An essential component of Neoclassical microeconomics is the proposition that firms maximize their profits by equating marginal revenue—the addition to total revenue caused by the last unit sold—to marginal cost—the addition to total costs caused by the last unit produced. This proposition plays a fundamental role in all DSGE-based macroeconomic models too, in the form … Continue reading "Profit Maximization in the Real World"
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Is McCarthy making deal with Democrats? Rep. Matt Gaetz is planning to attempt to oust Speaker Kevin McCarthy from the role this week after the House leader worked with Democrats to avoid a government shutdown on Saturday. Speaking with CNN’s Jake Tapper on “State of the Union,” the Florida Republican said he intends to file a motion to vacate this week, which would force a vote on whether McCarthy will keep his job. “Speaker McCarthy made an agreement with House conservatives in January and since then he’s been in brazen, repeated material breach of that agreement,” Gaetz said Sunday. “This agreement that he made with Democrats to really blow past a lot of the spending guardrails we set up is a last straw.” e added, “I do intend to file a motion to vacate against Speaker McCarthy this week. I think we need to rip off the Band-Aid.
The GOP is actually devolving After a day of campaigning, this is the message waiting for me outside my hotel room…#PrettyPatheticTryAgain#YouJustMadeMyCaseForMe pic.twitter.com/htbSumo58r — Nikki Haley (@NikkiHaley) October 1, 2023 We’ve often noted that the GOP (and in some respects out culture in general) is suffering from a massive case of arrested development: Former President Donald Trump’s presidential campaign early Sunday left a birdcage and bird food in front of GOP presidential hopeful Nikki Haley’s hotel room door in Des Moines in reference to his new nickname for her, “Birdbrain,” per a photo shared with The Messenger. The Trump campaign shared the photo early Sunday with The Messenger and later posted the picture on Twitter. Trump debuted the moniker prior to Wednesday’s debate on his social media platform Truth Social. It’s unclear why he came up with that nickname in particular. “MAGA, or I, will never go for Birdbrain Nikki Haley,” Trump wrote in the post. “Birdbrain doesn’t have the TALENT or TEMPERAMENT to do the job.
Sarah Huckasanders honors her mentor with some idiotic corruption Photo of the $19,029.25 lectern purchased by the Sanders administration in June. The expense was reimbursed by the Republican Party of Arkansas, according to records. #arpx #Arkansas #ARNews pic.twitter.com/mERP6QvHHP — AR Democrat-Gazette (@ArkansasOnline) September 26, 2023 Here’s some good-old Arkansas gothic politics. I hadn’t allowed myself to hope that Sarah might find herself in the middle of one of these but it looks like she’s going to: An anonymous former state employee came forward Friday claiming to have evidence that the Arkansas governor’s office doctored documents and unlawfully withheld financial records that should have been made public under the Arkansas Freedom of Information Act, or FOIA. Attorney Tom Mars, who is representing the whistleblower, sent a letter today to Sen.
I’m sure you’res sick of seeing all these demented Trump clips but I wanted to post this just so that we could have it on record for when the right wingers try to claim Joe Biden is senile. Please… Montage of 33 clips of the stupidest, most vile, insane, weirdest, addled dementia-ridden, psychotic statements made by Trump over the past two weeks. pic.twitter.com/iCbt5PtzBX — Ron Filipkowski (@RonFilipkowski) September 30, 2023
Chris Rufo and his allies make it clear that there are no enemies on the right: Conservative activist Christopher Rufo, who is a close ally of Florida governor and Republican presidential candidate Ron DeSantis, hosted a social media debate in which one participant argued that conservatives should cooperate with a hypothetical white nationalist dictator “in order to destroy the power of the left”. Rufo, a Manhattan Institute fellow who has been a hugely influential figure in DeSantis’ culture war policies in Florida, did not disagree with the sentiments. Instead he commended speakers for their “thoughtful points” and presenting the discussion as a model for engagement with “the dissident right”. Rufo is a high-profile conservative activist who in books, columns, media appearances and a Substack newsletter has encouraged conservatives to oppose “wokeness”. He has been credited with mobilizing conservatives against communities of color, first with a distorted version of critical race theory; then by linking LGBTQ-inclusive education practices to pedophilic “grooming”.
Republican urges Chaos Caucus: “All of them need to grow up” Crisp fall air on the first Monday in October is perhaps a reminder to take a moment Yes, the ethics-challenged U.S. Supreme Court begins its new term, God help us. Slate’s Dahlia Lithwick and Mark Joseph Stern do some teeth-grinding over having to write the obligatory journalistic “curtain-raiser” as the new term opens. The question “is not if we should be worried, but exactly how worried we should be.” What will the Roberts court do next with “the most dangerous and radical ideas to emerge from the conservative legal movement” courtesy of Donald Trump and Leonard Leo? Yes, despite all the oddsmakers’ bets on which elected Black woman California Gov. Gavin Newsom, would appoint to fill out the term of the late Sen. Dianne Feinstein, he chose instead Emily’s List president Laphonza Butler. The Washington Post reports, “She will become the second Black woman after Harris to represent California in the Senate and the first Black lesbian to openly serve in Congress, a statement from Newsom’s office said.
Kevin Drum: A regular reader asks if I can post a chart of gasoline prices over my lifetime. Of course. In fact, I can do better: I was born right in the middle of that warm postwar summer of ever-declining gasoline prices—which ended abruptly in 1973 with the first oil embargo. And then again in 1979 with the second oil embargo. And again in 2002-08 during the Iraq War. And again in 2011 because of turmoil in the Middle East. And then finally yet again in 2022 thanks to the Ukraine War. Will gasoline ever get down to $2 again? Probably not. OPEC countries need a higher price than that to avoid bankruptcy. But it will probably recede to $3 one of these days. I feel as if my whole life I’ve been aware that we are running out of oil and part of that was assuming that the price was going to go up. Obviously, we are now dealing with the crisis of climate change and have an obligation to drastically reduce our use of fossil fuels so we have even more incentive to end our dependence on gas.
The GOP sure knows how to pick them The Messenger: In 2013, Joseph Roberts was accused of verbal and online sexual harassment and suspended from Savannah State University. He claimed he was suspended from school and “denied due process.” Five years later, he’d go on to share his story with Betsy DeVos, then former President Donald Trump’s Secretary of Education, as an advocate for men who were wrongfully accused of sexual misconduct on college campuses. In 2020, Roberts appeared on YouTube’s The Exceptional Conservative Show, where he recalled the day he was expelled from campus after three unidentified female students reported him. “They said things like they were afraid for their lives,” Roberts, who left the school just three weeks before graduation, claimed. “It was just total lies.” More than a decade later, Roberts, 42, was arrested on Sept. 7 in a separate incident for the gruesome death of his girlfriend, Rachel Imani Buckner, a recent law school grad whose dismembered body was discovered wrapped in plastic with duct tape along the shore in California’s Alameda County.
The press ignores the “Banality of Crazy” “Sometimes, you have to write when you’re angry,” Brian Klaas begins. Works for me. Klaas also hates writing about Donald Trump. The orange train wreck gets too much free press as is. But sometimes you just gotta. The banality of evil in the Trump age has become the banality of crazy. A Democratic congressman (Jamal Bowman) does something stupid in a rush to get from the Cannon Office Building to a snap vote in the House chambers and … what you’d expect to happen happens: It’s telling that Republicans aren’t even slightly concerned about the absurdity of calling for Bowman’s expulsion while harboring enablers of Trump’s alleged criminality in their ranks. They know they’re pointing the camera away from themselves and at Dems. That’s the ball game.