<?xml version="1.0" encoding="UTF-8"?>
<rss  xmlns:atom="http://www.w3.org/2005/Atom" 
      xmlns:media="http://search.yahoo.com/mrss/" 
      xmlns:content="http://purl.org/rss/1.0/modules/content/" 
      xmlns:dc="http://purl.org/dc/elements/1.1/" 
      version="2.0">
<channel>
<title>Curtis Kephart</title>
<link>https://economicurtis.com/blog.html</link>
<atom:link href="https://economicurtis.com/blog.xml" rel="self" type="application/rss+xml"/>
<description>Economist &amp; Data Scientist</description>
<generator>quarto-1.9.38</generator>
<lastBuildDate>Sun, 18 Oct 2026 00:00:00 GMT</lastBuildDate>
<item>
  <title>The Hairy Chart - Some Plots Have Tell-Tales</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/013-hairy-chart/</link>
  <description><![CDATA[ 





<p><img src="https://economicurtis.com/posts/013-hairy-chart/plots/hairy-plot.png" class="img-fluid" alt="The hairy plot: the US federal funds target rate since 1982 as a heavy line, with thin lines branching off it for the rate paths expected at each past date, from four sources."></p>
<section id="what-is-a-hairy-chart" class="level2">
<h2 class="anchored" data-anchor-id="what-is-a-hairy-chart">What Is a Hairy Chart?</h2>
<p>A hairy chart shows a metric over time, with forecasts branching off at different points. You might also hear it called a porcupine plot, hairy caterpillar chart, Medusa or Fishhook (for dealing with revised instead of forecast data), or probably the most accurate, <em>bitemporal charts</em>.</p>
<p>The central line, or <em>trunk</em> or <em>head</em>, typically tracks an important metric that people want to forecast frequently and accurately. Each <em>hair</em> represents a forecast made at a particular point in time, showing how someone expected that metric to evolve. These forecasts might come from individual predictions, surveys of experts, securities/market prices, or sophisticated statistical models.</p>
<p>There’s something funny about looking at all those hairs. Each one represents a moment when some very smart people, perhaps backed by billions of dollars in market bets or enormous computing power &amp; fancy models, stopped and said, “Okay, here’s what we think is going to happen.” And yet, as you’ll see, in many settings they manage to get it wrong with remarkable consistency.</p>
<hr>
<section id="hairy-plots-in-the-wild" class="level3">
<h3 class="anchored" data-anchor-id="hairy-plots-in-the-wild">Hairy Plots in the Wild</h3>
<!-- The site's thumbnail gallery and lightbox (posts/005-pct-2025 uses the
     same script). Click a thumbnail to enlarge it; the caption comes from the
     matching item in the hidden list below. Outside the website the script
     404s and the images simply show one after another. -->
<script src="../../js/postcards.js" defer=""></script>
<div class="photo-gallery" data-captions="#wild-sources">
<p><img src="https://economicurtis.com/posts/013-hairy-chart/imgs/economist-hairy chart.png" class="img-fluid" alt="The Economist, January 2024"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/economist-hairy chart-v2.png" class="img-fluid" alt="The Economist, “A hairy business”, January 2024"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/hairy-apollo.png" class="img-fluid" alt="Apollo, October 2023"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/untrustworty - no idea - Hairy Chart.webp" class="img-fluid" alt="Apollo’s chart, reposted by Liberty’s Highlights, November 2023"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/hairy-libor.png" class="img-fluid" alt="Chatham Financial, June 2026"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/BofA Bloomberg Hairy Chart.png" class="img-fluid" alt="BofA Global Research"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/JPMorgan Hairy Chart.png" class="img-fluid" alt="J.P. Morgan"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/2005-boe-MervynKing.jpeg" class="img-fluid" alt="Bank of England, Mervyn King, May 2005"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/north-sea-oil-porcupine-chart.jpeg" class="img-fluid" alt="North Sea receipts forecasts, The Guardian, May 2013"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/2024-uk-interest.jpeg" class="img-fluid" alt="OBR debt interest forecasts, March 2024"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/2024-fuel-duties.jpeg" class="img-fluid" alt="OBR fuel duty forecasts, October 2024"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/2025-publicSector-debt.jpeg" class="img-fluid" alt="OBR public sector net debt forecasts, July 2025"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/toph-tucker-bitemporal-charts.jpeg" class="img-fluid" alt="Toph Tucker’s gallery of bitemporal charts, Observable"></p>
</div>
<!-- Lightbox captions, one item per thumbnail above, in the same order. Hidden
     on the page; the lightbox shows each item under its enlarged image. -->
<div id="wild-sources" hidden="hidden">
<ul>
<li><strong>The Economist, January 2024</strong><br>
Shows: the US federal funds target rate since 2008, with the paths markets expected it to take.<br>
Data source: Apollo Global Management; Bloomberg.<br>
Image source: The Economist, “<a href="https://www.economist.com/finance-and-economics/2024/01/24/investors-may-be-getting-the-federal-reserve-wrong-again">Investors may be getting the Federal Reserve wrong, again</a>”, 24 January 2024.</li>
<li><strong>The Economist, “A hairy business”, January 2024</strong><br>
Shows: the same chart as it ran inside the article: the federal funds target rate since 2008 and market expectations.<br>
Data source: Apollo Global Management; Bloomberg.<br>
Image source: The Economist, “<a href="https://www.economist.com/finance-and-economics/2024/01/24/investors-may-be-getting-the-federal-reserve-wrong-again">Investors may be getting the Federal Reserve wrong, again</a>”, print edition of 27 January 2024.</li>
<li><strong>Apollo, October 2023</strong><br>
Shows: the fed funds rate since 2008 against fed funds futures at different points in time.<br>
Data source: Bloomberg, Apollo Chief Economist.<br>
Image source: Torsten Slok, “<a href="https://www.apolloacademy.com/incorrect-fed-expectations/">Incorrect Fed Expectations</a>”, The Daily Spark, Apollo, 27 October 2023.</li>
<li><strong>Apollo, reposted November 2023</strong><br>
Shows: the same Apollo chart.<br>
Data source: Bloomberg, Apollo Chief Economist.<br>
Image source: Liberty’s Highlights, “<a href="https://www.libertyrpf.com/p/456-hairy-charts-and-moores-law-david">#456: Hairy Charts &amp; Moore’s Law</a>”, 1 November 2023.</li>
<li><strong>Chatham Financial, June 2026</strong><br>
Shows: 3-month EURIBOR fixings since 2008 against past forward curves, and the current forward curve to 2029.<br>
Data source: not stated on the chart.<br>
Image source: Chatham Financial, “<a href="https://cf.com/insights/hairy-charts-accuracy-sofr-sonia-euribor-historical-libor-forward-curves">Hairy charts: the accuracy of SOFR, SONIA, and EURIBOR vs.&nbsp;historical LIBOR forward curves</a>”, revised 30 June 2026.</li>
<li><strong>BofA Global Research</strong><br>
Shows: the effective fed funds rate from 2006, with fed funds futures pricing and FOMC forecasts, titled “A long, sordid history of overestimating inflation”.<br>
Data source: BofA Research Investment Committee, Bloomberg.<br>
Image source: original is unknown.</li>
<li><strong>J.P. Morgan</strong><br>
Shows: the effective federal funds rate since 1996 (one-month moving average) against one-month OIS forward curves, titled “In late 2018, the market expected the Fed to hike but was caught off-sides”.<br>
Data source: J.P. Morgan.<br>
Image source: original is unknown.</li>
<li><strong>Bank of England, May 2005</strong><br>
Shows: Bank Rate from 2001 to 2004 against the market’s expected path in each of the Bank’s four 2002 Inflation Reports. Titled “The Maradona theory of interest rates in 2002”: King’s point was that when markets expect the Bank to act, those expectations do much of the work, so rates themselves move less than expected.<br>
Data source: Bank of England.<br>
Image source: Mervyn King, “<a href="https://www.bankofengland.co.uk/-/media/boe/files/speech/2005/monetary-policy-practice-ahead-of-theory">Monetary Policy: Practice Ahead of Theory</a>”, Mais Lecture, Cass Business School, London, 17 May 2005.</li>
<li><strong>The Guardian, May 2013</strong><br>
Shows: UK North Sea oil and gas tax receipts, 2001-02 to 2012-13, against successive forecasts, in £ billion. The article describes Robert Chote, then head of the Office for Budget Responsibility, showing charts like this at a Holyrood seminar.<br>
Data source: not stated on the chart.<br>
Image source: Severin Carrell, “<a href="https://www.theguardian.com/politics/scottish-independence-blog/2013/may/29/scottish-independence-oil-healey">Denis Healey, Scottish independence and the black, black oil</a>”, The Guardian, 29 May 2013.</li>
<li><strong>UK Office for Budget Responsibility, March 2024</strong><br>
Shows: UK debt interest spending since 2010-11 against successive OBR forecasts and the March 2024 forecast, in £ billion.<br>
Data source: ONS, OBR.<br>
Image source: OBR, “<a href="https://obr.uk/box/the-sensitivity-and-volatility-of-debt-interest-spending/">The sensitivity and volatility of debt interest spending</a>”, Box 4.3, Economic and fiscal outlook, March 2024.</li>
<li><strong>UK Office for Budget Responsibility, October 2024</strong><br>
Shows: UK fuel duty receipts since 1999-00 against successive OBR forecasts, the October 2024 forecast, and a path with the duty rate held at 52.59p, in £ billion.<br>
Data source: ONS, OBR.<br>
Image source: OBR, Chart 4.8, “Fuel duty: forecasts versus outturns”, in the <a href="https://obr.uk/docs/dlm_uploads/OBR_Economic_and_fiscal_outlook_Oct_2024.pdf">Economic and fiscal outlook, October 2024</a>.</li>
<li><strong>UK Office for Budget Responsibility, July 2025</strong><br>
Shows: UK public sector net debt since 2000-01 as a share of GDP, and the forecasts of March 2020 to March 2025, each ending higher than the one before.<br>
Data source: not stated on the image.<br>
Image source: OBR, “<a href="https://obr.uk/box/the-rise-of-public-sector-net-debt-over-the-past-25-years/">The rise of public sector net debt over the past 25 years</a>”, Box 3.2, Fiscal risks and sustainability, July 2025.</li>
<li><strong>Toph Tucker, Observable</strong><br>
Shows: 16 of the 40-odd examples Tucker has collected, from Fed futures and Riksbank rates to Itanium sales, Covid models and Tesla production, including a “Porcupine” of budget forecasts by Amanda Cox and a “Medusa” of Libor curves via Tracy Alloway. He calls them bitemporal charts: plots of data with two dates, when a number was made and what date it is about.<br>
Data source: various, credited in the notebook.<br>
Image source: Toph Tucker, “<a href="https://observablehq.com/@tophtucker/examples-of-bitemporal-charts">Examples of bitemporal charts</a>”, Observable.</li>
</ul>
</div>
</section>
<section id="why-hairy-charts-are-interesting" class="level3">
<h3 class="anchored" data-anchor-id="why-hairy-charts-are-interesting">Why Hairy Charts Are Interesting</h3>
<p>For starters, so many of these plots you see in the wild really drive home how badly we forecast metrics that matter a lot to us.</p>
<p>Take the federal funds rate. There are plenty of ways to forecast it. You can survey experts, including Fed officials and professional forecasters, or infer market expectations from interest rate futures, options, and other financial instruments. And there’s plenty of incentive to get it right. This one rate influences borrowing costs across the economy, investment decisions, asset prices, the cost of financing the US government’s debt and so much more.</p>
<p>Given how much goes into forecasting it, you might expect the predictions to be pretty good. Historically, though, they’ve been pretty poor.</p>
<p>And not just a little wrong. Often wrong in the same direction for years. For example, from 2009 until the Fed finally raised rates in December 2015, forecasts repeatedly anticipated an earlier increase. Have a look at the plot: more often than not, they’re wrong.</p>
<p>There are several possible explanations. Forecasters tend to expect rates to return to familiar levels. Market-implied rates aren’t pure expectations: the Treasury forward curve includes a term premium, and options-implied SOFR is risk-neutral, which builds in a risk premium (both covered below). Markets also take cues from the Fed’s own guidance, so the Fed and market participants can end up making similar mistakes (several plots from the wild above show both). And, of course, some of the biggest changes in interest rates are responses to shocks that nobody saw coming.</p>
</section>
<section id="but-sometimes-they-get-it-right" class="level3">
<h3 class="anchored" data-anchor-id="but-sometimes-they-get-it-right">But Sometimes They Get It Right</h3>
<p>The forecasts aren’t always wrong. For example, the Fed’s median projection from June 2023 turned out to be close, as did market expectations implied by SOFR options in September 2023. But accuracy tends to deteriorate with the forecast horizon.</p>
<div class="photo-gallery gallery-pair" data-captions="#good-forecasts">
<p><img src="https://economicurtis.com/posts/013-hairy-chart/imgs/prediction-2023-06-fomc.jpeg" class="img-fluid" alt="FOMC median projection, June 2023"> <img src="https://economicurtis.com/posts/013-hairy-chart/imgs/prediction-2023-09-03-options.jpeg" class="img-fluid" alt="Options-implied SOFR path, September 2023"></p>
</div>
<div id="good-forecasts" hidden="hidden">
<ul>
<li><strong>FOMC median projection, 14 June 2023</strong><br>
Projected the target rate at 5.6% for the end of 2023, 4.6% for 2024 and 3.4% for 2025. It ended those years at 5.375%, 4.375% and 3.625%, within about a quarter point each time.<br>
A screenshot from the <a href="../../posts/013-hairy-chart/interactive/index.html">interactive version</a>.</li>
<li><strong>Options-implied SOFR, 8 September 2023</strong><br>
Options on SOFR futures priced rates holding near 5.4% into 2024, then easing to about 3.9% by August 2025 and 3.7% by August 2026. They expected cuts a little early, missing by under a tenth of a point on average and about half a point at most.<br>
A screenshot from the <a href="../../posts/013-hairy-chart/interactive/index.html">interactive version</a>.</li>
</ul>
</div>
<div class="pair-caption">
<p>Two forecasts that held up: the FOMC’s median projection from June 2023 (left) and the options-implied path from September 2023 (right). Screenshots from the interactive; click or tap either to enlarge.</p>
</div>
<p>And, quite apart from what they tell us about forecasting, I think hairy charts just look pretty cool.</p>
</section>
</section>
<section id="interact-with-the-fed-funds-hairy-plot" class="level2">
<h2 class="anchored" data-anchor-id="interact-with-the-fed-funds-hairy-plot">Interact with the Fed Funds Hairy Plot</h2>
<p><a href="../../posts/013-hairy-chart/interactive/index.html"><img src="https://economicurtis.com/posts/013-hairy-chart/plots/interactive.jpg" class="img-fluid" alt="Screenshot of the interactive hairy plot."></a></p>
<p>Here’s an <a href="../../posts/013-hairy-chart/interactive/index.html">interactive version</a> of the hairy plot for the fed funds rate. Zoom into any stretch of years, show or hide each series and recession shading, and hover over or tap any hair to see the forecast it made. I get into the four forecast series below.</p>
<section id="animate-the-hairy-plot" class="level3">
<h3 class="anchored" data-anchor-id="animate-the-hairy-plot">Animate the Hairy Plot</h3>
<div class="small-gif">
<p><a href="../../posts/013-hairy-chart/animate/index.html"><img src="https://economicurtis.com/posts/013-hairy-chart/plots/animate.gif" class="img-fluid" alt="An animated hairy plot: the target rate drawn forward from 2010 to 2026, with each forecast appearing as it was made."></a></p>
</div>
<p>And here’s an <a href="../../posts/013-hairy-chart/animate/index.html">animation builder</a>. It plays the fed funds rate forward in time, with each projection and forecast appearing as it was made. Pick the years, series and colors, press play, and screen-record it.</p>
</section>
</section>
<section id="how-to-make-the-hairy-chart" class="level2">
<h2 class="anchored" data-anchor-id="how-to-make-the-hairy-chart">How to Make the Hairy Chart</h2>
<section id="two-dates-for-every-number" class="level3">
<h3 class="anchored" data-anchor-id="two-dates-for-every-number">Two Dates for Every Number</h3>
<p>A bitemporal chart is a method to plot data which has two dates for each value. One date the value is from, and one date the value is about. For example with the fed-funds hairy chart, each projection has the date the forecast was made, and the date the forecast is about. (I like Toph Tucker’s bitemporal chart article on Observable, it’s a good tour of the idea.)<sup>1</sup></p>
<div class="example-hair">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/013-hairy-chart/imgs/example-hair-2022-03-fomc.jpg" class="img-fluid figure-img" alt="The fed funds target rate since 2016 with FOMC median projections as faint hairs. The hair from 16 March 2022 is highlighted, rising from 0.375% to 1.9% at the end of 2022 and 2.8% at the end of 2023 and 2024, well below where the rate went."></p>
<figcaption>Selected example hair: the FOMC’s median fed funds projection, 16 Mar 2022.</figcaption>
</figure>
</div>
</div>
<p>Take one hair. On 16 March 2022, the FOMC raised its target range to 0.25% to 0.50%, its first increase since 2018, and published its participants’ projections for the federal funds rate at the end of 2022, 2023 and 2024.<sup>2</sup> The medians, all made that day, each about a different date:</p>
<table class="caption-top table">
<colgroup>
<col style="width: 23%">
<col style="width: 23%">
<col style="width: 29%">
<col style="width: 23%">
</colgroup>
<thead>
<tr class="header">
<th>Forecast Made On</th>
<th>Forecast About</th>
<th style="text-align: right;">Projected rate</th>
<th style="text-align: right;">Actual rate</th>
</tr>
</thead>
<tbody>
<tr class="odd">
<td>16 Mar 2022</td>
<td>16 Mar 2022</td>
<td style="text-align: right;"></td>
<td style="text-align: right;">0.375%</td>
</tr>
<tr class="even">
<td>16 Mar 2022</td>
<td>31 Dec 2022</td>
<td style="text-align: right;">1.90%</td>
<td style="text-align: right;">4.375%</td>
</tr>
<tr class="odd">
<td>16 Mar 2022</td>
<td>31 Dec 2023</td>
<td style="text-align: right;">2.80%</td>
<td style="text-align: right;">5.375%</td>
</tr>
<tr class="even">
<td>16 Mar 2022</td>
<td>31 Dec 2024</td>
<td style="text-align: right;">2.80%</td>
<td style="text-align: right;">4.375%</td>
</tr>
</tbody>
</table>
<p>This hair starts on the head at its made date, at the rate set that day (0.375%, the middle of the new range), and runs through the three projections. Every meeting leads to another set of projections, adding another hair.</p>
<p>This hair missed badly: the rate ended 2022 at 4.375%, not 1.9%, and 2023 at 5.375%, not 2.8%.</p>
<p>There are other types of these bitemporal charts. For a policy rate, the outcome is known the day it happens, so the head never moves. Plenty of numbers aren’t like that. GDP, employment and population keep being revised long after the day for the estimate has passed, so their heads grow hairs of their own. Imagine the release of an economic number, say one quarter’s GDP estimate: it sets a point on the plot. Each time the number is revised, a line grows forward in time, connecting the new estimates for the same quarter, to the date of the revised estimate. The x-axis shows the date each value was released. I’ve seen this called a “fishhook” chart; I think I’d borrow from nautical nomenclature and call them <a href="https://en.wikipedia.org/wiki/Tell-tale_(sailing)"><em>telltale plots</em></a>.</p>
</section>
<section id="forecasts-of-the-federal-funds-rate" class="level3">
<h3 class="anchored" data-anchor-id="forecasts-of-the-federal-funds-rate">Forecasts of the Federal Funds Rate</h3>
<p>For the federal funds rate, the head is the FOMC’s target, and the hairs need forecasts made on many days, each about many days ahead. Many of the best-looking hairy plots I’ve seen use fed funds futures and overnight index swap (OIS) curves, which price every upcoming FOMC meeting every trading day. Those come from providers like Bloomberg, and I couldn’t access (afford) them. Fortunately, four free sources have the same two-date shape, each on its own schedule:</p>
<ul>
<li>Treasury forward curves: a hair at every FOMC meeting since 1994, cut at three years.</li>
<li>Options on SOFR futures: a hair every trading day since March 2023, about three years long.</li>
<li>The FOMC’s median projection: a hair four times a year since September 2015, up to about three years ahead.</li>
<li>The Survey of Professional Forecasters: a hair every quarter since 1982, about a year long.</li>
</ul>
<p>I created reproducible notebooks that document how I got and parsed these datasets. The R notebook and the Python notebook walk through each one, from loading the data to the final plot.<sup>3</sup> And here’s a repo with cleaned data in <code>data/</code>, and scripts in <code>scripts/</code> that download and build those datasets.<sup>4</sup></p>
<p>Here’s a bit about each series.</p>
</section>
<section id="federal-funds-target-rate" class="level3">
<h3 class="anchored" data-anchor-id="federal-funds-target-rate">Federal Funds Target Rate</h3>
<p>First, let’s set up the “head” every “hair” grows from.</p>
<div class="callout callout-style-default callout-note callout-titled">
<div class="callout-header d-flex align-content-center collapsed" data-bs-toggle="collapse" data-bs-target=".callout-1-contents" aria-controls="callout-1" aria-expanded="false" aria-label="Toggle callout">
<div class="callout-icon-container">
<i class="callout-icon"></i>
</div>
<div class="callout-title-container flex-fill">
<span class="screen-reader-only">Note</span>Source Detail: The FOMC Target (click to expand)
</div>
<div class="callout-btn-toggle d-inline-block border-0 py-1 ps-1 pe-0 float-end"><i class="callout-toggle"></i></div>
</div>
<div id="callout-1" class="callout-1-contents callout-collapse collapse">
<div class="callout-body-container callout-body">
<p>The rate the Federal Open Market Committee announces it is aiming for. It was a single number until December 2008, and a quarter-point range since. The New York Fed: “The Federal Open Market Committee establishes the target rate, or range, for trading in the federal funds market.”</p>
<p>FRED <code>DFEDTAR</code> is the single target, 27 September 1982 to 15 December 2008. <code>DFEDTARL</code> and <code>DFEDTARU</code> are the lower and upper limits of the range from 16 December 2008, when the Committee cut to 0 to 0.25 percent and has used a range ever since. Verified at the join: <code>DFEDTAR</code> ends 2008-12-15 at 1.00, <code>DFEDTARL</code>/<code>DFEDTARU</code> begin 2008-12-16 at 0.00/0.25.</p>
<p>Values before 1994 are a reconstruction: the FOMC began announcing its target decisions in February 1994, and FRED’s series notes say the 1982 to 1993 values come from Thornton (2005), a Federal Reserve Bank of St.&nbsp;Louis working paper.</p>
<p><strong>Citations.</strong></p>
<ul>
<li><a href="https://fred.stlouisfed.org/series/DFEDTAR" class="uri">https://fred.stlouisfed.org/series/DFEDTAR</a></li>
<li><a href="https://fred.stlouisfed.org/series/DFEDTARU" class="uri">https://fred.stlouisfed.org/series/DFEDTARU</a></li>
<li><a href="https://fred.stlouisfed.org/series/DFEDTARL" class="uri">https://fred.stlouisfed.org/series/DFEDTARL</a></li>
<li>Thornton, Daniel L. (2005), “A New Federal Funds Rate Target Series: September 27, 1982 - December 31, 1993”, Federal Reserve Bank of St.&nbsp;Louis</li>
<li><a href="https://www.newyorkfed.org/markets/reference-rates/effr" class="uri">https://www.newyorkfed.org/markets/reference-rates/effr</a></li>
</ul>
</div>
</div>
</div>
<p><img src="https://economicurtis.com/posts/013-hairy-chart/plots/target-rate.png" class="img-fluid" alt="The federal funds target rate since 1982."></p>
</section>
<section id="treasury-forward-curve" class="level3">
<h3 class="anchored" data-anchor-id="treasury-forward-curve">Treasury Forward Curve</h3>
<p>The rate the Treasury bond market implies for each future date, from the yield curve that Federal Reserve Board staff fit every day, taken at each FOMC meeting since 1994.</p>
<div class="callout callout-style-default callout-note callout-titled">
<div class="callout-header d-flex align-content-center collapsed" data-bs-toggle="collapse" data-bs-target=".callout-2-contents" aria-controls="callout-2" aria-expanded="false" aria-label="Toggle callout">
<div class="callout-icon-container">
<i class="callout-icon"></i>
</div>
<div class="callout-title-container flex-fill">
<span class="screen-reader-only">Note</span>Source Detail: GSW Nominal Yield Curve (click to expand)
</div>
<div class="callout-btn-toggle d-inline-block border-0 py-1 ps-1 pe-0 float-end"><i class="callout-toggle"></i></div>
</div>
<div id="callout-2" class="callout-2-contents callout-collapse collapse">
<div class="callout-body-container callout-body">
<p>What the Treasury bond market implies about future short rates, backed out daily by Federal Reserve Board staff from a smooth curve fitted across the whole maturity spectrum.</p>
<p>The Board describes the dataset as “smoothed yields on hypothetical Treasury securities that can be easily compared across maturities and over time, from 1961 to the present”. Its model “stipulates that the shape of the yield curve on any given date can be adequately captured by a set of six parameters”, estimated “by minimizing the discrepancy between the fitted Svensson yield curve and observed market yields”. Before 1980, “the Nelson-Siegel model—a model with fewer parameters—was used”.</p>
<p>On what goes into the fit: “only the coupon securities (Treasury notes and bonds) are used”; “on-the-run and first-off-the-run Treasury notes and bonds are not used”; and “Treasury bills and Treasury floating rate notes (FRNs) are not used”.</p>
<p>It is not an official statistic. The Board calls it “a staff research product and not an official statistical release”. A forward rate is the expected future short rate <em>plus a term premium</em>, so the hairs aren’t a pure expectations path: they can sit a little above or below it. And because bills are excluded and the curve is a six-parameter analytic function, the hairs are smooth by construction: they cannot show the discrete steps at FOMC meetings that market data pricing individual meetings shows.</p>
<p><strong>Citations.</strong></p>
<ul>
<li><a href="https://www.federalreserve.gov/data/nominal-yield-curve.htm" class="uri">https://www.federalreserve.gov/data/nominal-yield-curve.htm</a></li>
<li>Gürkaynak, Sack and Wright (2006), FEDS 2006-28, <a href="https://www.federalreserve.gov/pubs/feds/2006/200628/200628pap.pdf" class="uri">https://www.federalreserve.gov/pubs/feds/2006/200628/200628pap.pdf</a></li>
<li>Published in <em>Journal of Monetary Economics</em> 54(8), 2007, 2291-2304</li>
</ul>
</div>
</div>
</div>
<p><img src="https://economicurtis.com/posts/013-hairy-chart/plots/treasury-forward.png" class="img-fluid" alt="The federal funds target rate with Treasury forward curves branching off it."></p>
</section>
<section id="options-implied-sofr" class="level3">
<h3 class="anchored" data-anchor-id="options-implied-sofr">Options-Implied (SOFR)</h3>
<p>What options on SOFR futures imply the overnight rate will average over each coming three-month window, estimated daily by the Federal Reserve Bank of Atlanta since March 2023.</p>
<div class="callout callout-style-default callout-note callout-titled">
<div class="callout-header d-flex align-content-center collapsed" data-bs-toggle="collapse" data-bs-target=".callout-3-contents" aria-controls="callout-3" aria-expanded="false" aria-label="Toggle callout">
<div class="callout-icon-container">
<i class="callout-icon"></i>
</div>
<div class="callout-title-container flex-fill">
<span class="screen-reader-only">Note</span>Source Detail: Atlanta Fed Market Probability Tracker (click to expand)
</div>
<div class="callout-btn-toggle d-inline-block border-0 py-1 ps-1 pe-0 float-end"><i class="callout-toggle"></i></div>
</div>
<div id="callout-3" class="callout-3-contents callout-collapse collapse">
<div class="callout-body-container callout-body">
<p>What options traders are collectively betting, as a full probability distribution over where the overnight rate will average in a future three-month window.</p>
<p>From the data dictionary shipped inside the file: “The Market Probability Tracker uses Chicago Mercantile Exchange (CME) 3-month SOFR options to estimate the probability ditributions [sic] implied by their prices and specified reference window.” Their guide adds that it “transforms options on SOFR futures prices into probability distribution values”.</p>
<p>Two fields are used. <code>reference_start</code> is the “Start date of the 3-month window referenced by CME 3-month SOFR contracts”. <code>Rate: mean</code> is “The rate, in basis points, associated with the mean of the estimated distribution for a given reference window”.</p>
<p>The underlying rate is SOFR, published by the <a href="https://www.newyorkfed.org/markets/reference-rates/sofr">Federal Reserve Bank of New York</a>: a broad measure of the cost of borrowing cash overnight collateralized by US Treasury securities. That makes it a secured rate, where the federal funds rate is unsecured lending between banks; the two are close but not identical. An option-implied distribution is risk-neutral, so it is what traders expect weighted by how much they care about being wrong each way, not literally what they expect. It starts in March 2023.</p>
<p>Each point comes from its own window’s option prices rather than from one fitted curve, but as a three-month average weighted across possible outcomes it does not resolve individual FOMC meetings.</p>
<p><strong>Citations.</strong></p>
<ul>
<li><a href="https://www.atlantafed.org/research-and-data/data/market-probability-tracker" class="uri">https://www.atlantafed.org/research-and-data/data/market-probability-tracker</a></li>
<li><a href="https://www.atlantafed.org/research-and-data/data/market-probability-tracker/what-to-know" class="uri">https://www.atlantafed.org/research-and-data/data/market-probability-tracker/what-to-know</a></li>
<li><a href="https://www.newyorkfed.org/markets/reference-rates/sofr" class="uri">https://www.newyorkfed.org/markets/reference-rates/sofr</a></li>
<li>Estimation code published as <code>mpt_source.zip</code> on the tracker page</li>
</ul>
</div>
</div>
</div>
<p><img src="https://economicurtis.com/posts/013-hairy-chart/plots/options-implied.png" class="img-fluid" alt="The federal funds target rate with options-implied SOFR paths branching off it."></p>
</section>
<section id="fomc-median-projection" class="level3">
<h3 class="anchored" data-anchor-id="fomc-median-projection">FOMC Median Projection</h3>
<p>The median FOMC participant’s projection of the federal funds rate at the end of each of the next few years, from the Summary of Economic Projections, published since September 2015.</p>
<div class="callout callout-style-default callout-note callout-titled">
<div class="callout-header d-flex align-content-center collapsed" data-bs-toggle="collapse" data-bs-target=".callout-4-contents" aria-controls="callout-4" aria-expanded="false" aria-label="Toggle callout">
<div class="callout-icon-container">
<i class="callout-icon"></i>
</div>
<div class="callout-title-container flex-fill">
<span class="screen-reader-only">Note</span>Source Detail: The Summary of Economic Projections (click to expand)
</div>
<div class="callout-btn-toggle d-inline-block border-0 py-1 ps-1 pe-0 float-end"><i class="callout-toggle"></i></div>
</div>
<div id="callout-4" class="callout-4-contents callout-collapse collapse">
<div class="callout-body-container callout-body">
<p>Four times a year each of the Federal Reserve’s senior policymakers writes down where they think the federal funds rate should be at the end of each of the next few years. This is the middle answer.</p>
<p>The table is titled “Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assumptions of projected appropriate monetary policy”: all 7 Governors plus all 12 Reserve Bank presidents. That is wider than the Committee’s voting membership: the Board says the Committee “consists of twelve members”, namely “the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis”. Staff produce a separate forecast, the Tealbook, released only after five years.</p>
<p>From the table notes: “The projections for the federal funds rate are the value of the midpoint of the projected appropriate target range for the federal funds rate or the projected appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run.” And: “For each period, the median is the middle projection when the projections are arranged from lowest to highest.”</p>
<p>It is not a forecast. The row is labeled “Memo: Projected appropriate policy path”, and projections rest on each participant’s “assessment of appropriate monetary policy”. Normative, conditional on each person’s own outlook, and never voted on.</p>
<p>Only 44 of 59 releases give a median. The median column was introduced with the September 2015 SEP; before that the table shows a central tendency and range only, and the dots exist solely as a figure.</p>
<p><strong>Citations.</strong></p>
<ul>
<li><code>https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl{YYYYMMDD}.pdf</code></li>
<li><a href="https://www.federalreserve.gov/monetarypolicy/fomc.htm" class="uri">https://www.federalreserve.gov/monetarypolicy/fomc.htm</a></li>
<li><a href="https://fred.stlouisfed.org/series/FEDTARMD" class="uri">https://fred.stlouisfed.org/series/FEDTARMD</a></li>
<li><a href="https://www.federalreserve.gov/monetarypolicy/fomc_projectionsfaqs.htm" class="uri">https://www.federalreserve.gov/monetarypolicy/fomc_projectionsfaqs.htm</a></li>
</ul>
</div>
</div>
</div>
<p><img src="https://economicurtis.com/posts/013-hairy-chart/plots/fomc-median.png" class="img-fluid" alt="The federal funds target rate with FOMC median projections branching off it."></p>
</section>
<section id="professional-forecasters" class="level3">
<h3 class="anchored" data-anchor-id="professional-forecasters">Professional Forecasters</h3>
<p>The Philadelphia Fed’s quarterly survey: the median forecast of the three-month Treasury bill rate for the current quarter and the next four, back to 1982.</p>
<div class="callout callout-style-default callout-note callout-titled">
<div class="callout-header d-flex align-content-center collapsed" data-bs-toggle="collapse" data-bs-target=".callout-5-contents" aria-controls="callout-5" aria-expanded="false" aria-label="Toggle callout">
<div class="callout-icon-container">
<i class="callout-icon"></i>
</div>
<div class="callout-title-container flex-fill">
<span class="screen-reader-only">Note</span>Source Detail: Survey of Professional Forecasters (click to expand)
</div>
<div class="callout-btn-toggle d-inline-block border-0 py-1 ps-1 pe-0 float-end"><i class="callout-toggle"></i></div>
</div>
<div id="callout-5" class="callout-5-contents callout-collapse collapse">
<div class="callout-body-container callout-body">
<p>Every quarter the Philadelphia Fed asks a few dozen professional forecasters where the three-month Treasury bill rate will be over the next five quarters, and publishes the median.</p>
<p>The Philadelphia Fed describes it as “the oldest quarterly survey of macroeconomic forecasts in the United States. The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic Research. The Federal Reserve Bank of Philadelphia took over the survey in 1990.” Individual responses are “kept confidential by using identification numbers”.</p>
<p>The survey asks about the bill rate, not the federal funds rate, but the two track each other closely: a three-month bill pays roughly what investors expect overnight rates to average over its three months. The bill normally sits a little below fed funds, so a forecast of the bill rate works as a rough forecast of the policy rate that runs slightly low.</p>
<p><strong>Citations.</strong></p>
<ul>
<li><a href="https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/survey-of-professional-forecasters" class="uri">https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/survey-of-professional-forecasters</a></li>
<li>Documentation PDF: variable definitions p.10, horizon numbering p.20, survey timing p.7</li>
</ul>
</div>
</div>
</div>
<p><img src="https://economicurtis.com/posts/013-hairy-chart/plots/professional-forecasters.png" class="img-fluid" alt="The federal funds target rate with professional forecasters' expected paths branching off it."></p>
<p><br><br></p>
</section>
</section>
<section id="hairy-evaluations-how-well-does-each-forecast-perform" class="level2">
<h2 class="anchored" data-anchor-id="hairy-evaluations-how-well-does-each-forecast-perform">Hairy Evaluations: How Well Does Each Forecast Perform?</h2>
<p>The R and Python notebooks score every hair against what actually happened.<sup>5</sup> Tables there show various ways the forecasts can be (somewhat) fairly compared: the average miss 6 to 36 months after each forecast, the error (mean absolute error) over three stretches of Fed history, and the error over windows where the sources overlap.</p>
<p>A few things stand out:</p>
<ul>
<li>Obviously, every source gets worse the further out it looks. A year out, the typical miss is between about half a point and a point; three years out, it’s about two points.</li>
<li>Options-implied SOFR has the smallest misses overall, 0.44 points a year out, but it only covers forecasts made since March 2023. Over those same dates, the other three sources did better a year out.</li>
<li>Compared over the same dates, the FOMC’s median projection does best: 0.24 points a year out since March 2023, the only window all four sources share. Not bad for a projection the Fed doesn’t call a forecast.<sup>6</sup></li>
<li>The professional forecasters look worst over their full history, back to 1982, but have done well recently, second only to the FOMC since 2023.</li>
</ul>


