Showing posts with label Allusions in Fiction. Show all posts
Showing posts with label Allusions in Fiction. Show all posts

Saturday, June 11, 2022

George Babbitt's Neighbor Is A Yale Economist

"On the other side of Babbitt lived Howard Littlefield, Ph.D., in a strictly modern house whereof the lower part was dark red tapestry brick, with a leaded oriel, the upper part of pale stucco like spattered clay, and the roof red-tiled. Littlefield was the Great Scholar of the neighborhood; the authority on everything in the world except babies, cooking, and motors. He was a Bachelor of Arts of Blodgett College, and a Doctor of Philosophy in economics of Yale. He was the employment-manager and publicity-counsel of the Zenith Street Traction Company. He could, on ten hours' notice, appear before the board of aldermen or the state legislature and prove, absolutely, with figures all in rows and with precedents from Poland and New Zealand, that the street-car company loved the Public and yearned over its employees; that all its stock was owned by Widows and Orphans; and that whatever it desired to do would benefit property-owners by increasing rental values, and help the poor by lowering rents. All his acquaintances turned to Littlefield when they desired to know the date of the battle of Saragossa, the definition of the word 'sabotage,' the future of the German mark, the translation of 'hinc illae lachrimae,' or the number of products of coal tar. He awed Babbitt by confessing that he often sat up till midnight reading the figures and footnotes in Government reports, or skimming (with amusement at the author's mistakes) the latest volumes of chemistry, archeology, and ichthyology.

But Littlefield's great value was as a spiritual example. Despite his strange learnings he was as strict a Presbyterian and as firm a Republican as George F. Babbitt. He confirmed the business men in the faith. Where they knew only by passionate instinct that their system of industry and manners was perfect, Dr. Howard Littlefield proved it to them, out of history, economics, and the confessions of reformed radicals." -- Sinclair Lewis. 1922. Babbitt pp. 21-22

Edward Erasmus Bobbit (1626-1675) has many descendants in America named Babbit(t). I do not know how Sinclair Lewis decided on the name of his protangonist.

Tuesday, April 03, 2018

Trollope Trolls The Way We Live Now

A couple of months ago, I read Anthony Trollope's novel, The Way We Live Now. Even though the novel was written and set in England in 1870, I consider this post to be about contemporary American politics.

Are any of the characters in the novel sympathetic? Maybe Lady Carbury, to a certain extent, and her cousin Roger Carbury. But I want to focus on Augustus Melmotte.

Melmotte is successful in business, but is initially considered vulgar by elite socialites in London. His business success seems to be mostly a matter of a succession of cons, with a lot of juggling of accounts and debts, which he tries to avoid paying. For example, in the past he has driven a company into bankruptcy with he himself ending up with the bulk of what the stockholders had invested. (Unlike a contemporary analogue, he starts out without an inherited fortune; Melmotte is self-made.)

Melmotte decides that even though he knows nothing about what politicians are arguing about, he should run for office. In his case, he campaigns to become a Member of Parliament. Somewhat arbitrarily, he decides he is a Tory.

But there was still much to be done in London before the Goodwood week should come round in all of which Mr. Melmotte was concerned, and of much of which Mr. Melmotte was the very centre. A member for Westminster had succeeded to a peerage, and thus a seat was vacated. It was considered to be indispensable to the country that Mr. Melmotte should go into Parliament, and what constituency could such a man as Melmotte so fitly represent as one combining as Westminster does all the essences of the metropolis? There was the popular element, the fashionable element, the legislative element, the legal element, and the commercial element. Melmotte undoubtedly was the man for Westminster. His thorough popularity was evinced by testimony which perhaps was never before given in favour of any candidate for any county or borough. In Westminster there must of course be a contest. A seat for Westminster is a thing not to be abandoned by either political party without a struggle. But, at the beginning of the affair, when each party had to seek the most suitable candidate which the country could supply, each party put its hand upon Melmotte. And when the seat, and the battle for the seat, were suggested to Melmotte, then for the first time was that great man forced to descend from the altitudes on which his mind generally dwelt, and to decide whether he would enter Parliament as a Conservative or a Liberal. He was not long in convincing himself that the Conservative element in British Society stood the most in need of that fiscal assistance which it would be in his province to give; and on the next day every hoarding in London declared to the world that Melmotte was the Conservative candidate for Westminster. It is needless to say that his committee was made up of peers, bankers, and publicans, with all that absence of class prejudice for which the party has become famous since the ballot was introduced among us. Some unfortunate Liberal was to be made to run against him, for the sake of the party; but the odds were ten to one on Melmotte.

Melmotte can find some to recognize his qualifications.

The new farthing newspaper, "The Mob," was already putting Melmotte forward as a political hero, preaching with reference to his commercial transactions the grand doctrine that magnitude in affairs is a valid defense for certain irregularities.

He cannot campaign on issues, since he knows nothing about them.

There was one man who thoroughly believed that the thing at the present moment most essentially necessary to England's glory was the return of Mr. Melmotte for Westminster. This man was undoubtedly a very ignorant man. He knew nothing of any one political question which had vexed England for the last half century,—nothing whatever of the political history which had made England what it was at the beginning of that half century. Of such names as Hampden, Somers, and Pitt he had hardly ever heard. He had probably never read a book in his life. He knew nothing of the working of parliament, nothing of nationality,—had no preference whatever for one form of government over another, never having given his mind a moment's trouble on the subject. He had not even reflected how a despotic monarch or a federal republic might affect himself, and possibly did not comprehend the meaning of those terms. But yet he was fully confident that England did demand and ought to demand that Mr. Melmotte should be returned for Westminster. This man was Mr. Melmotte himself.

