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31 Oct 09

Changing People's Minds, Arnold Kling | EconLog | Library of Economics and Liberty

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cognitive_biases economics kling_arnold

15 Oct 09

Thoughts on Probability and Uncertainty, Arnold Kling | EconLog | Library of Economics and Liberty

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taleb_nassim economics probability hanson_robin

14 Oct 09

Belmont Club » The Miracle of the Loaves and Fishes

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reich_robert fernandez_richard healthcare us economics opportunity_cost

Robert Reich was once my teacher and I knew there had to be more to it than tha
Although Reich is liberal he is also incorrigibly intelligent and his remarks were framed as a speech by a hypothetical candidate, who for perverse reasons, could only tell the truth
2 more annotations...
- His main point was that the truth was untellable.
- his hypothetical unspeakable speech slaughtered every sacred cow the Berkeley audience held dear

WorldWatch - September 27, 2009 - Why Union Leaders Are Trying to Destroy Themselves - The Ornery American

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unions minimum_wages economics politics us

12 Oct 09

Have We Misdiagnosed the Crisis? — The American, A Magazine of Ideas

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monetary sumner_scott federal_reserve economics causes gfc

07 Oct 09

TheMoneyIllusion » The silly multiplier “debate”

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fiscal_policy monetary_policy sumner_scott economics

start with the mainstream (Keynesian) definition of the multiplier, which measures the response of nominal GDP to an autonomous increase in government spending.
Notice that this question is not “What would happen if the government boosted spending and monetary policy remained unchanged.” Rather, it is an unconditional question.
2 more annotations...
- In other words, shouldn’t we treat the Fed as any other non-fiscal actor in the economy? An entity whose response to fiscal policy must be modeled, not assumed?
- the Fed should act in such a way as to completely neutralize the impact of fiscal stimulus, i.e. make sure the multiplier is precisely zero.

01 Oct 09

Robert J. Barro and Charles Redlick: Stimulus Spending Doesn't Work - WSJ.com

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fiscal_policy barro_robert economics

21 Sep 09

Economic View - Who Will Determine Who Pays for Equality in Health Care? - NYTimes.com

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healthcare mankiw_greg economics philosophy

18 Sep 09

Causes of the Crisis: The Failure of Economists to Account for Complexity

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economics macroeconomics causes gfc black_swan taleb_nassim

15 Sep 09

Journal of Clinical Investigation -- Health care reform: without a correct diagnosis, there is no cure

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healthcare us economics

14 Sep 09

Forecasting the Cost of U.S. Healthcare — The American, A Magazine of Ideas

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healthcare us fogel_robert economics

07 Sep 09

Barack Obama accused of making 'Depression' mistakes - Telegraph

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great_depression economics obama fiscal_policy buchanan_james

02 Sep 09

Greg Mankiw's Blog: Test Scores and Biological Father's Income

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education wealth mankiw_greg economics intelligence

18 Aug 09

Experts reveal stimulus doubts | The Australian

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economics fiscal_policy australia

31 Jul 09

Recession Worse Than Prior Estimates, Revisions Show (Update1) - Bloomberg.com

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economics us

26 Jul 09

Greg Mankiw's Blog: Trust

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healthcare us mankiw_greg krugman_paul economics politics competition

25 Jul 09

Why markets can’t cure healthcare - Paul Krugman Blog - NYTimes.com

What about cars and car repair you dill!

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krugman_paul healthcare economics

Spendthrift Rudd rewrites our prudent past | Herald Sun Andrew Bolt Blog

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rudd_kevin economics history great_depression

15 Jul 09

FT.com / Comment / Opinion - Time to tackle the real evil: too much debt

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taleb_nassim black_swan economics gfc causes debt inflation

Our view is that government policies worldwide are causing more instability rather than curing the trouble in the system.
First, debt and leverage cause fragility; they leave less room for errors
4 more annotations...
- The same flaw found in risk models that helped cause the financial meltdown is present in economic models invoked by “experts”. Anyone relying on these models for conclusions is deluded
- Thus debt is the province of both the overconfident borrower who underestimates large deviations, and of the investor who wants to be deluded by hiding risks.
- We need to do the opposite to what Mr Greenspan did: make the economy’s structure more robust to bubbles.
- Instead of debt becoming “binary” – in default or not – it could take smoothly-varying prices and banks would not need to wait for foreclosures to take action.