</section>


<div id="quarto-appendix" class="default"><section id="footnotes" class="footnotes footnotes-end-of-document"><h2 class="anchored quarto-appendix-heading">Footnotes</h2>

<ol>
<li id="fn1"><p>Toph Tucker, “<a href="https://observablehq.com/@tophtucker/examples-of-bitemporal-charts">Examples of bitemporal charts</a>”, Observable.↩︎</p></li>
<li id="fn2"><p>The projections are in the FOMC’s Summary of Economic Projections for 16 March 2022, <a href="https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20220316.pdf">table 1 (PDF)</a>. The Fed’s <a href="https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm">FOMC meeting calendar</a> links to the projections from each recent meeting.↩︎</p></li>
<li id="fn3"><p>The <a href="../../posts/013-hairy-chart/r/index.html">R notebook</a> and the <a href="../../posts/013-hairy-chart/python/index.html">Python notebook</a>.↩︎</p></li>
<li id="fn4"><p>The repo, <a href="https://github.com/EconomiCurtis/hairy-chart">EconomiCurtis/hairy-chart</a> on GitHub; its cleaned data, <a href="https://github.com/EconomiCurtis/hairy-chart/tree/main/data"><code>data/</code></a>; and its scripts, <a href="https://github.com/EconomiCurtis/hairy-chart/tree/main/scripts"><code>scripts/</code></a>.↩︎</p></li>
<li id="fn5"><p>The Forecast Evaluation sections of the <a href="../../posts/013-hairy-chart/r/index.html#evaluation">R notebook</a> and the <a href="../../posts/013-hairy-chart/python/index.html#evaluation">Python notebook</a>.↩︎</p></li>
<li id="fn6"><p>The Fed’s <a href="https://www.federalreserve.gov/monetarypolicy/fomc_projectionsfaqs.htm">FAQ on the projections</a> calls the growth, unemployment and inflation numbers forecasts, but the rate path a projection of “the appropriate level of the target federal funds rate”: the path each policymaker judges most consistent with the Fed’s mandate.↩︎</p></li>
</ol>
</section></div> ]]></description>
  <category>Project</category>
  <category>Data Visualization</category>
  <guid>https://economicurtis.com/posts/013-hairy-chart/</guid>
  <pubDate>Sun, 18 Oct 2026 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/013-hairy-chart/plots/hairy-plot-dark-futura-mobile.jpg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>The Hairy Chart, Interactive</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/013-hairy-chart/interactive/</link>
  <description><![CDATA[ 








 ]]></description>
  <category>Project</category>
  <category>Data Visualization</category>
  <guid>https://economicurtis.com/posts/013-hairy-chart/interactive/</guid>
  <pubDate>Sat, 17 Oct 2026 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/013-hairy-chart/plots/interactive.jpg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>A century of American mortality in one data visualization</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/011-us-mortality-lexis/</link>
  <description><![CDATA[ 





<p><br><br></p>
<!-- Hand-written contents, not Quarto's `toc:`. The four entries wanted here
     sit at two different heading levels, and two other headings at those same
     levels are deliberately left out, which a generated toc cannot express.
     Anchors are Quarto's own, taken from the rendered page. -->
<div class="contents-box">
<p><strong>On this page</strong></p>
<ul>
<li>Replication Project</li>
<li>An Interactive Version</li>
<li>See the methods, data and code</li>
<li>Not to be morbid, but some US mortality highlights</li>
</ul>
</div>
<p>In July, <em>The Economist</em> magazine ran <a href="https://www.economist.com/interactive/united-states/2026/06/17/boomers-have-the-good-life-but-it-could-be-longer">a piece about American mortality rates</a> built around a single plot. The plot is a Lexis diagram: a time series with calendar years along the bottom, age up the side, and a color in every cell showing whether death rates at that age were falling or rising that year. Green (for good) means falling mortality; blue (for bad) means rising death rates.</p>
<p>Because people conveniently age one year for every year that passes, each birth cohort travels across the plot as a diagonal stripe, and you can follow one from birth to old age. Generations, then, are bands of diagonals</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-economist-screenshot.jpeg" class="w50 img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
<p>The story it tells is that the baby boomers sit in a band of blue, worsening death rates. The mortality improvements apparent in the generations before them, and to a lesser extent in the generation after them, seems to have skipped the boomers.</p>
<p>It was an interest read, and a plot I hadn’t spent much time with before!</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-lexis-ex.jpeg" class="w70 img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
<section id="an-instagram-comments-aside" class="level3">
<h3 class="anchored" data-anchor-id="an-instagram-comments-aside">An Instagram Comments Aside</h3>
<p>One of my small joys in life is reading an article like this, enjoying a genuinely good piece of data visualization, and then going to Instagram to read the comments.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/ig-economist-comments.jpeg" class="w60 img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</section>
<section id="replication-project" class="level2">
<h2 class="anchored" data-anchor-id="replication-project">Replication Project</h2>
<p>The plot is a pop-sci presentation of a paper: Abrams, Bramajo, van Raalte, Myrskylä and Mehta, <a href="https://doi.org/10.1073/pnas.2519356123">“Insights into US life expectancy stagnation from birth cohort mortality dynamics”</a>, <em>PNAS</em> 2026. I wanted to see whether I could rebuild the figure from public data, so I did, starting from the Human Mortality Database at <a href="https://mortality.org">mortality.org</a>.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-all-causes.jpeg" class="img-fluid quarto-figure quarto-figure-center figure-img" style="width:100.0%"></p>
</figure>
</div>
<p>Then the same for the cause-specific panels in the paper. The rectangle highlights The Economist’s age and year range.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/01-cardiovascular.jpeg" class="img-fluid quarto-figure quarto-figure-center figure-img" style="width:100.0%"></p>
</figure>
</div>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/02-cancer.jpeg" class="img-fluid quarto-figure quarto-figure-center figure-img" style="width:100.0%"></p>
</figure>
</div>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/03-external.jpeg" class="img-fluid quarto-figure quarto-figure-center figure-img" style="width:100.0%"></p>
</figure>
</div>
<p>Slight differences, but mostly spot on. I think the differences are mainly due to my scale not being fixed across plots, which gives mine more shading and color contrast.</p>
<section id="an-interactive-version" class="level3">
<h3 class="anchored" data-anchor-id="an-interactive-version">An Interactive Version</h3>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-interactive.jpeg" class="img-fluid quarto-figure quarto-figure-center figure-img" style="width:85.0%"></p>
</figure>
</div>
<p><strong><a href="../../posts/011-us-mortality-lexis/explorer/">Check out the US Mortality explorer - an interactive Lexis diagram of death rates in the US.</a></strong></p>
<p>The obvious next thing to do was to let me ask my own questions of it, so I built <a href="../../posts/011-us-mortality-lexis/explorer/">an interactive version</a>.</p>
<p>The original covers 1981 to 2019 and ages 30-80, all causes, both sexes. Mine runs 1934 to 2024, splits by sex, and adds two things the static figure could not.</p>
<p><strong>The raw numbers, not just the smoothed ones.</strong> The published plot is smoothed, which is the right choice for print: it makes the pattern a little more legible. But a smoother has to guess at the edges and it struggles where the data is thin, so it can invent a little structure and hide a little noise. The raw view is the plain year-on-year change, no model. It is harder to read, and honest about how much of the pattern is really there.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-interactive-smooth.jpeg" class="img-fluid quarto-figure quarto-figure-center figure-img" style="width:100.0%"></p>
</figure>
</div>
<p>You can also switch from change to the underlying death rate, which is the level rather than the direction. The rainbow gradient means old age at the top in red, childhood at the bottom in blue, and the long blue drift rightward along the bottom is a century of children increasingly not dying.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-interactive-death-rate.jpeg" class="img-fluid quarto-figure quarto-figure-center figure-img" style="width:100.0%"></p>
</figure>
</div>
<p>A few other things worth clicking. You can highlight a generation to see its diagonal. You can select by year, by age, or by birth year, and whichever you pick draws a time series underneath the plot with the numbers behind it. There are age and date filters, and on a desktop you can drag a box on the plot to zoom into it.</p>
</section>
<section id="view-mortalities-by-cause-of-death" class="level3">
<h3 class="anchored" data-anchor-id="view-mortalities-by-cause-of-death">View mortalities by cause of death</h3>
<p>This was a fun part. Every death registered in the United States produces a certificate, and the CDC’s National Center for Health Statistics publishes one record per death going back to 1959, carrying age, sex, year and a cause code. That is sixty-six years and about 150 million records, free to anyone who wants them.</p>
<p>They are also distributed as fixed-width text with no column names and a layout that changes every few years, which would have been most of the work. As you might imagine, dealing with all this gets quite complex, nuanced and prone to errors. But research associated with the <a href="https://www.nber.org/research/data/mortality-data-vital-statistics-nchs-multiple-cause-death-data">National Bureau of Economic Research</a> have already done that job for every year and published the result as plain CSVs with named columns. It is a quietly enormous public service and it turned a month of parsing into an afternoon. Thank you, NBER.</p>
<p>So the interactive version lets you pick a cause: cancer and its major sites, heart disease, stroke, drug poisoning, firearms, suicide, dementia, and a few dozen more.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/04-by-cause-drugs.jpeg" class="img-fluid figure-img" style="width:100.0%"></p>
<figcaption>Death rates, by cause: Drug Poisoning</figcaption>
</figure>
</div>
</section>
<section id="see-the-methods-data-and-code" class="level3">
<h3 class="anchored" data-anchor-id="see-the-methods-data-and-code">See the methods, data and code</h3>
<p>Check out the <a href="../../posts/011-us-mortality-lexis/explorer/">interactive Lexis plot explorer of US mortality here</a>. Start with all causes, hit “Full 1934 to 2024” and look at all ages, highlight the boomers, switch to death rates. Click into specific mortality causes.</p>
<p>I also wrote all of this up as notebooks:</p>
<ul>
<li><p><a href="../../posts/011-us-mortality-lexis/methods/">US mortality change on a Lexis plot: all causes</a>. Replication of The Economist (2026-07-17) / Abrams et al.&nbsp;(2026) figures.</p></li>
<li><p><a href="../../posts/011-us-mortality-lexis/causes/">US mortality by cause of death, on the Lexis plot</a>. Death rates and annual change, by age and year, for fifty causes.</p></li>
</ul>
<hr>
<p>And if you want to bring me a little joy, please leave a comment about how baffled and befuddled you are by the data visualization. 0/10 bad plot.</p>
<!-- ---------------------------------------------------------------------------
  HOW A HIGHLIGHT IS BUILT

  Each one is a .mblock holding a heading and a two-column .grid:

      ::: {.mblock}            one highlight: heading + text + plots
        ### Heading
        ::: {.grid}            the two columns
          ::: {.g-col-...}     TEXT   (written first)
          ::: {.g-col-...}     PLOTS  (stacked inside their column)

  The text is written FIRST on purpose. Below 768px the grid collapses to
  source order, so the commentary sits above the plot on a phone. Above 768px
  the g-start-md-* classes put the plots on the left and the text on the right,
  which is why the source order and the visual order differ.

  Every closing ::: below is labelled with what it closes. Styling, including
  the left rule that groups each block, is in styles.css.
---------------------------------------------------------------------------- -->
</section>
</section>
<section id="not-to-be-morbid-but-some-us-mortality-highlights" class="level2 column-page">
<h2 class="anchored" data-anchor-id="not-to-be-morbid-but-some-us-mortality-highlights">Not to be morbid, but some US mortality highlights</h2>
<!-- ================================================== HIV/AIDS ================================================== -->
<section id="hivaids" class="level3 mblock">
<h3 class="anchored" data-anchor-id="hivaids">HIV/AIDS</h3>
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p>Note the band of worsening mortality for young adult ages through the 1980s and early 1990s, then a reversal after 1996. It’s so sharp it is hard to believe it is the same series. Deaths peak at 43,107 in 1995 and fall to 16,510 by 1997. A very scary outbreak and impressive reversal.</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-HIV-AIDS.png" class="img-fluid" style="width:100.0%"></p>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
</section>
<!-- ================================================== end HIV/AIDS ================================================== -->
<!-- =========================================== Drug poisonings =========================================== -->
<section id="drug-poisonings" class="level3 mblock">
<h3 class="anchored" data-anchor-id="drug-poisonings">Drug poisonings</h3>
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p>The opioid crisis appears in two waves: a narrow band around 1999–2006, followed by a much stronger one beginning around 2011. Drug-poisoning deaths rose from 6,873 in 1979 to 16,833 in 1999, 70,622 in 2019, and 106,689 in 2021.</p>
<p>Note also the generational boundaries that seem to shape the rise in drug poisonings. Rates begin rising sharply among those born around 1945 and after, forming a clear diagonal line starting with that generation.</p>
<p>And note the large increase among 18–65-year-olds from 2020–2023. Scary times.</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-drugs.png" class="img-fluid figure-img" style="width:100.0%"></p>
<figcaption>Change in mortality</figcaption>
</figure>
</div>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-drugs-death-rate.png" class="img-fluid figure-img" style="width:100.0%"></p>
<figcaption>Death rate</figcaption>
</figure>
</div>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
</section>
<!-- =========================================== end Drug poisonings =========================================== -->
<!-- ================================================== COVID-19 ================================================== -->
<section id="covid-19" class="level3 mblock">
<h3 class="anchored" data-anchor-id="covid-19">COVID-19</h3>
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p>A vertical stripe. Every age at once, in the same year, which is exactly what a cohort effect does not look like. The 2020 column is the darkest thing on the plot by a wide margin: about -18% averaged across adult ages, roughly three times worse than any other year in the modern record.</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-covid19.png" class="img-fluid" style="width:100.0%"></p>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
</section>
<!-- ================================================== end COVID-19 ================================================== -->
<!-- ====================================================== Guns ====================================================== -->
<section id="guns" class="level3 mblock">
<h3 class="anchored" data-anchor-id="guns">Guns</h3>
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p>Firearm deaths: 32,671 in 1979, a peak around 1993, a trough near 2000, then back up, to 48,829 by 2021. (Tho this dataset doesn’t go back before 1979, nearly certain firearm stats suggest deaths were well higher in the 1970s.)</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-guns.png" class="img-fluid" style="width:100.0%"></p>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
</section>
<!-- ====================================================== end Guns ====================================================== -->
<!-- ======== Motor vehicles, and the clearest policy signal in the whole dataset ======== -->
<section id="motor-vehicles-and-the-clearest-policy-signal-in-the-whole-dataset" class="level3 mblock">
<h3 class="anchored" data-anchor-id="motor-vehicles-and-the-clearest-policy-signal-in-the-whole-dataset">Motor vehicles, and the clearest policy signal in the whole dataset</h3>
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p>Deaths fall 16% between 1973 and 1974, from 55,483 to 46,383. The national 55 mph speed limit took effect on 2 January 1974, in the middle of the oil crisis that curtailed driving. Can’t separate the two effects, but it’s largest single-year drop in the series and the drop in the rate was maintained for the rest of the series.</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-cars.png" class="img-fluid" style="width:100.0%"></p>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
</section>
<!-- ======== end Motor vehicles, and the clearest policy signal in the whole dataset ======== -->
<!-- ============================= Two generations, side by side ============================= -->
<section id="a-tale-of-two-generations" class="level3 mblock">
<h3 class="anchored" data-anchor-id="a-tale-of-two-generations">A Tale of two generations</h3>
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p><strong>The Silent Generation had a remarkable run.</strong> Their diagonal is green for most of its length.</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-silent-gen.png" class="img-fluid figure-img" style="width:100.0%"></p>
<figcaption>Silent Generation, born 1928-1945</figcaption>
</figure>
</div>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p><strong>Baby Boomers, less so.</strong> So many mortality causes line up with this group.</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-boomer-gen.png" class="img-fluid figure-img" style="width:100.0%"></p>
<figcaption>Baby Boomers, born 1946-1964</figcaption>
</figure>
</div>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
</section>
<!-- ============================= end Two generations, side by side ============================= -->
<!-- ========================================= The midlife stall ========================================= -->
<section id="the-midlife-stall" class="level3 mblock">
<h3 class="anchored" data-anchor-id="the-midlife-stall">The midlife stall</h3>
<div class="grid">
<!-- TEXT: written first so it lands above the plot on a phone -->
<div class="g-col-12 g-col-md-5 g-start-md-8">
<p>This is the one the PNAS paper is built on and the one that is easiest to miss, because nothing rises. Ages 55-67 after 2010 simply stop improving, sitting at roughly 0% a year. This stops a 40-year trend of improving mortality among this age group, and while ages 70-80 over the same years keep improving at over 1% a year.</p>
</div>
<!-- /TEXT -->
<!-- PLOTS: stacked, full width of their column -->
<div class="g-col-12 g-col-md-7 g-start-md-1">
<p><img src="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/examples/us-mortality-lexis-ex-babyboomer-midlifestall.png" class="img-fluid" style="width:100.0%"></p>
</div>
<!-- /PLOTS -->
</div>
<!-- /grid -->
</section>
<!-- ========================================= end The midlife stall ========================================= -->
</section>
<!-- /column-page -->



 ]]></description>
  <category>Project</category>
  <category>Data Visualization</category>
  <guid>https://economicurtis.com/posts/011-us-mortality-lexis/</guid>
  <pubDate>Fri, 21 Aug 2026 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-lexis-ex.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>US mortality, interactive Lexis plot explorer</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/011-us-mortality-lexis/explorer/</link>
  <description><![CDATA[ 








 ]]></description>
  <category>Project</category>
  <category>Data Visualization</category>
  <guid>https://economicurtis.com/posts/011-us-mortality-lexis/explorer/</guid>
  <pubDate>Thu, 20 Aug 2026 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/011-us-mortality-lexis/imgs/00-interactive.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>PCT GeoGuesser</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/004-pct-geoguesser/</link>
  <description><![CDATA[ 





<p><img src="https://economicurtis.com/posts/004-pct-geoguesser/images/pct-geoguesser-homepage.jpeg" class="center img-fluid" style="width:80.0%"></p>
<hr>
<p>Before I started the PCT, I had a going-away party where friends pulled up photos from along the trail and quizzed me with a makeshift PCT GeoGuesser.</p>
<p>I expected to be terrible at it. I had never hiked the trail, but I had researched and obsessed over it for years. I was shocked by how well I scored.</p>
<p>Even without an obvious landmark, the PCT has its tells: the plants, the rocks, color of the soil, the landscape…. If you’ve spent enough time hiking it, or dreaming about hiking it, the gut seems to be pretty accurate.</p>
<p>I thought it was a fun little game, and a fitting way to start the hike.</p>
<p>Then I hiked it, took an absurd number of photos along the way, and started wondering what to do with them.</p>
<p>So I decided to build this little game for you.</p>
<p>Hope you enjoy it.</p>
<p><strong>Here’s the game: <a href="https://pct-geoguesser.economicurtis.com/">PCT GeoGuesser - pct-geoguesser.economicurtis.com</a></strong></p>
<iframe src="images/pct-venn-jost.html" width="100%" height="680" style="border:none; overflow:hidden;"></iframe>
<section id="about-building-the-game" class="level2">
<h2 class="anchored" data-anchor-id="about-building-the-game">About building the game</h2>
<p>As with many projects like this, the real challenge was getting the data sorted: finding good photos, pinning down the correct mile, and organizing all the metadata.</p>
<p>Once that was done, AI coding tools did most of the work of building the webapp.</p>
<p>Here’s the repo: <a href="https://github.com/EconomiCurtis/pct-geoguesser">EconomiCurtis/pct-geoguesser</a></p>
</section>
<section id="scoring" class="level2">
<h2 class="anchored" data-anchor-id="scoring">Scoring</h2>
<p>I first tested a simple cumulative-distance score: add up the absolute difference between each guessed mile and the correct mile. The lowest total score won.</p>
<p>However, playtesters found this confusing. People familiar with GeoGuessr expected higher scores to be better, while worse-performing players bragged about their larger scores. Obviously that wouldn’t work.</p>
<p>So I switched to a <a href="https://github.com/EconomiCurtis/pct-geoguesser#scoring">GeoGuessr style scoring system</a>. It uses exponential decay: your score falls increasingly quickly as your guess moves farther from the correct mile, rewarding more accurate guesses. I scaled the system so that with ten photos, the maximum possible score is equal to the length of the PCT: 2,655.8 points (at least, according to my map in 2026).</p>
<p>The effective distance (<img src="https://latex.codecogs.com/png.latex?d_%7Beff%7D">) includes a three-mile buffer, so guesses within three miles of the correct location receive the same maximum score. I’m hoping that means a bunch of people get spot on guesses.</p>
<p><img src="https://latex.codecogs.com/png.latex?%0AS%20=%20%5Cleft(%20%5Cfrac%7B2655.8%7D%7B10%7D%20%5Cright)%20%20%5Ccdot%20%20e%5E%7B%E2%88%9210%5Cleft(%5Cfrac%7Bd_%7Beff%7D%7D%7B2655.8%7D%5Cright)%7D%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0Awhere%5C%20%5C%20%7Bd_%7Beff%7D%7D%20=%20max(0,%20%7Cguess%20%E2%88%92%20actual%7C%20%E2%88%92%203)%0A"></p>
<p><strong>Bias in photo selection</strong> - I favored photogenic landscapes and majestic vistas. Much of the PCT passes through a “green tunnel” of forest. It can be fun to identify a location using only the flora and forest floor, but too many similar forest photos get repetitive.</p>
<p>For the scored game, I added some logic to sample from every major section of the trail and limit how many of those harder forest shots appear in a single round. (If you’re curious, you can see this in the repo in the <a href="https://github.com/EconomiCurtis/pct-geoguesser/blob/eefb32466862c685987cb7238b66840edcbd32a8/app-game/build.py">selectGamePhotos()</a> function.)</p>
<hr>
</section>
<section id="share-your-photos" class="level2">
<h2 class="anchored" data-anchor-id="share-your-photos">Share your photos</h2>
<p>I’d be happy to include your photos in the game if you’d like to share them.</p>
<p><a href="https://docs.google.com/forms/d/e/1FAIpQLSftJrIVO9OkQ3V-cE8mnN3RjvxoeR8sHYNbP8mLcZjkSsZ71w/viewform" target="_blank"><strong>Submit your photos here →</strong></a></p>
<p>A few instructions:</p>
<ul>
<li><strong>Photo Meta — Mile, Direction (NoBo/SoBo) and Season/Year, for each photo:</strong>
<ul>
<li><strong>Option 1:</strong> Please make sure each filename includes the mile number, whether the photo was taken while hiking NoBo or SoBo, and the season and year. For example: <code>Mile 1234.1 - NoBo - Summer 2030.jpeg</code>.</li>
<li><strong>Option 2:</strong> Alternatively, include a <code>.md</code>/<code>.csv</code>/<code>.txt</code> file with this kind of meta info for each image.</li>
</ul></li>
<li><strong>Show the trail:</strong> Please make sure the trail itself is visible in each photo, rather than, say, submitting only a vista taken from the trail.</li>
<li><strong>No faces:</strong> Please avoid including other people’s faces. You may submit one if everyone pictured is comfortable with it, but I’d rather not worry about someone being annoyed that their visage has appeared in a random online game.</li>
<li><strong>Be certain about the mile:</strong> Please be as confident as possible about the mile marker. The game allows a large window for a “Spot On” score, so there is some leeway. Still, a GeoGuessr game is no fun if players cannot trust the correct location and scoring.</li>
</ul>
</section>
<section id="to-dos" class="level2">
<h2 class="anchored" data-anchor-id="to-dos">To Dos</h2>
<ul>
<li><p><strong>Hard mode:</strong> I’m collecting data on which photos are hardest to pinpoint. From the user testing I’ve done so far, it seems pretty clear that the “green tunnel” images are the most difficult to place. Geology appears to be one of the strongest clues to where a photo was taken. When you are given only vegetation and a bit of trail, it becomes much harder. Some forested areas in Northern California look a lot like similar biomes in Oregon and Washington, so you really have to tease out the clues or simply guess. I’m curious whether people would be interested in a “hard mode” that mainly serves up the most difficult images.</p></li>
<li><p><strong>Tournament mode:</strong> Who really knows the trail best? As the game currently works, there are several ways to cheat. You could play the scored game repeatedly and simply memorize the photos. There is also a table in the source code linking each image URL to its mile marker, since the game needs that information to calculate scores. I might create a separate set of unreleased photos and use them in a more controlled tournament format.</p></li>
<li><p><strong>Show a map:</strong> One piece of feedback I’ve received repeatedly is that it would be helpful to show a map with the photo’s actual location, the player’s guess, and the distance between them. That would be a useful addition, but I found it surprisingly difficult to implement, both technically and the UI while keeping it light and easy to work with. It would also be nice to show the locations of all the photos on the final results screen.</p></li>
<li><p><strong>Other trails:</strong> With a bit of work, the repository could be adapted for other trails with established mile markers. It might be interesting to build versions for the Appalachian Trail, the John Muir Trail, or others.</p></li>
</ul>
<p>I appreciate any of your feedback and ideas!</p>
</section>
<section id="thanks" class="level2">
<h2 class="anchored" data-anchor-id="thanks">Thanks</h2>
<p>Thanks to play testers.</p>
<p>Pocket Sand, Bhagwan (blessed be they name) the “Wisconsin Boyz” Babu and Big Bush, Chair, Minnie, Logistics, Doc Brown, the Positive Potato, dr Sassafrass PharmD esq., My Wife &amp; Children, and That Cantankerous Old Prospector.</p>
<hr>
<p>Look how happy I am. Those were the days.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/004-pct-geoguesser/images/trail-curtis.jpeg" class="img-fluid figure-img"></p>
<figcaption>Mile 2505.5</figcaption>
</figure>
</div>


