Robert Gordon is one of Bloomberg’s 50 most influential people

Yesterday Bloomberg released its 50 Most Influential 2016 list.

Congratulations are in order for our own Robert Gordon, author of The Rise and Fall of American Growth, who makes an appearance at #36. According to the piece, a Bloomberg reporter once counted up the references in the footnotes of Fed Chair Janet Yellen’s speeches and found Gordon cited more than any other economist outside the central bank. Gordon finds himself in great company this year—other recognized economists include Larry Summers at #49, Raj Chetty at #44, and Joe Stiglitz at #29.

Congratulations, Robert Gordon!

Gordon

James M. May: How Donald Trump Wins Arguments

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by James M. May

Can Ethical and Emotional Appeal Carry Donald Trump to Victory?

People love Donald Trump. People hate Donald Trump. He presents himself as a rule-breaker and an independent thinker, but is he perhaps following some very old rules? Is he a student, two millennia removed, of the great orator Cicero?

More than two thousand years ago, Marcus Tullius Cicero, Rome’s finest orator, published his masterful treatise, On the Ideal Orator. It constructed a portrait of the person Cicero would consider to be his perfect public speaker. Now, more than two millennia later, we find politicians in the public eye employing many age-old techniques of persuasion, for good or for ill, and with varying results.

In On the Ideal Orator, Cicero bases his system of persuasion on the Aristotelian notion of three main sources of proof to use in persuading people: logos (rational argumentation: I make a good case), ethos (the presentation of character: don’t you think I’m a reliable guide?), and pathos (the arousal of emotions in the audience: don’t you feel the way I do?).

Rational argumentation has its foundations in two basic processes, induction and deduction. But not many would say that rational argumentation via induction and deduction has been a strong suit for either presidential candidate this year. Both resort almost continually to the other two sources of persuasion, ethos and pathos—and this seems particularly true of Mr. Trump.

Proof based in ethos persuades by effectively presenting the speaker’s character. If you win the admiration and approval of your audience, they’re ultimately more sympathetic to your argument. Hand in hand with the positive self-fashioning of your own persona goes the negative character portrayal of your opponent. “Lyin’ Ted,” “Little Marco,” and “Crooked Hillary,” have all had a taste of Donald Trump’s negative character portrayal tactics, and certainly there will be more to come.

But it is in the presentation of his own persona that Mr. Trump seems once again to have defied all tradition and convention. Consider what character traits Cicero identifies as most effective in winning over the confidence and sympathy of a speaker’s audience:

Now people’s minds are won over by a person’s prestige, his accomplishments, and the reputation he has acquired by his way of life… The effect of such things is enhanced by a gentle tone of voice on the part of the speaker, an expression on his face intimating restraint, and kindliness in the use of his words, and if you press some point rather vigorously, by seeming to act against your inclination, because you are forced to do so. Indications of flexibility…are also quite useful, as well as signs of generosity, mildness, dutifulness, gratitude, and of not being desirous or greedy. Actually, all qualities typical of people who are decent and unassuming, not severe, not obstinate, not litigious, not harsh, really win goodwill, and alienate those who do not possess them. (On the Ideal Orator 2. 182)

Are these the character traits that anyone could use to define Donald Trump’s public persona? Cicero, like most modern-day political pundits, would be flabbergasted to see Trump’s success—both in the primary run and now in the actual presidential campaign, in the face of flaunting such long-standing conventional wisdom about rhetorical self-fashioning. Surely, the absence of such traits largely explains Mr. Trump’s negative approval ratings; it must, however, also account for a good deal of his success.

Indeed, it appears that Trump has purposely defied age-old traditions in fashioning an ethos that is markedly unrestrained, obstinate, brash, and in-your-face. But isn’t he here following Cicero after all? Has he not made it his special strength to create his own character, his own ethos—his own image? All the voters who say they know he’s trouble but still want to vote for him are not being persuaded by his rational arguments—they’re sold on the ethos.

The third source of proof is pathos, persuading by appeal to the audience’s emotions. The speaker’s goal is to sway the feelings of his listeners so that they will side emotionally with him. Cicero realized the great power of argument based on emotional appeal, often calling it the most effective means of persuasion. For him, ethos involved knowledge and exploitation of the milder emotions, while pathos dealt with the more violent emotions:

Related to this [i.e., ethos]…is the other mode of speaking I mentioned, which stirs the hearts of the jurors quite differently, impelling them to hate or to love, to envy someone or to want his safety, to fear or to hope, to feel favor or aversion, to feel joy or grief, to pity or to want punishment, or to be led to whatever feelings are near and akin to those other such emotions… But such enormous power is wielded by what one of our good poets rightly describes as “soul-bending speech, the queen of all the world,” that it cannot only straighten up someone who is bending over and bend over someone who is standing, but also, like a good and brave general, take prisoner someone who is offering resistance and fighting back. (On the Ideal Orator 2. 185-187)

If Mr. Trump is largely unconventional in shaping an effective and attractive political ethos, he embraces fully the Ciceronian notion of pathos. Democratic commentators on Trump’s acceptance speech at the Republican National Convention harshly criticized it for its dark tone, its negative view of the country, and its fear-mongering, perhaps not fully appreciating that such a tone was precisely what Trump was aiming to set. Cicero wouldn’t have been fooled, and might well have admired it.

So Mr. Trump has cleverly and successfully identified a collection of emotionally-charged issues—from the ever-increasing national debt to illegal immigration to the threat of domestic terrorism—that have some significant resonance with a large portion of the electorate. He plays upon fears that certainly have legitimacy for many people (e.g., the loss of jobs or the threat of a terrorist attack), and he offers hope that these fears and anxieties can be allayed with a change in leadership (“Make America Great Again!”). The crowds that he has attracted and the enthusiastic, sometimes almost frenzied reactions that he evokes, testify eloquently to the power of emotionally-based persuasion, what the Roman poet called “soul-bending speech.”

Relying on the emotions as sources of persuasion through the effective use of ethos and pathos is a tactic as old as oratory itself. Several of Cicero’s own surviving speeches show a heavy, sometimes almost exclusive reliance on these modes of proof at the expense of rational argument, especially when the facts of his case were weak or lacking. As we enter the final months of the presidential campaign, we are already witnessing (from both sides) an increase in attacks on the opponent’s character and more flagrant appeals to emotion. If Trump wins, the experts will have many things to say. I hope at least a few of them remember to say something like, “and you know, Cicero was right.”

Click through for an analysis of Ms. Clinton’s oratory vis-a-vis classical norms.

MayJames M. May, Professor of Classics and Kenneth O. Bjork Distinguished Professor at St. Olaf College in Northfield, MN, is the author of How to Win an Argument: An Ancient Guide to the Art of Persuasion (Princeton).

Donald Lopez on the Lotus Sutra

Lopez, Jr. In The Lotus Sutra: A Biography, Donald Lopez traces the many roles of what is perhaps the most famous of Buddhist historical texts, the Lotus Sutra.  Examining the history of the famous scripture that was composed in India in the first centuries of the Common Era, Lopez’s biography provides an engaging background to the enduring classic. Lopez recently took the time to answer some questions about his own early encounters with the text, and why its proclamations remain so important today.

What is the Lotus Sutra?

