macroeconomics with Robert Barro (Harvard Economics Professor)
Harvard Economics Professor Robert Barro joins Jon Hartley on Capitalism and Freedom in the 21st Century to discuss his career in economics
the interplay between religion and economics
Jon Hartley and Robert Barro discuss Robert’s career in economics including his long list of famous students
business cycles and the legacy of New Keynesian modeling
Jon Hartley: This is the Capitalism and Freedom the 21st Century podcast
an official podcast of the Hoover Institution Economic Policy Working Group where we talk about economics
who is an economics professor at Harvard University
He's widely regarded as one of the founders of new classical macroeconomics
having done incredible path breaking work in the empirics of economic growth
You were born in New York City and you were a physics undergrad at Caltech and were a Richard Feynman student in the 1960s and then you transitioned to economics
What was it that first got you interested in economics
I didn't know anything about economics when I started as an undergraduate and Caltech didn't offer any economics to speak of
My brother was an economist and he gave me some influence and I finally took a course in my junior year and surprisingly enough it was on Keynesian economics
And I particularly appreciated the combination of technical material which I was doing a lot of when I was in physics with applications and particularly uses in a policy context
So the combination of those two things I think is what especially attracted me
I know your PhD advisor was Zvi Griliches at Harvard and you returned to Harvard in its economics department in the 1980s
how has the department changed since you were there as a graduate student
I guess there was perhaps at that time a lot of
a lot of sort of old Keynesian economists at Harvard
Harvard and MIT have sort of historically been
I think well known for having folks like Alvin Hansen
who kind of brought a lot of Keynes ideas to the United States versus obviously University of Chicago
more so the home of sort of new classical economics
How exactly did you know you end up there when you're a graduate student
I think it's fair to say that a lot of your work and ideas are somewhat in contrary to that sort of Keynesian tradition at Harvard
Robert Barro: I think it's fair to say that when I was a graduate student at Harvard
it was a low point for the faculty in terms of the economics department
And it had been sort of going downhill for some time
And that was more dominant than the question about whether it was Keynesian or not Keynesian
It really wasn't imparting a good instruction
and it was particularly weak in macroeconomics
And I was working on hyperinflation and macroeconomics more broadly
and I had a very tough time finding a thesis advisor
So it ended up being the case that I was in my third year and I'd gotten a lot of work done in terms of particularly of the German hyperinflation
even though I didn't have a thesis advisor or a thesis
And somehow I managed to get a job at Brown University as an assistant professor without having a doctorate or even a thesis advisor
But that actually was a sensible thing to do
But at some point I decided I better finish up and I needed to get an advisor
Harvard had hired some really great professors all at once
They were all hired just about the same time toward the end of my graduate education
So I decided I should get one of these new people to be my advisor
even though they might not fit exactly by fields
And at some point I had an appointment with Zvi Griliches
and I talked to him for half an hour about the work I was doing
and some of it was in econometric applications
it actually worked out for him to be my advisor and he was great
And he told me at some point that his whole career he'd really only had two PhD students in macroeconomics
So I was very happy with Zvi as my advisor
where were you when the Rational Expectations revolution was happening
when I think about the history of macroeconomic thought and how it kind of evolved in the late 20th century
which was the Rational Expectations revolution
it wasn't really until that that caught on and I think pretty successful in terms of changing
at least influencing research in the sort of the subsequent couple of decades
Keynesian models being unable to explain rising inflation and output falling during that period of time
Harvard sort of caught up and the New Keynesian sort of tradition kind of emerged where they took all the rational expectations micro foundations theory that had been developed by Lucas
where were you during that period of time in the rational expectations of revolution
and I particularly interacted with him and with Gary Becker and George Stigler
So I worked in that period particularly on Ricardian Equivalence
which has some relation to rational expectations
and I worked a lot on empirical things related to some of Bob Lucas's work
But Lucas actually went back to Chicago a little bit later
And the second time I was in Chicago is when I particularly interacted with him
So it was in that period from the mid-70s through the mid-1980s
where part of the time I was in Chicago and part of the time I was interacting with Lucas
Jon Hartley: So I guess diving into some of your research here and talking about Ricardian Equivalence
it's this idea that temporary tax cuts shouldn't affect consumption
that debt and taxes are interchangeable and that you wrote this very famous paper
this titled “Are Government Bonds Net Wealth”
And the idea is that government bonds are substitutable with taxes and it's largely the path of spending that matters and that
they'll just save more in response to something like the government issuing more debt or running in a deficit
And so I think it has a lot of implications for deficit spending
Governments trying to use deficit spending to juice aggregate demand
which is still a very popular policy approach by governments
what gave you this idea to study Ricardian Equivalence
It was something that David Ricardo had discussed
but something that I think had grown dormant for quite some time
What led you to studying that as well as other forms of equivalents
You've written papers about government debt management
I think arguing that government debt management
maturity choice doesn't really matter for non-contingent debt
What led you to this sort of line of thinking
Was it those interactions with Lucas or was it something else
But Ricardo and equivalence is important as kind of a baseline idea that under certain circumstances you get this fairly set of extreme results and then it forces you to think in a disciplined way about why should you have departures from that and in what direction are the departures going to be
And certainly Ricardian equivalence doesn't always hold
but that doesn't mean the kind of standard analysis of fiscal deficits are valid and things can go even in the opposite direction
And I had a second paper in end of the 1970s about tax rate smoothing
which was about the function of public debt as a device for financing basically temporary government expenditure
And from a public finance viewpoint it was important that that method of finance was available
And in that sense the debt is not irrelevant
And it probably underlies why Britain did so well in financing wars over a couple of centuries because it provided a very convenient method of financing
So certainly you don't have Ricardian equivalence there
but it becomes kind of a part of public finance in terms of what's the optimal structure of taxation over time
And the public debt management is part of that problem
I gave a seminar on my Ricardian equivalence paper only once
Becker and Stigler were there at the same time
which is the only time I've seen the three of them together at a seminar
And I got some important feedback there and then from Gene Fama when I gave the paper in the business school in Chicago
And those are the only two times I gave a seminar on that paper which proved very influential
So I didn't know when I wrote the paper that it had something to do with David Ricardo
And I didn't call it Ricardian equivalence
who wrote a comment on my page paper and he said
it must be that there was an earlier statement of this
that you can always go back and find stuff
I couldn't find any sensible thing before Ricardo that had this viewpoint
So then I decided Ricardian equivalence was a really good name and we should adopt that which subsequently became the case
how do you feel about I guess criticism from empirical economists who kind of say
it's wrong and they point to maybe some data about some micro data maybe that shows that consumers aren't fully smoothing
like the 2008 tax rebates in the US or the 2020
it's pretty clear that they're largely being saved
there's a lot of smoothing that's going on
But I don't think it's necessarily full smoothing and perfect smoothing either
is it really just the being an important baseline that's important
or do you think that a lot of empirical economists out there
particularly on the maybe applied micro side of things
that they're using microdata to estimate MPCs or to look at consumer spending responses to fiscal policies
do you think that they're missing something
I think it's certainly fair that there can be departures from complete smoothing and there are good reasons to have certain kind of frictions and informational issues that can produce those kinds of effects
It's certainly not systematically the case that fiscal deficits produce the kinds of Keynesian responses that are often predicted
And some of the departures from Ricardian equivalence can go in the direction opposite to the one that you would normally expect to find
I found it more productive to think about that as a positive theory about how the government is managing the debt
And there's a lot of literature along those lines in terms of the public debt as a kind of part of optimal tax problems
Jon Hartley: So I guess I want to talk just a little bit about government spending multipliers
you published this Quarterly Journal of Economics paper with Charles Redlick
a very famous paper titled “Macroeconomic Effects of Government Purchases and Taxes”
And you find that government spending multipliers are low and below one
And that's consistent with other work that's done by Hoover's very own Valerie Ramey
And you found that tax multipliers are a bit higher
you're largely using government military purchases
military spending for exogenous identification
what's your intuition for why this is the case that government spending multipliers are so low in the
and that the tax multipliers are actually somewhat higher
I know Alberto Alsina found a similar thing looking at fiscal consolidations with his co-authors
but I guess I'm curious because I feel like this is definitely one of the most hotly debated topics in macroeconomics where it feels like
but it's still a hugely contentious debate
I think that empirical macro people tend to say one thing
say tax lotteries or something of that nature