</section>

 ]]></description>
  <category>Project</category>
  <category>Thru-Hiking</category>
  <guid>https://economicurtis.com/posts/004-pct-geoguesser/</guid>
  <pubDate>Mon, 01 Jun 2026 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/004-pct-geoguesser/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Portland Postcard Company</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/006-portland-postcard-co/</link>
  <description><![CDATA[ 





<div class="column-screen pc-hero">
<div class="pc-hero__card">
  <h1 class="pc-hero__title">Portland Postcard Company</h1>
  <p class="pc-hero__subtitle">Historic Pacific Northwest Postcards,<br>Carefully Reproduced.</p>
  <p class="pc-hero__desc">The Pacific Northwest's best historic postcards. Reprints matched to the originals as closely as possible in paper, size, and finish.</p>
  <div class="pc-cta-row">
    See the postcards
    Pricing
    <a class="home-btn solid" href="https://forms.gle/LSnZgRYr5yHG3AhR8" target="_blank" rel="noopener">Order / contact</a>
  </div>
</div>
</div>
<!-- Post metadata, relocated below the hero. The default Quarto title block is
     hidden in styles.css; if you change author/date/category in the YAML, update
     these too. -->
<div class="pc-postmeta">
  <span>Curtis Kephart</span>
  <span class="pc-postmeta__sep">·</span>
  <span>March 1, 2026</span>
  <span class="pc-postmeta__sep">·</span>
  <span class="pc-postmeta__cat">Project</span>
</div>
<section id="about" class="level2">
<h2 class="anchored" data-anchor-id="about">The Story</h2>
<p>The Pacific Northwest has a long and colorful history with postcards. From nearly the moment postcards were invented and standardized by the U.S. Postal Service, prints highlighted what makes this region so distinctive. As early as 1905, postcards were printed in Portland for the Lewis &amp; Clark Exposition. As railroads and highways made the region more accessible, these cards showcased all sorts of sights and scenery.</p>
<p>I like that these are small pieces of ephemera – often carrying a bit of history and art – sent to distant friends and family as tokens of affection and connection.</p>
<p>I’ve spent years collecting many of the best examples from the Pacific Northwest. I genuinely love what they represent: a connection between people, pinned to a specific place and time. So I started this business selling carefully and lovingly reprinted copies of the best cards in my collection.</p>
<p>They strive to be as close as possible to the originals, matching materials and sizes, including textured linen paper to match the Curt Teich-style postcards from the 1930s and 40s, and similar finishes for the pre-WWI German-made and <em>Portland Post Card Company’s</em> lithographic prints.</p>
<p>There’s something truly special about visitors sending home a personalized memento like these. A little piece of history tied to this extraordinary place.</p>
<p><br></p>
</section>
<section id="the-postcards" class="level2">
<h2 class="anchored" data-anchor-id="the-postcards">The Postcards</h2>
<section id="for-you-a-rose-in-portland-grows" class="level3">
<h3 class="anchored" data-anchor-id="for-you-a-rose-in-portland-grows">For You a Rose in Portland Grows</h3>
<p><em>Circa early 1940s · Linen paper · 3.5 × 5.5 in</em></p>
<p>For you a rose in Portland Grows! This one is iconic, and this reprint is as close to the original as I’ve been able to manage. I’ve mostly seen historic examples of this postcard from the 1940s and 1950s (earliest postmark I’ve seen is 1944), but it may have originally been printed as early as the 1930s. <a href="https://commons.wikimedia.org/wiki/File:For_you_a_rose_in_Portland_grows._Greetings_from_Portland,_Oregon_(74156).jpg">Wiki Commons link</a></p>
<div class="pc-card">
<div class="pc-pills">
<button class="pc-pill is-active" data-view="front">
Front
</button>
<button class="pc-pill" data-view="back">
Reverse
</button>
<button class="pc-pill" data-view="original">
Original
</button>
<button class="pc-pill" data-view="photo">
Photo
</button>
</div>
<div class="pc-stage">
<div class="pc-flip">
<div class="pc-face is-active" data-view="front">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/00-for-you-a-rose-in-portland-grows/front.jpeg" alt="For You a Rose in Portland Grows — Front" loading="lazy">
</div>
<div class="pc-face" data-view="back">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/00-for-you-a-rose-in-portland-grows/back.jpg" alt="For You a Rose in Portland Grows — Reverse" loading="lazy">
</div>
<div class="pc-face" data-view="original">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/00-for-you-a-rose-in-portland-grows/original.jpeg" alt="For You a Rose in Portland Grows — Original" loading="lazy">
</div>
<div class="pc-face" data-view="photo">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/00-for-you-a-rose-in-portland-grows/photo-foryouarosegrows.jpeg" alt="For You a Rose in Portland Grows — Photo" loading="lazy">
<p class="pc-face-caption">
A photo of the actual reprint for sale, this is what you’d receive.
</p>
</div>
</div>
</div>
</div>
<hr class="pc-sep">
</section>
<section id="birds-eye-view-of-portland-including-mt.-hood" class="level3">
<h3 class="anchored" data-anchor-id="birds-eye-view-of-portland-including-mt.-hood">Bird’s Eye View of Portland, Including Mt. Hood</h3>
<p><em>Circa 1909 · Uncoated paper · 3.5 × 5.5 in</em></p>
<p>Based on a black-and-white photograph from around 1905, this image was recolored and reproduced as a lithographic print numerous times leading up to the First World War. The reprint is on basic uncoated paper but looks remarkably close to the original.</p>
<div class="pc-card">
<div class="pc-pills">
<button class="pc-pill is-active" data-view="front">
Front
</button>
<button class="pc-pill" data-view="back">
Reverse
</button>
<button class="pc-pill" data-view="original">
Original
</button>
<button class="pc-pill" data-view="photo">
Photo
</button>
</div>
<div class="pc-stage">
<div class="pc-flip">
<div class="pc-face is-active" data-view="front">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/01-portland-birds-eye/front-portland-birds-eye.jpeg" alt="Bird's Eye View of Portland, Including Mt. Hood — Front" loading="lazy">
</div>
<div class="pc-face" data-view="back">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/01-portland-birds-eye/back-portland-birds-eye.jpeg" alt="Bird's Eye View of Portland, Including Mt. Hood — Reverse" loading="lazy">
</div>
<div class="pc-face pc-face--gallery" data-view="original">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/01-portland-birds-eye/original-portland-birds-eye-00.jpeg" alt="Bird's Eye View of Portland, Including Mt. Hood — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/01-portland-birds-eye/original-portland-birds-eye-01.jpeg" alt="Bird's Eye View of Portland, Including Mt. Hood — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/01-portland-birds-eye/original-portland-birds-eye-02.jpeg" alt="Bird's Eye View of Portland, Including Mt. Hood — Original" loading="lazy">
</div>
<div class="pc-face" data-view="photo">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/01-portland-birds-eye/photo-portlandbirdseye.jpeg" alt="Bird's Eye View of Portland, Including Mt. Hood — Photo" loading="lazy">
<p class="pc-face-caption">
A photo of the actual reprint for sale, this is what you’d receive.
</p>
</div>
</div>
</div>
</div>
<hr class="pc-sep">
</section>
<section id="st.-johns-bridge-with-battleship-portland" class="level3">
<h3 class="anchored" data-anchor-id="st.-johns-bridge-with-battleship-portland">St.&nbsp;Johns Bridge with “Battleship” Portland</h3>
<p><em>Circa 1930s · Linen paper · 3.5 × 5.5 in</em></p>
<p>Based on a well-known 1933 black-and-white photo (which you can see in the lobby of the Oregon Historical Society), the <em>“Battleship”</em> is the <a href="https://en.wikipedia.org/wiki/USS_Portland_(CA-33)">USS Portland</a>, named for some random small town in Maine nobody’s ever heard of, not my lovely PNW home. Also, it’s not a battleship, it’s a cruiser.</p>
<p>Most (if not all) linen postcards of the 1930s and ’40s were black-and-white photos with hand-drawn instructions for coloring. In this case, the they miscolored the bridge grey. St.&nbsp;Johns Bridge is actually green. As far as I can tell the bridge has always been green. Interestingly, the color on the postcard was never corrected across its many reprints into the 1940s.</p>
<p>I’m nearly certain the image is technically still under copyright by the <em>Angelus Commercial Studio</em>, but I don’t think anyone is enforcing it.</p>
<p>The earliest postmark I can find is from summer 1938. You can read more about the original photo <a href="https://commons.wikimedia.org/wiki/File:USS_Portland_(CA-33)_passing_under_St._John%27s_Bridge,_Portland,_Oregon,_in_the_1930s_(74159).jpg">here</a>, <a href="https://vintageportland.wordpress.com/2013/12/09/st-johns-bridge-1937-2/">here</a>, on <a href="https://www.reddit.com/r/WarshipPorn/comments/onwnjx/cruiser_uss_portland_steaming_under_the_st_johns/">Reddit</a>, and <a href="https://www.oldoregonphotos.com/u-s-s-portland-under-the-st-johns-bridge-1933.html">here</a>.</p>
<div class="pc-card">
<div class="pc-pills">
<button class="pc-pill is-active" data-view="front">
Front
</button>
<button class="pc-pill" data-view="back">
Reverse
</button>
<button class="pc-pill" data-view="original">
Original
</button>
<button class="pc-pill" data-view="photo">
Photo
</button>
</div>
<div class="pc-stage">
<div class="pc-flip">
<div class="pc-face is-active" data-view="front">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/02-portland-battleship-StJohnsBridge/front-portland-battleship-StJohnsBridge.jpeg" alt="St. Johns Bridge with &quot;Battleship&quot; Portland — Front" loading="lazy">
</div>
<div class="pc-face" data-view="back">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/02-portland-battleship-StJohnsBridge/back-portland-battleship-StJohnsBridge.jpeg" alt="St. Johns Bridge with &quot;Battleship&quot; Portland — Reverse" loading="lazy">
</div>
<div class="pc-face pc-face--gallery" data-view="original">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/02-portland-battleship-StJohnsBridge/original-01-stjohns-bridge.jpeg" alt="St. Johns Bridge with &quot;Battleship&quot; Portland — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/02-portland-battleship-StJohnsBridge/original-02-battleship-portland.jpeg" alt="St. Johns Bridge with &quot;Battleship&quot; Portland — Original" loading="lazy">
</div>
<div class="pc-face" data-view="photo">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/02-portland-battleship-StJohnsBridge/photo-battleshipportland.jpeg" alt="St. Johns Bridge with &quot;Battleship&quot; Portland — Photo" loading="lazy">
<p class="pc-face-caption">
A photo of the actual reprint for sale, this is what you’d receive.
</p>
</div>
</div>
</div>
</div>
<hr class="pc-sep">
</section>
<section id="multnomah-falls-lodge-with-bridge-train" class="level3">
<h3 class="anchored" data-anchor-id="multnomah-falls-lodge-with-bridge-train">Multnomah Falls Lodge, with Bridge &amp; Train</h3>
<p><em>Circa 1930s · Linen paper · 3.5 × 5.5 in</em></p>
<p>This is one of Oregon’s most popular and iconic tourist destinations.</p>
<div class="pc-card">
<div class="pc-pills">
<button class="pc-pill is-active" data-view="front">
Front
</button>
<button class="pc-pill" data-view="back">
Reverse
</button>
<button class="pc-pill" data-view="original">
Original
</button>
<button class="pc-pill" data-view="photo">
Photo
</button>
</div>
<div class="pc-stage">
<div class="pc-flip">
<div class="pc-face is-active" data-view="front">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/03-multnomah-falls/front-multnomah-falls.jpeg" alt="Multnomah Falls Lodge, with Bridge &amp; Train — Front" loading="lazy">
</div>
<div class="pc-face" data-view="back">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/03-multnomah-falls/back-multnomah-falls.jpeg" alt="Multnomah Falls Lodge, with Bridge &amp; Train — Reverse" loading="lazy">
</div>
<div class="pc-face" data-view="original">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/03-multnomah-falls/original-multnomah-falls.jpeg" alt="Multnomah Falls Lodge, with Bridge &amp; Train — Original" loading="lazy">
</div>
<div class="pc-face" data-view="photo">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/03-multnomah-falls/photo-multnomahfalls.jpeg" alt="Multnomah Falls Lodge, with Bridge &amp; Train — Photo" loading="lazy">
<p class="pc-face-caption">
A photo of the actual reprint for sale, this is what you’d receive.
</p>
</div>
</div>
</div>
</div>
<hr class="pc-sep">
</section>
<section id="mt.-hood-reflection-from-lost-lake" class="level3">
<h3 class="anchored" data-anchor-id="mt.-hood-reflection-from-lost-lake">Mt. Hood &amp; Reflection from Lost Lake</h3>
<p><em>Circa 1912 · Uncoated paper · 3.5 × 5.5 in</em></p>
<p>Based on a black-and-white photo, this image was originally printed in Germany via the lithographic method.</p>
<p>Lost Lake itself is pretty amazing, located just north of Mt. Hood along the Pacific Crest Trail. The explorers who named it couldn’t seem to find it and swore the lake was the one who was lost, not them. It takes real nerve to name a place after your own error. Cartographers call this projection.</p>
<div class="pc-card">
<div class="pc-pills">
<button class="pc-pill is-active" data-view="front">
Front
</button>
<button class="pc-pill" data-view="back">
Reverse
</button>
<button class="pc-pill" data-view="original">
Original
</button>
<button class="pc-pill" data-view="photo">
Photo
</button>
</div>
<div class="pc-stage">
<div class="pc-flip">
<div class="pc-face is-active" data-view="front">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-lost-lake-mt-hood/front-lost-lake-my-hood.jpeg" alt="Mt. Hood &amp; Reflection from Lost Lake — Front" loading="lazy">
</div>
<div class="pc-face" data-view="back">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-lost-lake-mt-hood/back-lost-lake-my-hood.jpeg" alt="Mt. Hood &amp; Reflection from Lost Lake — Reverse" loading="lazy">
</div>
<div class="pc-face" data-view="original">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-lost-lake-mt-hood/original-front-lost-lake-mt-hood.jpeg" alt="Mt. Hood &amp; Reflection from Lost Lake — Original" loading="lazy">
</div>
<div class="pc-face" data-view="photo">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-lost-lake-mt-hood/photo-lostlake.jpeg" alt="Mt. Hood &amp; Reflection from Lost Lake — Photo" loading="lazy">
<p class="pc-face-caption">
A photo of the actual reprint for sale, this is what you’d receive.
</p>
</div>
</div>
</div>
</div>
<hr class="pc-sep">
</section>
<section id="timberline-lodge-late-winter-at-sunset" class="level3">
<h3 class="anchored" data-anchor-id="timberline-lodge-late-winter-at-sunset">Timberline Lodge, Late Winter at Sunset</h3>
<p><em>Circa late 1930s · Linen paper · 3.5 × 5.5 in</em></p>
<p>All work and no play makes one a <em>very dull boi</em>, which is why Portlanders &amp; Oregonians know it’s important to get out into nature, like the majestic vistas and skiing at Mt. Hood’s Timberline Lodge.</p>
<p>I’m a big fan of the Timberline. Built between 1936 and 1938 as a WPA Great Depression project, the lodge features an interior decorated by a bunch of local artists. You’re a stone’s throw from supposedly the longest ski season in the Lower 48, Mt. Hood’s peak, Paradise Park, the Timberline Trail, and a large swath of wilderness. The lobby is a great place to write postcards.</p>
<p>I’m planning a series for Timberline Lodge with cards for every season, hence all the various versions under “original”.</p>
<div class="pc-card">
<div class="pc-pills">
<button class="pc-pill is-active" data-view="front">
Front
</button>
<button class="pc-pill" data-view="back">
Reverse
</button>
<button class="pc-pill" data-view="original">
Original
</button>
<button class="pc-pill" data-view="photo">
Photo
</button>
</div>
<div class="pc-stage">
<div class="pc-flip">
<div class="pc-face is-active" data-view="front">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/front-timberline-lodge.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Front" loading="lazy">
</div>
<div class="pc-face" data-view="back">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/back-timberline-lodge-mt-hood.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Reverse" loading="lazy">
</div>
<div class="pc-face pc-face--gallery" data-view="original">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/original-01.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/original-02.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/original-03.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/original-04.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/original-05.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Original" loading="lazy"><img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/original-06.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Original" loading="lazy">
</div>
<div class="pc-face" data-view="photo">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/04-timberline-lodge-mt-hood/photo-timberline.jpeg" alt="Timberline Lodge, Late Winter at Sunset — Photo" loading="lazy">
<p class="pc-face-caption">
A photo of the actual reprint for sale, this is what you’d receive.
</p>
</div>
</div>
</div>
</div>
<hr class="pc-sep">
</section>
<section id="greetings-from-portland" class="level3">
<h3 class="anchored" data-anchor-id="greetings-from-portland">Greetings from Portland</h3>
<p><em>Circa 1940s · Linen paper · 3.5 × 5.5 in</em></p>
<p>Pretty sure this is a mid-to-late 1940s postcard. Bright and colorful, tho honestly not quite as iconic as the “For You a Rose” or the Portland “Battleship” cards. My reprint carries over a strange mirror postmark print that I think makes it look particularly cool.</p>
<div class="pc-card">
<div class="pc-pills">
<button class="pc-pill is-active" data-view="front">
Front
</button>
<button class="pc-pill" data-view="back">
Reverse
</button>
<button class="pc-pill" data-view="photo">
Photo
</button>
</div>
<div class="pc-stage">
<div class="pc-flip">
<div class="pc-face is-active" data-view="front">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/09-greetings-from-portland/front-greetings-from-portland.jpeg" alt="Greetings from Portland — Front" loading="lazy">
</div>
<div class="pc-face" data-view="back">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/09-greetings-from-portland/back.jpg" alt="Greetings from Portland — Reverse" loading="lazy">
</div>
<div class="pc-face" data-view="photo">
<img class="pc-zoomable" src="https://economicurtis.com/posts/006-portland-postcard-co/09-greetings-from-portland/photo-greetingsfromportland.jpeg" alt="Greetings from Portland — Photo" loading="lazy">
<p class="pc-face-caption">
A photo of the actual reprint for sale, this is what you’d receive.
</p>
</div>
</div>
</div>
</div>
</section>
</section>
<section id="pricing" class="level2">
<h2 class="anchored" data-anchor-id="pricing">Pricing</h2>
<p>Click &amp; expand the row to see the card and its full description.</p>
<div class="cell">
<div class="cell-output-display">
<div class="reactable html-widget html-fill-item" id="htmlwidget-1c028abcd6b9cc837b8d" style="width:auto;height:auto;"></div>
<script type="application/json" data-for="htmlwidget-1c028abcd6b9cc837b8d">{"x":{"tag":{"name":"Reactable","attribs":{"data":{"postcard":["For You a Rose in Portland Grows","Mt. Hood & Reflection from Lost Lake","Bird's Eye View of Portland","St. Johns Bridge with \"Battleship\" Portland","Timberline Lodge, Late Winter at Sunset","Multnomah Falls Lodge, with Bridge & Train","Greetings from Portland"],"p100":[30,40,40,40,40,40,50],"p300":[81,105,105,111,111,111,135],"p500":[110,150,150,160,160,160,210],"p1000":[200,250,250,300,300,300,400]},"columns":[{"id":".details","name":"","type":null,"vAlign":"center","headerVAlign":"bottom","sortable":false,"resizable":false,"filterable":false,"searchable":false,"width":45,"align":"center","details":[{"name":"div","attribs":{"className":"pc-detail"},"children":[{"name":"div","attribs":{"className":"pc-detail-text"},"children":["The iconic linen postcard. I've already sold thousands of these."]},{"name":"div","attribs":{"className":"pc-detail-imgs"},"children":[{"name":"img","attribs":{"src":"00-for-you-a-rose-in-portland-grows/front.jpeg","alt":"front","loading":"lazy","className":"pc-zoomable"},"children":[]},{"name":"img","attribs":{"src":"00-for-you-a-rose-in-portland-grows/back.jpg","alt":"reverse","loading":"lazy","className":"pc-zoomable"},"children":[]}]},{"name":"div","attribs":{"className":"pc-detail-prices"},"children":[{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["100:"]},{"name":"strong","attribs":{},"children":["$30"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["300:"]},{"name":"strong","attribs":{},"children":["$81"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["27¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["500:"]},{"name":"strong","attribs":{},"children":["$110"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["22¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["1000:"]},{"name":"strong","attribs":{},"children":["$200"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["20¢ ea"]}]}]}]},{"name":"div","attribs":{"className":"pc-detail"},"children":[{"name":"div","attribs":{"className":"pc-detail-text"},"children":["You'll want to reflect on everything you've lost with this beautiful card showing the reflection of Mt, Hood at Lost Lake."]},{"name":"div","attribs":{"className":"pc-detail-imgs"},"children":[{"name":"img","attribs":{"src":"04-lost-lake-mt-hood/front-lost-lake-my-hood.jpeg","alt":"front","loading":"lazy","className":"pc-zoomable"},"children":[]},{"name":"img","attribs":{"src":"04-lost-lake-mt-hood/back-lost-lake-my-hood.jpeg","alt":"reverse","loading":"lazy","className":"pc-zoomable"},"children":[]}]},{"name":"div","attribs":{"className":"pc-detail-prices"},"children":[{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["100:"]},{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["300:"]},{"name":"strong","attribs":{},"children":["$105"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["35¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["500:"]},{"name":"strong","attribs":{},"children":["$150"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["1000:"]},{"name":"strong","attribs":{},"children":["$250"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["25¢ ea"]}]}]}]},{"name":"div","attribs":{"className":"pc-detail"},"children":[{"name":"div","attribs":{"className":"pc-detail-text"},"children":["Look down on the people of Portland in 1909, write & share your thoughts with anyone who'll listen."]},{"name":"div","attribs":{"className":"pc-detail-imgs"},"children":[{"name":"img","attribs":{"src":"01-portland-birds-eye/front-portland-birds-eye.jpeg","alt":"front","loading":"lazy","className":"pc-zoomable"},"children":[]},{"name":"img","attribs":{"src":"01-portland-birds-eye/back-portland-birds-eye.jpeg","alt":"reverse","loading":"lazy","className":"pc-zoomable"},"children":[]}]},{"name":"div","attribs":{"className":"pc-detail-prices"},"children":[{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["100:"]},{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["300:"]},{"name":"strong","attribs":{},"children":["$105"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["35¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["500:"]},{"name":"strong","attribs":{},"children":["$150"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["1000:"]},{"name":"strong","attribs":{},"children":["$250"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["25¢ ea"]}]}]}]},{"name":"div","attribs":{"className":"pc-detail"},"children":[{"name":"div","attribs":{"className":"pc-detail-text"},"children":["That's not what St Johns Bridge looks like, & that's not a battleship, and the ship isn't named after Portland, Oregon, but anyway this card was one of the most iconic postcards of the late 1930s and 40s."]},{"name":"div","attribs":{"className":"pc-detail-imgs"},"children":[{"name":"img","attribs":{"src":"02-portland-battleship-StJohnsBridge/front-portland-battleship-StJohnsBridge.jpeg","alt":"front","loading":"lazy","className":"pc-zoomable"},"children":[]},{"name":"img","attribs":{"src":"02-portland-battleship-StJohnsBridge/back-portland-battleship-StJohnsBridge.jpeg","alt":"reverse","loading":"lazy","className":"pc-zoomable"},"children":[]}]},{"name":"div","attribs":{"className":"pc-detail-prices"},"children":[{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["100:"]},{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["300:"]},{"name":"strong","attribs":{},"children":["$111"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["37¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["500:"]},{"name":"strong","attribs":{},"children":["$160"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["32¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["1000:"]},{"name":"strong","attribs":{},"children":["$300"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]}]}]},{"name":"div","attribs":{"className":"pc-detail"},"children":[{"name":"div","attribs":{"className":"pc-detail-text"},"children":["All work and no play makes Oreganders *very dull bois*. So, what's say we all write more postcards?"]},{"name":"div","attribs":{"className":"pc-detail-imgs"},"children":[{"name":"img","attribs":{"src":"04-timberline-lodge-mt-hood/front-timberline-lodge.jpeg","alt":"front","loading":"lazy","className":"pc-zoomable"},"children":[]},{"name":"img","attribs":{"src":"04-timberline-lodge-mt-hood/back-timberline-lodge-mt-hood.jpeg","alt":"reverse","loading":"lazy","className":"pc-zoomable"},"children":[]}]},{"name":"div","attribs":{"className":"pc-detail-prices"},"children":[{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["100:"]},{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["300:"]},{"name":"strong","attribs":{},"children":["$111"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["37¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["500:"]},{"name":"strong","attribs":{},"children":["$160"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["32¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["1000:"]},{"name":"strong","attribs":{},"children":["$300"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]}]}]},{"name":"div","attribs":{"className":"pc-detail"},"children":[{"name":"div","attribs":{"className":"pc-detail-text"},"children":["Probably one of Oregon's most iconic tourist destinations."]},{"name":"div","attribs":{"className":"pc-detail-imgs"},"children":[{"name":"img","attribs":{"src":"03-multnomah-falls/front-multnomah-falls.jpeg","alt":"front","loading":"lazy","className":"pc-zoomable"},"children":[]},{"name":"img","attribs":{"src":"03-multnomah-falls/back-multnomah-falls.jpeg","alt":"reverse","loading":"lazy","className":"pc-zoomable"},"children":[]}]},{"name":"div","attribs":{"className":"pc-detail-prices"},"children":[{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["100:"]},{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["300:"]},{"name":"strong","attribs":{},"children":["$111"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["37¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["500:"]},{"name":"strong","attribs":{},"children":["$160"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["32¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["1000:"]},{"name":"strong","attribs":{},"children":["$300"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]}]}]},{"name":"div","attribs":{"className":"pc-detail"},"children":[{"name":"div","attribs":{"className":"pc-detail-text"},"children":["Bright, colorful, and carrying over a strange mirror postmark that I think makes the reprint look especially cool."]},{"name":"div","attribs":{"className":"pc-detail-imgs"},"children":[{"name":"img","attribs":{"src":"09-greetings-from-portland/front-greetings-from-portland.jpeg","alt":"front","loading":"lazy","className":"pc-zoomable"},"children":[]},{"name":"img","attribs":{"src":"09-greetings-from-portland/back.jpg","alt":"reverse","loading":"lazy","className":"pc-zoomable"},"children":[]}]},{"name":"div","attribs":{"className":"pc-detail-prices"},"children":[{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["100:"]},{"name":"strong","attribs":{},"children":["$50"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["50¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["300:"]},{"name":"strong","attribs":{},"children":["$135"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["45¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["500:"]},{"name":"strong","attribs":{},"children":["$210"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["42¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price-item"},"children":[{"name":"span","attribs":{"className":"pc-price-q"},"children":["1000:"]},{"name":"strong","attribs":{},"children":["$400"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]}]}]}]},{"id":"postcard","name":"Postcard","type":"character","vAlign":"center","headerVAlign":"bottom","cell":[{"name":"div","attribs":{},"children":[{"name":"strong","attribs":{},"children":["For You a Rose in Portland Grows"]},{"name":"div","attribs":{"className":"pc-sub"},"children":["Early 1940s · Linen"]}]},{"name":"div","attribs":{},"children":[{"name":"strong","attribs":{},"children":["Mt. Hood & Reflection from Lost Lake"]},{"name":"div","attribs":{"className":"pc-sub"},"children":["1912 · Uncoated"]}]},{"name":"div","attribs":{},"children":[{"name":"strong","attribs":{},"children":["Bird's Eye View of Portland"]},{"name":"div","attribs":{"className":"pc-sub"},"children":["1909 · Uncoated"]}]},{"name":"div","attribs":{},"children":[{"name":"strong","attribs":{},"children":["St. Johns Bridge with \"Battleship\" Portland"]},{"name":"div","attribs":{"className":"pc-sub"},"children":["1930s · Linen"]}]},{"name":"div","attribs":{},"children":[{"name":"strong","attribs":{},"children":["Timberline Lodge, Late Winter at Sunset"]},{"name":"div","attribs":{"className":"pc-sub"},"children":["Late 1930s · Linen"]}]},{"name":"div","attribs":{},"children":[{"name":"strong","attribs":{},"children":["Multnomah Falls Lodge, with Bridge & Train"]},{"name":"div","attribs":{"className":"pc-sub"},"children":["1930s · Linen"]}]},{"name":"div","attribs":{},"children":[{"name":"strong","attribs":{},"children":["Greetings from Portland"]},{"name":"div","attribs":{"className":"pc-sub"},"children":["1940s · Linen"]}]}],"minWidth":120},{"id":"p100","name":"100","type":"numeric","vAlign":"center","headerVAlign":"bottom","cell":[{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$30"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$40"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$50"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["50¢ ea"]}]}],"width":78,"align":"center","className":"pc-hide-sm","headerClassName":"pc-hide-sm"},{"id":"p300","name":"300","type":"numeric","vAlign":"center","headerVAlign":"bottom","cell":[{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$81"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["27¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$105"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["35¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$105"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["35¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$111"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["37¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$111"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["37¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$111"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["37¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$135"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["45¢ ea"]}]}],"width":78,"align":"center","className":"pc-hide-sm","headerClassName":"pc-hide-sm"},{"id":"p500","name":"500","type":"numeric","vAlign":"center","headerVAlign":"bottom","cell":[{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$110"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["22¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$150"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$150"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$160"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["32¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$160"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["32¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$160"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["32¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$210"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["42¢ ea"]}]}],"width":78,"align":"center","className":"pc-hide-sm","headerClassName":"pc-hide-sm"},{"id":"p1000","name":"1000","type":"numeric","vAlign":"center","headerVAlign":"bottom","cell":[{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$200"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["20¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$250"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["25¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$250"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["25¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$300"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$300"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$300"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["30¢ ea"]}]},{"name":"div","attribs":{"className":"pc-price"},"children":[{"name":"strong","attribs":{},"children":["$400"]},{"name":"span","attribs":{"className":"pc-ppp"},"children":["40¢ ea"]}]}],"width":78,"align":"center","className":"pc-hide-sm","headerClassName":"pc-hide-sm"}],"columnGroups":[{"name":"Price for quantity","columns":["p100","p300","p500","p1000"]}],"onClick":"expand","highlight":true,"bordered":true,"theme":{"cellPadding":"10px 8px"},"dataKey":"034fe14e505323e200b410c3e72414e0"},"children":[]},"class":"reactR_markup"},"evals":[],"jsHooks":[]}</script>
</div>
</div>
<p><br> Also, it’s <strong>$2</strong> for single cards.</p>
<p><br></p>
</section>
<section id="contact" class="level2">
<h2 class="anchored" data-anchor-id="contact">Contact</h2>
<p>Interested in learning more, or want to place an order?</p>
<p>Get in touch through the form below.</p>
<div style="text-align: center;">
<p><a class="home-btn solid" href="https://forms.gle/LSnZgRYr5yHG3AhR8" target="_blank" rel="noopener">Order / contact form</a></p>
</div>
<!-- Full-size image lightbox (shared by postcard views and the pricing detail) -->