DL: The Lotus Sutra is arguably the most famous of all Buddhist texts.  It is one of only three Buddhist works, among a vast canon, that is well known in the West by its English title (the other two being the Heart Sutra and the Diamond Sutra). The Lotus Sutra was composed in India, and in the Sanskrit language, where its title is Saddharmapuṇḍarīka Sūtra. This might be translated as the Discourse on the White Lotus of the True Doctrine. As I explain in the book, this title is rather “loaded” from a Buddhist perspective. It is not just a lotus (the traditional flower of Buddhism), but the white lotus, the best of lotuses. It does not just teach the dharma, the doctrine, but the true doctrine. As a sutra, or “discourse,” it is traditionally attributed to the Buddha himself.

Why is it so famous?

DL: Although composed in India, the Lotus Sutra became particularly important in China and Japan.  In terms of Buddhist doctrine, it is renowned for two powerful proclamations by the Buddha.  The first is that there are not three vehicles to enlightenment but one, that all beings in the universe will one day become buddhas. The second is that the Buddha did not die and pass into nirvana; in fact, his lifespan is immeasurable. The sutra is also famous for its parables, like the Parable of the Burning House and the Parable of the Prodigal Son. It was because of these parables that the Lotus Sutra became the first Buddhist text to be translated from Sanskrit into a European language (French). The Lotus Sutra has several dramatic scenes; perhaps the most famous is when a giant bejeweled stupa (a tomb of a buddha) emerges from the earth and a living buddha is found inside. Such scenes inspired hundreds of works of art across East Asia.  At the Dunhuang cave complex in China, scenes from the Lotus Sutra are found in some seventy-five caves.

What was your first encounter with the Lotus Sutra?

DL: When I was in college in the 1970s, a friend invited me over for a meeting with a Buddhist teacher. I was surprised to find not a monk in saffron robes but a white guy in a business suit. After a brief talk, he knelt down in front of a small altar that he had brought with him and started chanting something that I couldn’t understand. In retrospect, I realize that he was chanting in Japanese, saying Namu myoho renge kyo, “Homage to the Lotus Sutra.” He was likely a member of Nichiren Shoshu of America, the “Orthodox Nichiren School of America.” The Buddhist monk Nichiren (1222-1282) was the most famous of the many devotees of the Lotus Sutra in Japan. He is a central figure in the book.

This is the second book you have contributed to PUP’s Lives of Great Religious Books series.  How did you choose the Lotus Sutra and what is it about the text that lends itself to a reception history?

DL: My first book for the series was about The Tibetan Book of the Dead. The famous version, first published in 1927, is an odd work. For example, it is not called the “book of the dead” in Tibetan; it is called Liberation in the Intermediate State through Hearing. It is not a translation of the entire work, and it includes all manner of rather eccentric prefaces, appendices, addenda, and notes by the editor, the American Theosophist Walter Evans-Wentz. Because of its strange history, it was a perfect candidate for Lives of Great Religious Books, but it would have been unfortunate had it been the only Buddhist work in the series. The series editor, Fred Appel, thus agreed to include a second Buddhist text, and I chose the Lotus Sutra.

I chose it in part because of its great fame in the Buddhist world. I also chose it because it is obsessed with the question of how its teachings are received, making it an ideal candidate for a reception history. That obsession derives from the fact that although the Lotus Sutra purports to be the words of the historical Buddha, it is not. It was composed some four centuries after the Buddha’s death. It is thus the most famous of the Mahayana sutras, or “Great Vehicle” sutras, works that set forth a different vision of the Buddhist path. In order to have authority, however, they must claim to have been taught by the Buddha himself.

In researching the book, what did you find that was unexpected?

DL: The anonymous authors of the Lotus Sutra presented a radical re-vision of both the Buddhist path and of the person of the Buddha. They did this with remarkable skill; they were clearly monks who were deeply versed in traditional Buddhist doctrine but were also deeply dissatisfied with the state of the Buddhist tradition as it existed around the beginning of the Common Era. One of the things that I saw again and again in the text was a concern with legitimation. The authors were determined to portray their work as the words of the Buddha and thus have the Buddha constantly praise the Lotus Sutra, promising rewards to those who embrace it and punishments to those who reject it.

If you could write a second book about the Lotus Sutra, what would it be?

DL: Funny you should ask. One of the attractive features of the titles in the Lives of Great Religious Books series is their beautiful production and their compact size, only about 60,000 words. In researching the book, I found that there was much more that I wanted to say about the content of the sutra. Each of the twenty-eight chapters is fascinating in its own right; the Lotus Sutra is a masterpiece of Buddhist literature, but the mastery of its authors is not fully evident without knowing something of the historical and doctrinal background. Professor Jacqueline Stone of Princeton (a leading expert on the Lotus Sutra in Japan) and I will be writing a guide to the Lotus Sutra (also to be published by Princeton University Press). The goal of both books is to bring this remarkable text, already so famous in the Buddhist world, to a wider readership.

Donald Lopez is the Arthur E. Link Distinguished University Professor of Buddhist and Tibetan Studies at the University of Michigan. He has contributed other books to the PUP Lives of Religious Book series with titles such as The Tibetan Book of the Dead: A Biography (Princeton). He is also the author of the book The Princeton Dictionary of Buddhism (with Robert E. Buswell, Jr.). Lopez currently resides in Ann Arbor, Michigan.

 

 

 

Kenneth Rogoff: Negative interest rates are an emotional topic, too

Presenting the second post in a blog series by Kenneth Rogoff, author of The Curse of Cash. If you missed the first installment, read it here.

Rogoff

The book continues to create a vigorous debate about moving to a less-cash (not cashless) society with only smaller denomination bills; you can see various TV and radio discussion here. Below I’d like to respond to a provocative review in the Wall Street Journal.

But first a few other points that have come up: the gun lobby continues to seem particularly exercised about losing large bills. Perhaps the concern is that without convenient large notes, the government might have an easier time enforcing registration and background checks on people who buy firearms. A broader take is the American Thinker piece “Washington’s Endgame: First Your Guns Then Your Cash.” I can only say that I am not very sympathetic.

I try in the book to efficiently cover every possible misconception that people might have about where all the missing big bills are (even the spirit world), but I am afraid I missed one. Writing in the Numismatic News, Patrick A Heller suggests that we all should know “that a sizeable percentage of this (missing cash) is held by central banks as reserves.” Well, not really. Foreign central-bank dollar holdings are almost entirely in the form of electronic bills and bonds. Some foreign banks do hold physical U.S. dollars to meet customer demand, but most world holdings of dollars are in the underground economy (crime and tax evasion). As the book discusses extensively, foreign demand mostly likely accounts for less than 50% of total U.S. dollars outstanding.

In his thoughtful Finance and Development review, Peter Garber asks why not just make $100 bills larger and bulkier, then we don’t need to get rid of them. Well, if we make them ten times heavier and ten times bulkier, yes, that would be another approach (albeit not equivalent to mine, because tenfold oversized notes would be easier to tabulate, and you could probably pack them tighter unless the bills are larger still). But seriously, what is the difference, the symbolism? Anyway, I have no objections to leaving a giant $100 bill for collectors. Garber also argues that if the physical dollar becomes less prominent internationally, the electronic dollar will suffer. Maybe once upon a time that was true, but it is almost irrelevant today in the legal tax-paying world, domestic or foreign. Also, let’s not forget my plan leaves plenty leaves small bills, so the symbolism is still there.

