Torino, Piemonte
Joined November 2021
questa volta senza felpa
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I want to briefly explain why I joined Abhijit Banerjee, Peter Diamond, Esther Duflo, Paul Krugman and Joe Stiglitz in signing the letter on the California billionaire tax: ft.com/content/94ec0fee-53ab… In principle, I am not convinced that permanent wealth taxes would be necessary if the tax-transfer system were designed optimally. But the US tax system is very far from optimal, and has been for decades. As I have documented in my research (for example, here: mitsloan.mit.edu/shared/ods/…), labor income is taxed much more heavily than capital income. This asymmetry creates two distinct problems. First, it makes the tax system highly regressive at the top. The very rich, who receive much of their income from capital or can use accounting tricks to reclassify their income as capital income, pay remarkably little in taxes. For example, a business owner who runs their own company should receive a significant part of their income as labor earnings for their work as CEO. Instead, they can take their compensation in stock and borrow against those holdings to finance whatever consumption they desire, minimizing their tax obligations. Even their heirs may avoid paying these taxes. Second, the asymmetry distorts automation decisions: it effectively subsidizes machinery and AI relative to hiring workers (for example, here: brookings.edu/articles/does-…). These distortions have allowed a small number of people to amass vast fortunes without paying their fair share of taxes, and have fueled excessive automation. The resulting inequality is a problem in its own right. It is all the more dangerous today because our institutions have become fragile, allowing the very wealthy to exert growing control over the political process. A temporary wealth tax can therefore be justified on three grounds: (1) it partially reverses the effects of more than two decades of tax avoidance by the very wealthy; (2) it acts as a brake on their growing dominance over the political process; and (3) it may pave the way for more comprehensive tax reform at the federal level. The California billionaire tax is not perfect. For example, a federal tax would lessen risks related to capital flight, and removing the rigid earmarking of the revenues for specific purposes would enable the proceeds to reduce the national debt. Nevertheless, with few other options on the table, I believe the California proposal deserves support.
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Monti a #Vannacci: “Il responsabile programma di FnV scrisse che «un giovane sano che si vaccina dimostra debolezza, obbedienza al primo politico che passa... Caratteristiche che dovrebbero comportare l’esclusione dalla vita sessuale». Lei era a conoscenza di questo suo spirito?”
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barro retweeted
Everybody has heard of the Luddites, but few know Sir Thomas Maitland, the man who defeated them. Rather than using brute force to take them all out, Maitland simply identified the men he took to be ringleaders, had them arrested on evidence that was often thin, and executed them. Hit one, educate a hundred. This is the strategy that the British magazine The Economist seems to have adopted toward the new version of the Luddites: AI critics. Rather than the public execution, they use the public humiliation of the anti-AI ringleaders, with equally scant evidence. Whatever its editors intended, the critical piece against @DAcemogluMIT, published by the magazine on August 17th, functions less like a conventional assessment of scholarship than like an act of intellectual discipline. I have long criticized important parts of Daron’s work, and I am not afraid to expose weaknesses in his reasoning, as I have in the latest episode of my Capitalisn’t podcast: youtube.com/watch?v=rOnrvBzJ…. But I would never have written that piece. If The Economist had objections to his Nobel Prize, it should have raised them when it was awarded. But it did not. If it had objections to his paper on demography, it should have raised them when the paper came out. But it did not. Why does the British magazine raise these questions only now? Why does it do a review of a book that is not about AI, but only reviews the half-chapter he wrote about AI? I have read The Economist for more than thirty years. I cannot remember it ever attacking a living economist in this ad hominem way, let alone one of Daron's caliber. The piece is not really about Daron. It is a warning shot. If the Economist can humiliate the leading economist of my generation, imagine what it can do to anybody else who criticizes AI. Criticize the new incarnation of the latest technological wonder, and your weakest paper becomes your body of work. Praise it, and your weakest paper is never mentioned at all or even celebrated like a great piece of scholarship. If AI delivers even half of its promises, it will be transformative, ushering in a new era of productivity and growth, as the first industrial revolution was and possibly even more. Many professional economists only see these long-run benefits. Yet, the path to Nirvana is littered with the bodies of the people hurt during the transition. It took between 50 and 70 years after the start of the First Industrial Revolution for workers' wages to begin rising. In the meantime, life expectancy stagnated, and average height declined, a clear sign that the Dickensian stories of squalor and misery were not the product of their author’s imagination but a real account of what the country went through. Criticizing AI is not necessarily resisting progress; it is pointing out the costs it entails. Unlike 19th-century Great Britain, today, the democratic West is not forced to maximize the speed of innovation at all costs. We need a serious public debate on the costs and benefits of acceleration, with concrete proposals for minimizing transition costs. This debate needs critical voices like Daron’s. In the undemocratic Great Britain of the early 19th century, Lord Maitland was not serving the British people, but the British merchant elite, who had only to gain by putting the innovation pedal to the metal, since the costs were borne by others. In the interest of whom is The Economist publicly humiliating Daron?
