The influence of Austrian economist Friedrich von Hayek is slowly winning out over the views of the English economist Maynard Keynes, even though both of them are dead. Which is worse, inflation or depression?
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The English Quaker Sir Arthur Eddington was granted draft exemption during World War I, on condition that he conduct a test of the Theory of Relativity produced by the German conscientious objector, Albert Einstein. Einstein won.
(1332)
At least until he met Madame Helvetius, Benjamin Franklin displayed little interest in moral philosophy. His interest was in science, which was called natural philosophy in the Eighteenth Century. The American Philosophical Society is America's oldest and most prestigious society of scientific scholars. If investing is a science, the APS is good at that, too.
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In May, I had a coronary occlusion, and a fast trip to the Pennsylvania Hospital. Cardiac catheterization opened the artery with a stent, before there was time for infarction.
(1620)
Kites are children's toys; going out in a thunderstorm is deliciously dangerous. We have thus been taught to regard Franklin's science as a lark, when in fact he largely discovered the nature of electricity and was regarded as one of the greatest scientists of his age.
(1661)Nobel Prizes
Some Philadelphians won Nobel Prizes for work done here, or elsewhere. Some prize winners would deny they are Philadelphians, but their work was nevertheless done here.
Some Philadelphians won Nobel Prizes for work done here, or elsewhere. Some prize winners would deny they are Philadelphians, but their work was nevertheless done here.Bertrand Russell Disturbs the Barnes Foundation Neighbors
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| Russell |
In 1940, the Barnes Foundation disturbed its Philadelphia's Main Line neighborhood in a way that had nothing to do with art. Dr. Barnes was still alive and running the place at that time, so there can be no question about the testamentary intentions of the donor. He hired Bertrand Russell for a five-year contract to teach philosophy at the Foundation, under highly lurid circumstances. By doing so, he put his thumb in the eye of religions generally but especially the Roman Catholic Church, into the eye of a Main Line neighborhood that prized its privacy, and into the eye of the judiciary, although the judiciary found a way to get back at him.
 Do not fear to be eccentric in opinion, for every opinion now accepted was once eccentric. 
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| Bertrand Russell |
Under the circumstances, hiring anyone at all would have been socially defiant, but Barnes went out of his way to offer a position to a man who was already internationally famous for sticking his own thumb in everybody's eye.
Lord Bertand Russell was the third Earl, the son of a Viscount and the grandson of a British prime minister. He had such a brilliant mathematical mind that no less an observer than Alfred North Whitehead regarded him as the smartest man he ever met. He burned up the academic track at Trinity College, Cambridge, and was made a Fellow of the Royal Society at an early age. There was absolutely no one in the academic world who could look down on him, particularly no one in any American community college. His association with Haverford Quakers was established by marrying Alys Pearsall Smith, a rich thee-and-thou Quakeress then living in England, whose brother was the famous author Logan Pearsall Smith. Many early letters of Bertrand Russell contain instances of what the Quakers call "plain" speech.
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If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence.
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| Bertrand Russell |
By the time of World War I, this odd mixture of Quaker pacifism and English aristocratic arrogance seems to have unhinged Russell from social moorings, and he began a lifelong career of defiance mixed with rapier wit that made just about everybody his enemy. He went to jail for pacifism, got divorced three or four times, openly slept with the wives of famous people like T.S. Eliot, and proclaimed that monogamy was not a natural state for anybody. He wrote ninety books, and his denunciation of religion was sweeping. All religious ideas were, in his view, not only false but harmful. Accordingly, everybody in polite society kicked him out, and although he was entitled to a seat in the House of Lords, by 1939 he was nearly impoverished. In desperation, he went to (ugh) America to seek his fortune. He didn't last at the University of Chicago, and even California eased him out. Finally, he was reduced, if you can imagine, to accepting an offer to teach Philosophy at the City College of New York. That proved to be totally unacceptable to Bishop Manning, who led a public outcry against using public funds to support such a radical, known to have held long conversations with Lenin. When a CCNY student was induced to file suit along those lines, an especially hard-nosed judge overturned the College appointment, with the rather gratuitous declaration that Russell's appointment would establish a Chair of Indecency. At that point, Albert Barnes stepped in, and offered Russell a five-year contract to teach philosophy at the Barnes Foundation on Philadelphia's main line.