This takes us to Jim Grant’s Wall Street Journal review. Several people I respect think Grant is a very smart guy who likes to be provocative, but I would to take up some of his simple errors and profound misconceptions.

Grant has little interest in the main part of the book, which argues that the large notes, which dominate the currency supply, do far more to facilitate tax evasion and crime than legal transactions. He posits that it would be so much simpler to legalize narcotics and simplify taxes, and that “Mr. Rogoff considers neither policy option.” In point of fact, I address legalizing marijuana on page 69, and the book goes on to detail the many other ways cash is used in crime besides drugs: racketeering, money laundering, human trafficking, extortion, corruption, you name it. Simplifying taxes is a great idea with lots of efficiency benefits I have written often about. But to think that any realistic simplification plan would end tax evasion is delusional.

Grant focuses his ire almost entirely on negative interest rates, saying “You rub your eyes. You can recall no precedent. There has never been one in 5,000 years of banking.” Well, Grant is known for his interesting historical analyses, but this statement is misleading at best. Before paper currency, governments routinely paid negative interest rates on metallic currencies by calling in coins and shaving them (as I discuss at some length in chapter 2). That might not immediately imply a negative rate on other debt instruments, but if your debt is repaid in physically debased pence that have much less silver than the ones you lent, it is a negative interest rate in any meaningful sense.

In modern times, the existence of paper currency prevents any significant negative rate on other government debt because of fear of a run on cash, though Europe and Japan have managed to get away with slight negative rates. So the statement that this has not happened until now is, well, hardly profound. Besides, there have been countless episodes of significant negative real interest rates on government bonds, that is when the nominal (face value) interest rate is not nearly enough to keep up with inflation, for example in the 1970s, when inflation went over 13% in the U.S. and over 20% in the U.K. and Japan.

In any event, my plan excludes small savers. And if effective negative-rate policy were possible, it would likely be quite short lived, and would probably cause a lot less problems that a decade of zero rates or high inflation. If the Fed could engage in effective monetary policy in a deep recession, most savers will gain far more than they will lose. It would bring back jobs more quickly, restore house and stock prices faster, and it would actually raise nominal rates on long-term bonds through restoring expected inflation to target. The suggestion that negative rates are just a policy to rob savers is empty polemic.

In chapter 12, I discuss populist perspectives on central banking, including Ron Paul and a return of the gold standard. Grant, evidently, was tapped to be Paul’s Fed Chairman had his 2012 presidential campaign been successful. On CNBC Squawkbox, Grant compares Fed chair Ben Bernanke to the head of Zimbabwe’s central bank, because he is just sure that all the “money printing” Bernanke was doing would lead to high inflation. Of course, what Bernanke was doing was not so much printing money as exchanging short-term central bank reserves for long-term government debt, as a reader of chapter 9 would understand. (And critically, the government fully owns the central bank.) I am not a big believer in the wonders of quantitative easing, but those who predicted that it would lead to very high inflation made an epic wrong call. Grant not only hates negative rates, he says he doesn’t like zero rates, and said back then the Fed should promptly raise them. Many other central banks, including the European Central Bank, tried just that—the results were disastrous.

Lastly, it is worth mentioning that by and large the financial industry lobbies heavily against negative rates. Leading financial newspapers regularly publish articles by banking industry proponents that argue how negative rates will deter governments from pursuing structural reform. Some of their arguments—about the problems with implementing negative rates today, having to with institutional, tax, and legal issues that need to be fixed before negative rates can be effective—are legitimate. The Curse of Cash addresses all that, and explains that it will take a long time even if the problem of a run into cash is taken off the table. Ultimately, banks make money off the difference between the rates they pay to borrow and the rates they charge to lend, and once the preparations are made, they will not have cause to complain.

In the end, if global real interest rates stay low for the next decade, there will likely be occasional periods of negative rates during recessions in most advanced economies, whether we like it or not. Part II of the book explains how to make negative rate policy better and more effective. Anyone who wants to understand it should read The Curse of Cash.

Kenneth S. Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and former chief economist of the International Monetary Fund, is the coauthor of the New York Times bestseller This Time Is Different: Eight Centuries of Financial Folly (Princeton). He appears frequently in the national media and writes a monthly newspaper column that is syndicated in more than fifty countries. He lives in Cambridge, Massachusetts.

Ethics in the Real World: An interview with philosopher Peter Singer

Peter Singer

Peter Singer, renowned philosopher and author of such influential books as Animal Liberation, Rethinking Life and Death, and The Life You Can Save, has taken the time to answer questions about his new collection of essays, Ethics in the Real World: 82 Brief Essays on Things that Matter. Applying moral philosophy to recent current events, Singer’s essays address thorny issues such as whether chimpanzees are people, whether smoking should be outlawed, and whether consensual sex between adult siblings should be decriminalized. Read on for Singer’s own thoughts on altruism, the influence of his work and its controversial nature.

You’ve written essays on climate change, extreme poverty, animal rights, abortion, and the ethics of high-priced art, to name just a few. Is there a certain topic that has attracted the most attention?

PS: From that list, the two issues on which my views have been most widely discussed are our treatment of animals, and what we ought to be doing about extreme poverty. These are also the issues on which my writings have had the biggest impact. In the case of animals, they have contributed to new laws that have improved the lives of billions of animals, and in the case of extreme poverty, my work has spurred the development of the effective altruism movement, which has caused hundreds of millions of dollars to flow to the non-profit organizations that are most effective in helping people in extreme poverty.

You address a wide range of ethical questions with arguments that challenge people’s deeply held beliefs. In your experience, do people change their beliefs based on others’ arguments?

PS: There is no doubt that some of them do. Almost every time I give a public lecture, people come up to me afterwards and tell me how reading my work led them to become vegan, or start donating a share of their income to organizations that are aiding people in need. I know someone who donated a kidney to a stranger as a result of a discussion of one of my articles in his class

Who is the audience for your new book, Ethics in the Real World?

PS: Socrates said that the unexamined life is not worth living. This book is for everyone who is willing to reflect on how he or she lives, and everyone who wants to be stimulated to think about how we ought to live.

You’ve been called both the most influential and the most controversial philosopher of our time. Why do you think your work stirs controversy?

PS: It can be controversial to question accepted moral views. To discuss whether it is more seriously wrong to kill a member of our own species than to kill an animal, you need to ask “What is wrong with killing?” Even if you conclude, as I do, that in most circumstances killing a human being is worse than killing an animal, some people object to raising the question at all. They don’t want their ethical views disturbed. And we all know what happened to Socrates.

What would you have been if not a philosopher?

PS: Probably a lawyer. I was planning to continue with law, because I enjoy a good argument, but I got a scholarship to do graduate work in philosophy, and found that in philosophy I could argue for what I really believe is right and true, and not just for what is in the interests of my client.

Peter Singer is the Ira W. DeCamp Professor of Bioethics in the University Center for Human Values at Princeton University and Laureate Professor at the University of Melbourne. He first became well known internationally in 1975 with the publication of Animal Liberation. His other books include How Are We to Live?, The Ethics of What We Eat (with Jim Mason), and The Most Good You Can Do. He divides his time between Princeton and Melbourne.

Singer

 

Amy Binder: Conservative organizations and the suspicion of higher education

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By Amy J. Binder

Perhaps no one in America better personifies the political attacks on higher education than the governor of Wisconsin and would-be Republican presidential candidate, Scott Walker. In the years since he took office, Walker has managed to slash hundreds of millions of dollars in spending from public universities in his state and diminished job protections for professors, among other actions.

