(Roughly) Daily

Posts Tagged ‘recipes

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else”*…

 

laffer-curve-napkin-470x426

 

President Trump [recently] announced that economist Arthur Laffer will receive the Presidential Medal of Freedom. Laffer is most famous for his “Laffer curve,” a graph that suggested that lowering tax rates might increase tax revenue. This graph had major political consequences, but made him more notorious than celebrated in the field of economics…

Economists tend to roll their eyes when the Laffer curve is mentioned. A panel of elite academic economists across the political spectrum found in 2012 that none of its respondents agreed that the United States was on the wrong side of the curve. Even George Stigler, a leader of the Chicago School of Economics who disliked taxes at least as much as Laffer, described the Laffer curve as “more or less a tautology.”

Yet the idea has been influential for more than 40 years. The Laffer curve did not begin as a formal economic theory, but as a simple depiction of the relationship between tax rates and government revenue. Legendarily, perhaps apocryphally, it was scribbled onto a napkin after dinner. [A recreation of the legendary napkin, created by Laffer for Donald Rumsfeld, who was at the dinner (with Dick Cheney) where it was supposed first sketched.]

The concept is simple enough. As tax rates increase, people’s incentives to work and make investments decrease because they make less money from them. Above some rate, taxes become so onerous that total revenue goes down because people aren’t as economically active as they would be in a world with lower taxes. The big question is what that rate — the tipping point on the Laffer curve — actually is.

Laffer may have named the curve, but the idea was not original to him. As proponents in the late 1970s liked to point out, the general idea dates to the Arab social theorist Ibn Khaldun, who wrote in the 14th century, “At the beginning of a dynasty, taxation yields a large revenue from small assessments. At the end of the dynasty, taxation yields a small revenue from large assessments.”

In less remote history, Andrew Mellon, Republican treasury secretary to three presidents, articulated a similar idea in 1924. And when Democrats advocated for the Revenue Act of 1964, which cut the top marginal rate from 91 to 70 percent, their bill made exactly the same arguments. Even Wilbur Mills, the fiscally conservative Democratic chair of the Ways and Means Committee, found himself claiming that the tax cut would “eventually lead to higher levels of economic activity and thereby increase, rather than decrease, revenue.”

Yet it was Laffer’s variant that caught the ear of Republicans in the late 1970s, just as they were shifting from a position as the party of balanced budgets to the party of tax cuts. Indeed, the Laffer curve was a way to say, “Why not both?” One influential ear Laffer caught was that of Wall Street Journal associate editor Jude Wanniski, who made the curve a centerpiece of his 1978 book, “The Way the World Works.”

wanniskicurve1978

Laffer and Wanniski had a champion in Congress as well, in former Buffalo Bills quarterback Jack Kemp. In April 1977, Kemp introduced a bill to cut income tax rates by 30 percent across the board. He started talking about the Laffer curve in October and over the next year mentioned it several more times in Congress.

But it was only with the June 1978 passage of California’s Proposition 13, which slashed property taxes, that the Laffer curve argument exploded into the mainstream. In this new atmosphere of “tax revolt,” the Laffer curve came up 128 times in the Congressional Record in less than four months…

The man who gave (what Will Rogers first called) trickle-down economics its own “curve,” who gave supply-side economics its graphic icon: “Trump is giving Arthur Laffer the Presidential Medal of Freedom. Economists aren’t smiling.”

For more on the “tyranny of curves,” see “Phillips, Laffer and Gatsby: on economists obsessing about curves.” And for more on the out-sized political, economic, and social impact of Laffer’s ideas, see “Starving the Beast- Ronald Reagan and the Tax Cut Revolution.”

* “The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.”          -John Maynard Keynes

###

As we grapple with graphs, we might spare a thought for a different kind of economist (and one whose impact was much more indisputably positive), Elizabeth Josephine Craig; she died on this date in 1980.  A home economist and journalist, she published dozens of books, mostly cookbooks and volumes of home management advice.  Craig started to cook when she was 6 and began collecting recipes at 12; she began publishing cookbooks after World War I and continued to publish until her death.  Her contribution to English culinary literature comprises a very large collection of traditional British recipes, but also included a considerable number of dishes from other countries, which she gathered during visits abroad (often with her war correspondent husband).