find that MPCs are very high and that government spending multipliers are much higher than
I'm curious what you think about that tension and where you think that the truth is in all this
Robert Barro: Looking at the variations in military spending in the US context over a fairly long time period is a very good setting for trying to isolate spending multipliers associated with basically exogenous movements in the amount of government expenditure
You wouldn't do this for many countries during wartime because the direct destructive effects of wartime tend to be dominant
And typically in wartime you would estimate negative spending multipliers associated with military outlays
It doesn't have that kind of massive destruction associated
for looking to isolate the effect of these exogenous and large spending changes
it means you're basically getting as much output as you're using up
which makes it sound like it's a free thing
some would argue that there's been this big debate recently about whether G should be included in GDP or not
the Secretary of Commerce has highlighted this
But I guess Simon Kuznets famously said that G should be removed from GDP
But I guess there's this question which is
that would make the multiplier less than 1 when you're including G in GDP
Robert Barro: But it's not just about terminology
It means that your output goes up enough to pay for it
And then if you're saying the stuff is worthless
But the right benchmark is a multiplier of zero because that means that in order to get the extra spending let's say for military
you have to cut back on other spending one for one
So I would have looked at that as the benchmark
So we found multipliers that were more like a half or something
which means that you have to pay for 50% of the extra
So it's a multiplier of one and above is kind of completely ridiculous
a multiplier above one means you're not only getting the military spending for free
you're getting something extra for coming from nowhere
It should be a very surprising result to have multipliers that are above one
And you certainly wouldn't find that in normal times or in some kind of long run setting
it's not true that countries that have more G have more GDP
which would be even enough more GDP to more than pay for the G
the tax changes typically have incentive effects that are important
So cutting taxes usually means cutting tax rates and providing more incentive to do things like work more and work harder and invest more
So it's not surprising that you might find more potent effects related to cutting taxes
but something about distorting taxes being reduced
I guess this idea of crowding out and that if you get more
I guess it crowds up competition from the private sector in these areas
reasons for why government spending multipliers might be fairly low
I'm curious what your thoughts are on that kind of crowding argument
you need the multipliers to be less than 1
You'd really have to raise a lot of extra stuff to pay for the spending
I think it's a reasonable first line approximation that you have substantial crowding out of private activity when you have more government activity
So some of that is just directly on the expenditure macro side and some is more along the lines of what you were indicating in terms of crowding out based on the government effectively monopolizing the market or regulating things
and that's going to depress private activity
I think crowding out in both of those senses is important
I want to just talk a little bit about fiscal theory of the price level here because it's also somewhat related to Ricardian equivalence
similar benchmark kind of results from a pretty simple model
Something you've done some work on lately with Francesco Bianchi
A terrific monograph has been written recently by Hoover's very own John Cochrane titled Fiscal Theory at the Price Level on this very topic
what led you to recently start studying fiscal theory
trying to understand the surge in inflation associated with the COVID crisis and noting that this was a global phenomenon
And then I was trying to think about what kind of macro monetary analysis would lead you to the result that this kind of expansion
How would you think about that kind of linkage
I think the closer thing to what we ended up doing was the idea of fiscal dominance and the kind of analysis that Lucas and Stokey had in the 1980s
and thinking about wartime finance and why it was often accompanied by inflation
So I think that was probably a more important element rather than the fiscal theory of the price level per se
which often involves issues that didn't really have anything to do with what Bianchi and I
there's a government budget constraint that's central to this analysis
and it has to be viewed in an intertemporal sense
you have to pay for it somehow and somewhere
But then it also leads you to the idea that it's possible to pay for it through the kind of contingent fiscal deficits that Lucas and Stokey highlighted
even more under Biden than under the first Trump administration
a way to avoid paying for that by cutting other spending
Spending or by raising taxes is by having a inflation that's surprising from a perspective of a pre-crisis period
And that basically wipes out a lot of real value of the government bonds that are outstanding and it amounts to a very large temporary source of revenue which can be something like 10
And that's empirically about what happened in the US and also in other places
And then people don't like the idea that it might not have been completely crazy to pay for the expenditure in substantial part through this surprise inflation
I get a lot of grief on that point from people who normally
who normally are on my side about things because they just want to think of the inflation as being stupid and being dramatically harmful
So I think what was harmful is the excessive fiscal expansion
It was unnecessary to have that vast increase in transfer payments
we effectively paid for most of it through the surprise inflation
And maybe that part was not so crazy because the alternatives would have been also very costly
I think maybe some of that consternation comes from
And I guess physical theory is something that sort of
I guess regained interest in part due to John's monograph
I think it's interesting because I think there's a lot of people at some level the results of physical theory are at some level observationally equivalent with other say
New Keynesian DSGE models and a lot of their kind of key results
You could also find that deficit spending causes inflation in Old Keynesian ISLM type frameworks as well
So I guess as far as I see it the tension kind of arises from that observational equivalence
the price of also puts a big emphasis on expectation fiscal expectations and how those are shifting
It's very difficult to measure fiscal expectations and we don't really have
but those are under current law and policy and at some level those don't necessarily reflect the fact that markets may not believe that current law or policy will continue
People may believe that government spending patterns will actually have to change at some point
And that as crazy as these CBO forecasts are
at some level the true expectation is something different
the reason the fiscal expansion leads to inflation works through the budget constraint
So somehow you're effectively getting this revenue by reducing the real public debt
And the amount by which you have to reduced to debt is related to how much revenue you need
which is partly related to the fiscal outlay
there are other models that might connect fiscal outlay to inflation
But we get other implications of this approach that works through the budget constraint
which ties in with the fiscal theory of the price level
how much inflation do you need to get a given amount of revenue
How does it relate to how much public debt is outstanding to begin with
So if you don't have any public debt outstanding
you really can't get revenue by reducing the real value of the debt
And if you have a tremendous amount of public debt outstanding
then it's relatively easy to get a lot of revenue by wiping out the real value of that debt
So through that channel we get the prediction that countries that started with more debt relative to GDP
and countries that started out with little debt should have more inflation
You might have thought it would go the other way
but we argue empirically that it works very persuasively that we do get that result in the data when we look across all the OECD countries
not just the US so that's an implication that came specifically from this fiscal theory of the price level approach connected with fiscal dominance
And another implication of that is about the duration of the debt
you have to have a lot of inflation in this framework
That's another empirical thing we look at which works the things you argue that are common to the fiscal theory of the price level approach and some other New Keynesian approaches
But then there are these other implications that came more specifically from the framework that we adopted
So I think that's an important positive check mark on our side
Jon Hartley: So I'm just curious what your thinking is in terms of just progress in we're talking about sort of business cycles
different macro frameworks to think about these things
what do you think about sort of the progress that you can see in DSGE models have made
where do you think the future of business cycle research
Do you think that we need to sort of deconstruct the three-equation New Keynesian DSGE model which has an IS curve
there are massive debates about whether we empirical observe the inflation versus unemployment trade-offs which don't seem to have a very clear pattern
Some people argue [the Phillips Curve] is now nonlinear
And so there's a massive debate over the Phillips curve
There's some people now that are trying to look at Beverage curves
And some people trying to build some concepts of say
But I think even that is pretty limited progress [maybe with the exception of things like <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5077514">measuring r-star with surveys</a>]
do we need to go back further and build from scratch the business cycle models of the future
I'm curious what you think the future path of business cycle macro is
Robert Barro: I think the foundations of New Keynesian macro models are deeply flawed
I think that that framework represented a major step backwards from the disequilibrium macro models that were in play earlier in the 1970s
One fundamental problem with the New Keynesian model is it assumes that
which only makes sense if there's tremendous excess supply of goods all the time
and sometimes there are important supply constraints
But people who use the New Keynesian macro model use the basic demand determination of output all the time and it doesn't make sense much of the time
So that's one component of that model that's deeply flawed
The Phillips curve part of it is also very problematic