Walker may have a personal ax to grind with higher education, but it would be a mistake to think that he — or other politicians who attack public higher education — simply harbors individual grudges. Rather, for many years now “dark money” has paved the way for politicians’ symbolic, political, and material attacks on higher education. There are many familiar individuals’ and organizational names funding these attacks — John Olin, David and Charles Koch, the Heritage Foundation — all of whom have had a hand in crafting the talking points that Republican governors and legislatures use in the battle plans they employ.

Now that “dark money” has become a better known story, it’s an opportune moment to think about the ways this agenda has potentially influenced the wider public’s regard for higher education. For decades, a handful of organizations has been working in the trenches with conservative college students. With their emphasis on liberal indoctrination and conservative victimhood on college campuses, these organizations have fostered student activism and suspicion about higher education, which have created fertile soil in which larger-scale political attacks on higher education can germinate and grow. I would venture that they have contributed to undermining confidence in the higher education enterprise, even among those who are reaping its benefits—college grads.

The Young America’s Foundation (YAF), a tax-exempt 501(c)3 organization founded in the late 1960s, now boasted more than $59 million in assets in 2014, and had expenditures of approximately $20 million that same year. Annual expenditures at YAF include organizing campus speaking tours for conservative luminaries such as Ann Coulter, Ted Nugent, Dinesh D’Souza, David Horowitz, and many, many others. When not sending speakers to the nation’s campuses, the YAF brings conservative students to it, at regional and national conferences every year. But whether speakers come to campus, or students go to conferences, the Foundation fuels a provocative style. Enticed with such slogans depicting faculty as tree-hugging, gun-taking, wealth-hating, and leftist-loving, students are taught in “boot camps” to fight “persecution” on campus with an “activist mentality confronting their liberal peers and professors head-to-head with “aggressive” tactics. Students take up the charge by staging showy events like “Affirmative Action Bake Sales” and “Catch an Illegal Alien Day.” This provocative style of right-wing activism is designed to poke fun at liberals, get them angry, and attract the media spotlight, and it is based on, and fosters, mistrust of faculty, classmates, and administrators. A staff member at Young America’s Foundation specifically said his organization went after Average Joe students — or, not the ones who attend Harvard, Princeton, and Yale.

Another organization, called the Leadership Institute, had $30 million in assets in 2015, and spent nearly $14 million last year supporting conservative students online, on campus, and in their training facilities in Arlington, Virginia. The organization claims to keep a database of “leftist faculty” and “biased textbooks” on some 2,000 campuses, and it has trained tens of thousands of college students over the past four decades to enter politics and use advanced technology to get the conservative message out. One former employee of the Leadership Institute is James O’Keefe, the videographer who produced heavily edited, undercover audio and video recordings with workers at ACORN, NPR, and Planned Parenthood, all of which went viral on the alt-right Breitbart.com. While at the Leadership Institute, and like the organization’s other field representatives, O’Keefe traveled to campuses across the nation consulting with students on starting clubs and conservative newspapers.

Like the Young America’s Foundation, the Leadership Institute also gets better traction at public universities, where it delivers a coordinated message to students: You are under siege on your liberal campus, you should not trust your professors, your educational institutions do not favor students like you, and you must use aggressive tactics to counteract the discrimination. They spread mistrust about higher education not only to the conservative activists with whom they work closely, but to other students on campus who may pick up the newspapers they sponsor or events they fund.

Right-leaning students who do not fit the “Joe Average” profile of these two organizations find support elsewhere. The best-known national organization nurturing this disposition is the Intercollegiate Studies Institute, or ISI, founded in the 1950s by William F. Buckley. ISI advertises itself as the premiere organization for the “best and the brightest” among conservative students. It offers seminars on moral and political philosophy (which ISI’s leaders say are lacking on campus), while also providing networking and internship opportunities at the National Review, the Weekly Standard, and other such media. Ross Douthat, the op-ed writer for the New York Times, was a member of the 2002 class at ISI while he attended Harvard, and is now a speaker for the organization. ISI’s 2015 assets totaled “only” $11 million, according to its website.

It’s important to think about how the conservative styles students are learning now on their campuses and national organizations may have an impact on their ideas about higher education and politics later. At YAF and the Leadership Institute, staff encourage students to turn against higher education: to regard college campuses with suspicion about political correctness, multiculturalism, wastefulness, and elitism. This may help explain why even college-educated conservatives can have such a dim view of higher education—alongside voters with lower education levels—and will support cutting funding to it.

What can be done about this situation—is it possible to minimize provocation and misgivings about higher education today to salvage politics about public higher education tomorrow? I think so, but short of a gigantic political watershed, it will be important for faculty and administrators on individual campuses to figure out what they can do to help.

I would not advise university leaders to bar outside speakers and organizations from campus. It’s unconstitutional and it backfires: One need only read about the martyred David Horowitz or Milo Yiannopoulos to see what happens when administrators try to keep incendiary provocateurs away from colleges and universities. Futhermore, there are some speakers associated with the Young America’s Foundation, and even more so in the Intercollegiate Studies Institute, who offer students greater diversity in discourse, which can deepen their connections to higher education.

Rather, university administrators and faculty — the most immediate targets of the conservative organizations’ attacks — need to be clear-eyed that higher education skepticism is being fomented on their campuses, and they must think about ways to create and strengthen organizational structures that can help all students, including those who identify as conservatives, feel connected to their university and part of a larger community. Helping students who now feel alienated from campus to feel more integrated helps give the lie to the discourse about “elitist, persecuting, alienating, wasteful” colleges.

I am not talking about university leaders creating cultures of “school spirit”—which can actually have negative effects and add to the sense of “fun” students being confrontational, often at black and Latino students’ expense. What I am talking about is bolstering mundane, but very important, organizational arrangements on university campuses, like a lower student-to-faculty ratio. And if this isn’t possible because of funding cuts, making sure that there are more staff on campus whether in residential life, admissions, or administration, who are responsible for getting to know students and who can serve as mentors and advisors to them. Such relationships bind students to campus and build rapport.

It also means challenging students to think of themselves more as members of an intellectual, or smart, community of peers, where they can try out and refine their political ideas with others. This means more emphasis on engaged teaching, more office hours, more faculty connection to students, more efforts at role modeling what it looks like to appreciate, but also constructively critique, one’s campus.

It means building more on-campus housing at public universities, which anchors students in more heterogeneous living situations than when they are allowed to pick their own housemates off-campus and live farther away in more atomized living arrangements.

It means that faculty and graduate student TAs should be highly circumspect about slipping into raw political partisanship in their classes, which alienates conservative and also moderate students.

If university faculty, administrators, and staff are intentional in using the funding they do have to strengthening a sense of community for undergraduates on their campuses, then this is one means for shaping experiences that run counter to public attacks on higher education. Universities play a large role in shaping student identities, and in this case, the types of organizational commitments I have mentioned can counteract the identities sponsored by conservative organizations. With some of these campus-level fixes, at the very least we would have a greater number of conservative alumni who cognitively cannot recognize the caricature of public higher education that conservative politicians and their allies make about their university.

BinderAmy J. Binder is professor of sociology at the University of California, San Diego. She is the author of Contentious Curricula: Afrocentrism and Creationism in American Public Schools (Princeton) and Becoming Right: How Campuses Shape Young Conservatives.

The Brooklyn Nobody Knows: Greenpoint

william helmreichSociologist William B. Helmreich’s urban walking guide, The Brooklyn Nobody Knows: An Urban Walking Guide details the beauty, diversity and history that combine to make Brooklyn what is arguably New York’s hottest borough. By simply walking around, talking to residents, and absorbing the borough’s rich history, Helmreich captures the essence and unique facets of Brooklyn. The book is filled with detailed facts and vivid imagery that will inspire a deeper look at these popular (and lesser-known) neighborhoods. Over the course of the next several weeks, we will be running features on some surprising facts about each of Brooklyn’s neighborhoods.

Don’t miss Bill Helmreich at the Brooklyn Book Festival this Sunday, September 18! If you visit our booth and tell him your street, he’ll tell you something you didn’t know about it. Our booth is #406 and Bill will be there 11-12:30 (There may even be ice cream.)


Helmreich begins with a look at the neighborhood known as Greenpoint, which sits at the northern-most part of Brooklyn:

Greenpoint was once heavily populated by Polish immigrants, and some of the streets of the neighborhood are lined with Polish stores and restaurants. Although the Polish influence has grown less concentrated, one can still get a sense of the Polish cultural influences.

The area was already home during the (the nineteenth century) for Polish establishments. The Polish-owned establishments are dwindling, slowly receding into the history of the neighborhood as it gentrifies. Yet one still sees Polish men, likely immigrants, trudging home in their work boots, wearing faded shirts and trousers, at the end of the day, and carrying their knapsacks, usually filled with the tools of their trade. Their weather-beaten faces are creased with the lines of hard work and perhaps the assorted worries and even disappointment that have marked their tansition from the old world, an ocean away.

If some parts of Greenpoint look familiar, that may be because parts of the neighborhood have been used in TV shows and movies. While Helmreich was walking, he saw where The Good Wife was currently being filmed.

On nearby Diamond Street, I pass by Blue Bloods Productions. There’s a trailer that’s been driven here all the way from Universal Studios, California. Right now they’re filming The Good Wife. But in a week or a month it could be another series or film. Greenpoint has, in fact, become a popular location for film/TV studios, and there are quite a few scattered throughout the area.

Helmreich takes note of a garden that is full of a variety of flora. What makes this an interesting garden is its location near the Brooklyn-Queens Expressway (BQE). The juxtaposition of the garden’s scenic environment against the expressway contributes a unique feel to the atmosphere of the park.

(Lentol Garden is) named after former assemblyman and state senator Edward Lentol. The garden, surrounded by an eight-foot-high black steel fence, features juniper and holly trees, a Chinese dogwood, roses, tulips, black-eyed Susans, and other flora and fauna. Inviting looking, wooden benches line a landscape path where you pass by a birdfeeder and a birdbath. I notice that one side of the park border is literally attached to the Brooklyn Queens Expressway… It’s an oasis in a metropolis where every inch of green space counts, even if it’s hard against a major expressway.

Along Hausmann Street, Helmreich noticed that every house, exactly 73 of them, had American flags flying in front of them. A woman he met while admiring the homes explains the reason why:

“The flags have been here since after 9/11, honoring those who fell there, especially Catherine Fagan, who lived here. We keep them up until they get dirty and then we replace them. Most of the owners have lived here for many years and they just decided to do it.”

William B. Helmreich is an award-winning author who has written many books including The New York Nobody Knows: Walking 6,000 Miles in the City (Princeton), where he wrote an analysis of all five of New York City’s boroughs. The book won him the inaugural 2014–15 Guides Association of New York Award for Outstanding Achievement in Book Writing. He is the professor of sociology at City  College of New York’s Colin Powell School for Civic and Global Leadership and at CUNY Graduate Center. The Brooklyn Nobody Knows is the first of five planned walking guides, one for each borough of New York City.

An interview with Emrys Westacott on frugality, happiness, and everyday ethics

Westacott

Philosophers from Socrates to Thoreau have associated a happy life with frugality and simple living, but in today’s materialistic society, the simple lifestyle is hard to sustain. Emrys Westacott examines why enlightened philosophers have advocated spending less money… and why so many people have ignored them. In The Wisdom of Frugality: Why Less Is More – More or Less, he takes an unprecedented look at a topic that has come into considerable vogue: simple living. Recently, Westacott answered some questions about his book.

What led a philosopher to write about frugality?

EW: A few years ago I taught an honors class at my university titled, somewhat tongue in cheek, “Tightwaddery: The Good Life on a Dollar a Day.”  The theme was suggested by friends who knew of my own tightwaddish tendencies.  These honors classes meet for one evening a week, and are often experimental and a little quirky.  My Tightwaddery course made it into several lists of bizarre college courses, and some people who didn’t know anything about it assumed it was a perfect example of silliness passing for education.  If they’d bothered to look at the syllabus, though, they’d have seen that the course had plenty of respectable content.  We studied canonical philosophers like Epicurus, Epictetus, and Thoreau, as well as contemporary culture critics such as Sut Jhally and Judith Schor on issues such as consumerism, advertising, poverty, and the nature of work.  There were also practical components to the course, a few of which were admittedly not so serious.  Students were required to keep track of all their expenditures; they learned about matters such as unit pricing and dollar cost averaging; they had a go at cutting one another’s hair; and the course ended with a class banquet consisting of super cheap dishes that the students concocted.

Although the specific focus of the course was on frugality, the broader questions being asked really had to do with clarifying our most important values and our ideas about the good life–questions that have been central to philosophy ever since Socrates.  I’ve taught the course on frugality several times since. More recently I began teaching classes on Happiness, a topic which also obviously relates to questions about the good life.  And for many years now I’ve been writing about everyday ethics.  My last book, The Virtues of Our Vices, included essays on topics such as gossiping, rudeness, snobbery, and humor.

These overlapping interests in frugality, happiness and everyday ethics came together in a set of questions I found myself asking.  E.g. Why has frugality been praised down the ages as a moral virtue?  Are those who praise it right?  Is it possible that today, when the opportunities for consumption of all kinds are so much greater than in the past, and when our economy depends on millions of people constantly getting and spending, that thrift is an outmoded virtue, rather like chastity?  Should it even, perhaps, be included among what David Hume called the “monkish virtues”?

Once I started thinking about these questions, I realized that it was very difficult to keep separate the notions of frugality and simple living.  The concepts overlap, and so do the various arguments that have been put forward in favor of living a life of frugal simplicity.

Was the class popular?  Is simple living a topic that engages students today?

EW: Yes, the class was popular. (I might add that parents I spoke to were also enthusiastic about their offspring learning how to be frugal!) We hear in the news that the most popular undergraduate major in the US these days is Business, and that many graduates from Harvard and similar institutions head straight for Wall Street, following the money.  But I think there is clearly another movement, perhaps especially among young people, in the opposite direction.  A lot of people are critical of the prevailing consumerist culture, concerned about the environment, and interested in voluntarily structuring their lives around values like frugality, simplicity, and self-sufficiency. The recession of 2008 encouraged this trend since it made the frugal lifestyle a practical necessity for many who might not otherwise have been inclined to embrace it.

There are plenty of books out there about how we can and why we should live frugally or simply.  How is this one different?

EW: In several ways.

