Churchill’s Daily Practice

This was despite his continuing large daily intake of alcohol. Harold Nicolson recalls a friend coming away from lunch with Churchill “rather shocked by . . . the immense amount of port and brandy he consumed.” On a typical day, according to his aide Sir Ian Jacob, Churchill drank champagne and brandy with lunch, then, after his afternoon nap, had two or three glasses of whisky and soda, then champagne and brandy with dinner, followed by more whisky and soda. Jacob noted that he also sometimes accompanied his breakfast with white wine.

From Churchill and Orwell: The Fight for Freedom.

“[E]verybody likes growth in someone else’s backyard”

So, long run growth comes from one thing, and one thing only: Productivity. New and better ways of doing things. New and better products, new and better companies. It doesn’t come from 90% of the things that we talk about. So, the Federal Reserve, stimulus programs, even anti-inequality programs–over 10-20 years, it’s about productivity. Our ancestors may have, you know, you might have had a grandparent who dug coal with a pickaxe; and how did you get so much richer? Not by your union getting him higher wages and he still digs coal with a pickaxe at 20 cents an hour, not 10 cents. It’s because one guy left and he uses a bulldozer. Right? Growth comes from productivity. And productivity–everybody likes growth in someone else’s backyard. Productivity comes from new companies, doing things new ways, and making life very uncomfortable for everybody else. Uber is the great example. Uber is–that’s a great productivity enhancement. It’s putting a lot of people to work who otherwise couldn’t go to work. And the taxi companies hate it. And most of economic regulation is designed to stop growth. It’s designed to protect the old ways of doing things. So, what we need for growth-oriented policies is exactly that kind of innovation, that kind of new companies coming in an upending the status quo, that make everybody uncomfortable and run to their politician to say, ‘You’ve got to stop this.’

I don’t know the politics of economics enough to figure out if that’s a dick thing to say or not, but it sure makes grim-sense. The rest of the interview has some fun mental gymnastics and suave “turns out”’ing.

(And check out the show notes! That’s some intimidating work.)

Source: “EconTalk: John Cochrane on Economic Growth and Changing the Policy Debate”

Millions of words

When I was about nineteen, a professor in college sat me down once with a sad look on his face and said to me, almost like he was giving a cancer diagnosis, “You’re going to be a writer.” If you’re old enough to read this, you probably already know if this is your fate, too.The only rule is you have to write millions of words continuously until your death. If you have no problem with that, you’ll probably be fine. Conversely if you can imagine not doing that, you probably shouldn’t try to be a writer.

Source: Behind the Books with Matt Taibbi