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| Bertrand Russell in 1960s regalia. |
Bertrand Russell the bomb-thrower accepted the offer and came down to that quiet little lane where the neighbors object to the traffic coming to look at pictures. The five-year contract only lasted three years, when even Barnes got fed up, and summarily dismissed him. The circumstances have not been extensively documented, but they were sufficient to enable Russell to win a lawsuit for redress of grievances. During that three year period on the Main Line, he had produced a book called History of Western Philosophy, which became a best seller and permanently relieved his financial difficulties, and was the basis for his winning the Nobel Prize in Literature. He spent the rest of his ninety-odd years leading demonstrations against the atom bomb, the Vietnam War, monogamy, religion and so on. There are those who regard Bertrand Russell as the role model for the whole Sixties generation, and, unfairly, the 2004 Democrat candidate for President.However all that may be, his activity at the Barnes Foundation undoubtedly was a factor in the firm but unspoken tradition of the Merion Township neighbors that they wanted to get that Art Gallery out of here.
http://www.philadelphia-reflections.com/blog/479.htm
Nobel Prize: Michael Brown, MD
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| Michael Brown |
The College of Physicians of Philadelphia annually sponsors a lecture by a winner of the Nobel Prize in Medicine or Physiology. There is never any question of the high quality of the lecture, but it does add an element of local pride whenever the Nobel Laureate comes from Philadelphia, as he did this year. Michael S. Brown, MD graduated from Cheltenham high school in 1958, received a B.A. from the University of Pennsylvania in 1962, and his M.D. degree in 1966. Nineteen years later, he was awarded the Nobel Prize in Medicine for his work in describing the cholesterol pathways, and the human defects in it which lead to heart attacks, strokes and other consequences of atherosclerosis. Almost immediately, Japanese investigators found the so-called stain drugs being produced by relatives of the penicillin mold for no particularly obvious purpose. The patents have not yet expired on most of these drugs, but many millions of people have already been spared death or disability from hardening of the arteries, the commonest killer in modern life.
The speaker, now a gastroenterologist practicing in Texas, chose to organize his talk around the manner in which biochemical discoveries are currently being made. Physicians in medical research endure news media presentations, usually in silence, of scientific research performed by basic scientists with PhD degrees, with physicians then merely dispensing the drugs. It sometimes happens that way, but in general the basic scientist is too highly focused on the techniques of the scientific cutting edge to be well positioned to see the direction that should be taken next. The physician scientist, on the other hand, is aching to find a solution to current problems, but often lacks the necessary technical skills to perform the experiment. James Shannon, one of the early directors of the National Institutes of Health, recognized this mutual deficiency was impairing progress and set about establishing training programs for cross-fertilization between the scientific approaches. Dr. Brown was one of the early trainees of that program, and now describes its glories, going from the patient bedside to the scientific laboratory bench, and then back to bedside to test the results. Competition has morphed into collaboration.
Some day, someone will conduct a study of Nobel Laureates, seeking out the traits which characterize them. The next step after that would probably be cloning them, although public opinion will first have to catch up with that thought. From an observers point of view, they all seem gifted with the ability to give a logical, entertaining and succinct description of a complicated matter. Almost all of them are located in very large research environments, where news of small scientific discoveries in obscure scientific journals is quickly picked up by a hundred eyeballs, filtered for the benefit of the local enthusiast of the topic, and fitted together with something that enthusiast has discovered but not published, or published too recently to be well known. Research is not just expert marksmanship, it is marksmanship within a boiling cauldron of undigested facts. One other thing about Nobel Laureates: as a group, they tend to drive over the speed limit, even when going to the local supermarket.
Anyway, it's real nice to take the statin drug and watch your cholesterol go down, secure in the knowledge that invisibly your longevity is improved. There's just nothing more attractive than having more longevity. At least, it's hard to imagine what could replace it in attractiveness.
http://www.philadelphia-reflections.com/blog/768.htm
Baruch Blumberg, Renaissance Man
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| College of Physicians |
Baruch Blumberg may be an octogenarian, but he radiates vigor and good health; his current intellectual interests are invariably on the cutting edge. He currently serves as the president of the American Philosophical Society, was for five years the Master of Balliol College at Oxford, was the Director of Astrobiology at NASA -- all of them after he had won the Nobel Prize in Medicine, and retired from his laboratory. He likes to run and bicycle, with a long history of disconcerting the populace of China, India and Africa with early morning forays. His undergraduate major was physics, with graduate work in mathematics. He went to medical school at his father's suggestion.
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| Hepatitis B |
The Nobel Prize was awarded for the discovery of the Hepatitis B virus, for which he developed a highly successful vaccine. It has been estimated that there are 375 million people in the world infected with this virus, and it leads in time to liver cancer, the most common form of cancer in Asia. If you set about to stamp out disease and save lives, it's advantageous to do it with an extremely prevalent disease. And then there are some surprising side-benefits. For some reason, women who are infected with Hepatitis B produce a disproportionately large number of male offspring, so that vast immunization programs in Asia are now starting to result in a larger proportion of females in the population. The lack of female children in Asian families has long been attributed to selective abortion, so it's satisfying to see an abatement of that particular slander.
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| Baruch Blumberg |
Blumberg has twice been invited to deliver a lecture to the College of Physicians of Philadelphia. The first was a description of the problems of space travel. The second was a discussion of current trends in medical genetics. It seems that gene mutations only occasionally cause disease directly. The much more important genetic factor in disease affects the ability of some people to resist particular diseases, and makes others more likely to be a victim. Hepatitis B? Well, that's so yesterday.
http://www.philadelphia-reflections.com/blog/1259.htm
Hayek Confronts Keynes
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| The Four Horseman |
Catastrophes seem to have fashions. There was a time when the four horsemen of the apocholypse -- pestilence, war, famine and death -- rounded up the main things to keep you awake with worry. Perhaps it is too soon to gloat, but pestilence and famine seem tamed, even ready to be "put down". War remains a serious cause for concern, but a case can be made that two economic disasters, inflation and recession, have moved up to dominate our nightmares. Indeed, it is the Summer of Love in 1967 which seems to mark the watershed moment, when basic survival stopped being the main risk in life, supplanted by threats to existence that are largely self-inflicted. The first warning of this sea-change appeared in the fall of 1929, when it seemed to be deflation, unemployment and all the other havoc of economic recession that caused wars, famines and pestilences. The 1929 crash did not send a fully readable message however, because it was so one-sided. It took another 37 years for the world generally to appreciate there was an opposite side to it; inflation was just as bad as recession, and both problems were largely man-made. One person gets most of the blame for the distorted emphasis. John Maynard Keynes, later Lord Keynes, was the prophet who seemed to save the world with the doctrine that the deflation emergency was so dire that civilization could not afford to worry about the long-term drawbacks of deliberate inflation. He persuaded world leaders to inflate the currency before civilization disappeared. After all, in the long run we are all dead.
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| Roosevelet Stamps |
There's an irony that Franklin Roosevelt was a hobbyist who collected postage stamps, because stamp collectors were about the only Americans who were dimly aware that Germany and Austria had hyper-inflation as a main curse. Austrian postage for billions of marks gradually filtered into our collections of odd foreign stamps, arousing mild international curiosity. But Friedrich August von Hayek was living in the midst of it, painfully aware of its pain and chaos. It became the central focus of the life of an aristocratic decorated war veteran who became a distinguished economist, eventually winning a Nobel Prize. What caused inflation? Why didn't it stop? Why was it so destructive? How can inflation be prevented? How could Maynard Keynes possibly urge the leaders of nations to inflate their currency deliberately?
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| Maynard Keynes |
As a scholar in the dismal days of world depression, Hayek had a hard time, living for long periods on the charity of a few philanthropists who recognized his talents. He is best known for his scorching analysis of collectivism, a craze which swept through academic and political leadership, particularly in Europe, and his persuasive views probably constitute the main intellectual force which ultimately ended the Cold War. It is seriously stated that personal animosity by Socialist-leaning academics materially injured his academic career, although it probably gave him more time, and motive, for serious writing. Inflation and political collectivism do not seem tightly connected, but it is easy to observe that command economies do inevitably clash with private property and market decisions. For the present, it seems useful to set aside Hayek's monumental political achievement of discrediting Communism, and focus on his penetrating view of inflation.
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You used to give me rides from PGH to Jeff,in the late 60's.
I live across from the Barnes,and have a much different perspective of the neighbors,than what I read on your blog.
Contact me at wally_boy@mac.com
thanks