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half the land was planted in a year while the other half lay fallow then in the next year the two fields were reversed under three field rotation the land was divided into three parts one section was planted in the fall with winter wheat or rye the next spring the second field was planted with other crops such as peas lentils or beans and the third field was left fallow the three fields were rotated in this manner so that every three years a field would rest and be unplanted under the two field system if one has a total of 600 fertile acres of land one would only plant 300 acres under the new three field rotation system one would plant and thereby harvest 400 acres but the additional crops had a more significant effect than mere productivity since the spring crops were mostly legumes they increased the overall nutrition of the people of northern europe this too the plow is considered to be one of the most important and oldest technologies developed in fact the history of the plow stretches back to the neolithic new stone age that began about 8000 bc in mesopotamia in the middle ages however the plow was radically improved and was used with multiple oxen teams this innovation facilitated the clearing of the forests of fertile northwest europe gies gies 1994 before this time because of the nature of the soil it was difficult to plow these fields and obviously this inability to cultivate these fields reduced the population of northwest europe after the redesign of the plow allowing the plow to plow the heavier and wetter soil of northwest europe there was a dramatic increase in agricultural productivity and subsequently the population of these areas finally from medieval technology pages horse harness the horse collar seems first to have been used in europe around the 8th or 9th century white p 61 this may have been a northern european development or as both white white 1962 p 61 and usher usher 1954 p 183 suggest imported from the east the horse collar rests on both the shoulders and the breast of the horse the traces and thus the traction points are over the horse s shoulders not high on the horse s back this allows the horse to develop much more power without putting any pressure on its neck use of the horse collar seems to have spread rapidly though not uniformly through european agriculture and heavy freight hauling though in neither case did the use of oxen ever totally vanish langdon 1986 pp 19 20 oxen were cheaper than horses but horses are 50 faster than oxen and can work more hours during the day but they were no stronger than oxen in total pulling force were more difficult to care for and required specialized and more expensive food nevertheless by the late middle ages the use of the horse in agriculture became very common gimpel 1976 p 35 three field rotation an improved plow and the horse collar i love this stuff credits the technology in the medieval age page is under the supervision of dr patricia backer the chair of the department of technology and the department of aviation at san jose state university in san jose ca that page links to the horse harness page the medieval technology pages horse harness page is maintained by paul j gans copyright paul j gans 1997 2002 posted by the arthurian at 4 00 am 0 comments sunday june 14 2015 recap that stimulus money the guy says shovel ready jobs two trillion dollars he says that money went all around the world they didn t spend any of it here i m not sure exactly what the guy s complaint is as of 13 june 2015 two trillion dollars zero point seven eight seven trillion more like 787 billion two trillion would have been a good number if they spent the whole thing in about 365 days but they didn t plan to start spending it for a year or so no understanding of the word urgent no understanding of the word stimulus anyway i don t know where the guy got his numbers from i do know he listens to rush limbaugh oh and if you want to find out where they spent it it s easy enough to find out posted by the arthurian at 4 00 am 0 comments saturday june 13 2015 clearly marko says at jw mason s new blog in comments on the myth of reagan s debt marko writes the counterfactual i d like to see is what would have happened if debt gdp ratios both public and private had been held constant at their 1980 levels that would at least define a sustainable system he adds this thought clearly this would mean new debt growth would have slowed and or interest payback would have been increased both of which would have subtracted from aggregate demand clearly but only if we hold everything else constant i don t want to do that i want to reduce debt growth and do one other thing i want to increase the quantity of spending money i want to reduce debt and increase the quantity of spending money i ve showed you the ratio a thousand times graph 1 dollars of total public and private debt for each dollar of spending money obviously it can be done fdr did it plus it s not on the graph but it has been happening again since 2009 mostly by accident i think it also happened in the early 1990s without causing a depression trouble is we can t increase spending money because it gets parlayed into a ton more debt because we have the financial infrastructure to do that so we need to regulate that infrastructure and or discourage financial innovation and or reduce the demand for new loans and or just start paying off old loans faster if we design policy so people pay off old loans faster debt will increase more slowly debt might even decrease but as marko says that subtracts from aggregate demand that s okay think of the subtraction from aggregate demand as a way to fight inflation an alternative to jacking up interest rates again like the fed is getting ready to do i don t like jacking up interest rates jacking up rates is a way to reduce growth and create recession people have been talking for six years now about how interest rates should be at negative five percent or something like we can t get there but we damn sure can t resume the policy of jacking rates up until we get recession we need a better way to fight inflation we have a better way we have the paydown of debt we just need policy to encourage and support the idea instead of working against it if we can stabilize the debt per dollar ratio we have the policy tool we need for a golden millennium we want to seek the best level of debt per dollar the level that best promotes growth and we want to keep it there it s not difficult posted by the arthurian at 4 00 am 1 comments friday june 12 2015 i really don t know what this is bank s net interest margin for world it was almost zero then suddenly four percent looks like it was zero until 1996 but it was a little above zero there is data there after 1996 it jumps way up all of a sudden i don t like big mysterious changes see the first word of the series title bank s one bank belonging to one bank one global bank that can t be right in the future maybe but not yet so i don t know what this graph shows i did a quick google found a quick comparison of interest margins for the largest u s banks from forbes dated 11 september 2014 just a few months back here is the opening sentence net interest margin figures for all banks in the u s have been on a steady decline over the last three years as a direct result of the low interest rates being maintained by the federal reserve since the economic downturn of 2008 forbes is worried about