First, it’s not a self-help book or a compendium of practical advice.  If you want to learn how to make toilet brush holders out of used milk cartons, you should buy a book like Amy Dacyczyn’s The Complete Tightwad Gazette.

Second, it’s a philosophically informed study that focuses throughout on the arguments that have been (or can be) given both for and against simple living.  There is a rich philosophical tradition going back to ancient times in which these arguments are advanced and debated.  One of the things I try to do is identify what I take to be the main arguments within this tradition and examine them in an orderly way.

Third, it’s not a polemic.  The message of the book is not: Your must change your life!  I certainly am sympathetic to the views and values of those I call “the frugal sages” (a group that includes, among others, the Buddha, Socrates, Plato, Epicureans, Cynics, Stoics, Jesus, St. Francis, Boethius, More, Rousseau, and Thoreau). And in the last two chapters I offer reasons why it would be good for our society to facilitate and encourage simple living.  But I also recognize that there are some powerful arguments on the other side, arguments in favor of luxury and extravagance.  A failing of the frugal sages is that, for the most part, they don’t pay any attention to these arguments.  I try to correct this omission and to recognize that there really are cogent reasons for questioning the idea that the good life is the simple life.

What would you say is the guiding question of the book?

EW: There are actually three guiding questions:  Why do most philosophers advocate simple living?  Why do most people ignore them?  And who’s right?

What, exactly is meant by “simple living”?

EW: It turns out, when you think hard about it, that simple living is a complex notion.  It could include, or refer to, any of the following ideas:

  • fiscal prudence (as advocated by Ben Franklin)
  • living cheaply (using little money and few resources)
  • self-sufficiency (doing things for yourself; also not depending on others for favors or patronage)
  • living close to nature (like Thoreau at Walden)
  • being content with simple pleasures
  • asceticism, or self-denial (as practiced, for instance, by monks and hermits)
  • physical or spiritual purity
  • living according to a strict routine
  • aesthetic simplicity (e.g. shunning ornamentation, or preferring the rustic)

Some of these senses of simplicity overlap or support one another.  E.g. tending a vegetable garden is a simple pleasure that saves you money, makes you more self-sufficient, and brings you closer to nature.  But they can also conflict.  Diogenes the Cynic undoubtedly lived cheaply; his home was a large ceramic jar, and he kept all his possessions in a small bag.  But since he was a beggar he could hardly be described as self-sufficient.

Why do so many philosophers advocate simple living?

EW: Most of the reasons they give can be classified as either moral or prudential.

The moral reasons typically associate frugal simplicity with various virtues, such as hardiness, fortitude, unpretentiousness, temperance, and wisdom.  We still make this connection.   When the present pope was selected, lots of people pointed out that as a cardinal in Buenos Aries he had chosen to live in a small downtown apartment rather than the palace put at his disposal.  This was taken to be a sign of his integrity.

The prudential reasons are those that connect simple living with happiness.  The basic argument is that if you embrace frugal simplicity you’ll experience fewer negative emotions like anxiety, envy, frustration, or disappointment, and you will be more content with life.  You’ll need to work less, for instance, so you’ll have more leisure time in which to do as you please.  Once you get off the hamster wheel pursuing false goods such as money, possessions, status, fame, or power, you’ll find it much easier to achieve peace of mind.  You won’t be dissatisfied over what you lack, nor anxious about losing what you have.  You’ll realize that satisfying your basic needs is quite sufficient in order to be happy.  In fact, doing without luxuries can even enhance your capacity for enjoying both luxuries, when you occasionally experience them, and the humbler, everyday pleasures of life as well.  Epicurus champions this outlook on life as persuasively as anyone; in his view, nothing much more was needed for happiness than a cup of wine, a bowl of cheese, and a few good friends with whom to share the feast.

So why do so many people ignore the “frugal sages”?

EW: Well, there are quite a few reasons, and some of them make good sense.  One argument is that a serious commitment to frugality can have a morally objectionable aspect. Think of Ebenezer Scrooge, for instance.  An ingrained habit of penny-pinching can lead to parsimoniousness, ungenerosity, and pointless self-denial. Another fairly obvious point is that having a certain amount of wealth offers a degree of security, and hence peace of mind.  Even the bible–which tells us not to toil after wealth–says that “a rich man’s wealth is his strong city, and like a high wall protecting him.”

More interesting, though, in my view, are the arguments that can be given in favor of what the frugal sages would view as extravagance–that is, getting and spending far more than is needed for a life of simple contentment.   Extravagance generally gets a bad rap from thinkers like Ben Franklin because they automatically think of it as imprudent.  And it often is, of course.  Look at the hundreds of billions of dollars in credit card debt that Americans carry over from month to month, paying exorbitant rates of interest.   But what about affordable extravagance?  Here, I think the situation is complicated, and I find that my own attitude is ambivalent.

On the one hand, like many people, I’m inclined to criticize the self-indulgence of the super-rich when they spend vast sums on tasteless parties where ice sculptures of Michaelangelo’s David pee vodka, or on satisfying ridiculous whims, like Paris Hilton building a replica of her own mansion for her dog at a cost of $325,000.  Given how much more usefully the money might be spent, this sort of expenditure seems callously wasteful–although, truth be told, most of us who are comfortably off quite often indulge ourselves in a similar way; we just do it more cheaply.

On the other hand, one has to admit that extravagance has its pluses.  Think about where tourists go.  They go to see the Taj Mahal, the palace at Versailles, the stately homes of England, the art and architecture of Florence, and countless other cultural treasures that the extravagance of long dead fat cats has bequeathed to us.  The fact is, extravagance fuels culture.  How many of us could honestly wish that the Medicis had been more frugal, or that the aristocratic patrons of Haydn and Mozart had dispensed with their court orchestras?

And there’s another problem.  If I ask my students whether they would like to live the good life as described by the likes of Socrates and Epicurus–the life of frugal simplicity, humble pleasures, and conversation with friends–some find it appealing, but many don’t.  And the reason is simple: they find this ideal boring.  They want to go places, see things, do stuff, have adventures, and make their mark.  From this point of view, the frugal sages fail to squeeze all they could out of life.  They content themselves with too little.  That attitude perhaps made sense throughout most of human history, when  life was terribly insecure for almost everyone, and both vocational and recreational opportunities were very limited.  But things are different today.  The quintessentially modern attitude is that of Faust in Goethe’s drama: he wants to experience everything the whole of life to the full.  So here is another reason for being extravagant: done right, it makes life more interesting and exciting.

Does this imply that the philosophy of frugal simplicity, the outlook championed by Epicurus, Thoreau, and the rest, is past its sell by date?  Or is it still relevant today?

EW: These are the questions I take up in the final two chapters of the book.  My answer is that there is still plenty of wisdom in the frugal tradition that we can apply today, but that we also have to recognize its limitations, given how dramatically the world has changed over the past two centuries.

Two changes in particular present us with issues that the frugal sages of the past never really considered: the size and complexity of modern economies; and the environmental problems engendered by the industrial revolution and the subsequent growth in human population.

Anyone who advocates a return to frugal simplicity has to deal with the problem that if enough people took this path over a short period of time, there would be a massive decline in demand for goods and services that one pays for.  But many people’s livelihood depends on this demand remaining high.  A modern economy stays buoyant because enough people are running around getting and spending.  So the question is whether we can simplify our lives in desirable ways without impoverishing ourselves and creating depression-era levels of unemployment.  I think we can.  But it requires government policies that positively support simple living. If, for instance, people enjoyed free universal health care, adequate state pensions, cheap public transport, and affordable housing, they could feel assured of a decent quality of life without the need to make lots of money.  In that situation, the prospect of working fewer hours and having longer holidays–the obvious solution to the problem of unemployment– becomes more inviting.

