10 Friday AM Reads

The work week is ending, the Superbowl is almost here, and we have our guaranteed 13.5 PSI morning train reads:

• How, and Why, Apple Overtook Microsoft (NYT)
• Legends of Indexing: Rob Arnott (ETF.com)
• Gold Tarnishes as U.S. Economy Strengthens (WSJ) but see Foreigners Are Failing to Buy Enough Stuff (Bloomberg View)
• Thanks a lot, austerity! We could have had 2014′s economic recovery in 2011. (The Week)
• Building The Perfect Investor (Millennial Invest) see also An Investing Frankenstein (Reformed Broker)

Continues here

Syriza’s finance minister has a big idea – but will Germany accept it? | Linsey McGoey

Yanis Varoufakis wants to revive a Keynesian mechanism that may prove unpalatable yet from which Germany directly benefited in the postwar period

Since Syriza’s victory in the Greek elections on Sunday, it is the new Essex-educated finance minister Yanis Varoufakis who has been grabbing most of the headlines. Much of his appeal lies in his iconoclasm: in his 1998 book Foundations of Economics, a kind of bible for the growing alternative economics movement, he cites the British Keynesian Joan Robinson: “The purpose of studying economics is to learn how not to be deceived by economists.”

But what can we expect from this reluctant economist and reluctant politician intellectually? Announcing his decision to run for a parliamentary seat on Syriza’s ticket on his personal blog, Varoufakis stressed that he never wanted to run for office, preferring to channel his policy ideas across the political spectrum. But he grew tired of seeing his policies ignored. Above all he wants to draw attention to an idea that was first conceived by one of his major intellectual influences: John Maynard Keynes. It’s an idea that even ardent Keynsians often neglect; an idea that Keynes dramatically announced to a group of sceptical listeners at the 1944 Bretton Woods conference; an idea that runs diametrically counter to the current policies of Germany’s government. That idea is a global surplus recycling mechanism.

Continue reading…