Posts Tagged ‘Economics’

Quote note (#352)

Cowen the edgelord:

Let’s say you’ve read and loved Julian Simon, who stressed mankind’s indefatigable power of creation and innovation. I certainly have. Simon stressed that the cost of producing real resources likely would fall, thereby spreading wealth across mankind. The bad news is that probably should make you a Malthusian. …

The compact argument is brilliant, brutal, contrarian, and solidly-traditional in a way that’s not easy to over-appreciate.

May 11, 2017admin 55 Comments »
FILED UNDER :Realism
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Sentences (#100)

Cathedral money:

the reason why inflation measurement and reporting has become so controversial is that it is “less a measure of purchasing power (and therefore a financial tool), and increasingly a process of affecting macro-economic policies (and therefore a policy lever).”

(The whole post is crucial, still more so the report.)

May 10, 2017admin 17 Comments »
FILED UNDER :Political economy
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Sentences (#96)

Cynical insight from Spandrell:

nobody cares about the public purse. It’s public.

April 18, 2017admin 23 Comments »
FILED UNDER :Democracy
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Quote note (#344)

Cowen:

… Here’s another way to put my concern. The percentage of global GDP which is held in relatively non-free countries, such as China, has been rising relative to the share of global GDP held in the freer countries. I suspect we are underrating the noxious effects of that development.

If freedom has become disconnected from economic competence, then classical liberalism is dead.

(The XS suspicion, however, is that Cowen’s sense of “freedom” has been so corrupted by social democracy that it’s incapable of doing the work he wants it to here.)

March 22, 2017admin 40 Comments »
FILED UNDER :Political economy
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Twitter cuts (#121)

Some things are simple.

March 12, 2017admin 30 Comments »
FILED UNDER :Political economy
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Quote note (#309)

Woah:

On Monday, Trump will meet with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute. […] There have been reports that Allison is being considered for Treasury secretary. […] Trump’s has on the campaign trail questioned the future of the Federal Reserve’s political independence, but Allison takes that rhetoric a step further. While running the the Cato Institute, Allison wrote a paper in support of abolishing the Fed. […] “I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed,” Allison wrote in 2014 for the Cato Journal, a publication of the institute. […] Allison said that simply allowing the market to regulate itself would be preferable to the Fed harming the stability of the financial system. […] “When the Fed is radically changing the money supply, distorting interest rates, and over-regulating the financial sector, it makes rational economic calculation difficult,” Allison wrote. “Markets do form bubbles, but the Fed makes them worse.”

November 29, 2016admin 15 Comments »
FILED UNDER :Political economy
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Twitter cuts (#97)

Woah.

October 27, 2016admin 23 Comments »
FILED UNDER :Events
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Sentences (#77)

Nick Rowe on the economics of immigration:

“Total Factor Productivity” is not some geological feature like the Canadian shield. There has to be a reason why some countries are rich and other countries are basket cases, and unless you are lucky enough to find yourselves sitting on great reservoirs of oil that someone else will pay you to pump out of the ground, that reason seems to have something to do with social/economic institutions, and social/economic institutions seem to have something to do with people.

(If you want to be a format purist, treat the second sentence as the target, and the first as the lead-in — the emphasis has been juggled to help.)

(Via.)

October 21, 2016admin 61 Comments »
FILED UNDER :Discriminations
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Wealth Space

From Szabo’s critically-important exploration of collectibles:

Collectibles3

At the extreme upper left-hand corner is modern money – used purely as a medium of exchange and obligation satisfaction, and with high velocity, typically several transactions per month. The predominant such media in a culture also usually becomes its of account. At the opposite (southeast) extreme are pure stores of value – seldom if ever alienated, they usually change ownership only at death. At the northeast extreme are pure collectibles – a low-velocity (a few to a few dozen transfers per human lifetime) medium of obligation satisfaction and exchange, but also a store and display of wealth. At the southwest extremely are immediate consumables, such as food obtained from foraging in cultures that do not preserve or store their food.

September 3, 2016admin 33 Comments »
FILED UNDER :Political economy
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Qwernomics

Qwernomics
(Image source: Amy Ireland.)

Paul A. David provides the theoretical backstory, in his essay ‘Clio and the Economics of QWERTY’:

A path-dependent sequence of economic changes is one of which important influences upon the eventual outcome can be exerted by temporally remote events, including happenings dominated by chance elements rather than systematic forces. Stochastic processes like that do not converge automatically to a fixed-point distribution of outcomes, and are called non-ergodic. In such circumstances ‘historical accidents’ can neither be ignored, nor neatly quarantined for the purpose of economic analysis; the dynamic process itself takes on an essentially historical character. […] Touch typing gave rise to three features of the evolving production system which were crucially important in causing QWERTY to become ‘locked in’ as the dominant keyboard arrangement. These features were technical interrelatedness, economies of scale, and quasi-irreversibility of investment. They constitute the basic ingredients of what might be called QWERTYnomics.

The format of the Qwerty keyboard illustrates the production of a destiny. Even in the epoch succeeding the mechanical type-writer, and its specific design imperatives, the legacy layout of alphanumeric keys settled during the 1890s has remained frozen into place without significant revision. In the language of complex systems analysis, this is a special example of path-dependency, or irreducible historicity, characterized by irreversibility. Qwerty persists – arguably, as a suboptimal keyboard solution – due to identifiable ratchet-effects. Based upon this privileged model, the historical, technological, and economic process of ‘lock in’ through positive feedback is called QWERTY-nomics (and — going forward — simply ‘Qwernomics’).

Continue Reading

August 18, 2016admin 36 Comments »
FILED UNDER :History
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