The way our material standard of living is tied to consumer activity poses a difficulty for the philosophy of frugality.  But the environmentalist problems we face suggest new arguments in favor of this philosophy.  Limiting consumption, cutting out waste, downsizing, and simplifying will, in most circumstances, reduce one’s ecological footprint.  Here, too, there are complexities and legitimate grounds for disagreement.  On the whole, though, the environmentalist arguments in favor of simple living are strong, for the need to combat problems like global warming and pollution is urgent.   And a shift toward simpler living might also be useful in helping us handle the social disruption and ethical challenges thrown up by constant rapid technological change with greater wisdom than we have managed to date.

Emrys Westacott is a professor of philosophy at Alfred University in Alfred, New York and the author of The Wisdom of Frugality: Why Less Is More – More or Less and The Virtues of Our Vices (Princeton). Westacott’s work has been featured in the New York Times and has appeared in the Los Angeles Times, the Wall Street Journal, the Philosopher’s Magazine and Philosophy Now, to name a few.

An 816 mile walk in Brooklyn, an interview with William Helmreich

HelmreichIn The Brooklyn Nobody Knows: An Urban Walking Guide, William B. Helmreich draws on the hundreds of conversations he had with residents during his block-by-block journey through all 816 miles of Brooklyn. From gentrified neighborhoods to neighborhoods lost in time, the book is filled with fascinating facts and stories, creating an unforgettable chronicle of one of New York’s hottest boroughs. Helmreich recently took some time to answer questions about the various neighborhoods, how they’ve changed, and what he found interesting on his journey.

You’ve walked so many miles, 6,000 for the first book and now another 800 for the Brooklyn volume. How did this idea come about? 

WH: When I was a kid growing up in New York, my father invented a game called “Last Stop.” to keep me occupied. Every weekend we’d take a subway to the last stop. And then we’d walk around whatever neighborhood it was in. When we went to Canarsie, I looked at what was then just marshland and remember how my teacher told me he’d send me to Canarsie if I didn’t behave. And when I saw how desolate the area was in those days I became a more obedient student. In Throgs Neck I saw people pulling fish out of the water. So that’s where they came from. I said to myself. I had assumed they just came from the tank in the fish store. I was a city kid. I went on these trips from the age of 7 until 12. And that’s how I came to love NYC.

Brooklyn has so many varied neighborhoods. DUMBO and Boerum Hill are gentrified and they’re nothing like Gravesend or Flatlands. What unites them? 

WH: One thing that unites them is change. Boerum Hill is gentrifying, with many young people moving in. Flatlands is becoming home to larger numbers of Orthodox Jews and Gravesend has a growing Russian populations. DUMBO has more professionals moving in as opposed to the earlier generation of artists. 
 
Were you afraid when you walked in unsafe areas like East New York or Brownsville?
 
 
WH: Not really. First of all, even areas thought of as dangerous are relatively safe by day. We have 300 murders a year as opposed to the 90s when over 2,000 people were being killed. Also, 80 percent of these murders are at the hands of people who knew each other. Another important reason was my approach. Most people think they have to put on a tough-guy face when they’re in these areas. That’s wrong. You’re not going to scare people. They can see through you. When ever I saw bad-looking types and in general, with anybody, as soon as I made eye contact, I smiled and greeted them with a big hello. “How ya doin?” I’d say. And this was such a counter-intuitive approach that they melted. 
 
How has Brooklyn changed demographically over time?
 
 
WH: In the old days Italians, Jews, and Irish were the major groups. Today, the main groups taking over Brooklyn are Asians, mostly Chinese; Blacks, especially West Indians and Africans; Orthodox Jews, especially Hasidim; Hispanics, most notably Puerto Ricans and Mexicans; and, finally, gentrifiers. 
 
What were some of the most interesting things you saw in Brooklyn? 
 
WH: There were so many things. The man in Bergen Beach who put 1,140 stuffed animals on his tree; the Greenpoint park devoted to plants and trees that produced materials used in industry; the man in Gowanus who kept the grocery store sign in large gold letters in the first floor window of his brownstone out of respect for his Italian grandfather’s struggle to earn a living in America. 
 
Is gentrification good for Brooklyn? 
 
WH: That depends how you look at it and who you are. Let’s say, you’re a black homeowner and you want to make a killing. A white gentrifier offers you 15 times what you paid for it. Suddenly you’re rich and you can buy that farm in North Carolina and retire. But what if you’re a black homeowner living in Bed-Stuy and you want the neighborhood to preserve its history as a center for black history and culture? Then you might feel uncomfortable selling to a white buyer. Gentrification often prices working class-people and the poor out of a neighborhood. But it also results in improved services with respect to sanitation, police patrols, etc. because the gentrifiers have clout. What if new developments have affordable housing units? Is that bad or good and for who? One thing we know nothing about is where those displaced by gentrification went? Did they go to other parts of the same neighborhood? Did they go South or West? Are they in Long Island? We need to know these outcomes if we’re to understand what’s happening here.   

William B. Helmreich  is professor of sociology at the City College of New York’s Colin Powell School for Civic and Global Leadership and at CUNY Graduate Center. He has written numerous books and is an award winning author. He is the author of The New York Nobody Knows: Walking 6,000 Miles in the City, which won the the inaugural 2014–15 Guides Association of New York Award for Outstanding Achievement in Book Writing. The Brooklyn Nobody Knows is the first of five planned walking guides, one for each borough of New York City.

Five PUP authors included in the Politico 50 2016 list

We are thrilled that five PUP authors have been included in the Politico 50 2016 list!

 Robert Gordon, author of The Rise and Fall of American Growth

Gordon

George Borjas, author of Heaven’s Door

Borjas

David Card and Alan Krueger, authors of Myth and Measurement

Myth

Angus Deaton, author of The Great Escape

Deaton

Christopher Loss: Will higher education be free?

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By Christopher P. Loss

Higher education will figure more than ever in the coming presidential battle between Hillary Clinton and Donald Trump. Once a political afterthought, higher education has become a major policy problem of great consequence in recent elections. This one will be no different.

The candidates have their choice of issues from which to choose, from state disinvestment and affordability to access and free speech. But the only one that’s going to matter come November will be Clinton’s vow to make public college free for families who earn less than $125,000 and Trump’s determined opposition to it.

The idea of “free college” is not new. In 1947 President Truman favored it. The recent discussion of it, however, was sparked by President Obama in 2015 when he proposed America’s College Promise—at $60 billion plan modeled on Tennessee’s free community college program of the same name. Late in his second term, Obama’s proposal flamed out in Congress but became a touchstone of Senator Bernie Sanders’ upstart presidential bid and, ultimately, part of the Democratic Party’s platform.

The “free college” issue will be central to both campaigns. Trump, who has yet to put forth a higher education platform, has the easier task. He will do what he can to portray Clinton’s plan as just another big ticket, big government giveaway that the country cannot possibly afford—a wasteful bailout for the under-performing, outmoded higher education sector. Among fiscal conservatives and the “poorly educated” whom Trump has actively courted, this will be all they need to hear.