It tends to predict this very strong correlation between what's going on with GDP and what's going on with inflation and that's not in the data
So I think a major reconsidering of the New Keynesian macro model
even sticking with a disequilibrium framework with sticky prices
I think a redoing of the basic model is really called for and I know some people are working on that currently
Maybe there'll be some success in that finally
which is long overdue because despite all its flaws
the New Keynesian macro model has become almost a monopoly provider in this industry and it's really quite ridiculous
it's interesting just to think about all the central bank researchers I'm sure would be very upset to hear this discussion
employment is being cut back a lot at the Federal Reserve bank anyway
there's been a massive subsidy toward DSGE modeling in central banks
And I think that's where certainly a lot of citations come from today
if you talk to or just look at the research that's being done by macroeconomists in a lot of econ departments
there's relatively few that are working on the N +1 iteration of a standard DSGE model
and some are using DSGE models in other frameworks and so forth but it's interesting that it's come this far
But I really don't think in all central bankers that have come across
I don't really think that central bankers necessarily make a monetary policy decision or move their dot or move
They're thinking around monetary policy just because of some New Keynesian output or model output
Most central banks are using VARs for forecasting instead
what sort of framework they should have and maybe it's more just simple thinking around direction
maybe the Phillips curve trade off isn't a very clear one empirically
but raising interest rates presumably cools demand and that's good enough for them
So they'll sort of move in that direction until something breaks perhaps
Robert Barro: I think the model needs some basic changes and even sticking within the context of simple models
the way the research is going is it's just making the New Keynesian models more and more complicated
more and more detail in terms of enlarging the model
I don't think that's the right channel to be following
I guess I'm curious on more the sticky wages and sticky prices side of things and nominal rigidities
There's this a famous paper (“Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve”)
set of papers from Greg Mankiw and Ricardo Reis on sticky information
do you think that sticky wages and sticky prices really matter for in the sense that they can explain all
They are the main contributor to sources of economic fluctuations going back over the centuries is that now your prices are becoming
We have the more we use Amazon those prices are changing
Digital prices are often changing all the time
There's been some people who have said we should really should shift toward models with sticky wages instead if prices aren’t sticky any more
Those sorts of [wage] contracts are certainly things that are still very sticky
are you convinced that nominal rigidities like sticky wages or sticky prices are really that important for determining economic fluctuations
my view in the 1970s into the 1980s was that sticky prices and wages in nominal terms was not that important in terms of thinking about macroeconomic fluctuations
And that it was hard to see how it could be such a significant element
And that was what led me to stop working in that field around 1980 or thereabouts
It also made me much more sympathetic to the Lucas type of approach
which had to do with some kind of informational issues
But that approach had a similar kind of a problem
it relied on the fact that people knew about the local prices that they saw and were familiar with
And they were less familiar with the general macro situation
But then it wasn't so convincing that the information involved in not knowing what the price level was could be very important either
I think led me and other people to think that that couldn't be a critical element in business fluctuations
Similar to what you had just said about sticky wages and prices
This sort of incomplete information about the general macro situation
it's hard to see how that could be so important
that left me with a void because then I eliminated the two main models that were in play
And then once the Lucas style model became less convincing to many people
they returned to in some sense the Keynesian model
Which led to the New Keynesian model becoming so important and that relying on particularly sticky prices and then more recently also sticky nominal wages
So it's a strange kind of cycle in terms of how the fields and their influences have evolved going back to the 1970s
I know macro gets a lot of criticism from applied micro people and saying that
it's not making real progress and but it's interesting because these are the biggest questions and
some serious thinking and serious research on
that's why economic growth became so prominent in the period in the 1990s and into the 2000s
And my own work was primarily on economic growth in terms of theory and empirical work
I want to get into some of that growth research
some of your most cited work is in the empirics of economic growth
I think new data sets like your data on consumption disasters or really deep recessions or depressions across countries
you've got another sort of data set on educational attainment across countries
what led you to study the empirics of economic growth
was that sort of a moment that I guess we were just talking about being fed up with kinda the other business cycle macro models
He had this famous phrase saying “once you stop thinking about growth
And we could talk about these recessions like the Great Recession
which is a 5% divot in the GDP growth trend of the US or maybe some of your consumption disasters
if you look at just the simple difference in GDP per capita levels between say the U.S maybe it's a GDP per capita of around 80,000 versus very poor countries that have GDP per capita around
I think China is a bit higher than 10,000 but you just think about or many countries in Latin America around the world maybe close to 10,000
And so explaining those differences is just
it feels like a much bigger stakes kind of issue
I think it's still very much an open question in terms of what causes economic growth
And it's perhaps the most important question in economics was that kinda realization that led you to study economic growth
Robert Barro: So I think Bob has underestimated the cost of business fluctuations but I think he was right that economic growth is even more important
So I think he was right to think about that topic and to contribute to that literature
So part of that was on the theoretical level and particularly thinking about technological progress
in line with the work by Paul Romer in particular
I've worked a lot on that but I guess my more sort of distinctive contribution was in terms of empirical analysis
partly of the neoclassical growth model and its implications for convergence across countries
and partly bringing in some elements of the endogenous growth theory
which particularly became prominent in the 1990s
But that work has led to an unfortunate kind of circumstance
if you want to think about what matters for growth and
and how it depends on policies and things like property rights and fertility behavior and education and all those
the natural empirical arena to consider there is the cross country experiences where you have a lot of variety in terms of different policies and institutions being put into place and you have some hope from that of trying to isolate what things matter for long run economic growth
And that was the work I particularly put my efforts into in the 1990s going into the 2000s
And for a while there was a tremendous interest in that work and it was probably the most cited part of economics overall
But then you had this kind of so called credibility revolution in econometrics and identification and it was clear that to be using this cross country context leads to a lot of issues where you don't get perfect identification
There are some legitimate problems that arise in terms of various things being endogenous and too many things potentially mattering
But then I don't understand how the outcome from that is supposed to be
Then you ignore the best data that you have that pertain to these questions
What which is this cross-country experience
you almost never have experiences in terms of macroeconomics and growth where you have the kinds of exogenous experiments or near experiments that you would want to get clean identification
And then I think it's really unfortunate that what can be gleaned from the data that are available with the possible identification methods and implementations and then ignoring that I think is a great mistake
It's basically you just can't do that kind of work now
And I think that that's really wrong and unfortunate
It's a shame that cross country growth regressions have seemingly kind of disappeared along with much cross country comparative empirical research
it's an interesting question in terms of generalizability and there's lots of people who then will say well you should look at some very specific natural experiment in a very small corner of the world
Robert Barro: It doesn't give you the macro kind of variation that you want
The narrower you get or the smaller you get
the easier it is for I guess these sorts of small micro effects to be swamped by spillover general equilibrium incentive effects that you get sort of at the bigger macro level
and then hence you have things like external validity
violation of suit ven and these sorts of things become a valid criticism
I'm with you on getting back to cross country regressions
I wanna just talk a little bit about some of your big hits on economic growth
you wrote a famous paper in the 1980s on democracy and growth finding no relationship between democracy and growth
like Daron Acemoglu recently won the Nobel Prize
vehemently argued the opposite that democracy causes economic growth
And he's using measures like the Freedom House democracy measures
Jeffrey Sachs I think was a Harvard colleague of yours as well for a while
Where do you stand in the whole institutions versus culture versus say geography
which is I guess more where Jeffrey Sachs and Guns
institutions being sort of Why Nations Fail
where do you stand in that sort of debate between those three sort of key explanations
You do a lot of work on religion and economics as well
I guess culture bucket if you were to classify it into those three
I think there were some pretty clear robust findings from the cross country growth regression literature from work that I did and other people did
This idea of conditional convergence I think is quite robust
that's the idea that if you hold a lot of other things constant that then having a lower starting position predicts higher growth and a catch up convergence type of effect
But the fact that you have to condition on other things is central to getting that result
There are more issues about what are the other things