<script>
// ── Flip-card pills: turn the card edge-on, swap the visible face, turn back ──
document.addEventListener('click', function (e) {
  var pill = e.target.closest('.pc-pill');
  if (!pill) return;
  var card = pill.closest('.pc-card');
  if (!card || pill.classList.contains('is-active') || card.classList.contains('is-flipping')) return;
  var view = pill.getAttribute('data-view');
  card.classList.add('is-flipping');
  window.setTimeout(function () {
    card.querySelectorAll('.pc-pill').forEach(function (p) {
      p.classList.toggle('is-active', p === pill);
    });
    card.querySelectorAll('.pc-face').forEach(function (f) {
      f.classList.toggle('is-active', f.getAttribute('data-view') === view);
    });
    card.classList.remove('is-flipping');
  }, 190);
});

// ── Lightbox: click any .pc-zoomable image to view it full size ──────────────
(function () {
  var box = document.getElementById('pc-lightbox');
  if (!box) return;
  var img = box.querySelector('.pc-lightbox__img');
  document.addEventListener('click', function (e) {
    var z = e.target.closest('.pc-zoomable');
    if (z) {
      img.src = z.currentSrc || z.src;
      img.alt = z.alt || '';
      box.classList.add('is-open');
      box.setAttribute('aria-hidden', 'false');
      return;
    }
    if (e.target.closest('#pc-lightbox')) {   // click anywhere on the overlay closes
      box.classList.remove('is-open');
      box.setAttribute('aria-hidden', 'true');
      img.src = '';
    }
  });
  document.addEventListener('keydown', function (e) {
    if (e.key === 'Escape' && box.classList.contains('is-open')) {
      box.classList.remove('is-open');
      box.setAttribute('aria-hidden', 'true');
      img.src = '';
    }
  });
})();

// ── Hero parallax: the overlay card drifts up slower than the page and fades ──
(function () {
  if (window.matchMedia('(prefers-reduced-motion: reduce)').matches) return;
  var hero = document.querySelector('.pc-hero');
  var card = hero && hero.querySelector('.pc-hero__card');
  if (!card) return;
  var ticking = false;
  function update() {
    var h = hero.offsetHeight;
    var y = window.scrollY;
    if (y <= h) {
      var p = y / h;
      card.style.transform = 'translateY(' + (y * 0.28) + 'px)';
      card.style.opacity = String(Math.max(0, 1 - p * 1.15));
    }
    ticking = false;
  }
  window.addEventListener('scroll', function () {
    if (!ticking) { window.requestAnimationFrame(update); ticking = true; }
  }, { passive: true });
})();
</script>


</section>

 ]]></description>
  <category>Project</category>
  <category>Postcards</category>
  <guid>https://economicurtis.com/posts/006-portland-postcard-co/</guid>
  <pubDate>Sun, 01 Mar 2026 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/006-portland-postcard-co/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>My 2025 Pacific Crest Trail thru-hike - With Hand Drawn Data Visualizations</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/005-pct-2025/</link>
  <description><![CDATA[ 





<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/Map01Fig04.jpg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
<section id="why-have-i-written-this" class="level1">
<h1>Why have I written this?</h1>
<p>They say the Pacific Crest Trail is <em>the physical, mental, emotional and spiritual experience of a lifetime</em>. But was it for ole’ Curtis? Sadly, I’m not the best writer. If you know me well, you’ll know that I prefer to communicate my feelings thru the language of abstract expressionist choreography<sup>1</sup>. Unfortunately, the postal service won’t mail a dance.</p>
<p>Luckily, I did keep a journal, jotting down the basics about my hike. Daily stats, pains &amp; discomforts my body was feeling, notes and thoughts as I experienced them. Since I can’t perform rhythmically before you,</p>
<p>I thought I’d just aggregate &amp; review those data with you here, with visualizations and some light analysis. Perhaps you can get a sense of what my experience was like that way?</p>
<p>It felt like a significant lifestyle change, but was it statistically significant? --let alone economically significant, generalizable, and reproducible?</p>
<p>Let’s find out.</p>
<iframe src="value-boxes/index.html" id="pct-stats" style="width:100%; border:none; display:block; min-height:680px;" onload="this.style.height=(this.contentDocument.body.scrollHeight+20)+'px'">
</iframe>
<!-- ==================================================================
     POSTCARD COMPONENT — load the behaviour ONCE per page (this block).
     Keep a single copy; the postcard boxes themselves can repeat freely.
     ================================================================== -->
<script src="../../js/postcards.js" defer=""></script>
<!-- ---- REUSABLE EXAMPLE: copy the ":::: {.postcard} ... ::::" block ----
     - Everything except .pc-front is OPTIONAL. Drop a section and its tab
       disappears; drop data-caption and no caption shows.
     - Back images: size each with {width="..."}, rotate one with {.rot90}
       (also .rot-90 or .rot180).
     - .pc-readable is plain markdown (bold, italic, links, lists).
     - Point at real files in images/ ; make up meta/title/subtitle/caption. -->
<div class="postcard" data-meta="Postcard 0 · Getting there" data-title="Planes, Trains, &amp; Automobiles" data-subtitle="Written along the way · around mile 0" data-caption="This was my ride to San Diego. Well, technically I took the Amtrak Coast Starlight down to SLO, then a plane down to SD, because a landslide in Orange Country closed a stretch of rail.">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-train-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-train-mssg-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-train-mssg-02-l.jpeg" class="fluid-mobile light-shadow img-fluid quarto-figure quarto-figure-center" style="width:85.0%"></p>
</div>
<div class="pc-readable">
<p>Ahoy,</p>
<p>At the station the flat capped conductor pulled me aside, grabbed me by my lapels, shaking me violently he said, <em>“Listen son, as you get older you realize your life wont always go according to plan, &amp; if you dream big enough, it never does…I think Alan Watts, paraphrasing the stoics said ‘The only way to make sense out of change is to plunge into it, focus on what you can control, move with it, and join the dance.’</em> …That conductor then leaned in and whispered, <em>“And to that I say, ‘f–you Alan Whatts!, who asked you?! Sometimes I just need a break from all the uncertainty &amp; disappointment.’”</em></p>
<p>He blew his whistle, <strong><em>toot-toot</em></strong>. <em>“All aboard!”</em></p>
<p>And that’s how I’m boarded the Coast Starlight.</p>
<p>Welcome to train life. And, for me, soon, Trail Life. No more putting my life on the line, my life is now literally <em>on a line</em>. One path. One direction. Get your life on track. No sidetracks. Full steam ahead.</p>
<p>It’s Amtrak, no fast track, so throw the schedule out the window, but you’ll get to your final destination eventually. Just sit in this stale-fart smelling seat long enough. In the meantime, they serve seriously oversized chocolate cakes for dessert.</p>
<hr>
<p>The moment I entered the window domed observation lounge, a national park docent said “Welcome to Sumner Washington, the rhubarb pie capital of the world. Who wants to hear 3 facts about rhubarbs?” <em>“Huzzah</em>!” the car cheered in unison, with fists outstretched. “Out toward starboard, please note the fields of rhubarb that expand into a view that bares manifest the majestic splendor that is the diverse &amp; sprawling tapestry of American geography just rolling by your window. Let us all take a moment of silence to contemplate it” as he wiped away a tear, and then started listing tart &amp; tangy rhubarb facts.</p>
<p>~ Uncle Curtis</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/00-train/train-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/00-train/train-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/00-train/train-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/00-train/train-04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/00-train/train-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<hr>
<p><strong>Day one</strong>. Or maybe day zero? Day negative-one? I caught a shuttle from San Diego and camped at the border on May 5th, the day before my permit officially kicked off.</p>
<p>At the southern terminus, about a half-mile from the huge USA/Mexico border wall and trail monument, there’s a campsite at a horse rodeo area called CLEEF. For something like $15, you get a campspot, a cozy fireplace area, and a hearty breakfast, plus you meet dozens of other hikers, all on their first day.</p>
<p>When I started a 1000-mile PCT section hike here in 2016, most of us were novices then — only a handful had done any thru-hiking or anything like the Appalachian Trail or John Muir Trail before, and those who had stood out. This time, it felt like nearly half the group were seasoned thru-hikers, and even the first-timers seemed well-prepared. It’s a niche trail -- only approx. 4500 thru-hiker permits per year, maybe a few thousand actually complete it. And it takes months of your life to complete, so you might think it’s a tricky thing to prepare for. But it seems like everyone who does the trail really wants to share afterwards (I guess, me too, here). So the knowledge base has exploded: there are dozens of books out there, thousands of online trail diary blogs, vlogs, gear guides, so much on social medias.</p>
<p>The CLEEF folks put on an hours-long talk in the evening. It felt like college orientation. They dove into broad trail advice: how to stay safe, Sierra stream crossings, hitches; what they felt folks weren’t getting in normal prep for the trail. Mostly positive &amp; encouraging, but they seemed to want to give us a heads up on a bunch of ways we might have a bad time.</p>
<p>One slightly foreboding detail that stuck out: they mentioned that just about everyone who thru hikes the full trail will have at least one night in which they cry themselves to sleep. Whether it’s because of discomfort from the weather, an injury, or a mean trail family — whatever — if you don’t have a night like that, you’re really not having the full PCT experience, apparently.</p>
<p>But also, while the trail can be hard, that’s okay, that’s normal.<br>
So … something to look forward to.</p>
<hr>
<div class="postcard" data-meta="Postcard 1 · It Begins" data-title="Notes on a nervous start" data-subtitle="Sent from Campo CA · near mile 0" data-caption="A few remarks on arriving in San Diego and Campo, nervous and excited to begin.">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/01-SanD/sd-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/01-SanD/sd-mssg.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-readable">
<p>Ahoy from Campo CA. Mile/km 0 of the P.C.T.</p>
<p>I start May 6. Quite nervous, but excited. I found a bunch of old postcards from along the trail, and plan to post those to you. Hope that’s a fun way to share the hike.</p>
<p>Nervous: years of dreaming about this have turned into weeks of optimistic prep, &amp; now a bit of dread of the thought of actually sleeping outside every night for many months.</p>
<p>This happening &amp; happening now… 😬</p>
<p>They say this is supposed to be an amazing challenge/experience: physically, mentally, spiritually. No pressure… But looking forward to the change of pace. Seeing diverse landscapes; all the flora, fauna, geology, &amp; cultural history; in person. Wilderness you’ll never see without a Multi-day backcountry backpacking camping trip.</p>
<p>Will it be too much? Will I spiral into madness? Time will tell.</p>
<p>If I forget my name, if I’ve lost all grasp of time, if I write even more incoherently than usual, or if I can only communicate via images &amp; diagrams…. know I’ve completely lost my marbles.</p>
<p>I’m optimistic. At least I’ll hopefully finally lose my baby fat</p>
<p>You can follow my satellite tracker at …</p>
<p>If I don’t make it, pls avenge me.</p>
<p>  1     ~ Uncle Curtis     2025-May-06</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/01-SanD/sd-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/01-SanD/sd-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/01-SanD/sd-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/01-SanD/sd-06.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<p><br></p>
<hr>
<section id="the-trail-provides-cherry-chapstick-pt.-1" class="level3">
<h3 class="anchored" data-anchor-id="the-trail-provides-cherry-chapstick-pt.-1">The Trail Provides (Cherry Chapstick, Pt. 1)</h3>
<p>Their orientation went on to say that despite all that pain and discomfort, part of the fun is coping with it and finding the strength to keep going -- and that overcoming it all &amp; completing the trail feels great. (Plus no shade to folks who don’t finish, for whatever reason.)</p>
<p>For all the bad times, fairly consistently and for everyone, “<em>the trail provides</em>”, in little and big ways. Randomness comes together to help keep you going, and when it does it feels miraculous.</p>
<p>They told one story to bring this to a point: there was a hiker who had really bad chapped lips. They were visibly crusty, white scabs, bleeding, he was having a bad day. No one could help him. Eventually, as he was hiking along, he found some cherry flavored chapstick just lying on the ground. Right there in the middle of the trail. He was amazed, applied it to his crusty chapped lips’ immediate relief, and showed everyone. “The trail provides”. He got a “trail name” (a nickname most folks on the trail are known by) <em>Cherry Chapstick</em>” from that moment on.</p>
<p>And there are a million stories like this that confirm the sentiment.</p>
<p>This was certainly my experience.</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/trail-journal-snippet.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Trail journal snippet, Week 11, July 14-20, 2025. This, along with health tracker stats, is what I used as data for my light analytics.</figcaption>
</figure>
</div>
<hr>
</section>
</section>
<section id="trail-stats" class="level1">
<h1>Trail stats</h1>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/Fig01.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Figure 1: Daily hiking stats</figcaption>
</figure>
</div>
<p><strong>Have a look at Figure 1 -</strong> It shows many of my daily hiking stats. You can tell quite a lot looking closely at this. The x-axis is days, the y-axis is stacked with all sorts of interesting stuff. You can see bar plots with daily miles, my ascent and descent (in thousands of feet), &amp; daily steps (in thousands). There’s a plot that shows what each day’s schedule looked like; when I started hiking and when I stopped, along with sunrise and sunset. The bottom plot shows how my enthusiasm level changed day-to-day.</p>
<p><strong>Day 1-20</strong>, Enthusiasm whiplash. Real ups and downs.</p>
<p>Some highs: For ten years I’d been imagining what it would feel like to wake up on day one with nothing ahead of me but northbound trail. Turns out, realizing your fun fantasies can be amazing. Those great views! Isn’t it fun sleeping outdoors every night!? Within the first 3 days I went from the high desert at the border, yucca trees, manzanita, and succulents everywhere, through oaks and woodlands, up through the shrubs to the subalpine conifer forest of Mt. Laguna, then dived through sage and chaparral into the serious Sonoran Desert at Anza-Borrego.</p>
<p>But there were lows too. I pushed myself too hard, too early. The desert was brutally hot -- one afternoon I had symptoms of heatstroke, sat in the shade for two hours, and having so much trouble so early on the trail, genuinely wondered what I was doing out there. After that, I started hiking before sunrise and resting during the worst of the afternoon heat.</p>
<p>Still, trying to keep pace with a few friendly AT hikers, I pushed too hard again. Painful blisters developed across the pads of both feet -- not the nuisance kind, the kind where each step is a negotiation between the steps I’d like to take and the pain I can tolerate. I took several days off in Idyllwild, limping around, healing, sorting out food and bandages, which meant watching that first group hike on without me. I’d known them less than two weeks, but losing your first “trail family” hits hard.</p>
<p>It was probably the closest I came to quitting… well, I say that. I’m told I need to build tension in my storytelling. But this being the “closest I came to quitting” is a little undercut by the fact you can see my overall stats.</p>
<p>Around here is also when I saw my first medevac: a Navy helicopter lifting a heat-exhausted hiker off the San Felipe hills. Get ready for more helievacs later. <sup>2</sup></p>
<hr>
<p><strong>Zero Days</strong> - Days with no trail miles are called “zeros” in hiker nomenclature — and as you can see, I took plenty. Most were routine: laundry, resupply, rest. But a few were harder. I spent three full days in that Idyllwild, I ate an entire extra-large pizza over a couple days, nursing my blisters, generally feeling sorry for myself &amp; recovering, dreading the hot, windy desert trail near Palm Springs I was about to descend into. That might have been the emotional low point of the whole trip. I wondered if this was my CLEEF prophecy fulfilling itself -- the crying-yourself-to-sleep night but I was too full of pizza and too tired to actually cry, so I just lay there feeling extremely sorry for myself, which I’m going to count.</p>
<p><strong>Food fantasies</strong> became a whole thing too. Leaving the Sonoran desert near Palm Springs, I remember meeting a nice Swiss-French couple, a Québécois couple and an alpine-French hiker, and we started daydreaming about our favorite cheeses. With these French alpine cheese lovers, near Big Bear, coming up Mission Creek (an amazing bioregion transformation, by the way: 1,300 to 8,500 ft up a V-shaped wadi transitioning from hard desert to subalpine conifer forest in just 45 miles), we mused on raclette &amp; fondue. At mile 220, day 18 for me, we made a pact -- an <em>Solemn Emmental Oath</em> -- you might call it a <em>gouda-faith promise</em> as you can make on the PCT -- it was a <em>Feta’Compli</em> -- we would eventually all have a big cheese fondue feast together.</p>
<p>Let’s let that age for a while and get back to it.</p>
<hr>
<div class="postcard" data-meta="Postcard 2 · SoCal Ecoregions" data-title="From extreme desert to alpine meadows, in a day" data-subtitle="Sent from Big Bear, CA · near mile 266" data-caption="A note after hiking up from the Sonora desert at Palm Springs up through Mission Creek into the San Bernadino Mountains, its strange ecology &amp; toponomastics, and a spectacular sunset moth swarm.">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-07.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-mssg.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-readable">
<p>Ahoy</p>
<p>I’m up at Mt San Gorgonio! 11.5Kft, the highest peak in Southern California.</p>
<p>Weather’s fine, hope you’re fine too. Mothernature’s been so kind. I was regretting carrying my tent unused for 300 miles.</p>
<p>Named after St.&nbsp;Gorgonio, who tried to mellow the vengeful vibe of a late-eastern-Roman-emperor, &amp; was BBQ’d alive &amp; had his flesh torn from his bones for the effort. If you thought that was harsh, you should trek this bit of the trail! See “devil’s garden”. Not as bad as SanG had it, obviously. And unlike him I won’t be rewarded with eternal salvation, or any veneration by geographic toponomastics.</p>
<p>From the desert to summit, there are six distinct “ecoregions” from dry-desert to alpine. As if you’re walking from the CA desert to Alaska (30m ↑ elev. ≈ 30km lat. ↑)</p>
<p>At sunset we saw thousands of moths swarm the summit. Beautiful, silhouetted in the friscalating dusklight, like, from an Miyazaki film. A cynical hiker stuck cow-boi camping saw this magic moment &amp; said “well I guess I’ll be waking up with post-moth-makeout smut in my mouth.” And that’s why I always bring a tent. Just in case mother nature demands it.</p>
<p>Uncle Curtis     PCT     2025</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-08.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-06.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/02-SoCal/socal-08.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<p><br></p>
<hr>
<p><strong>Days 20-50</strong>, Going over the “Sky Islands” of Southern California; up and down; visiting the San Bernardino, San Gabriel (collectively, the Transverse) mountain ranges, I — very slowly — shaped up, grew calluses and felt consistently better about the trail.</p>
<p><strong>Sketchy Little Horsethief Canyon</strong> - Day 24 - Near “Little Horsethief Canyon”, I ended up following another hiker, except he was a little strange-looking. Not like a day hiker -- who are usually clean, with a day-pack, &amp; soapy smelling -- this guy hiked shirtless, used only one shoulder strap with a poorly packed backpack, &amp; carried an earthy smell that hit me when the wind was wrong.</p>
<p>Early on the trail, there are plenty of very unprepared hikers. Think: folks in cotton shirts or denim pants (bad choices for sweat &amp; smell), folks taking several cigarette breaks a day, folks who carry iPads to watch movies at night. If I’m honest, and I feel a little bad for admitting this, I felt so unsure about myself -- whether or not I could make it to the end -- that seeing these folks was a relief. Next to some hikers, I was practically Reinhold Messner, it’s all relative. That said, early on I couldn’t really tell who’d actually make it. Many of the most young, healthy &amp; eager folks in Southern California gave up later; many folks who seemed to struggle early were like hiking gods by the end.</p>
<p>Back to Little Horsethief Canyon -- as I followed this odd-looking hiker, I remembered comments in the trail phone app we all use: warnings about a sketchy guy or three, likely homeless, who’d try to steal your pack &amp; otherwise accost hikers for money. The advice was to hike in a group, camp with others, &amp; definitely not travel this section alone. It dawned on me that this was exactly that section.</p>
<p>He stayed ahead of me on the trail, me following and catching up to him quickly, the terrain &amp; vegetation putting him in &amp; out of view. Then, after one turn, he just… disappeared. Poof. Seriously. No intersecting roads, no trail forks -- he would have had to sprint out of sight (unlikely) or hide just off the trail somewhere. I kept waiting for him to jump out. Behind every rock. Down from every tree. This was near sunset, things getting dark.</p>
<p>Welp -- I decided to just hike another five miles, pushing 1-2 hours into the darkness to put good distance between me &amp; the last place I saw him. I was still a little nervous in my tent. Sleep came in pieces. Every rustle outside had a face. Every sound outside might be him. That was probably the sketchiest feeling I had on the trail. People were definitely the scariest &amp; best part of the trail.</p>
<p><strong>Day 29</strong> I had a hailstorm hiking in the montane shrub &amp; woodland a couple days west of Wrightwood. BB-pellet sized ice balls. But I remember it not really causing me any trouble. I found a sturdy tree to hide under with my rain shell. Just a cool thing to watch &amp; wait out.</p>
<hr>
<p><strong>Day 34-39, The Mojave</strong> was hot and windy. I’d wake before dusty sunrises, F/A-18s from China Lake making spiraling contrail circles above. ~1-3pm I’d find a shady tree to siesta under. Junipers are particularly nice to rest under, the needles &amp; bark are quite soft, there’s no sticky sap. Probably my favorite tree of the trail.</p>
<p><strong>Day 40-75, The Sierra range</strong> technically starts well south of the “high Sierra”, in the mountains near Tehachapi.</p>
<p>One of the trail’s quiet masterstrokes, especially down in Southern California’s sky-island ranges, is how deliberately it visually frames what’s ahead &amp; behind. The PCT is routed, teasingly, to put the next hard thing on the horizon as you finish the last one.</p>
<p>You’ll get around some ridge and there it is: Mt San Jacinto, or the San Bernardinos, the San Gabriels, the Mojave below, and the high Sierra massive and remote and half-hidden by haze. It might feel far away, ominously huge off in the distance. Then, a few days later, you’re standing on top of it, looking back at the ridges and valleys you just walked, now the distant, small, hazy memory on the horizon.</p>
<p>Definitely a few moments like those establishing shots from fantasy epics, where our heroes crest a pass and a new land reveals itself below them. Except this is all real. I really walked to the pass. With my sore feet. It took a week!</p>
<p>Getting to the high Sierra, it was cool to get peeks looking north, to all the white-topped serrated peaks ahead. Unlike the smaller ranges in Southern California, these looked otherworldly. I was thinking “and I’m headed there?” And WOW, that backcountry wilderness of the high Sierra, Sequoia / Kings Canyon, and Yosemite National Parks, &amp; John Muir Wilderness, amazing. Hard to communicate just how nice it is up there. It felt like this secret wonderland, kept secret by all the national park and wilderness designations that keep it so hard to access.</p>
<p>While that section was incredibly beautiful it was also pretty grueling. Every day a major mountain pass. The stream crossings. High-altitudes.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-HighSierraLake-front-02.jpeg" class="fluid-mobile light-shadow img-fluid quarto-figure quarto-figure-center figure-img" style="width:60.0%"></p>
</figure>
</div>
<hr>
<section id="figure-4-pct-elevation-profile" class="level2">
<h2 class="anchored" data-anchor-id="figure-4-pct-elevation-profile">Figure 4: PCT Elevation Profile</h2>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/Fig04.jpg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Figure 4: PCT Elevation Profile, plus trail-section hiking dates.</figcaption>
</figure>
</div>
<p>Have a look at <strong>Figure 4</strong>. It’s an elevation profile of the full trail, with a few annotations. Basically all of the high Sierra range is above 8000 ft, the effective O2 is only 75% that of sea level. (At 13,000 ft it’s 60%). And you can feel it! It took me a couple of days to acclimate up there. A few folks got quite sick, or had chronic headaches. I had trouble sleeping my first few days. I had read about a man who’d reached Forester Pass, the highest point of the PCT (if you don’t count Mt Whitney spur trail), and he died there of a heart attack.</p>
<p>The trail gets brutal in ways not clear in the elevation profile. The north part of Yosemite (past Tuolumne) has thousands of these handmade granite steps. And it’s not like those clean, regular steps you have in a building, with uniform 7 inch rise and 10 inch tread, and landing every half story. Each one of these sierra steps was hand-chiseled, each a different size and shape, I imagine by Boy Scouts and WPA folks in the 1930s. Often over a foot rise. Every day a brutal leg day. I think they thought they were being nice, building these steps, but my gosh, those steps, along with all the mosquitoes in that section, were rough for me. There’s a moment when you leave Yosemite and get back into the National Forest, Emigrant wilderness at Dorothy Lake, and the trail is just softer and loamier again. This softer soil means the trail is just a straight graded trail, far fewer granite-steps…</p>
<p>Forester Pass was probably my favorite day of the whole trip. I was hiking with a nice group. We had a light dusting of snow the night before and a wide clear sky during the day. You could look down south over 50 miles of this massive U-shaped canyon holding a fork of the Kern River. Those high alpine areas -- there’s something about the mountain ridges, those Dr.&nbsp;Seuss-looking conifer trees, dwarf &amp; twisted, pleasantly distributed, clean mountain streams trickling, so few people and not a road in sight. It was really pretty, and felt amazing.</p>
<p>By day 76, up at South Lake Tahoe, I’d say I reached a real new plateau of physical fitness. If I pushed myself I could keep up with most of the kids and fit hikers who’d politely passed me in Southern California.</p>
<hr>
<div class="postcard" data-meta="Postcard 3 · Hi Sierra!" data-title="They should have sent a poet" data-subtitle="Mailed from Bishop, CA · around mile 790" data-caption="These were written on a zero in Bishop, after the first big Sierra push. I remember a thunderstorm at the Eastside Guesthouse. Looking out the window at the heavy mid-day rain, warm indoors writting these, being happy I lucked out with a zero this day.">
<div class="pc-front">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-highSierra-front.jpeg" class="img-fluid"></p>
</div>
<div class="pc-back">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-highSierra-mssg.jpeg" class="img-fluid" style="width:100.0%"></p>
</div>
<div class="pc-readable">
<p>Ahoy</p>
<p>I’d love to try to share some sense of hiking the high Sierra. Sequoia/KC/Yosemite NP’s backcountries. Vast pristine alpine valleys. Look up &amp; see craggy serrated peaks all along the horizon. Those transition down into glacier grinded U-shaped valleys, with snow patches, streams, trees &amp; shrubberies placed in pleasing patterns. gentle trickle from snowmelt, crunch of feetsies on granite gravel. Crisp air. Smell that trail dust. Not a road in sight. Maybe a few dozen people for miles. You get the picture.</p>
<p>They should have sent a poet.</p>
<p>Experiencing all this, I think about sharing it with other people. Wouldn’t it be nice if it were more accessible? (For whatever reason, practically everyone out here is either rich looking &amp;or young. 97% of PCT hikers self-report as white?) For folks who’ll not make it here otherwise….let’s get a road. a gondola! &amp; I’d love to get an espresso; a slice of pie. Funny how I get away from civilization, marvel at nature, then think of all the ways to bring all our noise here.</p>
<p>I guess that’s kinda the point of wilderness areas. Keep it pristine. The only way to see &amp; feel it is to walk for 2-days over mountain passes. Def a special spot.</p>
<p>A friend said “hiking this section, I finally understand why so many white people name their kids Sierra”.</p>
<p>3     Curtis     PS my feet hurt.</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/03-highSierra/highSierra-01.jpeg" class="img-fluid"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/03-highSierra/highSierra-02.jpeg" class="img-fluid"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/03-highSierra/highSierra-03.jpeg" class="img-fluid"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/03-highSierra/highSierra-05.jpeg" class="img-fluid"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/03-highSierra/highSierra-04.jpeg" class="img-fluid"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/03-highSierra/highSierra-06.jpeg" class="img-fluid"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/03-highSierra/highSierra-07.jpeg" class="img-fluid"></p>
</div>
</div>
<hr>
<p><strong>Days 75-125</strong> - <strong>Mental Challenges</strong> - If Southern California is phase one, with the deserts, subalpine wonderland sky islands, learning the trail and slowly getting into shape. If the high Sierra is phase two, really pushing your body in the high alpine trails, snow, stream crossings, grueling but beautiful terrain. After that, into Northern California, Oregon and Washington the trail gets a lot softer, (the trail mostly loam a few exceptions around rocky volcanos, near Lassen and in Oregon…), everything from resupplies to the weather is more manageable …. then PCT Phase Three is about finding the mental strength to keep going. More on that in the books &amp; boredom sections later.</p>
<p><strong>Oregon Expressway</strong> - All through Oregon, I was still hiking in mostly wilderness areas, but the Cascades are crisscrossed with roads driven by friendly Pacific Northwest outdoorsy folks. There seemed to be a small seasonal resort every 100-odd miles, just off the trail. Each resort might have a restaurant and small store with near-everything you’d need to resupply. Often a shower and laundry too. And, again, hard to see it in the elevation profile, but the trail just feels softer and easier. So much easier to get in the miles. I started finding blueberries in season (maybe huckleberries too?) just on trail. This meant that the whole state felt like it was all downhill, with a buffet along the way. I managed to make a lot of miles. And it felt really fun.</p>
<p>My biggest day, 33+ miles, was on the trail between Mt Jefferson, headed downhill towards Mt Hood. Many hikers do a “24-hour challenge” here, where they time their hike to end at Timberline Lodge after 24-hours of hiking, 50-odd miles away, - trying to finish when the Timberline Lodge’s all-you-can-eat breakfast buffet opens. The waiters there are very nice, but I guess they are mildly annoyed at all the hikers eating them out of house and home. But, at the same time, the hikers are a bit of a tourist attraction for the hotel guests. <sup>3</sup></p>
<hr>
<p><strong>Days 120-140 in Northern Washington</strong>. The northern Washington Cascades are amazingly beautiful and remote. The trail takes you over high mountain passes and into really lush, green fungus-filled valleys. The trail isn’t nearly as rugged as the high sierra, but there are big elevation changes, and the weather in late summer gets cooler and cooler, and things get wetter.</p>
<p><strong>Northern Terminus</strong> - I hit the northern terminus with big feelings — and a little guilt. Endless rain is one thing -- you’ll be miserable but won’t die -- hiking into feet of snow and freezing temperatures is another. By the time I reached northern Washington, the season was already turning. I’d skipped chunks of trail earlier to dodge smoke and fires, and to make sure I’d reach the end before the first serious snowfall. I kept thinking how devastated I’d feel to hike thousands of miles and miss the official finish line — but avoiding that meant missing hundreds of miles of trail.</p>
<p>And then: the monument was amazing. A marathon from the nearest forest service road — or an easy day hike southbound from Manning Park, B.C. — it’s an odd, beautiful place to end months of walking. The USA/Canada border is unmistakable: a perfectly straight, thirty-foot-wide clear-cut line slashed through forest in a U-shaped valley. Thick pine trees deep in the valley thin out up high into jagged rocks on the ridges above. Standing there felt incredible. I even did the classic thing and stepped a little into Canada, curious whether the rumor was true about a nice toilet just down the trail.</p>
<p>There was, unfortunately, no magical Canadian outhouse — just Mounties blocking the path north. All decked out: tactical gear, wraparound sunnies, assault rifles. They asked for IDs and if anyone had a felony. It was a bit surreal: all that quiet wilderness, and then suddenly some militarized bureaucracy. Until February 2025, a visa program had allowed hikers to cross into Canada right there at the monument — that’s now gone, for some reasons.</p>
<p>I didn’t linger. I took my photos and headed back. A marathon to the nearest trailhead south. It felt strange to walk southbound for the first time — walking north, the sun is always at your side or back; now it was low and straight in my face. My favorite line from Lord of the Rings is Treebeard saying “I always like going South; somehow it feels like going downhill.” So true.</p>
<p>Those last sixty-mile loop felt like a reunion tour. I kept running into people I’d met earlier on the trail, including a few I hadn’t seen since day one. They call this stretch the “victory lap,” and it earns the name.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/pct-before-after.jpeg-02.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Day 0 at the Southern Terminus, and Sept 18th at the Northern Terminus</figcaption>
</figure>
</div>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/trail-curtis.jpeg" class="light-shadow img-fluid figure-img" style="width:66.0%"></p>
<figcaption>Northern Washington. Look how happy that guy is.</figcaption>
</figure>
</div>
<hr>
</section>
<section id="figure-1-panel-e-enthusiasm" class="level2">
<h2 class="anchored" data-anchor-id="figure-1-panel-e-enthusiasm">Figure 1, Panel E: Enthusiasm</h2>
<p>That enthusiasm plot really does tell the basic story of my hike. High early variance, with highs-&amp;-lows that gradually smoothed out over time.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/fig01-enthusiasm-level.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Figure 1: Enthusiasm Level</figcaption>
</figure>
</div>
<p>Early on, everything spiked wildly: day one heading toward Mt Laguna’s subalpine forest, I was almost breathless, thinking “<em>oh my god, am I really doing this</em>!?”, everything felt new and amazing. The lows came just as fast. Blisters aren’t excruciating pain, but that first bad blister in years is an infuriating little misery, as it heals I started walking funny leading to mild sprains; I had to slow down, take time off, and separate from a nice group I’d fallen in with early on. The High Sierra brought another stretch of literal and emotional breathless highs—some of the most beautiful days I’ve ever had—mixed with real effort in the desert and transverse range.</p>
<p>By Northern California, and for most of the rest of the trail, my enthusiasm flattened into something much steadier. Not ecstatic, not miserable. Enthusiasm “Doldrums” feels a little too negative— the novelty had worn off, this was a job I was comfortable with, one I knew how to do well, even with over a thousand miles still ahead. I can understand why so many folks who were certainly physically able to finish the trail, decided to quit here. You’d hear a lot of “it’s boring” and “what more do I have to prove?”</p>
<p>Toward the end, cold and wet weather dragged things down, and then, right at the finish, the line jumped up one last time: getting to walk through the North Cascades wilderness and sit on the northern terminus, the victory lap, my buddy picking me up from the trail to drink Dom Pérignon — a satisfying way to end it all.</p>
<p><strong>Physical Experience</strong></p>
<p>If you were to see me at the start of the trip and at the end, what would stand out is my dramatic physical change. I was maybe 240ish at the start, and maybe 190 at the northern terminus (I wasn’t really weighing myself, today I’m around 210). When I got back home folks assumed I was on Zepbound. No!, I cheated!, and skipped the nausea side effects by just walking all day every day for 150-odd days. Side effects may include blisters, sore ankles, a vague sense of awe at the sublime, and sunburns.</p>
<p>You might not be able to outrun your demons but at least you can look good while you’re doing it.</p>
<p>Slowly getting fit over the trail was a highlight. I took selfies every day and put them together into a timelapse (which I probably shared with you already).</p>
<p>{<em>…insert timelapse video…</em>}</p>
<p><strong>Trail Speed &amp; Fitness</strong> - One of the my personal joys of the PCT is getting incrementally better at it, every single day, and pounding out more and more miles. That progress is easy to see in the data.</p>
<hr>
</section>
<section id="figure-5-trail-speed" class="level2">
<h2 class="anchored" data-anchor-id="figure-5-trail-speed">Figure 5: Trail Speed</h2>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/fig05-trailSpeed.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Figure 5: Trail Speed over the PCT</figcaption>
</figure>
</div>
<p><strong>Figure 5</strong> shows my average daily trail speed—not just moving speed, but all-in: breaks, selfie stops, food prep, staring open-mouthed at things. (Dot size is a bespoke metric, roughly how hard the day was—bigger dots mean more climbing, tiny dots might have been mostly downhill.) Early on (days 0–40), I was hovering between 1.5 and 2.0 mph. The Sierra (roughly days 40–75) knocked me down—brutal terrain, ice, high altitude, and a camera I couldn’t put down. After Lake Tahoe on day 75, things gradually got easier &amp; faster. By days 100–125 I was consistently at or above 2 mph even on hard days -- partly because I was fitter, partly because I’d lost the urge to photograph every majestic vista and pretty wildflower. The thousandth one is less compelling.</p>
<p>By Washington, my resting heart rate was sitting around 45 bpm. My body was mid-20s fit. I was hiking 10–14 hours a day, and my pace in the Cascades -- despite the difficult terrain and ugly weather -- stayed in the 2.0–2.5 mph range. Fewer zeros &amp; nero days in the back half meant the efficiency compounded fast.</p>
<p>That half-mph gain might sound modest. It isn’t. Early days topped out at 15–24 miles. By Washington, I was stringing together marathon days (26.2+ miles) in a row—bad weather, full pack, a week of food &amp; accumulated trash -- and going to sleep with only minor aches. Roughly 20 days total cleared the marathon mark.</p>
<p>I’m not setting records. The serious young athletes were hitting my end-of-trail numbers before the Sierra. But that’s not my point, it’s that in a few weeks of conditioning, this increasingly creaky body got fit enough that a mountain marathon became… just another fun day on the trail. Mountain passes, rough terrain, stream crossings, tree falls … yeah, no worries. Months later, the thought of running a road marathon feels daunting. But for a few weeks in Washington, it was just another Tuesday.</p>
<p>TLDR: I got faster, the Sierra slowed me down, by Washington I was doing 20–34 miles a day. That improvement was a major highlight.</p>
<p><strong>Food -</strong> “Hiker hunger” is a real thing on the trail. Your body just can’t keep up with the physical demands, and every cell screams “FEED ME!” Luckily, thanks to my middle-aged soft body and decades of neglect, I always had a decent amount of fat reserves to fall back on. But some of those skinny folks really had a hard time. And so we talked a lot about the foods we were most looking forward to eating in town.</p>
<p>{<em>…get into calorie deficits, and how that translates into weight loss. Adjust for overeating town days…</em>}</p>
<p>If you remember back at Mission Creek, those cheese-dreaming French-speaking hikers who I made a fondue pact with -- our Solemn Emmental Oath -- it wasn’t until mile 1,100, day 76 that we found a fondue place that met the standards of our group (the Frenchman was picky). On Lake Tahoe’s shoreline, watching a glorious sunset over the lake, we ended up having 4 bowls. That’s a lot of cheese.</p>
<p>Just to put a pin in the food situation on the trail. After fondue, I walked back to my hotel. Still hungry, I managed a Five Guys grilled cheese, fries &amp; a large chocolate shake for dessert.</p>
<p>As I was working through the cheese sweats the next day, I realized something. Truly, <strong><em>you can fondue anything you put your mind to</em></strong>. The trail provides.</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-goathunters-front-02.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Postcard: A very epic view of Cascade Washington goat hunters. I felt about this epic near the end of my hike.</figcaption>
</figure>
</div>
<p><strong>Lack of showering -</strong> In city life, I’m a daily showerer who definitely notices when I get too smelly, or when I’m around smelly folks. On the trail, those standards disappear. Maybe it’s the constant fresh air, but you eventually stop noticing your own musk -- or anyone else’s. It just smells… natural. Earthy.</p>
<p>The funny shock comes when you get close to a popular trailhead. You can actually smell the day-hikers before you see them. They smell quite nice! That floral laundry detergent scent, those spotless clothes.</p>
<p>After Timberline Lodge, I hitched and took a train back to my place in Portland. One guy on the train asked “you homeless?… what’s your deal?” -- I looked pretty dirty &amp; smelled, and was carrying a bag covered in dirt, but I also had a clean haircut and hiking poles. I explained I’d walked there from the Mexican border, and he offered me a swig from his bottle of vodka on the MAX. The same train had a guy open-carrying a machete. Oh, Portland.</p>
<hr>
</section>
<section id="how-national-geographic-showed-the-pct." class="level2">
<h2 class="anchored" data-anchor-id="how-national-geographic-showed-the-pct.">How National Geographic showed the PCT.</h2>
<div class="photo-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/01-natgeo-cover.JPG" class="img-fluid" alt="June 1971 cover of National Geographic"> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/02-denise-myers-1971 Large.jpeg" class="img-fluid" alt="A typical hiker."> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/03-hal-simmons-1971 Large.jpeg" class="img-fluid" alt="Those famous cutoffs. Outdoor Magazine did a store on Hal 50 years after this article."> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/04-nf-ranger-rainier Large.jpeg" class="img-fluid" alt="Epic shot"> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/05-map-socal Large.jpeg" class="img-fluid" alt="Map of Southern California"> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/06-map-norcal.jpg" class="img-fluid" alt="Map of Northern California"> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/07-map-or.jpg" class="img-fluid" alt="Oregon Map"> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/08-map-wa Large.jpeg" class="img-fluid" alt="Washington Map"> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/09-firefighter Large.jpeg" class="img-fluid" alt="A wildlands firefighter, taking a smoke break (?!)"> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/10-map-goat-rocks Large.jpeg" class="img-fluid" alt="A view of Goat Rocks and Mt Rainier in Background."> <img src="https://economicurtis.com/posts/005-pct-2025/images/natgeo1971/11-north-terminus Large.jpeg" class="img-fluid" alt="The northern terminus in 1970."></p>
</div>
<hr>
</section>
<section id="a-poo-story" class="level2">
<h2 class="anchored" data-anchor-id="a-poo-story">A Poo Story</h2>
<p>Here’s a section I’ve been dreading writing. Bear with me.</p>
<p>Popular trailheads are fun, the wilderness softens into civilization. Clean sweet-smelling day hikers appear: folks on dates, happy families and dogs troddle along, looking at me, hardcore-PCT-hiker (very dirty, smelly, racing to the trailhead), a little oddly.</p>
<p>Now, catching the hitch to Bishop, over Bishop Pass into South Lake, requires good timing — get to the trailhead too early and no one is headed down into town; too late and you might be stranded in an empty parking lot. Late in the afternoon, I was moving with haste. And also, in a second sense, I was dealing with a hasty movement. When I first get into the wilderness, it can take me a day or two before I’m comfortable to finally “go”, if you know what I mean. And also at the end of a stretch of trail, my bowels act up with the prospect of a proper toilet, and I knew South Lake had a nice bathroom just down the trail.</p>
<p>I was enjoying it right up until my bowels decided it couldn’t hold out any longer. I ducked behind a bush. It was urgent, and given the circumstances, substantial. I had just finished and was reclaiming my dignity when I heard a jingle, and a golden retriever came bounding around a bush right up to my masterpiece, with the pure indiscriminate joy that goldens personify. His family just round the trail, I quickly got myself presentable and hiked past them. Not my proudest moment.</p>
<p>I hear behind me, “Teddy! Where are you? — oh, there he is — OH MY GOD! Teddy! look at this! —what have you been eating?!” And because they were good dog owners, I saw them bagging it up. I know I shouldn’t have left it like that. <em>Leave no trace</em> they said back at Day 0. But like with Cherry Chapstick, maybe this is just another example of how the trail provides…?</p>
<p><strong>Gear, Zeroed In -- Backpacking Theory -</strong> By the High Sierra, I was quite “zeroed in” on my gear and my daily schedule. There are a couple of books (e.g., <em>The Complete Walker</em> by Colin Fletcher) that go into backpack “theory” -- how you carry the kitchen, pantry, bed &amp; linens, closet, bathroom, living room, medicine cabinet, media &amp; entertainment center, roof &amp; walls -- a whole home in miniature -- on your back. Pretty amazing how much thought and technological development has gone into the gear most thru-hikers bring with them. There’s been quite the evolution over the last 100+ years, with a ton of new ultralight and “cottage gear” options just in the past ten years. Nobody wears hiking boots anymore -- just trail runners with a gaiter. ≥ 90% of packs worn are made with dyneema. Even if people use totally different brand names, most have coalesced around the same basic design for water filtration systems, tenting, sleeping bags, clothes etc. There’s lots of content out there that make it easy to take advantage of all this accumulated tech &amp; experience.</p>
<p>The basic idea of “ultralight” is that shaving a few ounces per item adds up to pounds off your back, which over hundreds of miles means a more comfortable pack and more miles per day. I found a PCT gear guide from 1975, and many of those hikers were carrying three to four times what people carry now. Cottage gear fits the same philosophy: small independent makers, often thru-hikers themselves, obsess over every design detail in a way big outdoor brands don’t, so you get lighter, more durable, better-thought-out gear, even if it costs more, takes weeks to arrive, and has no brand name you’d recognize.</p>
<p>By Tahoe, I’d figured out the absolute minimum I needed to carry day-to-day -- and then still always packed a little too much anyway. No iPads, tho.</p>
<p><strong>Food</strong> <strong>prep</strong> is an issue. I learned how to prep for and carry 4-6 days’ worth of food. You want to carry as many calories as you can, as lightly as possible. But then tastes are an issue. My culinary taste has really evolved and got challenging hiking every day. Food I thought I’d love, and find efficient, started to taste like vomit (certain energy bars come to mind). I ended up doing a lot of “cold soaking”: oatmeal + cocoa for mornings, noodles or beans &amp; rice dishes for dinner, which meant I didn’t need to carry a stove &amp; gas. Those high-sugar protein bars were a tasty way to shove 200 calories into my face when I needed the boost.</p>
<p>There is a strange numbing of my taste buds at high altitudes too. Flavors just don’t “land” the way they do at sea level. To compensate, I and plenty of other hikers found ourselves chasing more aggressive hits of spice; Flamin’ Hot Cheetos became a trail staple, less for the cal-to-weight ratio and more for that necessary kick and crunch, and ultralightness. It’s hard to say if it’s the altitude alone or a perfect storm of factors -- cold air, dry-mouth, utter exhaustion, the sheer caloric desperation of hiker hunger -- but up high it was certainly peak blandness.</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-desert-front.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
<p><strong>Water</strong> is a constant issue, but eventually it becomes quite easy to manage. I had a ceramic filter with 0.1-micron holes, filtering out basically everything but clean water, with a gravity system: I’d fill a dirty-water bag and let it drain into my clean bottles while dealing with other camp chores. For whatever reason, practically everyone used Smart Water brand plastic bottles -- good quality plastic, and the screw-cap thread matches most filters. After a few weeks they look totally beat up, which I kind of took pride in.</p>
<p>We all use a trail map app (FarOut, or GutHook), and folks report on the conditions of springs &amp; streams in the comments. So you can check what’s ahead and have a pretty good idea of exactly how much water to carry until the next reliable source.</p>
<p>Some of the trail’s personality came out in those reports too. I remember hiking through the Mojave wind farms on a particularly windy day -- getting tossed around in high heat, with smoke from local fires -- when I read a comment: “These wind farms are outrageous. Someone needs to tell these dang wind farmers their fans are blowing too hard. And can we do something about the solar farms too…?” Chuckle chuckle. Reading it back now, that’s a little cringe -- but I was genuinely laughing in the moment, when getting shoved around by the wind and hiding from the sun, I found it the funnest thing that week.</p>
<p><strong>MedEvac</strong> - I saw my second helievac in the High Sierra -- and actually called it in. Just before reaching Mammoth Lakes, about day 63, near Duck Lake, I ran into a Dutch hiker who had stopped. He was surrounded by about ten other PCT &amp; John Muir Trail hikers. He said he couldn’t take another step. He’d been hiking on a bad knee/shin/leg for at least 50 miles. Looking at his foot, it was noticeably swollen and “wrong” looking -- discolored, visibly not right. Though honestly, I don’t want to exaggerate , it don’t look like it’s fall off any time soon. More like a bad but recoverable soccer bruise.</p>
<p>We calculated that the nearest trailhead was a solid 15 miles away, over a mountain pass -- too far to carry him that day. Some folks tried reaching help via satellite tracker, while I was tasked with the job of getting to the pass, where I’d hopefully find cell service to call 911. (Our map apps show almost exactly where different carriers have mobile coverage, amazing, and it looked like I’d pick up Mammoth Lakes towers from the pass.) Along the way, I ran into two nurses with search &amp; rescue experience who said they’d run to help.</p>
<p>When I called 911 from the pass, it felt like the rescuer needed a bit of rescuing himself. I was connected to the Mono County Sheriff’s Office -- but once they understood the hiker was on the other side of the ridge, in a different county, it became a Fresno County issue and they tried to transfer my call. The transfer sent me to a dead number. It took a few more calls until I finally found an emergency operator who said they would help &amp; took the lat/long and details, before I finally got confirmation that a helicopter was on its way. They also told me the satellite tracker had already made the report -- my call was redundant. Thanks anyway.</p>
<p>Maybe 15 minutes later, hiking down toward Mammoth Lakes, I saw the helicopter -- Mono County Sheriff logo on the side -- heading toward their location. His trail name became “Flying Dutchman.” <sup>4</sup></p>
<p>I later learned they carried him down the trail to a clearing, where a stretcher was lowered and he was flown to the nearest hospital. Flying Dutchman was somewhere around 65. It turned out to be an overuse injury -- minor, in the end -- and he was back on the trail not long after.</p>
<p>Hiking the PCT, you mostly feel alone. But during peak season, there are actually quite a few people nearby -- you just don’t notice, since everyone’s moving in the same direction at roughly the same pace.</p>
<p><em>{…insert visualization…}</em></p>
<p>Flying Dutchman lying there on the trail connected with over a dozen people very quickly. As alone as you are in the remote wilderness, the trail is a real community, especially in the Sierra along the JMT. Even outside those popular stretches, I suspect that if you ran into trouble, you’d be surprised how quickly people would appear &amp; help.</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/fig01-miles.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Figure 1: Focus on daily miles. Note all the empty days. Those where my 26 zeros.</figcaption>
</figure>
</div>
<p><strong>Town Days - Zeros &amp; “Neros”</strong> - <em>All hail glorious Nero</em>. The average number of zero days PCT hikers take is about 18, I took 26 (and considering I skipped many miles (getting back to most of them in Oct &amp; Nov), that’s a lot relative to the norm). I also took a bunch of “Neros”, ie “near zeros” days. Where I’d leave the trail early, run into town, and get back to the trail the next day, often starting later in the day.</p>
<p>Those town days became huge luxuries. An exercise of excess. If you can manage store opening hours and a hitch well, resupplying often only took a few hours, and in the rest of that time I’d just relax and overeat greasy comfort foods. You can see in my stats, all those empty bars in steps and miles are my zeros. By Mt Shasta, I could eat a full extra-large pizza all by myself, in one sitting (and still be hungry for dessert). One of my proudest moments on the trail. And I met a bunch of people who could eat me under the table. Everyone else seemed to have their own town routines, but it usually involved getting washed &amp; well fed.</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/11-other/bridge01.jpeg" class="img-fluid figure-img"></p>
<figcaption>One of the high Sierra bridges.</figcaption>
</figure>
</div>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/11-other/bridge02.jpeg" class="img-fluid figure-img"></p>
<figcaption>This bridge looks at bad as my feet felt at the time.</figcaption>
</figure>
</div>
<p><strong>Trail Angels - Hitches</strong> — Many of those trail towns were a lot of fun, and each area had its own distinct relationship with PCT hikers.</p>
<p>Up in Idyllwild, near Mt. San Jacinto, I needed to get down to Paradise Valley Cafe — about 20 miles away, down a highway that drivers were unlikely to be headed. I assumed I’d need multiple connecting rides and half a day to piece it all together. I set out at 7am on a Sunday (a seemingly terrible time to be thumbing for a hitch) and yet within an hour I’d found two connecting rides and was at the trailhead by 8am, no payment required.</p>
<p>In Big Bear, a very nice woman, an older retiree, introduced herself while I was shopping for leukotape at a drugstore. She offered to drive me around town, even volunteering her daughter to pick me up the next morning to drop me back at the trail. Other spots — Stehekin, Etna, and Leavenworth come to mind — most hikers had to call ahead and pay a decent sum for a ride. At Scissors Crossing near Anza-Borrego, there were one or two trail angels making a modest living off paid rides -- and more than a little annoyed at the friendly folks up in Julian giving rides away for free. I heard them complain about how little German hikers tipped. I had one driver near Etna offer to give me a ride for a fee, and then angrily proselytize Christianity to me. Some hikers I saw were offended when it was suggested they should pay for a ride, while many drivers would only pick you up knowing they could make a little cash in the doing. And just as often, you’d find a hitch who was mildly offended to even be offered money…</p>
<p>I hope you get the idea, lots of varying opinions about how trail angels &amp; hikers should interact, often contradictory, and strong feelings about how commercial the trail should be.</p>
<p>The pattern, roughly: towns with larger populations, lots of outdoorsy locals, tourists, and retirees, and well-trafficked roads near the trailhead — Wrightwood, Big Bear, Bishop, basically all of Oregon — made hitching easy and usually free, with folks happy to help and chat. These folks were most likely to get offended to be offered money.</p>
<p>But in spots with long, out-of-the-way drives, you might wait a long time or have to pay for a shuttle. The handful of people doing those runs had probably talked to so many hikers by then that they weren’t especially curious about your story -- and a few of them mentioned that some hikers had acted entitled, genuinely offended to be asked to pay.</p>
<p>It was just fascinating to see how many distinct equilibria emerged around helping hikers hitch, trail services, place to place. Despite all the variation, none of it struck me as unreasonable. Many hikers are young and broke, hiking their dream, steeped in norms of mutual aid, expecting a gift economy, and can feel genuinely wronged to be asked to bring money into the mix (It reminds me of Al Roth’s research on “repugnant markets”<sup>5</sup>).</p>
<p>Many hitches are happy to operate there. A lot of this operates as tipping, &amp; many Europeans don’t understand American tipping norms. Those Julian drivers come to mind, they’d been offering rides for well over a decade. By the thousandth hiker, individual stories lose their significance, the chat is no longer much of a compensation, at which point getting paid a bit is both welcome &amp; fair. Meanwhile, a driver making dedicated out-of-the-way runs was never really in the gift economy to begin with; their time and gas have real costs, and there’s nothing wrong with that (I mean, they often just called themselves a shuttle at that point). Most hikers accept paying cash for a service, or at least help cover costs, the “gas, grass or a**!” norm. With the gift economy vs market tension, folks might not know which norm the other is operating under at first – a norm collision that can tip into genuine grievance when a hiker or hitch runs with the wrong expectations, or when driver resents the free riders.</p>
<p>Adam Smith did not hike the PCT, but he would have had thoughts!</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-mtsthelens-front-02.jpeg" class="fluid-mobile light-shadow img-fluid figure-img" style="width:100.0%"></p>
<figcaption>Postcard: A view of Mt St.&nbsp;Helens from about 1900, before the top was blown off in the 1980s.</figcaption>
</figure>
</div>
<p><strong>InsideOutside</strong> - I’m not exactly sure how to describe this, but I slowly discovered the joys of a long-term “outside life.” I obviously normally live in a house, drive a car, work in an office. I’m an indoor creature. That being my normality makes it hard to appreciate how different things can be. Modern life offers excellent temperature management; it keeps out the bugs and the moistness, and the sun rarely hits my face directly. But if you sleep outside for 150 days, that comfort bubble vanishes. It took a while to adjust. Even with sunscreen and a hat, the environment claimed its pound of flesh: my hair &amp; eyebrows developed blonde highlights, and after just one week of hiking without gloves, I had scary looking “lobster hands.”</p>
<p>Managing cold, heat, and moisture becomes an everyday obsession, especially when trying to keep gear weight &amp; volume to a minimum. Wind, rain, snow, and sun all play a role in your internal thermodynamics. If you’re moving, you’re warm, but the second you stop, you keep sweating and that wetness becomes a liability. If it’s cold out, that sweat gets cold very fast. Then there are the bugs—mosquitoes, ants, and wasps—who were all massive fans of my face. I managed to never use DEET or other chemicals but completely understood folks who did. It’s interesting how annoying this all sounds (&amp; can really be in practice, in the moment), but with a bit of planning and the kind of gear strategies people debate endlessly in online forums, you learn to stay reasonably comfortable. Practice makes perfect. And honestly, a bit of discomfort eventually just feels like part of the fun.</p>
<p>I finished at the Northern Terminus Sept 18th, but then hiked another few months picking up stretches I had skipped. By my final day in late November, I found myself in a freezing sleet and snow storm near Jawbone Canyon. I was being pelted by freezing rain and buffeted by the wind, but dealing with the elements had become routine. I had the right shell, the right layers, I knew the drill, and I was genuinely enjoying my last few miles as the desert turned into a winter wonderland. Being that in touch with the raw outside world didn’t just change my perspective on spending time in the wilderness; it gave me a bone-deep appreciation for the little comforts of home.</p>
<p><strong>Weather and optimal hiking times</strong> - Going back over skipped parts of the PCT in Oct and Nov taught me why basically everyone (or at least most people) thru-hike northbound in the standard window: April to September. Even in October in California, the weather lotto drew poorly for me and I had freezing nights. Cold and wet weather incentivizes you to carry more clothes. Snow and ice means even more gear. Cold also means I suddenly <em>really</em> want to carry a stove for warm meals and hot coco. All that gets heavy, and weight makes me slow.</p>
<p>And even when the gear is “right,” just managing it takes time. Layers on, layers off. Trying to stay warm without soaking myself in sweat. Moisture management becomes more of a task. Plus, there are far fewer people on trail, so hitches take longer. Everything is just… harder and slower.</p>
<p>But across the PCT during those optimal date ranges, again April → Sept for NoBo hikers, the weather is usually very nice. The desert is certainly hot, but totally manageable, with plenty of water sources and prepared water caches. The high mountain ranges can get wet and cold, but again, totally reasonable with fairly light gear. Nothing like what happens in fall and winter. If you hike fast enough, the weather more often than not is just perfect. I never had a freezing night in the High Sierra, for example. And despite my thunderstorms and hail storms, we actually had a pretty dry summer season in 2025.</p>
<p>But by October, much of the trail’s mood had turned. I already mentioned the Mojave, famously hot and dry, giving me a sleet storm in late November. I had sleet and snow in the Oregon Cascades and Northern California. And the Canadian section, from Manning Park, BC to the border terminus, had a couple feet of snow.</p>
<hr>
<div class="postcard" data-meta="Postcard 4 · Painful memories" data-title="On pain &amp; discomfort" data-subtitle="Sent from somewhere around Tahoe, I think. Who is even even keeping track anymore?" data-caption="A note on how we seemed to forget the pain and discomfort.">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-00.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-pain-mssg01-Large.jpeg" class="fluid-mobile light-shadow img-fluid quarto-figure quarto-figure-center" style="width:100.0%"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-pain-mssg02-Large.jpeg" class="fluid-mobile light-shadow img-fluid quarto-figure quarto-figure-center" style="width:80.0%"></p>
</div>
<div class="pc-readable">
<p>Ahoy,</p>
<p>New theme: Pain my feet hurt, muscles ache, just as much as mile 1. But constant discomfort doesn’t linger in the mind. It fades into the background, the experience feels fulfilling. Meaningful. I’m really doing something worthwhile. Experience of a lifetime, Right?</p>
<p>Now the thought has crossed my mind: maybe this is actually all just a miserable experience? Maybe all those happy thoughts are just various coping mechanisms? I’m just lying to myself?</p>
<p>That pain is just a slow, dull daily pinch. No broken bones or sharp, dramatic cinematic moments to focus the memory. What does stick: getting fit, nonstop nature porn, good feels of this trail community, not working, unlimited ice cream. And I’ll forever have the photographic evidence, &amp; bragging rights.</p>
<p>There’s probably a bit of cognitive dissonance too; I’ve thought about this for years. I’ve made big sacrifices to make it happen. That choice couldn’t have been a bad one, right? No.&nbsp;Not possible. This effort is totally justified. All the bad parts are just “Type II Fun.” They actually make the accomplishment more meaningful. Yeah that’s right.</p>
<p>And it’ll all end one day soon anyway, (hopefully in Canada, not in death or injury!) Just need to push a little harder; need to beat the first snow of the Washington Cascades, outrun those demons. &amp; any bears.</p>
<p>Weak-willed people might realize this trip isn’t what it’s cracked up to be. And they might accept that &amp; drop out &amp; move on. But we aren’t weak-willed people, are we? My mind will believe this is sublime, no matter how much my situation has declined. Gosh-darn’it, this is a physical, mental &amp; spiritual experience of a lifetime <em>whether I like it or not!</em></p>
<p>Uncle Curtis     PS Why does everything still hurt?</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-06.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/04-pain/pain-07.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<hr>
<p><strong>Talk more about pain &amp; suffering - Memories</strong> - Don’t get me wrong: everything hurts every day, but it was a dull, manageable pain. Pain is an interesting thing. My trail diary has a “pains” section where I logged that day’s pains (I’d start every entry with “Dear Diarrhea,” lol). I listed tooth pains, blisters, sunburns, chafing, heatstroke. Chronically sore feet, ankles, knees, toes, shoulders, neck &amp; back. My knees were popping for a few weeks. Eventually I learned that if I stopped slouching, the knees would stop popping (?!). Calluses formed into corns that would needle my toes if I walked certain wrong ways. I had a sprained ankle that took weeks to heal. The bottoms of my feet were losing feeling, they’d get tingly in town days. Coughing and elevation headaches. Mosquito bites. A few wasps spent hours trying to break into my tent. Soaked gear, gear covered in forest fire soot. Sometimes it would take days to dry out my tent, sleeping bag, and clothes. Chafed nipples. Occasional poo problems. Hard to breathe with smoke from nearby fires. Sometimes too hot, sometimes too cold and freezing. I’d sweat too much and overheat; I’d sweat too much, then stop, and my wet sweat would make me freeze.</p>
<p>By the end, near the northern terminus, I stopped having specific pains. My pain notes are just roughly: “mild pain, just sore” each day.</p>
<p>But it’s interesting: I wouldn’t remember those pains &amp; discomforts if I hadn’t kept such detailed notes. It’s certainly not what comes to mind when I think about the trail.</p>
<p>I was talking with a few hikers and we jokingly said, “The pct is like giving birth”. Yes, lots of pain, discomfort at least, but that’s not what you remember. In the moment, the pain is quite salient and annoying, daunting sometimes. But then it’s over, and your mind has moved on. You just remember the good stuff. What’s the baby in that metaphor? The trail is the birth canal? No that doesn’t sound right. Maybe you give birth to your new self…?</p>
<p>The cool stuff seems to stick in the mind more. That Washington thunderstorm was a loud, scary and uncomfortable near-death experience, sure, but the thing I remember most was the story about the insane ultra-marathon runner (I’ll get to that in a bit), my ability to sleep through most of it, and the sights of the forest afterwards. For the high Sierra, as much as the granite steps, streams crossings, and mosquitoes sucked, I mainly remember the amazing views and interesting things to see every day. The sleet storm in the Mojave was a little uncomfortable, but I remember just how beautiful a snow covered desert is, and seeing my grandpa pick me up in his red Ford F150, waiting with a dozen glazed donuts.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcard-MtAdams-front-02.jpeg" class="fluid-mobile light-shadow img-fluid figure-img" style="width:100.0%"></p>
<figcaption>A view of Mt Adams from the South</figcaption>
</figure>
</div>
<hr>
<p><strong>Mental Experience</strong></p>
<p><strong>Type-II Fun</strong> — In thru-hiker culture (and maybe extreme sport culture more broadly) there’s this term: “Type II Fun.” Where Type I Fun is fun that’s fun while you’re doing it, Type II Fun is the stuff that’s kind of un-fun in the moment you’re doing it, or at least looks grueling from the outside, but later, in memory, you and everyone else agree it was, in fact,… fun. (And Type III Fun is the stuff that’s just not fun at all. And Type IV Fun is.. death? I think that’s the taxonomy, anyway.) My experience of the trail is probably the perfect example of Type II Fun.</p>
<p><strong>Painful Cognitive Dissonance</strong> — The other funny thing, I’ve been thinking about this trail for a decade. I used to fantasize about hiking all day, every day, imagining myself in the wilderness, having a blast. Now I’m actually doing it… writing in a journal… Now I’m writing about my memories of having done it…. Imagine if I didn’t enjoy myself? What a waste. No way. No chance. I suspect even if I <em>hadn’t</em> liked it, I’d still put in at least 1,000–1,500 miles and tell other people (and myself) that it was a great experience. I’d shove down the memories of pain and discomfort and keep the highlight reel.</p>
<p>But no, really: this actually was fun for me. Trust me.</p>
<hr>
<div class="postcard" data-meta="Postcard 5 · It's about time" data-title="Schedules set by the sun" data-subtitle="Sent from somewhere in Northern California · near mile 1503" data-caption="Not losing my marbles yet.">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-00.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/time-mssg.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-readable">
<p>Ahoy!</p>
<p>Update, about time. What’s the biggest challenge? Dreaming about doing this for ages, now that I’m living my fantasy, all going by so fast.</p>
<p>Time can be cruelly indifferent?</p>
<p>And time has recently changed its “shape”, too…. Or, I’ve changed the way I deal with the day. Obviously I know the time, I haven’t lost my marbles yet, but “clocktime” is less relevant than “light time”. Minutes, hands, Seconds? Who needs those?</p>
<p>Since those desert night hikes, I now start hiking when there’s “light,” and stop as it gets dark. (or when I’m too sore)</p>
<p>By the way, my “trail name” is 1st light! I kept suggesting we always wake at “1st-light” to get an early start to the day, but then….. I always sleep in &amp; am the last to decamp.</p>
<p>5     Curtis     PS my muscles are still sore.</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-03b.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/notcal04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-06.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-09.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-10.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-11.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-12.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/05-aboutTime/norcal-13.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<hr>
<p><strong>Mentally Challenged - the boredom</strong> - it’s funny to even think or foresee this as a challenge. But back in civilization, with a job, friends and families, you’re busy. Phone &amp; computer screens occupy a lot of time. Now imagine removing opportunities to engage in those activities, removing the distractions of a screen connected to the internet. Yeah, you have the world around you, which is mostly quiet, and the thoughts in your head, which are often weird and occasionally terrifying. I certainly carried my phone with me, but I only looked at it to check the map or take photos occasionally.</p>
<p><strong>How I spent my time: books -</strong> I read 39 books (audiobooks anyway), about 100 sci-fi short stories, and then I got into podcasts and listened to… way too many of those. I hiked about 1,200 hours total, and something like 50% to two-thirds of that time I was listening to something.</p>
<p>In hiking online forums, there’s a little movement to <em>not</em> listen to any music or audio while you hike. I get it, and I did some pure-silence hiking most days. But having a great story, or something interesting to learn, was also a fantastic way to pass the time. And with that kind of schedule (ie, all day every day), you can get through an absurd amount of audio content.</p>
<p>One strong audiobook memory I have is from the “Dixie Burn” area of Northern California (California’s largest and most expensive wildfire), roughly Bucks Lake/Belden up to Lassen NP (days 88 to 95 for me). Through that stretch, something like 80% of the trees are burned up. Several days I never walked past a live one. Most are still standing, just dead, branchless trunks. The soil is loose and sandy, this ashy black that stains your clothes &amp; pack. With the trees dead and little vegetation left to hold the sandy soil in place, the trail is unstable, and falling trees are more likely in high winds, or if you just get unlucky. A lot of people skip this section, but I figure it’ll be a good character-building experience.</p>
<p>If you think <em>that</em> would be a slog, try reading the entirety of <em>War &amp; Peace</em>.</p>
<p>I’ve always wanted to read what is supposedly one of the best books ever written. My copy of the War &amp; Peace audiobook was 65 hours long. When else would I have the chance to read it all in roughly “one sitting”? We had Napoleon invade and retreat from Russia, but half the story focused on a tiny class of shallow, vacuous rich socialites with little self-awareness (which, admittedly, was part of the point). You never really get to know a single serf or lower-class character. Perhaps I’m just too used to modern storytelling styles, but I kept thinking it could have told the same narrative, with stronger emotional catharsis, in 1/10th the time. Maybe I had a bad time in the burn area and took it out emotionally on <em>War &amp; Peace</em>, but it really did feel like a boring slog.</p>
<p>One audiobook hiking pro-tip: it’s fun to listen to scary horror stories while night hiking. Steven King’s The Long Walk is a good one (It’s about a game show where children have to keep walking or they get a shot in the head, the winner gets a prize.)</p>
<p>I also ended up listening to about 15 Agatha Christie murder mysteries. I got into the habit of stopping them right before the end-of-book reveal, just to give myself the rest of the day to think about who the real killer(s) was. I figured it out correctly only once.</p>
<hr>
<div class="postcard" data-meta="Postcard 6 · Leaving California" data-title="Welcome to Oregon" data-subtitle="Sent from somewhere in Southern Oregon" data-caption="Sometimes you can't thing of anything to say.">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-08.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/mapca-mssp.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-09.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-06.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/06-mapCA/or-00.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<hr>
<p><strong>How I spent my time: daydreaming</strong> - I certainly daydreamed constantly, but the strangest repeat obsession was the development of my sprawling wilderness fantasy cabin empire. Walking through long stretches of National Forest and Wilderness, I kept imagining what it would be like to stay and live here. As I hiked, I’d deeply consider the best spot, and design an off-grid cabin ideally suited for that specific view, drainage, and foundation. Which way the door would face, where the little wood stove would go, a root cellar?, the outhouse, the solar panels. By Canada, I’d probably built and lived full, satisfying lives in at least fifteen imaginary cabins.</p>
<p>It reminds me of that Dick Proenneke quote (the 1960s Alaska cabin guy), (paraphrasing here) “City folks come up here, see how amazing it is. All unspoilt. Gee it’s nice here. No hustle and bustle. You can really take it easy. And it’s not 30 days until they’re working to make it just like it was where they came from, bringing all that noise.”</p>
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/11-other/cabin.jpeg" class="img-fluid"></p>
<hr>
<div class="postcard" data-meta="Postcard 7 · Alpine drawing" data-title="White Mountain Heather" data-subtitle="Sent from Timberline Lodge · near mile 2100" data-caption="Losing my marbles just a little now">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/or-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/or-mssg.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/11-other/heather.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/original-01 Large.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/original-02 Large.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/original-06 Large.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/original-04 Large.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/original-05 Large.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/or-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/or-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/or-04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/07-Timberline/or-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<p><br></p>
<hr>
<p><strong>How I spent my time: Trail faces</strong> - I’m not a hugely religious or spiritual person, but in many ways, the PCT does feel like a pilgrimage of sorts. A secular pilgrimage. I started to appreciate why folks might want to do trips like the hajj, camino de santiago, the chota char dham, and I increasingly felt some weird connection. I read that even some CCP kids do “red tourism” thru-hikes over parts of the Long March as a way to symbolically connect with how that journey forged the CCP’s identity. I asked a couple religious folks on the trail, and they were a little offended (I think they were more of the protestant, evangelical American tradition that looks at pilgrimages as a Catholic, idolatry, corrupt commercial thing, like the idea that a journey itself could be sacred was not the right way to think about it). Hiker lingo does have terms for “trail angels”, “trail magic”, and “the trail provides”. Even if the bones of some old dead saint don’t particularly call to me to visit them, there’s this whole sacred-geography element to these things, plus the purification/test aspect, and the forging/discipline-through-difficulty part I was starting to understand.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/fig06-trailfaces.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Figure 6: The faces in things on the trail I saw.</figcaption>
</figure>
</div>
<p>The closest spiritual experience I had was seeing a bunch of faces in the objects on the trail. I’d be hiking along, feeling good, and then I’d see smiling face after smiling face in the rocks, landscape, trees, shrubberies, assorted piles of pebbles &amp; sticks and other things all around me. I think they call that animism.</p>
<p>I call 6.a “Jabba the Rock”, 6.b is “the Granite White Shark”, 6.d is a chipper log. In the desert, cacti too close to the trail sometimes had scars from the occasional hiking pole that poked it, 6.e’s is a prickly pear with scars and lobes made it look like it was smiling &amp; waving hi. I like to think it was hoping people would hi-five it. I took photos of these objects and have an album with 170 photos now… It felt at times that I had these little spirit buddies keeping a friendly eye on me.</p>
<p>Now, just because I tended to anthropomorphize the inanimate objects around me when I was dehydrated in desert sections, late in the day, hungry, that might lead someone cynical to believe these were just nutrient-deprivation-induced-pareidolia-hallucinations. But I’d prefer to imagine there’s a spirit world that I, as a magical trail thru-hiker master, can occasionally tap into.</p>
<div class="postcard" data-meta="Postcard 8 · Wet Washington" data-title="Thunderstorm Story" data-subtitle="Sent from somewhere in Central Washington · near mile 2467" data-caption="">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-00.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-mssg.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-readable">
<p>Here’s a taste of wet Washington</p>
<p>Went to bed by Waptus Lake.</p>
<p>All warm &amp; cozy, after a mostly sunny day except for scenic haze from nearby wilderness fires. At 10PM, light rain patter turned into rolling thunder, 11PM pounding rain leaking in, zero-delay between lightning &amp; thunder. See 5-lightning stroblights &amp; hear the loudest, longest cracking thunder</p>
<p>Looking out shadows flashing in every direction, a woodland rave!</p>
<p>Saw an ultramarathon runner just cowboi camping, sitting upright in rain gear, vaping. By 1AM I fell asleep anyway, because exhaustion trumps terror. Those whitenoise forest thunderstorm sleep soundtracks now trigger me!</p>
<p>Waking to smoke from fresh forest fires. Some folks from the humid, rainy parts of Southern America seemed to not be as bothered by the constant rain, that unending moist, stanky discomfort. I ask for advice: “<em>the trick is to just endure the dank.</em>” Great, thanks.</p>
<p>Wish you were here.</p>
<p>P.S. My feet still hurt! &amp; now they won’t dry out.</p>
<p>#8     Uncle Curtis     Sept 2025</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-06.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-07.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-08.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-09.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-10.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-11.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-12.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/08-wetWA/wetWA-13.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<hr>
<p><strong>On Fear: Washington Thunderstorm</strong> — I remember one night in Washington, at Waptus Lake, I went to sleep dry. I woke up around 11pm to rain and thunder. By midnight the rain was intense in our tents. I’d see five bright flashes followed instantly by five crackles of the loudest, ground-shaking thunder I’ve ever experienced, directly overhead &amp; all around me. This went on for some time. I heard tree falls. The heavy rain slowly snuck into my tent, not because there was a leak or I picked a spot with bad drainage, but because the rain was so much, droplets would hit the ground and bounce up under my fly and inside the tent.</p>
<p>Not sure how bad that sounds to you. That’s the kind of situation where I <em>think</em> I’d be afraid. But even then, I don’t think I ever really was too afraid on the trail. Sure, I’d get anxious <em>in anticipation</em> of what might happen. But in the middle of those thunderstorms… I mean, either I’d get hit by lightning or I wouldn’t. A tree would fall on me or it wouldn’t. Anxiety wouldn’t help, I wasn’t about to jump out of the way of any danger. I specifically remember sitting in my tent, calm, almost surprised that there kinda wasn’t anything to fear in the moment. I just tried to minimize how much rain got in. I wasn’t cold, or even that wet.</p>
<p>Those summer Washington alpine thunderstorms famously start around sunset and only run a few hours. It should be clear by the morning and I’d love to get another early start. Eventually I fell asleep to the heavy rain and thunder.</p>
<p>Even the disappearing scary (homeless?) guy in southern California didn’t make me particularly scared in the moment. There wasn’t anything I could do. So I just kept hiking, or I was exhausted and went to sleep.</p>
<p>Just “sleep away the part of the day I cannot hike away.”</p>
<p><strong>Wildlife - Ultramarathon Runner in a Thunderstorm</strong> — During the thunderstorm, a friend was tented nearby, and she had an ultramarathon runner guy set up next to her (in case you don’t know: these are folks who “run” 60+ miles in a day). She had a typical tent with a rainfly like most hikers. Ultramarathon runners in the backcountry typically only carry a small day pack. This guy was just cowboi camping. (Which sounded a bit crazy to me. Didn’t he see there was a chance of thunderstorms in the forecast?)</p>
<p>Once the thunderstorm started, he only had a light shell. He moved under a small conifer, back to the tree, feet outstretched, arms akimbo. My friend said he just sat there &amp; lit up a fancy cigar. She didn’t have room in her one-person tent, and he told her he didn’t need shelter anyway, because he was planning to start running again at midnight. And then, in the middle of the storm, he eventually just took off, finishing his run in the middle of the raging thunderstorm.</p>
<p>Ultramarathon runners are funny to watch on the trail. I remember seeing folks in the backcountry, dozens of miles from the nearest trailhead, a sizable mountain pass away, with just a small pack and the intention of running (well, usually fast-walking, because ultramarathon “running” is its own thing) those miles back to their car without stopping.</p>
<p>Hiking the next day after that intense thunderstorm, as I got up to a mountain pass, I could see a bunch of fires had started overnight in the forests all around me.</p>
<hr>
</section>
<section id="wildlife---bears" class="level2">
<h2 class="anchored" data-anchor-id="wildlife---bears">Wildlife - Bears</h2>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/bears.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Never saw a Grizzly, but there are many black bears along the trail.</figcaption>
</figure>
</div>
<p>The only bear sighting I had the entire PCT was just after Kennedy Meadows (South) on about Day 47. A bear woke me up in my tent, I made loud noises and it took off fast, like I was a sketchy bad-vibes guy he was warned about in his map-app.</p>
<p>I heard a trail rumor said when the Sierra national parks get a particularly misbehaving or human-loving bear, they capture &amp; release them down to this National Forest, in the wildernesses around Kennedy Meadows. I wouldn’t be surprised if this was one of those Yogis. .</p>
<hr>
</section>
<section id="wildlife---pikas" class="level2">
<h2 class="anchored" data-anchor-id="wildlife---pikas">Wildlife - Pikas</h2>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/fig07-pika.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Figure 7: Pika</figcaption>
</figure>
</div>
<p>Let me tell you about probably my favorite animal of the trail.</p>
<p>I might have some of the details wrong here, but I think these are mouse-like guys, they only live at high altitudes, above the treeline, among scraggly piles of rock scree. At that elevation, that means they’re under several feet of snow all winter. They don’t hibernate. In the warm season, while we’re walking past them, they collect flowering plants, dry them out, and put them in storage in their burrows. They have an “alert” sound, where they peep, letting others in their group know someone random, possibly a predator, is nearby. They’ll often have one pika quite visible on a rock outcropping, at a safe distance, usually above, watching you and peeping on behalf of the rest of the colony.</p>
<p>That means, as you’re hiking up at those high altitudes, along the alpine meadows, passing those lichen covered zen rock piles, you hear the cutest peeps and see these guys running around with bouquets of flowers in their mouths, watching you.</p>
<p>Cutest thing ever.</p>
<p>The “peep” warning noises sound a little like sneezes. I heard that this is what Pikachu is based on. They look quite similar, except for their color and ear shape. If you google it, the creators of pikachu say it’s just a coincidence, but that didn’t stop me from telling every child I passed to be on the listen &amp; look out for real pikachus.</p>
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/11-other/pika.jpeg" class="img-fluid"></p>
<hr>
</section>
<section id="wildlife---nighthawks" class="level2">
<h2 class="anchored" data-anchor-id="wildlife---nighthawks">Wildlife - Nighthawks</h2>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/nighthawk.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Nighthawk (ai generated, sorry)</figcaption>
</figure>
</div>
<p>Why didn’t anyone tell me about nighthawks?! I used to hear that word and picture the Hopper painting (the diner one, about solitude or boredom, anomie and the alienation of city life), or the old diner in North Portland.</p>
<p>Now I think of that one night camping at the edge of Lassen NP, Day 95, these strange looking birds swooping all above my tent in the dark, making these deep, otherworldly <em>booming</em> sounds. The sound is wild. Males make a resonant boom mid-dive — not their voice, but their <em>wings</em> — as part of their courtship display. Google the sound they make, it’s very strange to listen to, just above your tent, as you’re trying to go to sleep. It’s loud.</p>
<p>They gorge themselves on bugs all night long with these tiny beaks that open to massive wide mouths. And then you learn they migrate all the way between the Amazon &amp; Oregon, every year. Insane range for a bird that small, &amp; something I’d never known was happening overhead all the time.</p>
<hr>
</section>
<section id="wildlife---sasquatch" class="level2">
<h2 class="anchored" data-anchor-id="wildlife---sasquatch">Wildlife - Sasquatch</h2>
<p>The North Cascades are a whole other world.</p>
<p>Most mornings, climb high enough and you look out onto a vast white blanket stretching to the horizon, mountain peaks poking up like islands on a white fluffy ocean. The fog often clears by afternoon. This stretch gave me several days of heavy smoke, then a series of thunderstorms rolled through clearing the skies — which, honestly, despite the thunder and wet, was a fair trade. Clouds quietly pouring over ridges in what looks like slow motion, but it’s all live, just really big and far away. They call those atmospheric landscape layers <em>“landskein.”</em> It stops me cold every time.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/ls02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
<p>The trail then dips down into those fog filled valleys, the mist gradually blocks out the sun and obscures the forest growing more and more thick the further you descend down into these lush, green, moist valleys. Strange dreams in those valleys. Old growth forest miles from the nearest old unmaintained road or trailhead. There were some with the biggest mushrooms I’ve ever seen. Imagine looking out, and a foot-deep ground layer of that “fairy forest” moss covering everything. One valley had a bunch of small wooden bridges installed ages ago, to help you quickly pass over the many streams coming down from Glacier peak. Nearly every single bridge had deteriorated so much, with rot eating the wood, they were lying in pieces for me to climb over, and slip &amp; slide down.</p>
<p>During a rough thunderstorm near Glacier Peak, I dreamed about this guy — See <em>Figure 3.</em> He wandered around the forest making no noise, but I could sense him, poking around my tent, and checking out my soul. … Now I dream about him every night. In my dreams he wanders Portland, jumping rooftop to rooftop, with a murder of crows circling above him. A big black cloud follows, keeping him in the shadows. He watches. Whenever there’s crime or villainy, he experiences it like a gut punch and flies toward it to help.</p>
<p>I wake up tired and sore. Sometimes drenched in sweat. I’m reminded of a line in John Muir’s My First Summer in the Sierra — where he writes about wanting to work his first summer as a shepparder in 1869 — working his way through the Sierra foothills, to Yosemite valley and Tuolumne meadow to Mono lake, he daydreamed about being able to continuously wander those pretty lands without having to earn a living. “<em>I was longing for the mountains … but money was scarce and I couldn’t see how a bread supply was to be kept up. While I was anxiously brooding on the bread problem, so troublesome to wanderers, and trying to believe that I might learn to live like the wild animals, gleaning nourishment here and there from seeds, berries, etc., sauntering and climbing in joyful independence of money or baggage</em>…”.</p>
<p>Honestly, maybe Sasquatch has it right. It might be kinda cool to be able to just live off the land, out there in that wilderness forever, foraging on hiker souls or whatever that dream meant.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/fig03-sasquatch.jpeg" class="fluid-mobile light-shadow img-fluid figure-img" style="width:70.0%"></p>
<figcaption>Figure 3: Sasquatch</figcaption>
</figure>
</div>
<hr>
</section>
<section id="wildlife---the-positive-potato" class="level2">
<h2 class="anchored" data-anchor-id="wildlife---the-positive-potato">Wildlife - The Positive Potato</h2>
<p>In a particularly dry desert, Day 42, I had just refilled water with these blue five gallon bottles trail angels cache, late in the day pushing up a hill I found a small, smiling amigurumi potato on the trail. It was crocheted from brown yarn. It had German text printed, saying “<em>I’m the Positive Potato. I may be a small potato, but I believe in you. You can do it!!</em>” I thought that was an amazing find, a mascot I’ll need to carry to the northern terminus. But then, before going to sleep, I checked the map-app comments and saw someone reported losing their crochet potato. They’d “love to get it back”, and listed a number.</p>
<p>So, obviously, I sent them a video, where the potato bounces and my voiceover says, “<em>Hello my friend… Or should I say, my old friend….When you abandoned me on the trail, it has been hard for me to stay positive. I had to fend for myself. Face down in the dirt….I was always there for you, trying to keep your spirits up on your journey. But where were you when I needed you? …I have found a new hiking family. They rescued me from the hole I was in, cleaned the dirt out from my mouth. …And my new partner seems to love me. And he is a generous lover (purely platonically, of course). … It will be a struggle to reunite with you. It’s hard to forget painful pasts. …But perhaps we can find a way to start again?… I may be able to forgive you, but I will always remember your betrayal — and for that… I am an absolutely positive potato</em>.”</p>
<p>And then the Positive Potato listed ransom instructions. I demanded ice cream.</p>
<p>Reunited at Kennedy Meadows — where I unknowingly &amp; ominously sent a “proof of life” photo with a pile of french fries in the background — I learned a German friend made (bought?) the amigurumi guy as a mascot for a nice hiker. I never got my ice cream, but I think I can still be positive about the experience. And honestly — handing the potato back, the CLEEF prophecy came true: I cried myself to sleep several nights, thinking about my lost mascot. And not even getting any ice cream! Sometimes the trail provides, but it’s just providing for other people, not you.</p>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/fig02-positive-potato.jpeg" class="fluid-mobile light-shadow img-fluid figure-img" style="width:70.0%"></p>
<figcaption>Figure 2: The Positive Potato</figcaption>
</figure>
</div>
</section>
</section>
<section id="coming-to-an-end" class="level1">
<h1>Coming to an End</h1>
<p>So, what do the data say? Well, da data do seem to suggest I hiked far and long, spent a lot of time outside, and had a heck of a time. (But the sample size is just one, so…)</p>
<p>There’s a moment in that Ken Burns’ National Parks doco where a Yellowstone ranger talks about his winter snowmobile mail delivery route, stopping in a snow covered meadow to watch a herd of bison, just being. He goes on and on about watching their breath hanging in the cold air, intermixing with his. Feeling meaning &amp; connection from that. I think he goes on about how scattered across these wilderness areas are all these priceless moments, an infinite universe of these perfect places &amp; moments, each one requiring just enough effort from you to go find &amp; experience it. Or just know they’re there without anyone watching. <em>(I have a suspicion he might have been high while derelict in his duty to the US Postal Service, his trail name would absolutely be something like “Shower Thoughts.” But that’s beside the point.</em>) I thought he sounded so absurd romanticizing what’s basically just a frozen field with cattle chilling. But I hate to admit it — to be this so emotionally vulnerable &amp; sincere — I’ve spent enough time in the wild now to say it: Ranger Shower Thoughts was right. I owe him an apology as much as he owes the NPS a drug test.</p>
<p>Reviewing my trail journal has been interesting. I certainly wasn’t writing anything as thoughtful and vivid as something you’d see in a Ken Burns doco. I wrote a lot about the daily pain and discomfort. The funny thing is: the diary documents how much everything annoyed me, and my memory proves how little that part mattered. I wrote down all the daily indignities: the blisters, sunburns, chafing, sore ankles, knee pops, poo stuff, fires, smoke, heat, moist, mosquitos, the whole catalogue of “Dear Diarrhea.” But if I hadn’t logged it, I honestly wouldn’t remember most of it today.</p>
<p>What I do remember is how pretty the wilderness is, and how much fun I had experiencing it for months. Night hiking into the sunrise, particularly watching the sun come up over the desert, the otherworldly mountain ranges. The trail started more challenging than I thought it’d be, and later it got simpler. Ten years of anticipating this trip, and it went more or less as planned. What more can you ask for?</p>
<p>Not easy, exactly—just… normalized. Wake up, pack up, walk. Manage the weather. Manage the water. Listen to a great story or learn something new. Put in the miles. Set up camp, eat, sleep. Get fit. The trail eventually stopped being a novelty and became a job I’m quite good at. And somehow that’s when it got good in a different way. I remember after months on the trail, I experienced basic comforts differently. Pulling into Stehekin -- soaked, tired, climbing into the yellow old school bus shuttling hikers to the bakery and town — I accepted that the true wonders of the modern world aren’t skyscrapers or spaceships – They’re basic urban infrastructure and consumer goods, like the ability to get a hot shower, drink hot cocoa, clean &amp; dry clothes, a warm dry place to sleep. Really appreciating that idea.</p>
<p>And funny now, how I’m sitting in temperature controlled comfort, watching rain out the window, not a week goes by that I don’t pull up google earth and look at the PCT or some other wilderness trail I’d love to get to (and presumably be freezing, sore and uncomfortable in).</p>
<p>Was it the “physical, mental, and emotional experience of a lifetime”? Well, no, probably not. One of the best vacations I’ve ever had, certainly.</p>
<hr>
<div class="postcard" data-meta="Postcard 9 · Far from anything" data-title="Note from the edge of civilization" data-subtitle="Sent from Stehekin, Washington · near mile 2575" data-caption="">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-00.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/nowa-mssg.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-readable">
<p>Greetings from the very edge of civilization — Stehekin, WA.</p>
<p>Imagine a place with no cell service. Wi-Fi only, if you can find where it leaks out from the NPS’ offices, and a ferry that runs once a day (weather permitting).</p>
<p>And yet —–Secreted into this isolation, there’s a post office, a school, and a community of people who seem to actually love living far out from anything.</p>
<p>It feels like this is where humanity gave up and just let nature win one for once.</p>
<p>No roads run to here, but the wilderness trails that reach Stehekin are fungus kingdoms, moss-carpeted old-growth forest valley elf-lands. Wood bridges installed in the ’70s are now mostly rotting balance beams. Exactly where you’d expect to see Bigfoot.</p>
<p>Hike up to high alpine passes with views of craggy glacier peaks poking out above a flat layer of white cloud.</p>
<p>On the trail, as much as I genuinely love my time there –— being so far from civilization –— It’s convinced me the true wonders of the modern world aren’t skyscrapers or spaceships, but Basic Urban Infrastructure &amp; consumer goods; A warm dry bed; walls &amp; a roof; cooked meals… Filo-dough… Hot cocoa! A picnic table?</p>
<p>A flat place to sit that isn’t moist!? What luxury is this? 😱</p>
<p>Looking forward to reaching the northern terminus soon!</p>
<p>#9     Curtis K     Sept 2025</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-02.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-04.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-05.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-07.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-08.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-09.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-10.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-11.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-12.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-13.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-14.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-15.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-16.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-17.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-18.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-19.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-20.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-21.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-22.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-23.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-24.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/09-Stehekin/norwa-25.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<hr>
<section id="cherry-chapstick-part-ii" class="level2">
<h2 class="anchored" data-anchor-id="cherry-chapstick-part-ii">Cherry Chapstick, Part II</h2>
<p>Back at CLEEF, the southern terminus on day 0, at the end of their 90-minute orientation chat, they continued their Cherry Chapstick story. There was another hiker suffering from an ailment… I think the medical term is “swampass” leading to “monkey butt”? Sweating and chafing causing his bum to be very painful. Many folks have chafing issues and carry ointment (I certainly always carried “body glide”). This guy was asking everyone he saw if they had anything to help his pain. He went hours in pain. Eventually he found a nice hiker who had some flavored chapstick. Cherry chapstick. He stuck it down his pants, smothered it all around his nether regions, a satisfied look on his face, and said he felt fantastic. He was so thankful.</p>
<p>He offered the chapstick back to the original owner, but the original owner said “No, you keep it, the trail provides.”</p>
<p>Sadly, later, “Monkey Butt” came back in pain, saying he had lost the chapstick! He must have dropped it back down the trail. He took off in pain. Then, another hiker came down the trail telling us his own story of how the trail provides… He had been complaining for days about how painful his lips were, bleeding, no lip balm or anything. And then, lo and behold, he found cherry-flavored chapstick just lying there on the trail. Obviously the universe had left it for him. Before anyone could stop him or tell him where his salvation had just been, he put more on his lips, smothered it all around, a satisfied look on his face. We all decided to keep quiet and suggest he take the trail name Cherry Chapstick.</p>
<p>It’s true, “the trail provides”, but sometimes it comes at a great cost. If you’re lucky, like Cherry Chapstick, you’ll never know that full cost.</p>
<p>Not me though. No costs for me. I just had a nice long walk.</p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/ls01.jpeg" class="light-shadow img-fluid figure-img"></p>
<figcaption>Mile 2505.5, just south of Glacier Peak</figcaption>
</figure>
</div>
<hr>
<div class="postcard" data-meta="Postcard 10 · Canadian fini" data-title="What's past the Northern Terminus?" data-subtitle="Sent from Manning Park, BC, Canada · near mile 2655+" data-caption="Just exaggerating my experience meeting Mountie border guards at the northern terminus of the PCT.">
<div class="pc-front">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/10-canada/canada-00.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-back">
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/10-canada/canada-mssg.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center figure-img"></p>
</figure>
</div>
</div>
<div class="pc-readable">
<p>Ahoy from friendly Canada!</p>
<p>The northern terminus is at the Canadian/US border….but the trail continues on extra 8-extra miles into famously friendly Canadian BC, to Manning Park.</p>
<p>An easy online visa app used to let you just hike thru into Canada. That program was stopped a little after Trump took office for some reason.</p>
<p>And when I got to the terminus, at peak emotion, what did I see? Canadian Mounty border guards!, with assault rifles, wraparound sunnies (in the shade!), a hovering black Blackhawk helicopter, obviously doing their best impressions of intimidating American border blokes.</p>
<p>They checked IDs &amp; asked about felonies, they even crossed into America from time to time. The least Canadian experience I’ve ever had. But it was practically in America, so maybe there’s a “friendliness gradient” starting at the border headed north &amp; that makes sense?</p>
<p>I guess they didn’t get the memo that this monument is kinda an important place &amp; emotional moment for us….</p>
<p>Once the cammo dudes left, Such an awesome spot after such a long journey. Really special.</p>
<p>My feet still really hurt. Thankfully I’m headed to a resort with a hot tub &amp; “baby feet peel” treatment (look up the videos) waiting for me!</p>
<p>#10     Uncle Curtis     OCT 2025</p>
</div>
<div class="pc-gallery">
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/10-canada/canada-01.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"> <img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/10-canada/canada-03.jpeg" class="light-shadow img-fluid quarto-figure quarto-figure-center"></p>
</div>
</div>
<hr>
<p><img src="https://economicurtis.com/posts/005-pct-2025/images/postcards/11-other/pct-logo.jpeg" class="img-fluid"></p>


</section>
</section>


<div id="quarto-appendix" class="default"><section id="footnotes" class="footnotes footnotes-end-of-document"><h2 class="anchored quarto-appendix-heading">Footnotes</h2>

<ol>
<li id="fn1"><p><a href="https://www.youtube.com/watch?v=C3ELU5Y2KSY">PCT Wedding dance</a>↩︎</p></li>
<li id="fn2"><p>A <a href="https://youtu.be/Kse7Nei-Zjs?si=nkOePxv2W7c6553I&amp;t=772">desert emergency helicopter medivac. May 11 2025 at about 12:53 PM</a>.↩︎</p></li>
<li id="fn3"><p>And after 2025, the <a href="https://www.reddit.com/r/PacificCrestTrail/comments/1tqbu6y/timberline_lodge_ends_breakfast_buffet_popular/">Timberline Lodge just canceled their all-you-can-eat buffett</a>.↩︎</p></li>
<li id="fn4"><p><a href="https://youtu.be/v6_6rqBX5mY?si=p7Ap8ABtvT7Z82ch&amp;t=397">Flying Dutchmen helicopter medivac out from Duck Pass, near Mammoth Lakes</a>.↩︎</p></li>
<li id="fn5"><p><a href="https://www.library.hbs.edu/working-knowledge/repugnant-markets-and-how-they-get-that-way">Repugnant Markets and How They Get That Way</a>, by Martha Lagace, featuring Alvin E. Roth. HBS Working Knowledge, Harvard Business School, July 30, 2007. Which itself cites <a href="https://www.aeaweb.org/articles?id=10.1257/jep.21.3.37">Repugnance as a Constraint on Markets</a>, by Alvin E. Roth. <em>Journal of Economic Perspectives</em>, 21(3), 37-58. 2007.↩︎</p></li>
</ol>
</section></div> ]]></description>
  <category>Thru-Hiking</category>
  <category>Project</category>
  <category>Postcards</category>
  <guid>https://economicurtis.com/posts/005-pct-2025/</guid>
  <pubDate>Sat, 20 Dec 2025 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/005-pct-2025/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Hotelling’s Minimum Differentiation Principle in a Continuous-Time Experiment with Price and Location Choices</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-hotelling-cont-time/</link>
  <description><![CDATA[ 





<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-hotelling-cont-time/images/UI.jpeg" class="img-fluid figure-img"></p>
<figcaption><strong>Figure 3:</strong> User Interfaces for the continuous and discrete treatments.</figcaption>
</figure>
</div>
<p>Written with Ciril Bosch-Rosa and Liam Rose</p>
<p><strong>Abstract</strong>: Using a continuous-time experimental setup, we study how well Hotelling’s principle of minimum differentiation holds in its original two-dimensional (price and location) setting. By having subjects choose their location on a two-dimensional plane, we observe that the principle of minimum differentiation largely holds. We also study how different adjustment rates affect price coordination and find that, contrary to recent literature, the ability to respond quickly does not always increase cooperation rates.</p>
<p><a href="https://papers.boschrosa.com/Hotelling.pdf">View the article</a></p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-hotelling-cont-time/images/heatmaps.jpeg" class="img-fluid figure-img"></p>
<figcaption><strong>Figure 4:</strong> Heat Maps of Subject Price and Location Decisions by Treatment. <em>The figure shows price and location decisions by treatment. The heat maps run from cool to hot colors, with “hotter” colors indicating that players spent more time in those positions.</em></figcaption>
</figure>
</div>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-hotelling-cont-time/images/examples.jpeg" class="img-fluid figure-img"></p>
<figcaption><strong>Figure 6:</strong> Two very different pairs. <em>The left panel shows two subjects who successfully colluded for the majority of a period in the Continuous Time (CI) treatment. The top panel is the subject pairs’ location decisions over time, the middle panel is their price decisions over time, and the bottom panel is their flow payoff. Note that player 4 was an “aggressive colluder,” as she willingly took losses at the beginning of the period while waiting for her counterpart to conform. The right panel shows two subjects who were unable to collude in a period in the CI treatment. The top panel is the subject pairs’ location decisions over time, the middle panel is their price decisions over time, and the bottom panel is their flow payoff. Note that player 4 is the same subject shown in Figure 6a but with a more aggressive counterpart.</em></figcaption>
</figure>
</div>
<hr>
<p><strong>Figure 8:</strong> Vector Fields of Subject Position Adjustments by Treatment</p>
<p><img src="https://economicurtis.com/posts/009-hotelling-cont-time/images/a-discrete.jpeg" class="center img-fluid" style="width:60.0%"></p>
<p><img src="https://economicurtis.com/posts/009-hotelling-cont-time/images/b-cont-slow.jpeg" class="center img-fluid" style="width:60.0%"></p>
<p><img src="https://economicurtis.com/posts/009-hotelling-cont-time/images/c-cont-fast.jpeg" class="center img-fluid" style="width:60.0%"></p>
<p><em>Notes: These figures show all players’ price and location decisions by treatment. Arrows indicate the average direction of action set changes starting from the arrow’s neighborhood. The heat maps run from cool to hot colors, with “hotter” colors indicating that players were more likely to change their action set while in that neighborhood.</em></p>



 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-hotelling-cont-time/</guid>
  <pubDate>Thu, 27 Apr 2023 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-hotelling-cont-time/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Subjects in the lab, activists in the field: public goods and punishment</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-Hamre-Reuben/</link>
  <description><![CDATA[ 





<hr>
<p>Written with Chetan Dave, Sjur Hamre, and Alicja Reuben</p>
<p><strong>Abstract</strong>: We compare standard (laboratory) and non-standard (field) subject pool behavior in an extensive form public goods game with random punishment. Our experimental investigation is motivated by real-world ‘Activists’ encouraging public goods provision by firms; an activity known as corporate social responsibility. We find that relative to laboratory subjects, activists in Mumbai are more willing to settle at the Nash equilibrium of the game (which entails increased provision of public goods) and are more willing to punish non-cooperative firm behavior even if such punishments hurt their own payoffs.</p>
<p><a href="https://link.springer.com/article/10.1007/s40822-020-00144-3">View the article</a></p>



 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-Hamre-Reuben/</guid>
  <pubDate>Tue, 01 Sep 2020 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-Hamre-Reuben/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Aggregate Dynamics in a Large Virtual Economy: Prices and Real Activity in Team Fortress 2</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-TF2MacroOverview/</link>
  <description><![CDATA[ 





<hr>
<p>Written with Matt Baumer</p>
<p><strong>Abstract</strong>: Virtual economies are growing as internet technology continues to advance. We analyze a large and complete set of transaction data from the Team Fortress 2 virtual economy, which was designed to allow decentralized barter as the sole exchange institution. A small subset of goods emerges endogenously to act as media of exchange. Taking one of these money goods as numeraire, we generate daily prices for thousands of goods. We then generate macroeconomic indicators, including nominal growth and inflation. We find evidence of a particular sort of nominal rigidity related to the circulation of multiple types of currency goods, and also find some localized asset price bubbles associated with announcements by the game designers.</p>
<p><a href="macro_overview_TF2.pdf">Download PDF</a></p>
<hr>
<section id="some-interesting-figures" class="level3">
<h3 class="anchored" data-anchor-id="some-interesting-figures">Some interesting figures</h3>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-TF2MacroOverview/images/all-prices Large.jpeg" class="img-fluid figure-img"></p>
<figcaption>Figure 5: New item price time series. <em>Note: Each sparkline represents an item’s price over its first fifty days.</em></figcaption>
</figure>
</div>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-TF2MacroOverview/images/gdp.jpeg" class="img-fluid figure-img"></p>
<figcaption>Figure 9: Nominal aggregate value of active TF2 player inventories. <em>Note: Keys are sold on the store for $2.49 each</em></figcaption>
</figure>
</div>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-TF2MacroOverview/images/growth.jpeg" class="img-fluid figure-img"></p>
<figcaption>Figure 10: Growth of nominal active player wealth <em>Note: Nominal growth since August 2011. Aggregate nominal value of active player wealth is the product of prices, population, and per-capita real inventory values. The natural log of nominal wealth is thus plotted as the stack of these logged components.</em></figcaption>
</figure>
</div>


</section>

 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-TF2MacroOverview/</guid>
  <pubDate>Fri, 20 May 2016 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-TF2MacroOverview/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Emirati women do not shy away from competition: Evidence from a patriarchal society in transition</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-EmiratiExperiment/</link>
  <description><![CDATA[ 





<hr>
<p>Written with Aurelie Dariel, Nikos Nikiforakis, &amp; Christina Zenker</p>
<p><strong>Abstract</strong>: We explore gender attitudes towards competition in the United Arab Emirates—a traditionally patriarchal society which in recent times has adopted numerous policies to empower women and promote their role in the labor force. The experimental treatments vary whether individuals compete in single-sex or mixed-sex groups. In contrast to previous studies, women in our sample are not less willing to compete than men. In fact, once we control for individual performance, Emirati women are more likely to select into competition. Our analysis shows that neither women nor men shy away from competition, and both compete more than what would be optimal in monetary terms as the fraction of men in their group increases. We offer a detailed survey of the literature and discuss possible reasons for the lack of gender differences in our experiment.</p>
<p><a href="https://www.cambridge.org/core/journals/journal-of-the-economic-science-association/article/abs/emirati-women-do-not-shy-away-from-competition-evidence-from-a-patriarchal-society-in-transition/419FD9BCB843C6BE6B44C4491E33DE98">View the article at the Journal of the Economic Science Association</a></p>



 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-EmiratiExperiment/</guid>
  <pubDate>Mon, 29 Feb 2016 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-EmiratiExperiment/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Emergence of networks and market institutions in a large virtual economy</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-MoneyAndMiddlemen/</link>
  <description><![CDATA[ 





<hr>
<p>Written with Daniel Friedman &amp; Matt Baumer</p>
<p><strong>Abstract</strong>: Starting with a complete set of transactions from an on-line trading community, we construct trader and goods networks, and track them over time using metrics such as node strength, assortativity, betweenness and closeness. The trading platform was designed to make barter exchange as attractive as possible; money was not part of the design and all players were created equal. Yet, within weeks, several specific goods emerged as media of exchange, and various specialized traders appeared. Eventually trade was predominantly money-mediated and market-makers played a major role. Our results illustrate how network analysis can capture the spontaneous emergence of economic institutions.</p>
<p><a href="MoneyAndMiddlemen_2016-02-29.pdf">Download PDF</a></p>



 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-MoneyAndMiddlemen/</guid>
  <pubDate>Mon, 29 Feb 2016 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-MoneyAndMiddlemen/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Market concentration and the responsiveness of prices and mark-ups☆</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-markups-experiment/</link>
  <description><![CDATA[ 





<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-markups-experiment/images/cover.jpeg" class="img-fluid figure-img"></p>
<figcaption>Figure 2: <em>Example of user interface in 2-player game.</em></figcaption>
</figure>
</div>
<p>Written with David Munro</p>
<p><strong>Abstract</strong>: The response of prices and mark-ups to economic shocks plays a crucial role in shaping how the economy adjusts. We explore the role that market concentration plays in determining the responsiveness of prices to different shocks. Using a model of oligopolistic competition we show that the sensitivity of prices and mark-ups depend on the type of shocks and the degree of implicit collusion formed in a market. For a given type of shock, different degrees of collusion can generate dramatically different magnitudes in the responsiveness prices and mark-ups, and in some cases even reverse the direction of the response. We test these predictions in laboratory price setting games and find that in smaller markets collusive behavior is formed more readily and this has an important impact on the response of prices and mark-ups to the different shocks.</p>
<p><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3801886">View the article</a></p>



 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-markups-experiment/</guid>
  <pubDate>Mon, 29 Feb 2016 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-markups-experiment/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Hotelling revisits the lab: equilibration in continuous and discrete time</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-hotelling-revisits-lab/</link>
  <description><![CDATA[ 





<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-hotelling-revisits-lab/images/cover.jpeg" class="img-fluid figure-img"></p>
<figcaption>Screenshot of game UI</figcaption>
</figure>
</div>
<p>Written with Daniel Friedman.</p>
<p><strong>Abstract</strong>: We investigate experimentally the impact of continuous time on a four-player Hotelling location game. The static pure strategy Nash equilibrium (NE) consists of firms paired-up at the first and third quartiles of the linear city. In a repeated simultaneous move (discrete time) treatment, we largely replicate previous findings in which subjects fail to converge to the NE. However, in asynchronous move (continuous time) treatments we see clear convergence towards the NE.</p>
<p><a href="https://www.cambridge.org/core/journals/journal-of-the-economic-science-association/article/abs/hotelling-revisits-the-lab-equilibration-in-continuous-and-discrete-time/551910F5DCAB6D35450DECFC28BEF107?utm_campaign=shareaholic&amp;utm_medium=copy_link&amp;utm_source=bookmark">View the article at the Journal of the Economic Science Association</a></p>
<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-hotelling-revisits-lab/images/examples.jpeg" class="img-fluid figure-img"></p>
<figcaption><strong>Figure 3:</strong> Example periods, and distribution of player locations, by treatment. <em>Note: Panels a1, b1, and c1 plot actual locations over time for each of the three treatments from the same randomly selected period (#8) of a randomly selected silo. Panels a2, b2, and c2 plot location distributions in all all-human games from the later half of sessions (periods 7 through 12</em>).</figcaption>
</figure>
</div>



 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-hotelling-revisits-lab/</guid>
  <pubDate>Tue, 01 Dec 2015 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-hotelling-revisits-lab/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Software for continuous game experiments</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-software-for-con-games/</link>
  <description><![CDATA[ 





<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-software-for-con-games/images/cover.jpeg" class="img-fluid figure-img"></p>
<figcaption>Fig. 1 <em>User interface for a simultaneous-move discrete-time game with ConG software.</em></figcaption>
</figure>
</div>
<p>Written with James Pettit, Daniel Friedman, and Ryan Oprea</p>
<p><strong>Abstract</strong>: ConG is software for conducting economic experiments in continuous and discrete time. It allows experimenters with limited programming experience to cre- ate a variety of strategic environments featuring rich visual feedback in continuous time and over continuous action spaces, as well as in discrete time or over discrete action spaces. Simple, easily edited input files give the experimenter considerable flexibility in specifying the strategic environment and visual feedback. Source code is modular and allows researchers with programming skills to create novel strategic environments and displays.</p>
<p><a href="https://www.cambridge.org/core/journals/experimental-economics/article/abs/software-for-continuous-game-experiments/E950D471D858093022B370680E87E231">View the article at Experimental Economics</a></p>



 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-software-for-con-games/</guid>
  <pubDate>Wed, 08 Jan 2014 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-software-for-con-games/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
<item>
  <title>Solow Growth Model - Videos</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-solow-growth-model-videos/</link>
  <description><![CDATA[ 