For her part, Clinton will press hard on the Trump University debacle for as long as she can, though at some point she will have to make her case for government action in what would be a colossally complicated and hugely expensive undertaking. The specter of Clinton’s failed effort at healthcare reform in the 1990s also looms large. For years that failure was used by her opponents as exhibit A of big government run amuck.

In the aftermath, if not afterglow, of the Affordable Care Act, however, Clinton has been partially redeemed as a politician ahead of her time. Will the American people get behind Clinton on the free college issue? Is she a sage or just another political opportunist willing to say and do anything to win over the college-educated voters who abandoned her in the spring but that she needs in the fall? This is the question heading into November.

Which begs a series of other related questions: First, is the college cost crunch the big issue that Clinton and others in the media have made it out to be?

The answer to this question is a qualified yes: the cost of college is a daunting burden for many students, but especially for poor students. Yet it’s also true that there is an enormous amount of misinformation about the “real” cost of college, as William Bowen and Michael S. McPherson detail well in their new book, Lesson Plan: An Agenda for Change in American Higher Education (Princeton University Press, 2016). Using data from the College Board, they put college costs in perspective, noting that 61 percent of college students graduate with some debt and that the average debt per graduate is around $26,000. They dig deeper to make sense of exactly what it means, since 39 percent of indebted graduates owe less than $10,000 and another 28 percent owe between $10,000 and $25,000. Only four percent of students owe more than $100,000. These data may surprise readers who have relied on anecdotal news articles and misleading documentaries for their information; for Bowen and McPherson, these data suggest that the affordability problem might well be “overblown” and that there are bigger issues like college completion that need to be addressed.

For the sake of argument, let’s agree that rising tuition and fees and associated debt represents a problem of some magnitude. This leads to the second question: if Clinton is elected—and most prognosticators seem to think she will be—is the wholesale reconstruction of the federal-higher education student aid model politically feasible? I wouldn’t count on it. Although it is clear that we long ago entered an era where a college diploma is necessary for upward mobility and global competitiveness—when the social and economic benefits of education beyond high school are beyond doubt—a total overhaul the federal aid model seems farfetched. Not only are there real issues with the associated costs and administrative challenges of implementation, as Kevin Carey noted recently in the New York Times, the likelihood of continued Republican control of the House as well as the Senate would make it difficult if not impossible to pass such a law.

Where does this leave us? More than likely it leaves the higher education system in exactly the place that it is today, with students left to navigate the existing aid system in order to go to school.

LossChristopher P. Loss is associate professor of public policy and Higher Education and associate professor of history at Vanderbilt University. He is the author of Between Citizens and State: The Politics of of American Higher Education in the 20th Century (Princeton University Press, 2012), which won the  2013 American Educational Research Association Outstanding Book Award.

Kenneth Rogoff: Cash is an emotional topic

Read on for the first post in a blog series by Kenneth Rogoff, author of The Curse of Cash:
Rogoff

In The Curse of Cash, I make a serious case for phasing out the bulk of paper currency, particularly large denomination notes. Since pre-publication copies started floating around just a few weeks ago, a number of engaging, thoughtful reviews have published (for example, here, here, here, here and here). But mere rumors of the book’s impending publication have also evoked an extraordinary number of visceral comments (online and by email): “This idea is almost as bad as banning semi-automatic weapons,” is one theme. Another is, “Why should people feel guilty about doing business in cash to avoid paying taxes when we all know the government will just waste the money?” Having first explained two decades ago why governments that print big bills are penny-wise and pound-foolish, I am well familiar with how emotional this topic can be.

There have also been some comments having to do with individual liberty and wondering if criminals will use other currencies and transactions media. I address these and many other serious concerns in the book, and I have tried to do so in a clear and engaging way that anyone can understand. But here is a quick version to straighten out some key points:

The most fundamental point is to emphasize that the book argues for a less-cash society, not a cash-less one. There is a world of difference. If the U.S. first phased out one hundred-dollar bills and fifty-dollar bills, and then after perhaps two decades phased out twenty-dollar bills, there would still be ten-dollar bills and below. I strongly argue these should be left around indefinitely, and explain why it would be a mistake to withdraw cash entirely, as opposed to just larger bills. Even if we get down to ten-dollar bills, making an anonymous cash purchase of $1,000 would still be pretty easy—and even a $100,000 purchase would require only a briefcase. The aim of my proposal is to get at wholesale tax evasion by businesses and higher-income individuals, and by large-scale criminal enterprises, e.g., drug lords and crime bosses. With ten-dollar bills and below—which will be left in place indefinitely—there will always be ways for ordinary people to make private (anonymous) payments and for low-income individuals to buy groceries.

Any reader of the book will see that I am not proposing getting rid larger bills as segue to an outright abolition of cash—I explain why I’m against eliminating physical cash into the very distant future, perhaps another century. But for all the advantages of cash, we have to recognize that the current system is badly off kilter. A lot of central banks and finance ministries know it, as do justice departments and tax authorities.

What about the argument that in lieu of big bills, criminals and tax evaders are always going to find other ways to make anonymous payments? Obviously this is an important point, and one that comes up throughout in the book. But there is a reason why cash is king. No other anonymous transactions vehicle, however, is as remotely easy to use. Gold coins have to be weighed and assayed, and can hardly be spent at the tobacco shop. Uncut diamonds are even less liquid. Bitcoin is somewhat anonymous (albeit traceable in many instances), but governments have been putting up all sorts of tax rules and restrictions on financial institutions that make it a very poor substitute for cash. And by the way, governments will continue to do this with any new transaction media they view as facilitating tax evasion, money laundering, and crime. As I explain in the book, big bills facilitate big crime—taking them out of circulation will have a significant effect.

Finally, another very early comment on the book, of a vastly different type, is from someone I greatly respect but do not always agree with, Edward Chancellor. Unfortunately, he makes a couple of absolutely critical misrepresentations. Most importantly, he seems happy to blur the critical distinction between “less cash” and cashless. He slips easily into the “cashless” phraseology, for example, when wondering how to give money to beggars in my world. I am impressed if he can give out one hundred-dollar bills to beggars, but if so, I think he would find that a fistful of tens is also welcome.

I agree with Edward that to take advantage of today’s ultra-low real interest rates, it would be a good idea for governments right now to issue very long-term bonds (see my recent article); I have no objections to his preferred perpetuities. But there is an enormous difference between issuing registered perpetual bonds and issuing anonymous currency; that is my whole point. By the way, as the book notes, anonymous bearer bonds were effectively killed a long time ago.

Edward and I disagree on negative interest rates, but that it is whole different can of worms. I’ll just say that, in addition to explaining the issues, the section in the book on negative rates shows that effective negative-interest-rate policy is going to require laying many years of ground work—not a recommendation for something the ECB or the Bank of Japan can do tomorrow. But for reasons discussed, it is by a wide margin the best plan for the future. All the others are much worse.

In the meantime, anyone who has looked serious at the data will realize that even as currency use is declining in the legal economy, it is growing in the underground economy. Something is badly out of whack, and it is time to have a serious discussion about it.

Kenneth S. Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and former chief economist of the International Monetary Fund, is the coauthor of the New York Times bestseller This Time Is Different: Eight Centuries of Financial Folly (Princeton). He appears frequently in the national media and writes a monthly newspaper column that is syndicated in more than fifty countries. He lives in Cambridge, Massachusetts.