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barro retweeted
Giugno è stato il mese più caldo mai registrato nella storia dell'Europa: picchi oltre i 40 gradi tg.la7.it/cronaca/giugno-mes…
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Quelli che, e allora l'India? Un singolo indiano emette 3 t CO2/anno, un italiano 7, uno statunitense 16. Chi dovrebbe modificare il proprio stile di vita?
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Me refusing to sleep because i didn't get enough time to feel like human after work
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L’Italia, patria prediletta della rendita parassitaria
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pisciato addosso
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Tuttavia, il centrodestra ha vinto STOCAZZO™
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Se a frenare l'Italia sono l’eccesso di vincoli, burocrazia e "ideologia verde" dell’Europa, perché Spagna, Danimarca, Polonia o Grecia continuano a crescere rapidamente sotto lo stesso regime di regole? corriere.it/economia/finanza…
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E questo schifo sarebbe la "democrazia" israeliana?
Ben-Gvir ad Ashdod tra gli attivisti della flotilla fermati: "Qui comandiamo noi" 👉 tg.la7.it/esteri/flotilla-be…
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Italian war reporter Francesca Mannocchi: “What Israel is doing in southern Lebanon is, quite simply, no different from what Russian troops have been doing in Ukraine. It’s the same thing... Since 2022, have we ever read a headline saying “Putin is building a security buffer zone in Mariupol”? No. We’ve always called it what it is: a military occupation. Yet when Israeli troops do the exact same thing in southern Lebanon, but we call it a “security buffer zone.” That framing clearly shapes perception. We are talking about the same dynamics, the same methods, the same displacement of civilians, the same destruction. And yet, on one side it is widely seen as a war crime; on the other, as a legitimate security operation. So why the difference? Because in recent years there has been a gradual erosion in how international law is perceived and applied. And it has its convenient enemies. Putin is an easy one: no one would seriously argue that the Russian Federation is a democracy. Israel, on the other hand, continues to be described, and accepted, as a democracy, even when that label is increasingly contested. Why? Because this implicates us. While we no longer feel allied, morally or politically, with Russia, many in the West still see themselves as morally and militarily aligned with Israel.”
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barro retweeted
Io comunque toglierei la cittadinanza a Matteo Salvini
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Journalism in 2026
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🚨 FAMOSOS l Dua Lipa reage após ser proibida de entrar em Israel por conta de críticas ao país: "De qualquer forma eu não iria"
Readers added context they thought people might want to know
Não há confirmação oficial do governo israelense de que Dua Lipa foi proibida de entrar no país por críticas. A alegação e a reação citada originam-se de rumores virais nas redes sem verificação independente. tribune.com.pk/story/2607471/… poprant.indiatimes.com/trending/has-d…
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barro retweeted
Stasera vorrei che mi facessero diventare come le uova strapazzate.
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Giorgia Meloni is a much over-rated politician, especially abroad. Since coming to power, she and her government managed to keep off the radar screen of the bond market vigilantes, but they have not solved a single of Italy festering structural economic problems, like bureaucratic inertia and weak capital markets. This has been a country with practically zero  productivity growth for a quarter of a century. Instead, like other failing Italian prime ministers before her, she wasted her political capital on another silly electoral reform, which has now been defeated.  Our lead story this morning.  eurointelligence.com
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