But I think some things come out to be fairly clear
I think institutional measures are quite predictive of growth
rule of law have a pretty robust positive connection to economic growth
Things involving fertility and population growth seem to be pretty reliably negative with respect to per capita GDP growth
which is interesting these days when people are worrying a lot about population growth being too low
There's some interesting recent work related to climate and economic growth over the long-term arguing that you have to look at that in a global context
And that gets you into the realm of looking at this time series on macrovariables being the basically world GDP
But a recent paper which has interesting results suggesting quite large negative effects from temperature rises on global GDP
some people have looked at religion and economic growth as part of the cultural phenomena
Rachel McCleary and I had some interesting findings there
I thought we argued that what mattered in terms of religion was something like believing relative to belonging
but kind of contingent on how much participation church attendance there was
So we found that stronger beliefs seemed to underlie things like Max Weber's work ethic and thereby promote economic growth
But just going to church more often didn't seem to have that kind of beneficial effect [on growth]
I think there's a lot of interesting work cross-country in terms of determinants of economic growth
And I think it's a field that needs to be reestablished as being legitimate
I know that you also spent a lot of time in sort of promoting the idea that human capital matters
I think this is maybe a fourth school that I think largely been championed by a lot of people
And I guess I'm curious what your thoughts are there
there's all these debates recently about industrial policy and other questions around that
And work by Larry Katz here on training programs for sectoral training programs that at least in RCTs seem to work well compared to other sorts of job training programs
say from the Great Society era that don't work well
even though these things are being rebranded as things like industrial policy at some level
which some people attribute to being an industrial policy success story
it's a place that where its industrial policy was largely human capital related
maybe a lot of these things are just human capital rebrandings
is education really central to economic growth
Robert Barro: So Lee Jong-Wha and I put together this major data set which people use a lot
It's about years of school attainment at various levels and for most countries in the world going back to the 1950 or so
and you can go back earlier for some set of countries
So that's one of the variables that has a central role in terms of determinants of economic growth
And we also distinguish education by gender as part of that kind of analysis
So the two major data sets I think that I've put together until recently were the one with Lee Jong-Wha and the other one with Jose Ursua was data that you mentioned before in terms of the long term data on macroeconomic disasters
More recently I'm putting together this data on very long term attendance at religious services
but I think that's another one that's going to have a lot of use
I think a couple decades ago you were interviewed
I think about Bono at that time in the 2000s
And I remember you're a bit critical of aid
certainly government aid being that useful in terms of spurring economic growth
around the time that YouTube is doing its Elevation Tour
But you've been so influential in so many topics in macro and you've advised many
many students who've gone on to have incredible academic careers: Michael Kramer
And some of them have gone on to win Nobel Prizes
So Jeff Sachs set it up for me to have lunch with him and Bono
So when he invited me to show you how ignorant I was
So I consulted with my daughter and I said
I've been invited to have lunch with this guy who's apparently a rock star
He's extremely intelligent and he's extremely quick on picking things up
but he was seriously interested in getting ideas related to things he was interested in
which particularly about debt relief and foreign aid at the time
But he didn't want somebody who was going to just echo his visions on those matters
probably because he wanted to know how to defend against arguments that were against what he really wanted to push
I didn't really agree with his basic positions and I don't think that forgiving debt is the way to promote economic growth for poor countries
And I don't think foreign aid has been successful at all
I think if we're cutting back on USAID as we seem to be doing at the moment
I've had some wonderful PhD students over the years
I'm hoping that Emi Nakamura and Jon Steinsson will join us soon at Harvard since they have offers now to join the faculty of the Economics department
And they were particularly great students of mine
was of course a wonderful student who had two classic articles as part of his PhD thesis
At the time he was doing mostly macro growth
but he shifted more toward microtype things in terms of developing countries and in particular applying experimental designs in those contexts
I think that's really what he got the Nobel Prize for
But he's still interested in the macro type work as well
There's a great variation in terms of how one works with the graduate students
Gabaix was a complete self-starter and did everything on his own
And then at some point he basically awarded me a prize by asking me to be his PhD advisor
And I don't think I get much credit for what he has produced
but I don't think I had that much influence on it
I don't know how to say what it is that makes one successful in terms of advising the great students
To some extent it's not so different from coming up with ideas for one's own research
but I guess also it does involve some different dimensions
you advised a tremendous number of students
and I'm sure many of them will listen to this and I'm sure will enjoy what's been an amazing conversation
It's been a thrill to have you on and hear your ideas
Jon Hartley: This is the Capitalism and Freedom
an official podcast of the Hoover Economic Policy Working Group where we talk about economics
Warburg Professor of Economics at Harvard University
a visiting scholar at the American Enterprise Institute
and a research associate of the National Bureau of Economic Research
in economics from Harvard University and a B.S
Barro is co-editor of Harvard’s Quarterly Journal of Economics and has been President of the Western Economic Association and Vice President of the American Economic Association
He was a viewpoint columnist for Business Week from 1998 to 2006 and a contributing editor of The Wall Street Journal from 1991 to 1998
He has written extensively on macroeconomics and economic growth
Recent research involves rare macroeconomic disasters
and economic effects of public debt and budget deficits
Recent books include The Wealth of Religions: The Political Economy of Believing and Belonging (with Rachel M
Nothing Is Sacred: Economic Ideas for the New Millennium
and Getting It Right: Markets and Choices in a Free Society
Each episode of Capitalism and Freedom in the 21st Century
a video podcast series and the official podcast of the Hoover Economic Policy Working Group
focuses on getting into the weeds of economics
and public policy on important current topics through one-on-one interviews
Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy
The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom
remains prescient from its focus on various topics which are now at the forefront of economic debates
For more information, visit: <a href="https://capitalismandfreedom.substack.com/">capitalismandfreedom.substack.com/</a>
With its eminent scholars and world-renowned library and archives
the Hoover Institution seeks to improve the human condition by advancing ideas that promote economic opportunity and prosperity while securing and safeguarding peace for America and all mankind
The opinions expressed on this website are those of the authors and do not necessarily reflect the opinions of the Hoover Institution or Stanford University
by the Board of Trustees of Leland Stanford Junior University
Winter Lecture on Corporate Law and Governance titled “Fiscal Influences on Inflation in OECD Countries
Barro’s most recent research focuses on rare macroeconomic disasters
Barro is co-editor of Harvard’s Quarterly Journal of Economics
and his recent books include “The Wealth of Religions: The Political Economy of Believing and Belonging” (with Rachel M
“Nothing Is Sacred: Economic Ideas for the New Millennium,” “Determinants of Economic Growth,” and “Getting It Right: Markets and Choices in a Free Society.” Barro was a viewpoint columnist for Business Week from 1998 to 2006
and a contributing editor of The Wall Street Journal from 1991 to 1998.&nbsp;
Barro is a visiting scholar at the American Enterprise Institute and a research associate of the National Bureau of Economic Research
He previously served as president of the Western Economic Association and vice president of the American Economic Association.&nbsp;
in physics from the California Institute of Technology
The lecture is open to the Yale community. To attend, <a href="https://yalelaw.co1.qualtrics.com/jfe/form/SV_e386WfO7GzyOOXA" target="_blank" title="(opens in a new window)">register by 12:00 p.m. ET on Monday, Feb. 10</a>
<a href="https://www.ccl.yale.edu/the-history-of-business-law-at-yale-archives/winter-ralph-k-modern-era" target="_blank">Ralph K. Winter Jr.&nbsp;</a>’60 was a Senior Judge on the U.S
Townsend Professor of Law at Yale Law School when appointed to the bench in 1982 and continued to teach at the Law School part-time until 2014
Devitt Distinguished Service to Justice Award
which honors an Article III judge who has achieved a distinguished career and made significant contributions to the administration of justice
Recipients are chosen by a committee of federal judges consisting of a Supreme Court Justice
To commemorate the extraordinary influence of Judge Winter as a corporate law scholar and his distinguished career as a jurist, former law clerks and students established <a href="https://www.ccl.yale.edu/winter-lecture" target="_blank">The Judge Ralph K. Winter Lectureship on Corporate Law and Governance</a>
under the auspices of the&nbsp;Yale Law School Center for the Study of Corporate Law
The inaugural lecture took place in the fall of 2005
Established in 1999, the&nbsp;<a href="https://ccl.yale.edu/" target="_blank" title="(opens in a new window)">Yale Law School Center for the Study of Corporate Law</a>&nbsp;has a wide-ranging objective to enhance the quality of students’ educational experience and of faculty research in the business law area by increasing exposure to and engagement with contemporary business law issues
<a href="tel://2034324992">203.432.4992</a>
But the brilliant minds behind the idea of intentionally weakening the dollar are prioritizing making America a good place to manufacture rather than a good place to live
and weaker buying power—and more expensive beer and tomatoes
some Dems are arguing for a smarter version of tariffs
Abrego Garcia's union brothers want him home and Trump wants to fight with Harvard
Chris Deluzio and Josh Barro join Tim Miller
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<a href="https://www.nytimes.com/2025/03/07/opinion/tariffs-democrats-mexico.html?unlocked_article_code=1._04.rckr.bFH8FsCgpbRs&amp;smid=url-share" rel>Rep. Deluzio's NYT piece arguing for smarter tariffs</a>
<a href="https://www.nytimes.com/2025/04/10/opinion/trump-tariffs-democrats-free-trade.html" rel>Josh's NYT piece on how Trump is giving Dems a gift with his tariffs</a>
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Trump &amp; company want to turn us into Taiwan circa 1985
and weaker buying power\u2014and more expensive beer and tomatoes
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<a href=\\\"https://www.nytimes.com/2025/04/10/opinion/trump-tariffs-democrats-free-trade.html\\\">Josh's NYT piece on how Trump is giving Dems a gift with his tariffs</a>
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Austin FC II announced today that the Club has signed midfielder Djakaría “Djaka” Barro to its MLS NEXT Pro roster via a free transfer from RCD Mallorca B
Barro joins on a contract guaranteed through 2026 with an option for 2027
He moved to Spain to join the academy of LaLiga side CD Leganés as a young player
He joined FC Cartagena B on loan for the 2021-2022 season and signed permanently with the club in the summer of 2022
In the following two (2) seasons playing with Cartagena B
His performances earned him five (5) appearances with FC Cartagena
including three (3) in the Spanish second division and two (2) in the Copa del Rey
He joined RCD Mallorca B in the summer of 2024 and made 22 appearances there this season
Get your morning recap of today's local news and read the full stories here: tucne.ws/morning 
<a href="https://www.barrospizza.com" target="_blank">Barro’s Pizza</a> didn’t have far to go when it moved on Monday from its longtime location at 5884 Arizona Pavilions Drive in Marana
literally crossed the street to the long-vacant former pizzeria and sports bar at 5825 Arizona Pavilions Drive
Barro’s <a href="https://tucson.com/business/tucson/popular-barros-pizza-coming-to-marana-this-summer/article_5dfe6382-b978-530b-905e-0d29f7c379ad.html" target="_blank">has been at</a> the 5,000-square-foot space at 5884 Arizona Pavilions since August 2017
The move gives the pizzeria an additional 1,100 square feet of space that includes a spacious bar and patio
two things missing from its original Marana digs
Barro’s Pizza gains 1,100 square feet of space including an outdoor patio and bar with its move to the former Boston’s Restaurant &amp; Sports Bar at 5825 Arizona Pavilions Drive
Barro’s was open for business at its original location Monday
although it was limiting service for most of the day to takeout and delivery
Store officials on Sunday said the idea was to allow workers to begin moving furniture and other equipment to the new space Monday night in time for Tuesday’s opening
Barro’s has a second Tucson area location at 410 N
The family-owned Barro’s <a href="https://www.barrospizza.com/barros-story" target="_blank">got its start</a> in Chicago in 1961 when the family opened its first restaurant using matriarch Angelina Barro’s recipes
Angelina moved to California in 1968 to open a restaurant with her sons John and Angelo
lauded for its fluffy crust and sweet and savory pizza sauce
is moving across the street in Marana to bigger digs
he opened the family’s first Arizona restaurant
four Barro siblings own 48 locations across Arizona and Texas
Watch now: New downtown pizza restaurant Jaime's Pizza Kitchen was named after owner Gabriel Moreno's grandfather
Here's vintage photos from the now-closed bar
Contact reporter Cathalena E. Burch at <a href="mailto:cburch@tucson.com">cburch@tucson.com</a>
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With our weekly newsletter packed with the latest in everything food
Restaurant offers pizza by the slice at lunch
It's the first in Pima County for 40-year-old Phoenix chain
A full bar at happy hour prompted The Cork Tucson's owners to jump at a chance to buy the old Saddlehorn Saloon building next door and open a &hellip;
Tucson's fledgling Sonoran House coffee shop and year-old Redbird Scratch Kitchen are teaming up to write the next chapter in the historic Rin&hellip;
The 12-year-old brewery opened by a trio of firefighters as a passion project in 2012 closed its last location on Friday
Ermanos announced their closure with an Instagram post on Monday
thanking staff for their hard work over the years
Get up-to-the-minute news sent straight to your device
After three seasons leading Tempe Corona del Sol's football program
"I love Corona and the players," said Barro
who left Casa Grande after leading it to a 4A state championship in 2022 to coach the Aztecs
I will take some time and pursue new opportunities."
Barro was the Arizona Cardinals High School Football Coach of the Year in 2022
when he led Casa Grande to an unbeaten state championship season
His grandfather was part of Corona del Sol's first football coaching staff when the school opened in 1977
He was on the staff that won the 1980 4A state championship
That team still qualified for the 6A playoffs
but lost to Tucson Salpointe Catholic 41-0 in the first round
"Coach Barro has been an invaluable part of Corona del Sol
and the positive relationships he established in our football program," Corona del Sol Principal Nate Kleve said in a statement
"We wish him nothing but success in his future endeavors."
Corona del Sol will begin looking for is replacement
This comes on the heels of Chandler football coach <a href=https://www.azcentral.com/story/sports/high-school/2024/11/18/rick-garretson-retires-as-chandler-high-football-coach/76413376007/ target=_blank rel="noreferrer noopener">Rick Garretson retiring</a> as head coach this week
Josh Goodloe announced on social media that he has stepped down as Surprise Paradise Honors head football coach a year after leading the school to the 3A championship game
Last week, Waddell <a href=https://www.azcentral.com/story/sports/high-school/2024/11/14/nick-gehrts-let-go-as-canyon-view-football-coach/76305434007/ target=_blank rel="noreferrer noopener">Canyon View cut ties</a> with football coach Nick Gehrts
and Yuma Catholic coach Rhett Stallworth said this would be his final season leading the Shamrocks' football program
Stallworth's team is in the 4A quarterfinals
getting ready to play host to Walden Grove on Friday night
More football: <a href=https://www.azcentral.com/story/sports/high-school/2024/11/21/arizona-high-school-football-playoffs-schedule-for-nov-22-23/76485627007/ target=_blank>Arizona high school football playoffs schedule for Nov. 22-23</a>
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  <a href="https://www.bnamericas.com/en/what-we-do">Bnamericas</a>  Published: Wednesday, February 26, 2025    <a class="topic" href="https://www.bnamericas.com/en/tag/financingandinvestment-financing" title="Financing" data-toggle="tooltip" data-placement="bottom" tooltip> Financing </a> <a class="topic" href="https://www.bnamericas.com/en/tag/electricpower-onshorewind" title="Onshore Wind" data-toggle="tooltip" data-placement="bottom" tooltip> Onshore Wind </a>  
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Professor Robert Barro of Harvard University gave the Judge Ralph K
Winter Lecture titled “Fiscal Influences on OECD Countries
Professor Barro’s recent research involves rare macroeconomic disasters
<a href=https://barrospizza.com/ target=_blank rel="noreferrer noopener">Barro's Pizza</a> is donating 100 percent of every penny earned to charity on Dec
For the 13th year in a row, all proceeds earned at each of their 48 locations during the "Doran Barro Holiday Hunger Fight" will be donated to <a href=https://www.stmarysfoodbank.org/ target=_blank rel="noreferrer noopener">St. Mary's Food Bank</a>
The event is named in honor of the matriarch of the Barro family who stressed being properly fed and giving back to the community
more than $3 million has been donated to St
one company and have that kind of impact is an incredible gesture on their part," said Jerry Brown
"It's incredibly unique in that this isn't a portion of proceeds
The fundraiser boasts the largest donation and fiscal impact for St
"For a company to say we won't take a dollar is almost unheard of
it's a great day to fight hunger," Brown said
Barro's also <a href=https://barrospizza.com/barros-gives-back/ target=_blank rel="noreferrer noopener">donates</a> to the Arizona Cancer Foundation for Children and the Dr
Many economists have expressed alarm at the adverse economic consequences from the surge in tariffs.&nbsp; These arguments rightly emphasize the reduced volume of international trade
which is costly primarily because of shifts in global production toward goods and services in which countries have comparatively low efficiency
One man’s nap recently led to a bunch of charges after police caught him behind the wheel of a running car
Officer Vincent Dorio was on patrol on Harding Avenue when he observed a Toyota Corolla stopped in the road in the middle of the 300 block of Harding Avenue
Officer Dorio approached the car and found the driver
the vehicle was running and still in the drive position
Officer Dorio proceeded to render the vehicle safe before waking Barro
Barro attempted to conceal a clear plastic baggie containing a white colored powdery substance
 Barro confirmed the baggie contained cocaine
He also admitted to consuming cocaine and Xanax earlier in the evening
A search of the vehicle revealed the presence of heroin
Barro was charged with possession of a cocaine
possession with intent to distribute and driving while under the influence
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BLEACH: Thousand-Year Blood War Part 3 -The Conflict- anime revealed the preview for Episode 9 (Episode 35 overall)
The episode is titled “DON’T CHASE A SHADOW” and will premiere this Saturday on November 30
The official website describes the story for the episode:Using the modified Bankai “Konjiki Ashisogi Jizo: Matai Fukuin Shotai,” Mayuri Kurotsuchi swallows Pernida and lets out a triumphant laugh in the Fourth District
a strange phenomenon begins to affect Ashisogi Jizo.Meanwhile
Kisuke Urahara and Shunsui Kyoraku sense the fluctuation in Mayuri’s spiritual pressure
they also worry about the dire situation of the significantly reduced number of Shinigami
who are now so few that their presence can barely be felt
Shunsui decides to take on Lille Barro himself.Studio Pierrot previously produced the original TV anime adaptation of Tite Kubo’s BLEACH manga
which aired between October 2004 and March 2012 with a total of 366 episodes
Source: <a href=https://bleach-anime.com/story/>Official Website</a>© TITE KUBO / SHUEISHA
Tucked away on a beautiful East Hampton property in a tastefully designed studio and with works extending into its garden BARRO’s temporary exhibition Unconcious Waves interrogates fact and fiction
offering a commentary on how technologies (from painting and photography to medical equipment and AI) can be used to misrepresent reality
More reminiscent of a museum exhibition than a gallery show
Unconcious Waves brings together a combination of new and historical work by nine artists
Upon entering visitors are met with two seminal series from the late 80s and early 90s by Warren Neidich that engage with falsehoods
Next to enlarged archival photographs from U.S.-based Japanese re-education camps depicting residents doing happy things—like girls playing baseball
exhibited with the upbeat archival caption—in the series News from No-Place (1989) Neidich has staged photographs featuring black middle-class families doing middle-class things
The re-education camps were not serene places so it is clear that the archival photographs are staged—Neidich’s works further bring attention to the fact that societies can work to do better
instead of going to great lengths to pretend
a wall of stained paintbrushes according to the color scheme in which romantic landscape artists like Caspar David Friedrich painted the rainbow—aptly titled Wrong Rainbow (1991)
Friedrich situated the landscape in his work as a site for spiritual and emotional exploration
Should we care if the artist put blue next to red instead of purple to impress upon his viewers
The inclusion of Neidich’s ‘mirror box’ used in the medical field to alleviate phantom limb pains by letting the user see a mirrored image of their existing limb as a stand-in for their lost one shows us that mind tricks can sometimes be useful
Neidich’s works remind us that art is not scientific
but that it can be instrumentalized to enhance or obstruct reality
Referencing a cherished liar meant to teach children a lesson
Coloring Book Series (2023) is painted in her signature style of fragmented elements from cartoons: gloves and arms
this time with a carrot attached to a stick
The “carrot and stick” method mixes reward with punishment
but perhaps also a metaphor for the mixed messages that the queer community is met with from society
Descartes expressed that truth is only beyond any doubt
believed that ethical life is about embracing uncertainty—Schliebener-Muñoz’s work encourages viewers to shift their attention
Pedro Wainer’s eight portraits of lenses center on the materiality of the camera instead of its function
These direct-exposure works on silver gelatin celebrate the lens as well as the process of analog photography—which in an increasingly digital world is becoming obsolete
A visually pleasing object shrouded in a similar sensation of suspension and uncertainty is Raul Martinez&#8217;s textile floor work which upon closer inspection is comprised of U.S
During the opening it was installed outside on the deck
catching the rays of the sun—beautiful and loaded
Krochmalny’s work Synthetism leans into the style launched in 1889 by Paul Gauguin and Emile Schuffenecker of the same name
A flatter extension of impressionism preoccupied with the experience of seeing
but also with attempting to convey the artist’s emotions
Krochmalny’s mountain landscape is both soft and hard
static and moving with its flat shading with some unexpected redder hues and green bush
and a chessboard titled Physiological Basis for the Theory of Music
created confusion and evoked inquiry and whimsy
Leading in the exhibition as it attended to perception
2021 a work by Bajo that explores hallucinogens and AI—a brilliant combination
Bajo uses Deep Dream Generator to create work with prompts based on her past dreams
all while under the influence of the plant medicine Datura
After she has finalized her AI work in the generator she brings old and new technology together by weaving it on a Jacquard loom—which uses punchcards
The eerie and enigmatic work depicts poppies growing under a sun
Unconscious Waves at BARRO East Hampton is open by appointment through July 31, 2024, at 10 Walton Street, East Hampton, NY 11937. To schedule your visit please email Alexandra Goldman at <a href="mailto:alexandra@barro.cc">alexandra@barro.cc</a>
<a href="https://cultbytes.com/syd-krochmalny-not-a-stupid-painting/">Syd Krochmalny: Not a Stupid Painting</a>
<a href="https://cultbytes.com/skip-the-hamptons-jitney-take-the-rockaway-ferry/">Skip the Hamptons Jitney and Take the Ferry to Rockaway</a>
Anna Mikaela Ekstrand is editor-in-chief and founder of Cultbytes. She mediates art through writing, curating, and lecturing. Her latest books are <a href="https://www.diva-portal.org/smash/get/diva2:1660442/FULLTEXT01.pdf">Assuming Asymmetries: Conversations on Curating Public Art Projects of the 1980s and 1990s</a> and <a href="https://www.diva-portal.org/smash/get/diva2:1660414/FULLTEXT01.pdf">Curating Beyond the Mainstream</a>
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A 37-year-old man who police found asleep behind the wheel of a car was found with drugs and more than $1,100 in cash
Lyndhurst Police Officer Dorio approached a Toyota Corolla stopped in the middle of the 300 block of Harding Avenue around 3:35 a.m
where a man later identified as Daniel Barro Jr.
With the vehicle running and still in drive
Dorio rendered the vehicle safe before waking Barro
Barro attempted to conceal a clear plastic baggie containing a white-colored powdery substance," Auteri said
"Barro confirmed that the baggie contained cocaine
He also admitted to consuming cocaine and Xanax earlier in the evening."
A search of the vehicle turned up of heroin
Barro was charged with Possession of Cocaine
"We want to cook the past from the present with an eye to the future"
"Poetry and cooking are much more closely related than we think"
This is why the youngest chef to be awarded a Michelin star preferred to 'cook' words
rather than cook some of the dishes he serves at his restaurant
during his presentation at Madrid Fusion Alimentos de Espa&ntilde;a
Not for nothing did he call his talk 'Volver' (Return)
On the counter in the auditorium were two unique products
symbols of the rootedness they spoke about: the only cheese made with goat's milk from Guadarrama
with which Casillas entertains his customers
and training are the elements with which the young chef creates Barro
"We started as a wine bar because we had no idea how to run a restaurant"
who can't keep up with the workload at his restaurant
His menu includes casta&ntilde;as a la importancia
"recipes that take us back to the memory with which we want to anchor ourselves and focus on the territory"
born from the importance of asking all the people in the area
those who make up our network of suppliers
around 75 people who have symbolically become a family"
"Today without yesterday will get us nowhere"
who refuses to debate whether cuisine is art
&ldquo;Gastronomy is culture -he says- and we bring to the table an ideology
He also believes that "the beauty of gastronomy is that it is ephemeral"
and finds inspiration in moving away from the centre and off the beaten track
"There is no value in going down paths that have already been explored
we realised that sometimes disruption is just listening"
who named one of his dishes 'M&aacute;rgenes' (Margins)
Barro is a project of six people from very different backgrounds
"who share a sense of belonging to the territory where we have settled"
who returned to his homeland after training in the Basque Country
"My generation had the opportunity to leave
but I realised that those who lived in a small town had a sense of rootedness that I lacked"
In a speech that was more philosophical and poetic than culinary
he praised two products that are closely linked to the land: Montealijar cheese
made only three times a year with the milk of Guadarrama goats
made for his grandfather's wedding 61 years ago
which he extracted tear by tear with a pipette from an old demijohn that was about to run out
Casillas trained at the Basque Culinary Centre
He was the youngest chef to win a Michelin star for his fledgling restaurant
located in front of the walls of &Aacute;vila and staffed by young people also trained in the Basque Country
He worked in restaurants such as La Tasquita de Enfrente
and the star-rated Paco P&eacute;rez and Ambivium
where he works with local producers and is committed to the environment
reducing his carbon footprint through reforestation
investing in the recovery and planting of vineyards and ancestral crops
He has more than a thousand wine references
Follow us: <a noref title="">Foro de Debate SL</a>
Julia Beverly / GettyAugust 16, 2024 ShareSave Listen-1.0x+0:007:46Produced by ElevenLabs and <a class="ArticleAudio_link__bjoip" href="https://newsoveraudio.com/?offerId=atl_reader_exclusive_jks1kjl"> News Over Audio (Noa)</a> using AI narration
the Kamala Harris campaign seemed allergic to setting a policy agenda
the campaign is starting to roll out its economic platform
and the substance likely won’t appeal to many people who actually know about economics
But it’s hard for me to argue with the politics
As someone who has often said Democrats need to compromise their ideals to win
And I see that when Harris rejects my economic preferences
she’s doing it in a way that will help her win
The first example is <a data-event-element="inline link" href="https://www.washingtonpost.com/business/2024/08/15/kamala-harris-economic-policy-2024/">Harris’s proposal to fight inflation through a new federal law on price gouging</a>
My guess is such a law would be designed in such a way that it would have little effect on the market
as with President Richard Nixon’s price and wage controls in the 1970s
According to the Econ 101 model of prices and supply
its price goes up to bring quantity demanded in line with quantity supplied
This price increase sends a signal to producers to make more stuff
That’s because there isn’t enough of the demanded good to go around
and producers don’t have sufficient incentive to start making more of the good to meet demand in the future
<a href="https://www.theatlantic.com/politics/archive/2024/08/kamala-harris-policy-agenda/679477/">Read: The one big policy that Kamala Harris needs</a>
is kind of an incoherent concept; there’s no fundamental reason of “fairness” that shortages shouldn’t be managed with price hikes
periods of shortage drive up profit margins
Higher profits are part of what brings new producers into constrained industries
those profit margins get forced down as supply expands
Price controls inhibit that process and are a bad idea
The public demands action against “price gouging,” my objections to such laws are a political loser
and I should make peace with the fact that I won’t get my way on this issue
<a href="https://www.theatlantic.com/ideas/archive/2024/07/no-taxes-tips/678971/">Read: Trump has somehow stumbled into a very likable policy idea</a>
she is trying to break with Joe Biden’s inflation record and position herself as a different kind of Democrat
And if that means making the tax code modestly less efficient
Better this shamelessness than the Biden campaign’s complete flat-footedness on the cost-of-living issue that was on track to cost the president the election
Harris’s choice to pair the no-tax-on-tips idea with a federal-minimum-wage increase—another popular and populist economic-policy idea—is politically smart too
And although minimum-wage policies can be criticized in the same Econ 101 terms as price controls
I find it hard to spot negative economic impacts from minimum wages set in the typical range from the past few decades
<a href="https://www.theatlantic.com/newsletters/archive/2024/08/the-one-policy-idea-thats-uniting-trump-and-harris/679455/">Read: The one policy idea uniting Trump and Harris</a>
and make that endorsement part of her pitch about how she really will fight to lower the cost of living
in a way that is different from Biden and other Democrats
she will take flak from left-wing climate activists
a group that is noisier and more feared within the Democratic Party than the economists who hate the ideas of price regulation and tip tax breaks
But she’s already shown a willingness to break with those activists by changing her fracking position
And taking attacks from the flanks is how you show voters you’ve really moved to the center
When Trump took criticism from anti-abortion activists for pushing the removal of a national-abortion-ban proposal from the Republican Party platform
the criticism was helpful to him politically
The Democratic Party would benefit from understanding that this dynamic works in the opposite direction too: When they disappoint and annoy the purveyors of unpopular and extreme ideas on their side
that helps show persuadable voters that they are reasonable and normal
And the climate activists would do well to remember that in a democracy
we can’t always get what we want—just as I am currently reminding myself
This article was adapted from <a data-event-element="inline link" href="https://www.joshbarro.com/p/i-said-democrats-should-pander-more">a post</a> on Josh Barro’s Substack, <a data-event-element="inline link" href="https://www.joshbarro.com/">Very Serious</a>
But the law of unintended consequences works in mysterious ways
that created Barro Colorado Island in central Panama
the largest artificial body of water in the world
It formed the middle passage of the Panama Canal
has become the most intensively scrutinised scrap of tropical rainforest on Earth
This article appeared in the Science & technology section of the print edition under the headline “One hundred years of plenitude”
Discover stories from this section and more in the list of contents
Some say the trial is unethical. Others, that not doing it would be immoral
Childhood exposure to a common gut bacterium could be responsible
For now, the evidence for neuromodulation products is slim
Many will still be culled under false pretences
and his relationship with scale and space are fundamental aspects that define the Argentine painter Joaquín Boz’s practice
In conjunction with his most recent exhibition at BARRO in New York
&#8220;Fluid Boundaries,&#8221; the gallery hosted a talk between Boz and curator Josefina Barcia that offers insight into his abstract painting
Josefina Barcia: One of the things I discussed with Joaquín Boz earlier is what abstraction in painting is today
I sometimes look for a word&#8217;s etymology
Abstraction comes from &#8220;withdrawal&#8221; in English
meaning &#8220;retreat&#8221; or &#8220;state of being withdrawn.&#8221; I wondered if these works lead us to withdraw from somewhere or where they are taking us
Can you tell us if there is a place you can think of about these paintings
I have focused more on the materials I was using
The specificity of oil paint is my technique
I used elements like linseed oil and solvents
I introduced new elements to create new models or layers
I focused more on color because I always used darker or gray tones
I remembered your previous works being much more muddy
Maybe something interesting is that you not only like to explore the oil painting technique but also change the support you use
and then you switched to canvas at some point
How do you feel about painting on such different surfaces
because sometimes wood has a different temperature
I found a way to create the same temperature as wood
are you trying to mimic the effect of wood on canvas
The large paintings are on canvas and the small ones are on wood
Barcia: Is there a balance between the small and the large
Boz: I always feel comfortable with these two sizes because they are more about the scale between the painting and the physical space
Barcia: Can you share with us the way you paint
I find it interesting that since 2011 you started working with your hands instead of brushes
but there is a lot in your process about putting on and removing paint
The only way I found to paint was with my hands
Barcia: Oil paint needs a very strong solvent that is not good for your skin
[gesturing to audience] he uses gloves because otherwise
What is the gesture of doing it with your own hands
There is a bodily gesture that is quite different from the idea of the painter with a brush
you could relate it to primitive movements
Barcia: So, the lack of resources drives you to try as much as you can with the technique. One of the texts in <a href="https://tienda.diderot.art/us/products/joaquin-boz/">the wonderful monograph of your work</a> talks about how your works resemble Paleolithic cave paintings
Those painters touched the walls with paint because they didn&#8217;t have enough air to breathe due to the torches They were hallucinating and touching the walls to see what was behind them
I&#8217;m interested in what you don&#8217;t have in your paintings
but you also don&#8217;t use hard geometric lines
I think about what I can introduce again to change what I was doing
Barcia: Do you work with all the paintings together and relate the work you are doing in one with the other
and you can probably find them touching each other
we talked about the direction in which they are hung
Do you mind if they are hung in another way
Sometimes I use that system to see if the artwork works if you rotate it
Barcia: I always think in terms of sound and music lately
I read a quote that said that painting is about space and sound is about time
I think your painting has a great component of time
We are not used to spending time looking at a painting or seeing what happens in each piece of canvas
because there is attention to detail and construction in each form that generates this entire painting
you are discussing with the author that one work is finished and the other is not
I was watching an interview where the artist said it&#8217;s like a feeling
I don&#8217;t know if it&#8217;s that in my case
you see what happened here with the material
Barcia: Thinking about that feeling of struggle or frustration in the process of painting
it&#8217;s funny because I would never think of frustration when looking at your paintings as they&#8217;re joyous and full of bright colors and textures
There is a genuine pleasure that one feels when seeing your paintings
I wanted to ask you a hard question: How do you relate to beauty
As nowadays the concept of beauty is not a trend
Boz: When I look at my paintings I feel the struggle
Because I say okay this is more or less amusing until I find an error in the use of the color
without knowing why—that is when I change it
Barcia: Maybe there&#8217;s something about the beauty and joy in the process of painting that connects you with the pleasure of being involved with the material
you talked about some of these color shapes as if they were hieroglyphics
Hieroglyphics were originally carved and they were spiritual and I do think there is a spiritual beauty in your works
I think it makes sense in this conjoined way to display your forms
I&#8217;m using them less as a symbol and more as forms
Barcia: And that has led to an overload in the amount of paint you use
in comparison to your earlier paintings that were much lighter
Barcia: The shine of the different areas of color
does it come from the amount of solvent you use
some people find it useful that it dries quickly
It&#8217;s hard to find paint that works with the images
Barcia: Maybe that&#8217;s a good point to continue
Barcia: When do you consider a work finished
When I feel that I have covered the surface in a way that satisfies me
Barcia: That reminds me of what Syd Krochmalny mentions in the exhibition text about intuitive contingency
I think it&#8217;s interesting how you describe something that can change at any moment
but there is something permanent between the forms and the works
Fluid Boundaries was on view at BARRO NY between April 4-May 25
2024 and this conversation took place at the gallery on May 16th
<a href="https://cultbytes.com/elemental-vortex-monica-girons-exhibition-in-new-york/">&#8216;Elemental Vortex&#8217; Mónica Giron’s Exhibition in New York</a>
the spin-off series of El Marginal begins filming and presents its cast
Underground and Telemundo Studios are building a new universe created by Sebastián Ortega
which will tell the secrets and adversities of the female prison world
with a special performance by Juana Molina and guest actors Gerardo Romano
Omar Quiroga and Sebastián Ortega signed the script
with Johanna Weinstein and Rodrigo Paz as Production Directors; and Pablo Culell and Juan Ponce as executive producers
The series is directed by Alejandro Ciancio and Estela Cristiani
While being taken to the La Quebrada prison
and other convicts with no experience in prison
The vehicle transporting them sinks into the river and the prey
this group of women will face the hostility of the prison regime and the challenge of the different “tribes” that manage the daily life of the prison
Using the weapons that each one brings through her personal history
discovering their own strengths and weaknesses
they will know how to build their place in the universe of La Quebrada
they will transform into a new band: “Las mudradas”
Griselda star Martín Rodríguez has joined the cast of En el barro
Martín Rodríguez (Griselda) has joined the cast of Underground Producciones S.A
the spinoff of the award-winning Argentine TV series El Marginal
El Marginal is the story of Pastor (Juan Minujin) and a group of inmates led by the Borges brothers (Nicolás Furtado and Claudio Rissi)
and Netflix recently started production on En el barro
The story follows two of most loved and hated characters of El Marginal &#8211; the unscrupulous Gladys “La Borges” Guerra (Ana Garibaldi) and the cynical Sergio Antín (Gerardo Romano)
most known for his groundbreaking role as Jorge “Rivi” Ayala in the Netflix limited drama series Griselda
has joined the En el barro cast and is currently filming in Argentina
“I’m very happy to be working once again in my homeland of Argentina on the new series,” says Rodríguez
creative team behind such an iconic show as El Marginal is truly an honor.”