a decline that doesn t stand out on the graph i think they are making an argument without really having one their evaluation seems one sided what i want to know is what law was changed to let that thing jump up so suddenly after 1996 posted by the arthurian at 4 00 am 1 comments thursday june 11 2015 not paying paul i was looking for data on a whole series of years this first graph for the year 2010 only is better than nothing from the tax policy center oh now wait what is that omb budget historicals thing at the bottom of the graph oh yeah historical tables a page of links to excel files oh yeah i took table 2 2 percentage composition of receipts by source 1934 2020 from whitehouse dot gov your tax dollars at work thank you very much i threw a graph together graph 2 stacked graph comparing federal revenue by source the purple fringe across the top is other the green low hanging fringe is excise taxes something they just cut out of you evidently taken together the green and purple provided a pretty substantial portion of federal revenue in the mid 1930s you ve probably heard that story as protectionism during the great depression but it makes me wonder how excise and other looked for a hundred years or so before the mid 1930s the fringe on the bottom that bluegrass that s revenue from corporate income taxes we looked at that yesterday everything else is taxes on labor well on whatever you get your income from labor or profit or rent or interest whatever mostly on labor i ll venture the orange is individual income taxes the yellow is social security and stuff it all comes out of your paycheck i did a little digging to check that found a link to a spreadsheet that gives a breakdown of social insurance and retirement receipts that s the same title used in table 2 2 for what i showed as yellow on graph 2 actually you can get table 2 4 from the same historicals page where i got table 2 2 i guess it s easier to search with google than it is to read two more lines on a list of table names oh well anyway table 2 4 shows things like unemployment insurance disability insurance and old age and survivors insurance stuff that comes out of your paycheck when they take your taxes out and stuff that your employer pays because you are employed stuff that from the employer s point of view is a cost associated with hiring a labor cost to my mind these costs these taxes ought to be lumped in with our income taxes not always and forever but just so we can take a gander at it gander away graph 3 posted by the arthurian at 4 00 am 3 comments wednesday june 10 2015 not robbing peter taxes on corporate income relative to corporate profits after tax the government take has fallen from 1 20 1943 to about 27 cents 2013 per dollar of corporate after tax profit posted by the arthurian at 4 00 am 4 comments tuesday june 9 2015 curse that ronald reagan he raised corporate taxes taxes red and after tax profits blue as a percent of corporate pre tax profits posted by the arthurian at 4 00 am 0 comments monday june 8 2015 urgency no more at this writing i have two posts tagged urgency one from february one from september both from 2009 and there is this reddit headline from june of this year americans are savers now it s a problem for the economy yeah well six years gone by no urgency now people are getting used to things this way the lower level slower growth of income slower growth of output economy is indeed becoming the new normal that was why there was urgency the need was to restore the economy to a higher level of employment and a lower level of unemployment before people started getting used to the idea of spending less before people got used to the reality of living with lower living standards but it s too late for that now oh and it s not a problem for the economy it s a problem for people it s a problem for the people who lost out you know the 99 maybe even the 100 the economy doesn t care if people lose out but it s a problem for people that s why there was urgency posted by the arthurian at 4 00 am 0 comments sunday june 7 2015 archdruid the era of breakdown i always love his openings i always lose it soon after his details don t do much for me but his big picture does from the era of breakdown the era of breakdown is the point along the curve of collapse at which business as usual finally comes to an end that s where the confusion comes in it s one of the central articles of faith in pretty much every human society that business as usual functions as a bulwark against chaos a defense against whatever problems the society might face that s exactly where the difficulty slips in because in pretty much every human society what counts as business as usual the established institutions and familiar activities on which everyone relies day by day is the most important cause of the problems the society faces and the primary cause of collapse is thus quite simply that societies inevitably attempt to solve their problems by doing all the things that make their problems worse the primary cause of collapse is that societies inevitably attempt to solve their problems by doing all the things that make their problems worse yes because in the early years those solutions worked and decision makers learned to do those things to solve problems but then you know the economy changed the world changed the standard solutions became less effective decision makers noticed that the solutions were less effective but they didn t think about why they didn t realize it was time for new solutions they only thought about how to make the old solutions stronger and more effective but since the old solutions were the cause of the new problems the more effective solutions only made things worse faster laffer limit the point at which continuing to do the same thing begins to have the opposite effect posted by the arthurian at 4 00 am 0 comments saturday june 6 2015 one dna people are always pointing out that the debt to gdp ratio ran flat until around 1980 and then began its relentless upward climb i always point out that inflation pushed gdp upward a lot more than debt in the 1960s and 70s inflation aside debt was growing faster but inflation pushed gdp up and kept the ratio flat until the end of the great inflation in the early 1980s then when the inflation rate fell the debt to gdp ratio became a more honest measure suddenly the rapid growth of debt was easy to see nobody seems interested in this story maybe because it interferes with the political stories they like to tell this graph compares total financial assets tfa of financial business to tfa of households no flat spot in the 1960s and 70s here fred graph 1dna financial business assets were half that of households in the early 1950s but the ratio tripled by the time of the 2009 recession household assets increased a lot of course but assets of financial business increased a lot more and a lot faster now you re gonna tell me finance is a good thing we need finance sure but we don t need so much of it look to the time in our economic history when the economy was good the 1950s and 60s and look at where the ratio was then posted by the arthurian at 4 00 am 1 comments friday june 5 2015 measurements of finance i started by gathering fred data for total financial assets graph 1 total financial assets for seven sectors oddly when they ve capitalized the words total financial assets in a series title the units are billions when those words are not capitalized the units are millions it co...