220px-Craig,_E_Cakes_and_Candies_cover source

 

Written by LW

June 7, 2019 at 1:01 am

“Never eat more than you can lift”*…

 

meatloaf

 

350 lb. ground beef
10 lb. fresh chopped green
onions
10 lb. ground celery
3 doz. eggs
5 lb. chopped green peppers
4 (No. 10) cans (12 qt.)
tomato puree
12 to 15 lb. bread crumbs
3 c. salt
6 to 8 oz. pepper
1/2 c. Worcestershire sauce

Gently mix all ingredients in 4 even batches (at least!). Divide
into approximately 70 loaf pans or pans. Bake at 350 degrees for 1 1/2 to
1 3/4 hours with a watchful eye. Makes 1,000 servings

Just one of the hundreds of recipes one can find at Growlies, “the place to find large quantity recipes.  This one is from the “advanced” section: Really BIG Recipes— meals for 100+.

[Image above: the 2012 El Cerrito (CA) “Burning Loaf,” a 206.5 pound meatloaf prepared a part of a charity fundraiser… and as an attempt at entering the Guinness Book of Records.  There is a Guinness record for the largest meatball – 1,110 pounds set in Columbus, Ohio, in 2011, and one for the largest Leberkäse, a German liver cheese )also sometimes called a meatloaf); it was set in 2009 in Germany- a whopping 6,874.01 pounds.]

* Miss Piggy

###

As we ruminate on repasts, we might spare a thought for Nathan Handwerker; he died on this date in 1972.  In 1916, with $300 borrowed from friends, he and his wife Ida started a hot dog stand on Coney Island– and launched what evolved into Nathan’s Famous restaurants and the related Nathan’s retail product line.

An emigrant from Eastern Europe, Handwerker found a job slicing bread rolls for Feltman’s German Gardens, a Coney Island restaurant that sold franks (hot dogs) for 10 cents each.  Encouraged by a singing waiter there and his piano player– Eddie Cantor and Jimmy Durante– Handwerker struck out on his own, selling his hot dogs (spiced with Ida’s secret recipe) for a nickel.  At the outset of his new venture, he reputedly hired young men to wear white coats with stethoscopes around their necks to stand near his carts and eat his hot dogs, giving the impression of purity and cleanliness.

Handwerker named his previously unnamed hot dog stand Nathan’s Hot Dogs in 1921 after Sophie Tucker, then a singer at the nearby Carey Walsh’s Cafe, made a hit of the song “Nathan, Nathan, Why You Waitin?”

 source

Your correspondent is heading off on a trek to the remoter reaches of the American Southwest, where connectivity will be iffy at best.  Regular service will resume on or around April Fools Day…  appropriately enough.

 

 

 

Written by LW

March 24, 2019 at 1:01 am

“A recipe is a story that ends with a good meal”*…

 

A recursive recipe is one where ingredients in the recipe can be replaced by another recipe. The more ingredients you replace, the more that the recipe is made truly from scratch

Dive into some of your favorites (like chocolate chip cookies, above; larger images on the site)– fractal fun at “Recursive Recipes“!

* Frank Conroy

###

As we noodle on “natural,” we might send tasty birthday greetings to Nathan Handwerker; he was born on this date in 1892.  In 1916, with $300 borrowed from friends, he and his wife Ida started a hot dog stand on Coney Island– and launched what evolved into Nathan’s Famous restaurants and the related Nathan’s retail product line.

An emigrant from Eastern Europe, Handwerker found a job slicing bread rolls for Feltman’s German Gardens, a Coney Island restaurant that sold franks (hot dogs) for 10 cents each.  Encouraged by a singing waiter there and his piano player– Eddie Cantor and Jimmy Durante– Handwerker struck out on his own, selling his hot dogs (spiced with Ida’s secret recipe) for a nickel.  At the outset of his new venture, he reputedly hired young men to wear white coats with stethoscopes around their necks to stand near his carts and eat his hot dogs, giving the impression of purity and cleanliness.