His campaign is mostly petty personalities. The discourse in the press is just as elevated:

Now the "Evening Pulpit," in its endeavor to make the facts of this transaction known, had placed what it called the domicile of this company in Paris, whereas it was ascertained that its official head-quarters had in truth been placed at Vienna. Was not such a blunder as this sufficient to show that no merchant of higher honor than Mr. Melmotte had ever adorned the Exchanges of modern capitals? And then two different newspapers of the time, both of them antagonistic to Melmotte, failed to be in accord on a material point. One declared that Mr. Melmotte was not in truth possessed of any wealth. The other said that he had derived his wealth from those unfortunate shareholders. Could anything betray so bad a cause as contradictions such as these? Could anything be so false, so weak, so malignant, so useless, so wicked, so self-condemned, - in fact, so "Liberal" as a course of action such as this? The belief naturally to be deduced from such statements, nay, the unavoidable conviction on the minds - of, at any rate, the Conservative newspapers - was that Mr. Melmotte had accumulated an immense fortune, and that he had never robbed any shareholder of a shilling.

He continues in his ignorance after he gets elected. He neither understands nor wants to know the conventions governing parliamentary debate. He does not address the chair, nor refer to his fellow members as "the honorary member from" wherever. Instead, all he can do is blurt out, "He's wrong", in dealing with the previous speaker. He stands up because of some petty dislike. But Trollope says that, in this case, Melmotte actually knows something about the topic, it being foreign exchange rates. But Melmotte is almost completely inarticulate.

He continues his business. He had hoped that his political eminence would contribute towards his financial interests. On the contrary, it leads to exposure of his shenanigans:

How would things go with him? What would be the end if it? - Ruin; - yes but there were worse things than ruins. And a short time since he had been so fortunate; - had made himself so safe! As he looked back at it, he could hardly say how it had come to pass that he had laid down for himself. He had known that ruin would come, and had made himself so comfortably safe, so brilliantly safe, in spite of ruin. But insane ambition had driven himself away from his anchorage. He told himself over and over again that the fault had been not in circumstances - not in that which men call Fortune, - but in his own incapacity to bear his position. He saw it now. He felt it now. If he could only begin again, how different would his conduct be!

Sunday, September 05, 2010

Faustian Agents

"Two souls, alas, do dwell within this breast. The one is ever parting from the other" -– Goethe
"He [i.e., Dickens] told me that all the good simple people in his novels, Little Nell, even the holy simpletons like Barnaby Rudge [Slater comments parenthetically that this must have been Dostoevsky's description, not Dickens' -- indeed] are what he wanted to have been, and his villains were what he was (or rather, what he found in himself), his cruelty, his attacks of causeless enmity towards those who were helpless and looked to him for comfort, his shrinking from those whom he ought to love, being used up in what he wrote. There were two people in him, he told me: one who feels as he ought to feel and one who feels the opposite. From the one who feels the opposite I make my evil characters, from the one who feels as a man ought to feel I try to live my life. Only two people? I asked." -- Fyodor Dostoevsky
I have previously described agents that assess an action by ranking outcomes among a number of incommensurable dimensions. By Arrow's impossibility theorem, such an agent in general cannot have a single aggregate ranking of the outcome of actions. I was able to list all best choices for my simple example. That is, for each menu, I listed best choices, with ties being possible. (By the way, a budget constraint is a menu.) If one wants to generalize this approach, one would need to specify methods for specifying best choices when listing all possible menus by hand becomes impractical. Pairwise voting is not a good idea, since the results depend on the voting order in which pairs are compared. Furthermore, one would not want to specify one such method, but allow for many different possibilities. Ulrich Krause has done this. He calls the method for choosing out of these rankings of different aspects an agent's "character". As I understand it, he allows for these rankings to change, based on the agents experience. And so he ends up with a formal model of opinion dynamics. I don't know if or how this relates to Akerlof's identity dynamics, but, I think, that would be an interesting question to explore. References
  • K. J. Arrow (1963) Social Choice and Individual Values (2nd. Edition), John Wiley & Sons.
  • Ulrich Krause (2010) "Collective Dynamics of Faustian Agents", in Economic Theory and Economic Thought: Essays in Honour of Ian Steedman (ed. by J. Vint, J. S. Metcalfe, H. D. Kurz, N. Salvadori, and P. Samuelson), Routledge.
  • S. Abu Turab Rizvi (2001) "Preference Formation and the Axioms of Choice", Review of Political Economy, V. 13, N. 2: pp. 141-159.
  • A. K. Sen (1969) "Quasi-Transitivity, Rational Choice and Collective Decisions", Review of Economic Studies, V. 36, N. 3 (July): pp. 381-393.
  • A. K. Sen (1970) "The Impossibility of a Paretian Liberal", Journal of Political Economy, V. 78, N. 1 (Jan.-Feb.): pp. 152-157.
To read:
  • G. A. Akerlof and R. E. Kranton (2010) Identity Economics: How Our Identities Shape Our Work, Wages, and Well-Being, Princeton University Press.
  • J. B. Davis (2003) The Theory of the Individual in Economics: Identity and Value, Routledge.
  • A. Kirman and M. Teschl (2004) "On the Emergence of Economic Identity" Revue de Philosphie Économique, V. 9, N. 1: pp. 59-86
  • U. Krause (2009) "Compromise, Consensus and the Iteration of Means", Elemente der Mathematik, V. 64: pp. 1-8
  • I. Steedman and U. Krause (1986) "Goethe's Faust, Arrow's Possibility Theorem and the Individual Decision-Taker" in The Multiple Self: Studies in Rationality and Social Change (ed. by J. Elster), Cambridge University Press.