<hr>
<div class="quarto-figure quarto-figure-center">
<figure class="figure">
<p><img src="https://economicurtis.com/posts/009-solow-growth-model-videos/images/solow-model-overview.png" class="img-fluid figure-img" alt="Solow growth diagram showing output, investment, and break-even investment curves meeting at the steady state."></p>
<figcaption>The Solow diagram with technology and population growth — output per effective worker <img src="https://latex.codecogs.com/png.latex?y=f(k)=Ak%5E%7B%5Calpha%7D"> (red), investment per effective worker <img src="https://latex.codecogs.com/png.latex?i_t=sy=sAk%5E%7B%5Calpha%7D"> (green), and break-even investment <img src="https://latex.codecogs.com/png.latex?(g_L+g_A+%5Cdelta)k"> (yellow) — meeting at the steady state <img src="https://latex.codecogs.com/png.latex?k%5E%7B*%7D">, <img src="https://latex.codecogs.com/png.latex?y%5E%7B*%7D">.</figcaption>
</figure>
</div>
<hr>
<blockquote class="blockquote">
<p><em>The following videos are designed as a teaching aid for my intermediate level macroeconomics discussion tutorial. All errors are my own.</em></p>
</blockquote>
<hr>
<section id="solow-growth-model---video-tutorial" class="level1">
<h1>Solow Growth Model - <em>Video Tutorial</em></h1>
<p>The Solow Growth Model (aka the Solow-Swan model, the exogenous growth model, or the neoclassical growth model) is a model of long-run economic growth. It relates growth in a model economy to productivity (via a production function &amp; a process for technology growth), capital accumulation (via a law of motion of capital, with investment defined by an exogenous savings rate, and exogenously defined depreciation), population growth, and a process for technology to accumulate.</p>
<p>At its simplest, the model demonstrates how these features can combine into a neoclassical framework (i.e.&nbsp;the set of model features we usually start off the course with: production function, rational economic agents, markets in equilibrium, etc.) and result in steady state level of capital (or steady state per-effective worker level with labor-augmented technology growth), which results in balanced growth of output-per-person. Usefully, the model can also show how various shocks and policy tweaks may result in different economic outcomes.</p>
<p>However, the Solow model is only part, and just the start of the story explaining economic growth.</p>
<p><strong>Outline of Solow Model Series:</strong></p>
<ul>
<li>Introduce simple solow model.
<ul>
<li>Model’s set-up and assumptions.</li>
<li>Capital accumulation equation</li>
<li>Steady state</li>
<li>Solow diagram</li>
<li>Transition dynamics and convergence</li>
<li>Time Series chart of solow model</li>
<li>Applications of the simple version of the model.</li>
</ul></li>
<li>Extend model to include population growth.</li>
<li>Extend model to include technology growth (exogenous and constant labor augmented technology).
<ul>
<li>Growth Rates of key variables - level effects vs.&nbsp;growth rates.</li>
<li>Empiricals: How well does the solow model fit the data? How well does the model explain economic growth?</li>
<li>Applications &amp; examples of “full” solow-swan model.</li>
</ul></li>
<li>Odds and ends.
<ul>
<li>Golden rule level of capital (and savings rate)</li>
<li>Solow residual</li>
</ul></li>
</ul>
<div class="two-col-box">
<div class="grid">
<div class="g-col-12 g-col-md-6">
<p><strong>Key Concepts</strong></p>
<ul>
<li>Solow growth model</li>
<li>Savings Rate</li>
<li>Depreciation</li>
<li>Stock vs flow</li>
<li>The capital accumulation equation (the law of motion of capital)</li>
<li>Diminishing returns</li>
<li>Net investment</li>
<li>Steady state</li>
<li><a href="http://www.youtube.com/watch?v=UwQBlJ6ve5U">Solow Diagram</a></li>
<li>Absolute vs.&nbsp;conditional convergence</li>
</ul>
</div>
<div class="g-col-12 g-col-md-6">
<ul>
<li><a href="http://www.youtube.com/watch?v=HGxr6cwnPfo">Golden rule level of capital</a></li>
<li>Effective labor</li>
<li>Efficiency of labor</li>
<li>Human capital</li>
<li>Labor-augmenting technology</li>
<li>Models of exogenous growth</li>
<li>Balanced growth path</li>
<li><a href="http://www.youtube.com/watch?v=Bdr34lhGI-Q">Transition dynamics</a></li>
<li><a href="http://youtu.be/Bdr34lhGI-Q?t=5m42s">Level effect</a></li>
<li><a href="http://youtu.be/Bdr34lhGI-Q?t=7m6s">Growth effect</a></li>
<li><a href="http://www.youtube.com/watch?v=UwQBlJ6ve5U&amp;feature=youtu.be&amp;t=9m46s">Convergence</a></li>
</ul>
</div>
</div>
</div>
<hr>
<section id="simple-solow-model" class="level2">
<h2 class="anchored" data-anchor-id="simple-solow-model">Simple Solow Model</h2>
<div class="tight-videos">
<p>We walk through the simple Solow model (no population growth, no technology growth, not too much too complicate the model yet)<br> <a href="http://www.youtube.com/playlist?list=PLkyDsZu21gyjYi-gElykMF0G8fvVUp0eV">View Video Playlist (9 vids 1:55:00)</a></p>
<ol type="1">
<li><strong>Introduction and Motivation for the Model</strong></li>
<li><a href="http://www.youtube.com/watch?v=Dx7ZvAKfL9k"><strong>Solow Model Set-up &amp; Assumptions</strong></a><br> <a href="http://www.youtube.com/watch?v=Dx7ZvAKfL9k" class="plain-link video-desc">Set-up model, discuss assumptions, notation and key variables &amp; parameters. We also start working toward the steady state level of capital.</a>
<ul>
<li><a href="http://youtu.be/PfTJQrL1QZc?t=57s"><strong>The Law of Motion of Capital in the Solow Model</strong></a><br> <a href="http://youtu.be/PfTJQrL1QZc?t=57s" class="plain-link video-desc">We discuss the capital accumulation equation (which is fairly central to the solow model).</a></li>
<li><a href="http://youtu.be/PfTJQrL1QZc?t=5m30s"><strong>Calculating the steady state of the Simple Solow Model</strong></a><br> <a href="http://www.youtube.com/watch?v=PfTJQrL1QZc&amp;feature=youtu.be&amp;t=5m30s" class="plain-link video-desc">We find the steady state level of capital in terms of the savings rate and depreciation rate.</a></li>
</ul></li>
<li><a href="http://www.youtube.com/watch?v=UwQBlJ6ve5U"><strong>Solow Diagram</strong></a><br> <a href="http://www.youtube.com/watch?v=UwQBlJ6ve5U" class="plain-link video-desc">It’s useful to convert the solow model’s equations into a diagram. For many, the model’s insights become much more apparent.</a>
<ul>
<li><a href="http://youtu.be/UwQBlJ6ve5U?t=9m46s"><strong>Convergence in the Solow Model</strong></a><br> <a href="http://youtu.be/UwQBlJ6ve5U?t=9m46s" class="plain-link video-desc">Via the solow diagram, we discuss why we expect the steady state level of capital to arise.</a></li>
</ul></li>
<li><a href="http://www.youtube.com/watch?v=-06UOz8or34"><strong>Solow Model Transition Dynamics</strong></a><br> <a href="http://www.youtube.com/watch?v=-06UOz8or34" class="plain-link video-desc">The Solow model is a dynamic model, meaning we can plot how our variables of interest evolve through time. This helps us better understand convergence to the steady state and the effect of shocks to the model economy.</a></li>
</ol>
</div>
<section id="applications-and-example-problems-of-simple-solow-model" class="level3">
<h3 class="anchored" data-anchor-id="applications-and-example-problems-of-simple-solow-model">Applications and Example Problems of Simple Solow Model</h3>
<p>Working with the very simple model: Shocks to the solow model plus their effect via solow diagram and time-series. Some intuition.</p>
<ul>
<li><a href="http://www.youtube.com/watch?&amp;v=b0FZuvKvOyo"><strong>Numerical Example - Calculate the Solow Model’s Steady State, and Compare Economies with Different Savings Rates</strong></a><br> <a href="http://www.youtube.com/watch?&amp;v=b0FZuvKvOyo" class="plain-link video-desc">We work through a rather simple version of the Solow model. We’ll then find the steady values of per-worker capital, investment, consumption and production. Then, we’ll compare two economies - one with a relatively high savings rate and one with a relatively low savings rate - and we’ll see how the dynamics of these two countries differ.</a></li>
<li><a href="http://www.youtube.com/watch?v=K3XmPnV_j-I"><strong>How does destruction of capital affect the Solow Model?</strong></a><br> <a href="http://www.youtube.com/watch?v=K3XmPnV_j-I" class="plain-link video-desc">The effect of an instant reduction of the capital stock (e.g.&nbsp;war!). Application of solow model, diagram and time series. Discussion of convergence to steady state.</a></li>
<li><a href="http://www.youtube.com/watch?v=IiPWNiKhrL0"><strong>Change in the savings rate in the Solow Model</strong></a><br> <a href="http://www.youtube.com/watch?v=IiPWNiKhrL0" class="plain-link video-desc">What happens when the savings rate changes? Does capital &amp; output per-worker increase or decrease in a consistent way? We’ll find the answer depends.</a></li>
<li><a href="http://www.youtube.com/watch?v=-eanLMbhjac"><strong>Change in the depreciation rate in the Solow Model</strong></a><br> <a href="http://www.youtube.com/watch?v=-eanLMbhjac" class="plain-link video-desc">The effect of an increase in the rate of depreciation (the rate at which capital loses productive value from one period to the next.</a></li>
<li><a href="http://www.youtube.com/watch?v=9-3TFXc5yxo"><strong>Change in total factor productivity (technology)</strong></a><br> <a href="http://www.youtube.com/watch?v=9-3TFXc5yxo" class="plain-link video-desc">The effect of an increase in TFP in the simple solow model.</a></li>
</ul>
<hr>
</section>
</section>
<section id="solow-model-with-population-growth" class="level2">
<h2 class="anchored" data-anchor-id="solow-model-with-population-growth"><a href="http://www.youtube.com/watch?v=cESaITRvS2o">Solow Model with Population Growth</a></h2>
<p>Adding in exogenous population growth doesn’t change the model much, but some steady states become balanced growth paths. I walk through the extended model below. <br> <a href="http://www.youtube.com/playlist?list=PLkyDsZu21gygIY2_lIgP3YlywHbBjqMOH">View Video Playlist (2 vids 36:55)</a></p>
<ul>
<li><a href="http://youtu.be/cESaITRvS2o?t=1m30s"><strong>Set-up of Model with Labor Growth Added</strong></a><br> <a href="http://youtu.be/cESaITRvS2o?t=1m30s" class="plain-link video-desc">A quick review of the solow model, and how population growth fits into the existing framework.</a></li>
<li><a href="http://www.youtube.com/watch?v=cESaITRvS2o&amp;feature=youtu.be&amp;t=6m44s"><strong>Solve for New Law of Motion of Capital-per-Worker</strong></a><br> <a href="http://youtu.be/cESaITRvS2o?t=6m44s" class="plain-link video-desc">How to calculate the new per-capita capital accumulation equation with the addition of exogenous population growth.</a></li>
<li><a href="http://youtu.be/cESaITRvS2o?t=13m55s"><strong>Show Growth Rate of <img src="https://latex.codecogs.com/png.latex?k%5E%7B*%7D">, <img src="https://latex.codecogs.com/png.latex?y%5E%7B*%7D">, Y, I, K and C</strong></a><br> <a href="http://youtu.be/cESaITRvS2o?t=13m55s" class="plain-link video-desc">As we calculate the new steady state values with population growth, we discover that the aggregate variables (Y, K, I, &amp; C) are no longer steady states, and instead grow at the rate of population growth. We find the steady state level of capital-per-worker and output-per-worker.</a></li>
<li><a href="http://youtu.be/rjHrm06s0kY?t=4m"><strong>Solow Diagram with Population Growth</strong></a><br> <a href="http://www.youtube.com/watch?v=rjHrm06s0kY&amp;feature=youtu.be&amp;t=4m" class="plain-link video-desc">The solow diagram changes slightly with the addition of population growth.</a></li>
<li><a href="http://youtu.be/rjHrm06s0kY?t=9m30s"><strong>Transition Dynamics, “Level Effects” and Growth Rate Changes</strong></a><br> <a href="http://youtu.be/rjHrm06s0kY?t=9m30s" class="plain-link video-desc">Review of what shocks to exogenous variables (the parameters for savings, depreciation, technology, population growth rate, etc.) effect our dynamic variables. We find that some shocks have level effects and others have growth effects.</a></li>
</ul>
<hr>
</section>
<section id="solow-model-with-technology-growth-and-population-growth" class="level2">
<h2 class="anchored" data-anchor-id="solow-model-with-technology-growth-and-population-growth"><a href="http://youtu.be/md0cjl51JTk">Solow Model with Technology Growth and Population Growth</a></h2>
<ul>
<li><a href="http://youtu.be/md0cjl51JTk?t=1m5s"><strong>Adding in Technology to Solow Model</strong></a><br> <a href="http://youtu.be/md0cjl51JTk?t=1m5s" class="plain-link video-desc">We discuss neutral, capital augmenting and labor augmented technology. (The model we’ll be working with incorporates labor augmented technology).</a></li>
<li><a href="http://youtu.be/md0cjl51JTk?t=4m14s"><strong>New Model Set-up, Notation and Assumptions</strong></a></li>
<li><a href="http://youtu.be/md0cjl51JTk?t=9m10s"><strong>A Focus on the “Effective Worker”</strong></a><br> <a href="http://www.youtube.com/watch?v=md0cjl51JTk&amp;feature=youtu.be&amp;t=9m10s" class="plain-link video-desc">We discuss why this model (with technology growth) focuses on the ‘per effective worker’ instead of ‘per-capital’ level. It turns out the steady state is only in per-effective-worker level of capital and output.</a></li>
<li><a href="http://youtu.be/md0cjl51JTk?t=15m5s"><strong>New Law of Motion of Capital-per-Effective-Worker</strong></a><br> <a href="http://youtu.be/md0cjl51JTk?t=15m5s" class="plain-link video-desc">We derive the capital accumulation equation with technology growth.</a></li>
<li><a href="http://youtu.be/md0cjl51JTk?t=20m35s"><strong>Show Growth Rate of <img src="https://latex.codecogs.com/png.latex?%5Chat%7Bk%7D%5E%7B*%7D">, <img src="https://latex.codecogs.com/png.latex?%5Chat%7By%7D%5E%7B*%7D">, <img src="https://latex.codecogs.com/png.latex?k%5E%7B*%7D">, <img src="https://latex.codecogs.com/png.latex?y%5E%7B*%7D">, Y, I, K and C</strong></a><br> <a href="http://www.youtube.com/watch?v=md0cjl51JTk&amp;feature=youtu.be&amp;t=20m35s" class="plain-link video-desc">We calculate the ‘steady state’ values with labor augmenting technology growth and discover that the aggregate values (Y, K, I &amp; C) and per-capita levels (y, k, i &amp; c) are not steady states. They instead go at a rate related to the growth rate of technology and population growth.</a></li>
<li><a href="http://www.youtube.com/watch?v=mDiVFk7wj3w"><strong>Solow Diagram with Technology and Population Growth</strong></a></li>
<li><a href="http://www.youtube.com/watch?v=qQc94rpvNPI"><strong>Calculating Growth Rates of Key Variables</strong></a><br> <a href="http://www.youtube.com/watch?v=qQc94rpvNPI" class="plain-link video-desc">We derive the growth rates of the major model variables: Y, K, I, C, y, k, i, c, <img src="https://latex.codecogs.com/png.latex?%5Chat%7Bk%7D"> and <img src="https://latex.codecogs.com/png.latex?%5Chat%7By%7D">. Nice little summary table there too.</a></li>
<li><a href="http://www.youtube.com/watch?v=Bdr34lhGI-Q"><strong>Transition Dynamics, Level Effects and Growth Rate Changes</strong></a></li>
<li><strong>Summary of Solow Model</strong> - what does the model tell us about economics growth? How well does the model hold up to observable facts?</li>
</ul>
<section id="applications-of-extended-solow-model" class="level3">
<h3 class="anchored" data-anchor-id="applications-of-extended-solow-model">Applications of extended solow model</h3>
<p>Working with the solow-swan model with technology growth and population growth. Given the following shocks, we look at the effect on the solow diagram, and show time series analysis on the major economic variables.</p>
<ul>
<li><a href="http://www.youtube.com/watch?v=GqDln9wE3Lk"><strong>Destruction of Capital (K vanishes, war!)</strong></a><br> <a href="http://www.youtube.com/watch?v=GqDln9wE3Lk" class="plain-link video-desc">What is the effect on the Solow model (with technology and population growth) of a sudden decrease in the capital stock?</a></li>
<li><a href="http://www.youtube.com/watch?v=2h2BJIJRJMM"><strong>Varying the Savings Rate</strong></a> (s↑ or s↓)<br> <a href="http://www.youtube.com/watch?v=2h2BJIJRJMM" class="plain-link video-desc">What is the effect on the Solow model if a sudden decrease in the savings rate (also discussed, a sudden increase in savings).</a></li>
<li><a href="http://www.youtube.com/watch?v=PDZUeYH6nn0"><strong>Changes in the Depreciation Rate</strong></a> (δ↑)<br> <a href="http://www.youtube.com/watch?v=PDZUeYH6nn0" class="plain-link video-desc">What is the impact on the Solow model of an instant change in the depreciation rate (either increase or decrease)?</a></li>
<li><a href="http://www.youtube.com/watch?v=Row9WKvqA18"><strong>Changes in Population Growth Rate</strong></a> (n↓ or n↑)<br> <a href="http://www.youtube.com/watch?v=Row9WKvqA18" class="plain-link video-desc">How does a change in the population growth rate effect the Solow model (with technological change)?</a></li>
<li><a href="http://www.youtube.com/watch?v=r3jI1dAIueU"><strong>Changes in Technology Growth Rate</strong></a> (g↑ or g↓)<br> <a href="http://www.youtube.com/watch?v=r3jI1dAIueU" class="plain-link video-desc">What is the effect on the Solow growth model of a sudden change in the technological growth rate? (both an increase and a decrease in technology growth)?</a></li>
</ul>
<hr>
</section>
</section>
<section id="additional-content" class="level2">
<h2 class="anchored" data-anchor-id="additional-content">Additional Content</h2>
<ul>
<li><a href="http://www.youtube.com/watch?&amp;v=b0FZuvKvOyo"><strong>Numerical Example of Solow Model</strong></a><br> <a href="http://www.youtube.com/watch?&amp;v=b0FZuvKvOyo" class="plain-link video-desc">Given a parameterized model, find the steady state.</a></li>
<li><a href="http://www.youtube.com/watch?v=HGxr6cwnPfo"><strong>Golden Rule Level of capital</strong></a><br> <a href="http://www.youtube.com/watch?v=HGxr6cwnPfo" class="plain-link video-desc">We discuss consumption as the best proxy in the model for welfare and how there is a level of per-worker capital that maximizes consumption. We then find the golden rule level of per-worker capital, and calculate the savings rate the leads to the golden rule level of capital.</a></li>
<li><strong>Solow Residual</strong> — an estimate of Total Factor Productivity</li>
</ul>
<hr>
<p>* <em>Migrated from my old google-sites &amp; cazaar.com personal website in 2026.</em></p>


</section>
</section>

 ]]></description>
  <category>Teaching</category>
  <guid>https://economicurtis.com/posts/009-solow-growth-model-videos/</guid>
  <pubDate>Thu, 20 Dec 2012 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-solow-growth-model-videos/images/solow-model-overview.png" medium="image" type="image/png" height="85" width="144"/>
</item>
<item>
  <title>A Basic Beer in Utility (BIU) Model</title>
  <dc:creator>Curtis Kephart</dc:creator>
  <link>https://economicurtis.com/posts/009-biu/</link>
  <description><![CDATA[ 





<div class="callout callout-style-simple callout-note">
<div class="callout-body d-flex">
<div class="callout-icon-container">
<i class="callout-icon"></i>
</div>
<div class="callout-body-container">
<p>This is what happens when your monetary economics study group starts homebrewing while working through problem sets.</p>
</div>
</div>
</div>
<p><img src="https://economicurtis.com/posts/009-biu/images/biu-brew.jpeg" class="center img-fluid" style="width:80.0%"></p>
<div class="callout callout-style-simple callout-note">
<div class="callout-body d-flex">
<div class="callout-icon-container">
<i class="callout-icon"></i>
</div>
<div class="callout-body-container">
<p>Notes inspired by “Money in an RBC framework” by Carl Walsh, January 2008. And Sidrauski, Miguel. 1967. “<a href="https://www.jstor.org/stable/1821653">Rational Choice and Patterns of Growth in a Monetary Economy</a>.” American Economic Review 57 (2): 534–544.</p>
</div>
</div>
</div>
<section id="a-basic-beer-in-utility-biu-model" class="level2">
<h2 class="anchored" data-anchor-id="a-basic-beer-in-utility-biu-model">A Basic Beer in Utility (BIU) Model</h2>
<section id="first-approach-biu-sidrauski-1967" class="level3">
<h3 class="anchored" data-anchor-id="first-approach-biu-sidrauski-1967">First Approach: BIU Sidrauski (1967)</h3>
<p>Real Beer Volumes enter directly in the utility function.</p>
<p>Given suitable restrictions on the utility function, such an approach can guarantee that, in equilibrium, agents choose to hold positive amounts of beer so that beer is positively valued.</p>
<p>Representative household takes beer-to-work/consumption exchange rates as given, and maximizes</p>
<p><img src="https://latex.codecogs.com/png.latex?%0AE_t%20%5Csum_%7Bi=0%7D%5E%7B%5Cinfty%7D%20%5Cbeta%5Et%20%5C,%20U(C_%7Bt+i%7D,%20BEER_%7Bt+i%7D,%20L_%7Bt+i%7D)%0A"></p>
<p>subject to the budget constraint.</p>
<p>Budget Constraint, in nominal terms:</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cbegin%7Baligned%7D%0AW_t(1%20-%20L_t)%20+%20(r_t%20+%201%20-%20%5Cdelta)%20P_t%20K_%7Bt-1%7D%20&amp;+%20(1%20+%20i_%7Bt-1%7D)%20B_%7Bt-1%7D%20+%20BEER_%7Bt-1%7D%20+%20P_t%20%5Ctau_t%20%5C%5C%0A&amp;=%20P_t%20C_t%20+%20P_t%20K_t%20+%20B_t%20+%20BEER_t%0A%5Cend%7Baligned%7D%0A"></p>
<p>where <img src="https://latex.codecogs.com/png.latex?%5Ctau"> are real, lump sum transfers to the household (which can be negative).</p>
<p>In real terms,</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cbegin%7Baligned%7D%0Aw_t(1%20-%20L_t)%20+%20(r_t%20+%201%20-%20%5Cdelta)%20K_%7Bt-1%7D%20&amp;+%20(1%20+%20i_%7Bt-1%7D)%20%5Cfrac%7BB_%7Bt-1%7D%7D%7BP_t%7D%20+%20%5Cfrac%7BBEER_%7Bt-1%7D%7D%7BP_t%7D%20+%20%5Ctau_t%20%5C%5C%0A&amp;=%20C_t%20+%20K_t%20+%20%5Cfrac%7BB_t%7D%7BP_t%7D%20+%20%5Cfrac%7BBEER_t%7D%7BP_t%7D%0A%5Cend%7Baligned%7D%0A"></p>
<p>or,</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cbegin%7Baligned%7D%0Aw_t(1%20-%20L_t)%20+%20(r_t%20+%201%20-%20%5Cdelta)%20K_%7Bt-1%7D%20&amp;+%20(1%20+%20i_%7Bt-1%7D)%20%5Cfrac%7BP_%7Bt-1%7D%7D%7BP_t%7D%20b_%7Bt-1%7D%20+%20%5Cfrac%7BP_%7Bt-1%7D%7D%7BP_t%7D%20beer_%7Bt-1%7D%20+%20%5Ctau_t%20%5C%5C%0A&amp;=%20C_t%20+%20K_t%20+%20b_t%20+%20beer_t%0A%5Cend%7Baligned%7D%0A"></p>
<section id="first-order-conditions" class="level4">
<h4 class="anchored" data-anchor-id="first-order-conditions">First Order Conditions</h4>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cbegin%7Baligned%7D%0AC:%20&amp;%5Cquad%20U_C%20-%20%5Clambda_t%20=%200%20%5C%5C%5B4pt%5D%0AL:%20&amp;%5Cquad%20U_L%20-%20w_t%20%5Clambda_t%20=%200%20%5Cquad%20%5Cimplies%20%5Cquad%20%5Cfrac%7BU_L%7D%7BU_C%7D%20=%20w_t%20%5C%5C%5B4pt%5D%0AK:%20&amp;%5Cquad%20-%5Clambda_t%20+%20%5Cbeta%20E_t%20(r_%7Bt+1%7D%20+%201%20-%20%5Cdelta)%20%5Clambda_%7Bt+1%7D%20=%200%20%5C%5C%5B4pt%5D%0Ab:%20&amp;%5Cquad%20-%5Clambda_t%20+%20%5Cbeta%20(1%20+%20i_t)%20E_t%20%5Cleft(%20%5Cfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20%5Clambda_%7Bt+1%7D%20=%200%20%5C%5C%5B4pt%5D%0Abeer:%20&amp;%5Cquad%20U_%7Bbeer%7D%20-%20%5Clambda_t%20+%20%5Cbeta%20E_t%20%5Cleft(%20%5Cfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20%5Clambda_%7Bt+1%7D%20=%200%0A%5Cend%7Baligned%7D%0A"></p>
<p>First three FOCs look just like what we’re familiar with from a basic RBC Model (except that <img src="https://latex.codecogs.com/png.latex?U_C"> &amp; <img src="https://latex.codecogs.com/png.latex?U_L"> may depend on <em>beer</em>).</p>
<p>The FOC for beer can be written</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cfrac%7B%5Clambda_t%7D%7BP_t%7D%20=%20%5Cfrac%7BU_%7Bbeer%7D%7D%7BP_t%7D%20+%20%5Cbeta%20E_t%20%5Cleft(%20%5Cfrac%7B%5Clambda_%7Bt+1%7D%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%0A"></p>
<p>Solve forward to yield</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cfrac%7B1%7D%7BP_t%7D%20=%20%5Cleft(%20%5Cfrac%7B1%7D%7B%5Clambda_t%7D%20%5Cright)%20E_t%20%5Csum_%7Bi=0%7D%5E%7B%5Cinfty%7D%20%5Cbeta%5Ei%20%5Cleft%5B%20%5Cfrac%7BU_%7Bbeer%7D(C_%7Bt+i%7D,%20beer_%7Bt+i%7D,%20L_%7Bt+i%7D)%7D%7BP_%7Bt+i%7D%7D%20%5Cright%5D%0A"></p>
<p>which reveals the value of beer as the expected present value of discounted utility return.</p>
<p>Combining the first and third conditions from the FOCs yields the Euler Condition:</p>
<p><img src="https://latex.codecogs.com/png.latex?%0AU_C(C_t,%20beer_t,%20L_t)%20=%20%5Cbeta%20E_t%20(r_%7Bt+1%7D%20+%201%20-%20%5Cdelta)%20%5C,%20U_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%0A"></p>
<p>Similarly with the first and fourth conditions:</p>
<p><img src="https://latex.codecogs.com/png.latex?%0AU_C(C_t,%20beer_t,%20L_t)%20=%20%5Cbeta%20(1%20+%20i_t)%20E_t%20%5Cleft(%20%5Cfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20U_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%0A"></p>
<p>which, of course, implies</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A1%20=%20%5Cbeta%20(1%20+%20i_t)%20E_t%20%5Cleft(%20%5Cfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20%5Cfrac%7BU_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%7D%7BU_C(C_t,%20beer_t,%20L_t)%7D%0A"></p>
<p>The fourth and fifth FOCs may be combined to deliver:</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cfrac%7BU_%7Bbeer%7D%7D%7BU_C%7D%20=%20%5Cbeta%20i_t%20E_t%20%5Cleft(%20%5Cfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20%5Cfrac%7BU_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%7D%7BU_C(C_t,%20beer_t,%20L_t)%7D%0A"></p>
<p>Dividing the condition just above into the one above implies,</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cfrac%7BU_%7Bbeer%7D%7D%7BU_C%7D%20=%20%5Cfrac%7B%5Cbeta%20i_t%20E_t%20%5Cleft(%20%5Cdfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20%5Cdfrac%7BU_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%7D%7BU_C(C_t,%20beer_t,%20L_t)%7D%7D%7B%5Cbeta%20(1%20+%20i_t)%20E_t%20%5Cleft(%20%5Cdfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20%5Cdfrac%7BU_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%7D%7BU_C(C_t,%20beer_t,%20L_t)%7D%7D%20=%20%5Cfrac%7Bi_t%7D%7B1%20+%20i_t%7D%0A"></p>
<p>thus we see that the firm side of this model is the same as with the basic RBC model.</p>
</section>
</section>
<section id="equilibrium" class="level3">
<h3 class="anchored" data-anchor-id="equilibrium">Equilibrium</h3>
<p>Collecting equilibrium conditions.</p>
<p>Given an exogenous process for the productivity shock and the nominal stock of beer, equilibrium consists of time paths for output, real beer volumes, consumption, capital, employment, wages, the nominal rate of brewing, the beer level, and rental rates that satisfy</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cfrac%7BU_L(C_t,%20beer_t,%201%20-%20N_t)%7D%7BU_C(C_t,%20beer_t,%201%20-%20N_t)%7D%20=%20w_t%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cfrac%7BU_%7Bbeer%7D%7D%7BU_C%7D%20=%20%5Cfrac%7Bi_t%7D%7B1%20+%20i_t%7D%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AU_C(C_t,%20beer_t,%20L_t)%20=%20%5Cbeta%20E_t%20(r_%7Bt+1%7D%20+%201%20-%20%5Cdelta)%20%5C,%20U_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AU_C(C_t,%20beer_t,%20L_t)%20=%20%5Cbeta%20(1%20+%20i_t)%20E_t%20%5Cleft(%20%5Cfrac%7BP_t%7D%7BP_%7Bt+1%7D%7D%20%5Cright)%20U_C(C_%7Bt+1%7D,%20beer_%7Bt+1%7D,%20L_%7Bt+1%7D)%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AY_t%20=%20F(N_t,%20K_%7Bt-1%7D,%20Z_t)%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AF_N(N_t,%20K_%7Bt-1%7D,%20Z_t)%20=%20w_t%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AF_K(N_t,%20K_%7Bt-1%7D,%20Z_t)%20=%20r_t%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AY_t%20=%20C_t%20+%20K_t%20-%20(1%20-%20%5Cdelta)%20K_%7Bt-1%7D%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AP_t%20%5C,%20beer_t%20=%20BEER_t%0A"></p>
</section>
<section id="steady-state" class="level3">
<h3 class="anchored" data-anchor-id="steady-state">Steady State</h3>
<p>The Standard RBC relationships, plus</p>
<p><img src="https://latex.codecogs.com/png.latex?%0A1%20=%20%5Cbeta%20%5Cleft(%20%5Cfrac%7B1%20+%20i_t%7D%7B1%20+%20%5Cpi%7D%20%5Cright)%20%5Cquad%20%5Cimplies%20%5Cquad%201%20+%20i_t%20=%20%5Cfrac%7B1%20+%20%5Cpi%7D%7B%5Cbeta%7D%20%5Cquad%20%5C&amp;%20%5Cquad%20i_t%20=%20%5Cfrac%7B1%20+%20%5Cpi%20-%20%5Cbeta%7D%7B%5Cbeta%7D%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0A%5Cfrac%7BU_%7Bbeer%7D(C,%20beer,%201%20-%20N)%7D%7BU_C(C,%20beer,%201%20-%20N)%7D%20=%20%5Cfrac%7Bi_t%7D%7B1%20+%20i_t%7D%20=%201%20-%20%5Cfrac%7B%5Cbeta%7D%7B1%20+%20%5Cpi%7D%20=%20%5Cfrac%7B1%20+%20%5Cpi%20-%20%5Cbeta%7D%7B1%20+%20%5Cpi%7D%0A"></p>
<p><img src="https://latex.codecogs.com/png.latex?%0AP_t%20=%20%5Cfrac%7BBEER_0%20(1%20+%20%5Cpi)%5Et%7D%7Bbeer%7D%0A"></p>
<p>These imply the Fisher equation <img src="https://latex.codecogs.com/png.latex?1%20+%20i%20=%20(r%20+%201%20-%20%5Cdelta)(1%20+%20%5Cpi)">, or</p>
<p><img src="https://latex.codecogs.com/png.latex?%0Ai%20%5Capprox%20r%20+%20%5Cpi%0A"></p>
</section>
</section>
<section id="superneutrality" class="level2">
<h2 class="anchored" data-anchor-id="superneutrality">Superneutrality</h2>
<p>If <img src="https://latex.codecogs.com/png.latex?U_L"> &amp; <img src="https://latex.codecogs.com/png.latex?U_C"> are independent of <em>beer</em> in the utility function (that is, if one’s marginal utility from consumption or marginal disutility of labor is not dependent on how much beer one has), then the real side is identical to the basic RBC model. - <strong>Neutrality</strong>: One time changes in the nominal quantity of beer affect only the beer level. - <strong>Superneutrality</strong>: Changes in the growth rate of beer do not affect real variables.</p>
<p>Changes in the rate of growth of beer affect only the flattening rate, the nominal brewery rate, and real beer balances. If <img src="https://latex.codecogs.com/png.latex?F"> displays constant returns to scale and <img src="https://latex.codecogs.com/png.latex?U_L"> &amp; <img src="https://latex.codecogs.com/png.latex?U_C"> depend on <em>beer</em>, we still get steady-state capital ratio independence of beer growth.</p>
</section>
<section id="welfare-cost-of-flattening" class="level2">
<h2 class="anchored" data-anchor-id="welfare-cost-of-flattening">Welfare Cost of Flattening</h2>
<ul>
<li><p>Because beer volumes yield direct utility and higher rates of beer-flattening reduce real beer volumes, flattening generates a welfare loss.</p></li>
<li><p>Important Questions:</p>
<ul>
<li>How large is the welfare cost of flattening?</li>
<li>Is there an optimal rate of flattening that maximizes the steady-state welfare of the representative household?</li>
</ul></li>
<li><p>The optimal rate of beer-flattening was addressed by Bailey (1956) and M. Friedman (1969).</p>
<ul>
<li>Basic intuition: the private opportunity cost of holding beer depends on the nominal brewery rate (<img src="https://latex.codecogs.com/png.latex?i_t">). The social marginal cost of producing more beer is essentially zero (just small amounts of hops, barley, &amp; water).</li>
<li>The wedge that arises between private marginal cost <img src="https://latex.codecogs.com/png.latex?(1%20+%20i_t)"> &amp; the social marginal cost (nada) when the nominal rate is positive creates an inefficiency.</li>
<li>That inefficiency would go away if the nominal brewery rate (<img src="https://latex.codecogs.com/png.latex?i_t">) were equal to zero.</li>
<li>So the optimal rate of flattening is a rate of… deflation (I guess we have to call it that), approximately equal to the real return on capital.</li>
</ul></li>
<li><p>In the steady state, real beer balances are directly related to the flattening rate, so the optimal rate of flattening is also frequently discussed under the heading of the optimal quantity of beer.</p></li>
<li><p>The major criticism of this result comes from Phelps (1973), who pointed out that beer growth generates revenue for the government, the beer-flattening tax.</p></li>
<li><p>The implicit assumption so far has been that variations in beer growth are engineered via lump-sum transfers (<img src="https://latex.codecogs.com/png.latex?%5Ctau"> from the budget constraint). Any effects on government revenue can be offset by a suitable adjustment in these lump-sum transfers.</p></li>
</ul>
<p>But if governments only have distortionary taxes available for financing expenditures, then reducing beer-flattening tax revenues to achieve the Friedman rule for optimal inflation requires that the lost revenue be replaced through increases in other distortionary taxes.</p>
<ul>
<li><p>To minimize the total distortions associated with raising a given amount of revenue, it may be optimal to rely to some degree on a flattening tax.</p></li>
<li><p>More recent work has reexamined these results (see Chari, Christiano, &amp; Kehoe 1991, 1996; Correia &amp; Teles 1996, 1999; Mulligan &amp; Sala-i-Martin 1997).</p></li>
</ul>


</section>

 ]]></description>
  <category>Economics</category>
  <guid>https://economicurtis.com/posts/009-biu/</guid>
  <pubDate>Tue, 03 Aug 2010 00:00:00 GMT</pubDate>
  <media:content url="https://economicurtis.com/posts/009-biu/images/cover.jpeg" medium="image" type="image/jpeg"/>
</item>
</channel>
</rss>