Handwerker named his previously unnamed hot dog stand Nathan’s Hot Dogs in 1921 after Sophie Tucker, then a singer at the nearby Carey Walsh’s Cafe, made a hit of the song “Nathan, Nathan, Why You Waitin?”

 source

 

Written by LW

June 14, 2018 at 1:01 am

“The question isn’t who is going to let me; it’s who is going to stop me”*…

 

Although well-known for her massive novels The Fountainhead (about an architectural genius who blows up his own skyscraper) and Atlas Shrugged (about a group of fiercely individualistic anti—union entrepreneurs who band together and go on strike), Ayn Rand was something of a culinary devotee–or so the publication of this hitherto unsuspected book of recipes would suggest.

Written in her trademark “romantic realist” style, this large collection includes recipes unique to its author, such as “I Need No Warrant for Being Green Beans,” “Rational Pumpkin Muffins of the Highest Intelligence,” and “Chicken Baked Only for Itself.”…

More– including a recipe for an old standard, made Objectively better– at “Preparing Eggplant Rollatini With the Highest Competence.”

See also Mc Sweeney’s “Recipes that would be officially approved by the Ayn Rand Institute.”

* Ayn Rand

###

As we decide to diet, we might recall that it was on this date in 1992, at 11:00 a.m., that the current world record brown trout was caught on the Little Red River in Arkansas by Howard “Rip” Collins.  At forty-pounds, four ounces, it far exceeded the previous record-holder, a 38-9 brown caught by Mike “Huey” Manley of North Little Rock four years earlier.

Collins and his catch

source

 

Written by LW

May 9, 2016 at 1:01 am

“If they don’t have cookies in the cookie jar, they can’t eat cookies”*…

 

The staff of Food52 has gathered a repository of the world’s swellest sweets: 46 different cookies from around the world, each linked to its story and recipe.

As interestingly, they’ve opened up the drawer, inviting users to post their own favorite cookie recipes, geo-tagged to a world map.

* Suze Orman

###

As we brush away the crumbs, we might recall that this is Human Rights Day, the date each year on which we celebrate the United Nations General Assembly’s adoption and proclamation, on December 10, 1948, of the Universal Declaration of Human Rights (UDHR), the first global enunciation of human rights and one of the first major achievements of the new United Nations.

Eleanor Roosevelt, who chaired the Commission that wrote the Declaration, with the Spanish version

source

 

Written by LW

December 10, 2015 at 1:01 am

“If you wish to make an apple pie from scratch, you must first invent the universe…”*

 

Well, maybe not.  This handy reference– a pie for each month, accompanied by recipes for each, aims to simplify:

Each recipe highlights an in-season ingredient – no fancy extras needed – and is paired with one of four crust options, depending on the filling…

Check ’em out at “The Modern Farmer Pie Chart of Pies.”

* Carl Sagan

###

As we pre-heat, we might recall that it was in 1789 that President George Washington issued a proclamation naming this date as an official holiday of “sincere and humble thanks”– on which the United States celebrated its first Thanksgiving under its new Constitution.

 source

 

Written by LW

November 26, 2013 at 1:01 am

When hunger won’t wait…

 

“For when you need a snack before tonight’s suicide attempt…”

From LiarTownUSA, via the always-riveting Richard Kadrey’s Damn Tumblr.

###

As we contemplate culinary curiosity, we might send prickly birthday greetings to James Bertram Collip; he was born on this date in 1892.  A pioneering endocrinologist, Collip was a leader of the Toronto team that isolated insulin (in 1921) and developed it for clinical use.  Later in his career he isolated the parathyroid hormone and established a bioassay for measuring serum calcium.

 source

Written by LW

November 20, 2013 at 1:01 am

%d bloggers like this: