Posts Tagged ‘Economics’

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 38 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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Quote note (#264)

David Henderson quoting Peter Brimelow:

One winter afternoon in late 1975, Joe Clark came to see me in the Toronto offices of the Financial Post. This was even before he became Joe Who. He was running for the leadership of the Progressive Conservative Party, but almost no one had noticed. Earlier that fall Clark had broken a previous appointment with me, pleading insufficient time to consult his economic advisors. Economics is a stigma you have to accept when you write for the Financial Post. Somewhat reluctantly, I began our rescheduled interview by asking him what he thought about the Economic Council of Canada’s just-published report Looking Outward, which had recommended continental free trade and had therefore been widely denounced as advocating Canada’s absorption into the U.S.A. […] Clark immediately fell apart. Frankly, he said, he didn’t know anything about economics — still — and his exhausting schedule wasn’t helping. You see, he added, “when I went into politics I had to choose between learning economics and learning French. And I chose French.”

There are socio-historical depths to that option lying beyond all facile comprehension.

July 1, 2016admin 14 Comments »
FILED UNDER :Discriminations
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Chaos Patch (#116)

(Open thread + links (delayed))
Given recent disruption, probably especially patchy. (Chaos Patches might be moving to Tuesday’s regularly for a while, coincidentally.)

The death of exit. The Pope of Moldbuggian ‘orthodoxy’. The Hoppean road. A fake civilization. The church cannot lead. WeSearchr (repeated). The weekly round (in doom), and outliers.

This is an insanely difficult perspective to adopt …” Ascended Economy (1, 2), and very related.

Return of the tribe (also). The monarchist moment. Amren quafs leftist tears (1, 2). Resentment cannot be assuaged. Sexy pagans.

Alt-Right panic report. The Aryan Goddess (1, 2, 3). The unnecessariatBlame the left for the Alt-Right. “It’s really concerning …” (video).  Origins of the Alt-Right. Fashy birds.

More Duerte Harry. Venezuela‘s only friends are idiots (there’s a Marxist take). Low-T Europe (1, 2), plus the center cannot hold (1, 2, 3). Flashpoint Austria. Tomorrow‘s EU. Greece is going nowhere. Britain’s true friends. The US and SE Asian geopolitics (over ideology). The old South Africa. Indian demographicsChallenges and opportunities in China. Global security welfare. Deglobalization. The Westphalian order is dying (video).

Trumpenführer panic report (0, 1, 2). Resistance is futile (plus, and double-plus). The SCOTUS factor. Authoritarians for Trump (video). Foreign drama.

Slack Twitter.

Asian racism (inversely related).

Thiel and private deterrence (1, 2, 3, 4), relevant. Milo does DePaul (video).

Brains do not compute. Vox does IQ. End of the anti-biotic era. Information processing in bacteria. Zombie ants.

VR and philosophy. Quantum philosophy.

The Uber-effect. Crypto-radicalization. Implementing swarm intelligence.

On dares. Hyper-Reality.

May 31, 2016admin 38 Comments »
FILED UNDER :Chaos
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Chaos Patch (#111)

(Open thread + links)

UR death squawk. Patched (delicately) into the NYT. Universalist error. Passivism pro and con, also indispensable (1, 2), and a grim reminder. Balkanization is hard. Echoes of Innsmouth, and Snowcrash. Cashless. Deep State signal. The black pill. Ever higher holiness. Horror (1, 2). The weekly round, plus outliers.

The Alt-Right at Vox (more here, and here). Creepy but fabulous.

China’s resilient Legalism. The South African slide (1, 2, 3). Those twentyeight pages. Submission. Badly oiled. A UN plague. Paris under auto-occupation. Midlife crisis in Singapore. Geopolitical switcheroo. Zbigniew Brzezinski’s world, and Dugin‘s.

Austrianism and civilization. Diasporic neocons and smug liberals. Jackson on the chopping block. Space commies. American monarchists and Texan secessionists. Squashing sanity. Cops on the leash. The human zoo. Concept creep. Hashed crypto-politics. The Islamophobia card (also). Mormon transhumanism. Satanic Revolution.

Inheritance reduces wealth inequality. Two monetary regimes. Hard landing.

Trumpenführer panic report (It’s baaack.) Trump and simulation (plus 1, 2). The Silicon Valley Frankenstein monster. Supportive voices (1, 2). Trumpism breeders. The don’t-put-your-hand-in-hornet-nests candidate.

Conservative media hackery. “Triggering is real.” Silicon Valley, academia and the sacred. Red-on-red. The digital branch.

Racial reality and its discontents. White death. Third world flood. Cuckoo extravagance of the week. Opinion in Israel. Ethnic cleansing in SF. Leftist racial lunacy watch (1, 2). Amerikan Jews (1, 2). Racial mysticism.

“When the cult dies, the culture dies and when the culture dies the civilization dies, and when the civilization dies the people die, and that’s what’s happening to western civilization.” Apocalypse cometh. Pulitzer-wreathed tectonic terror.

The trajectory of eugenics (plus 1, 2, 3). CRISPR crispened. Life history strategy theory (relevant). Serial killers re-profiled.

Loss of evidence. Crisis in climate science (1, 2).

History of AI players. AI crafting (also). Soft robots. Robots and racism. Fast flexible transistors. The coming VR wave. What will Bitcoin become? Individualism and smart machines (audio).

Fascist architect of the week. A mapped Mandelbrot set. Evolutionary skepticism. Scott Aaronson interviewed. Hot politics.

April 24, 2016admin 36 Comments »
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