Rodríguez will appear in all eight episodes of the first season in the supporting role of prison guard Alan
a man who must face the dilemma of choosing between prison and his family
El Marginal’s Sebastián Ortega is the producer and general director of En el barro
who co-wrote the script with Silvina Frejdkes
and Los Angeles-based Martín Rodríguez is most known for his breakout performance as Rivi in Netflix’s Griselda
He began acting in theatre at the age of 18 and first broke into the film scene playing the lead role in Enrique Buchichio’s award-winning indie darling Leo’s Room
he received several awards including the Uruguayan Film Critics Association award for Best Actor and Best Male Revelation
as well as Best Actor at the Festival Del Mar in Ibiza
His career then flourished with roles in films such as San Martin
Rodríguez stars alongside Gadea Jimenez in Quimera
a short film by Tomas Vergara that recently screened as part of the annual French Riviera Film Festival in Cannes
where the actor also received the festival’s 2024 Industry Excellence Award
2024 at 10:40 am CT.css-79elbk{position:relative;}The inaugural Barro Fest will run from 1-10 p.m
July 27 at ​Settlers&#x27; Park and the adjacent vacant property to the west
IL — Plainfield will be busy with festivals this summer
but the village will also host its inaugural Barro Fest
its usage of village-owned property and related road closures
July 27 at Settlers' Park and the adjacent vacant property to the west
Barro Fest is "intended to celebrate Hispanic heritage through music
It's going to be something different for Plainfield," Mayor Argoudelis said
"I like to see it as a coming of age for our Hispanic community in town where you are stepping up as leaders and doing these things."
Given the location and design of the event
village officials said road closures won't be necessary
but if there is a "significant amount of rain leading up to the event," staff recommends a contingency plan in which Village Center Drive would be closed between Lockport Street and Van Dyke Road so as to not potentially damage Settlers' Park
Get more local news delivered straight to your inbox. <a target="_blank" href="/illinois/plainfield/subscribe" class="">Sign up for free Patch newsletters and alerts.</a>
rigorous are the adjectives that describe Oscar Barro
"I am a child from the working-class neighbourhoods
and to never forget where I come from," he confides
which is evident in his calm demeanour following their 2-1 victory over Cameroon on Monday
and we know how important it is to start a competition as demanding as this one well," he emphasizes
carefully choosing his words with calm and clarity
FULL-TIME!Burkina Faso take their 3 points against Cameroon after a fantastic battle. 🇧🇫<a href="https://twitter.com/hashtag/TotalEnergiesAFCONU17?src=hash&amp;ref_src=twsrc^tfw">#TotalEnergiesAFCONU17</a> | <a href="https://twitter.com/hashtag/BFACMR?src=hash&amp;ref_src=twsrc^tfw">#BFACMR</a> <a href="https://t.co/kfv6MHAfbL">pic.twitter.com/kfv6MHAfbL</a>
But behind this apparent discretion lies a well-defined ambition
After the bronze medal won in the last edition
The country of the Upright Men aims for the top in this category
who worked as a teacher before fully dedicating himself to football
knows how important transmission and progress are
where we showed great tactical intelligence
We aim for the title," he asserts with determination
Oscar Barro can count on the talent of his players
left a lasting impression with a stunning goal
With a magnificent lob from around forty meters
including the Cameroonian goalkeeper Junior Lopez
Most wouldn’t dare but Tapsoba had different ideas. 🇧🇫<a href="https://twitter.com/hashtag/TotalEnergiesAFCONU17?src=hash&amp;ref_src=twsrc^tfw">#TotalEnergiesAFCONU17</a> | <a href="https://twitter.com/hashtag/BFACMR?src=hash&amp;ref_src=twsrc^tfw">#BFACMR</a> <a href="https://t.co/vL4pMTYVAE">pic.twitter.com/vL4pMTYVAE</a>
"It’s the most beautiful goal of the competition
Oscar Barro does not see the recent performance of the Little Stallions in the U-17 Africa Cup of Nations as a burden but as a stepping stone
The bronze medal won in Algeria in 2023 is a source of motivation and inspiration
"I wasn’t present in 2023; it was my brother
sharing the same life values and the same vision of football
He encouraged and advised me a lot before my arrival in Morocco."
While Barro follows in the footsteps of his predecessor
he also wants to leave his mark and build his own legacy
With a promising squad and a methodical approach
he knows his team has the opportunity to make history in Burkinabé football
the Kettner Boulevard restaurant is from one of the owners of India Street’s Crudo Cevicheria 
A taste of Spain is arriving in Little Italy this August
delivered by a new restaurant that will convey traditional Spanish cuisine while bringing attention to distinct and regional Basque
<a href="https://barraoliba.com/">Barra Oliba</a> will replace La Taqueria Tijuana at the base of the Instrata Apartments building on Kettner Boulevard. One of the taco shop’s co-owners, Eduardo Bustamante, is also part of the team behind India Street’s <a href="https://crudocevicheria.com/">Crudo Cevicheria &amp; Oyster Bar</a>, a Baja-styled seafood spot and member of the <a href="https://sandiego.eater.com/maps/38-best-restaurants-in-san-diego">Eater 38</a>
His partner in this project is Ernesto Casillas
formerly a founding partner of Zibaris Hospitality Group whose standout restaurants Tijuana include the brunch-focused Mantequilla
a popular Japanese izakaya with two locations in town
the Little Italy restaurant plans to incorporate Japanese techniques into how its chefs prepare and present fresh
The menu will include a range of tapas along with larger plates like paella and arroz meloso
Everything will be designed to pair with a wine list that’ll represent Spain’s vast designated wine regions
from historic Rioja to the Tempranillo-laden Ribera del Duero and Priorat in Catalonia
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Oscar Barro’s main goal is to lift the TotalEnergies CAF U-17 Africa Cup of Nations when Morocco stages the finals between 30 March – 19 April
The West African side has been one of the regulars of the competition
with the Morrocco finals marking their 11thappearance where they are drawn in a tough Group B against Egypt
but Burkina Faso have lifted the title in 2011 and runners up twice in 1999 and 2001 as well as bronze medallists in the 2009 and 2023 editions
Following their WAFU B Qualifiers where they overcame Cote d’Ivoire 2-1 in the finals
the U-17 Stallions have their sights firmly set on lifting the title according to coach Barro
and we will fiercely defend ours; we are working towards that and going all the way," said the coach
were eliminated in the semifinals by Senegal
They consoled themselves by securing a third place with a 2-1 victory over Mali in the third-place match
Focus and Physical FreshnessIf they don't win the trophy
Burkina Faso will aim for a spot in the FIFA U-17 World Cup 2025
scheduled between 05 – 27 November 2025 in Qatar where Africa will be represented by 10 teams in the newly expanded version of the competition
The Stallions participated in the last edition held in Indonesia in 2023 but were eliminated in the first round.Barro is calmly continuing his preparations
focusing particularly on the crucial shortcomings that have often cost his country dearly in previous campaigns
and physical strength to bring the trophy home
We will work on these aspects," says the coach
The 53-year-old coach will have his first experience TotalEnergies CAF U-17 AFCON
However continental competition will not be new to the coach who led the U-20 national team to the  at quarterfinals of the 2021 edition in Mauritania.