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A propensity to self-subversion.

Malcolm Gladwell on the biography of economist Albert O. Hirschman.
posted by holmesian on Jun 28, 2013 - 8 comments

Did I say "Recession? What Recession?" Oh right, this recession

Recession prompted 'unprecedented' fall in wages - Wages have fallen more in real terms in the current economic downturn than ever before, according to a report. On top of the rising cost of living, a third of workers who stayed in the same job saw a wage cut or freeze between 2010 and 2011, said the Institute for Fiscal Studies (IFS). "The falls in nominal wages... during this recession are unprecedented," said Claire Crawford from the IFS. Labour said the figures showed there was a "living-standards crisis".
posted by marienbad on Jun 12, 2013 - 62 comments

Prizes Trump Biases

If you pay them money, partisans will tell you the truth. (via Marginal Revolution)
posted by shivohum on Jun 4, 2013 - 32 comments

The Myth of Nazi Efficiency

The Myth of Nazi Efficiency
posted by Miko on May 18, 2013 - 84 comments

Science fiction novels for economists

Science fiction novels for economists [via Paul Krugman]
posted by brundlefly on May 15, 2013 - 53 comments

When Adam Smith and Karl Marx agree...

Ha-Joon Chang on why separating politics from economic policies is bad for democracy. What free-market economists are not telling us is that the politics they want to get rid of are none other than those of democracy itself. When they say we need to insulate economic policies from politics, they are in effect advocating the castration of democracy. (Related FPP.)
posted by asnider on May 9, 2013 - 13 comments

The Krugman Times

The Krugman Times, the beloved liberal economist version of Malkovich Malkovich.
posted by ThatFuzzyBastard on May 8, 2013 - 13 comments

Why Philosophers Should Care About Computational Complexity

"One might think that, once we know something is computable, how efficiently it can be computed is a practical question with little further philosophical importance. In this essay, I offer a detailed case that one would be wrong. In particular, I argue that computational complexity theory---the field that studies the resources (such as time, space, and randomness) needed to solve computational problems---leads to new perspectives on the nature of mathematical knowledge, the strong AI debate, computationalism, the problem of logical omniscience, Hume's problem of induction, Goodman's grue riddle, the foundations of quantum mechanics, economic rationality, closed timelike curves, and several other topics of philosophical interest. I end by discussing aspects of complexity theory itself that could benefit from philosophical analysis."

posted by cthuljew on May 5, 2013 - 31 comments

A threadbare set of ideas

The Austerity Delusion: Why a Bad Idea Won Over the West. "Austerity is a seductive idea because of the simplicity of its core claim -- that you can’t cure debt with more debt. This is true as far as it goes, but it does not go far enough. Three less obvious factors undermine the simple argument that countries in the red need to stop spending. The first factor is distributional, since the effects of austerity are felt differently across different levels of society. The second factor is compositional; everybody cannot cut their way to growth at the same time. The third factor is logical; the notion that slashing government spending boosts investor confidence does not stand up to scrutiny."
posted by spamandkimchi on May 1, 2013 - 153 comments

If she weighs the same as a duck... she's made of wood!

Trials by Ordeal were a method of determining guilt or innocence by putting the accused through various torturous experiences. Today these approaches are frequently-mocked and banned almost everywhere, though Sassywood remains common in Liberia. However, economist Peter Leeson argues that trial by ordeal may have been a very effective way of dispensing justice, especially when courts and juries were expensive or broken. According to the paper [PDF], a superstitious belief in iudicium Dei, or the justice of God, may have discouraged the guilty from ordeals, while tilting the scales in favor of the innocent - echoes of the practice persist today in swearing on a Bible. Even Sassywood [pdf] may be better than Liberia's broken justice system.
posted by blahblahblah on Apr 30, 2013 - 11 comments

All those verbal gaffes were just strategery.

Keith Hennessey is a former economic aide to George W. Bush. And he wants you to know that George W. Bush is smarter than you.
posted by zardoz on Apr 25, 2013 - 196 comments

'The ECB with hereditary leadership and the right to employ an army'

"All this gives us one way to understand the Lannister zeal for power in King's Landing. In effect, Tywin is attempting to execute a debt-for-equity swap since his debts aren't actually recoverable. But that simply underscores the extent to which the loans to the Iron Throne are, themselves, worthless as financial assets." Economics of Ice & Fire, Part I and Part II (minor dialogue spoilers for S03E03) [more inside]
posted by Chipmazing on Apr 19, 2013 - 16 comments

Gold Crash

"Gold's crash this weekend is, as Oprah might say, a teachable moment. Crashes like this are a good way to find out how markets work. It's like a game of financial Clue, a way to keep sharp your skills of deduction. You don't have to be a stock investor or a math whiz to figure it out, either – you just have to have a good grasp of news and human psychology." - the Guardian on this week's crash in gold commodity prices.
posted by Slap*Happy on Apr 18, 2013 - 85 comments

The Day Care Dilemma

"Trusting your child with someone else is one of the hardest things that a parent has to do — and in the United States, it’s harder still, because American day care is a mess. About 8.2 million kids—about 40 percent of children under five — spend at least part of their week in the care of somebody other than a parent. Most of them are in centers, although a sizable minority attend home day cares.... In other countries, such services are subsidized and well-regulated. In the United States, despite the fact that work and family life has changed profoundly in recent decades, we lack anything resembling an actual child care system. Excellent day cares are available, of course, if you have the money to pay for them and the luck to secure a spot. But the overall quality is wildly uneven and barely monitored, and at the lower end, it’s Dickensian."
posted by zarq on Apr 15, 2013 - 139 comments

What's The Question About Your Field That You Dread Being Asked?

"Maybe it's a sore point: your field should have an answer (people think you do) but there isn't one yet. Perhaps it's simple to pose but hard to answer. Or it's a question that belies a deep misunderstanding: the best answer is to question the question."
posted by the man of twists and turns on Apr 14, 2013 - 259 comments

Smaller Wallets, Larger Households?

A dozen ultraleft voluntarists arguing about shower schedules is a noise complaint; 120,000 downwardly mobile yuppies doing it out of necessity is a substratum. The material realities of declining wages, ballooning debt, and skyrocketing rents at the core of the neoliberal city have conspired to herd young people into unprecedentedly dense, poor, and precarious kinds of living arrangements. - Andrew Fogle on how the economic crisis is changing how people live together.
posted by The Whelk on Apr 12, 2013 - 55 comments

"like most of the working class, I’ve developed a locust morality."

The Locust Economy
I was picking the brain of a restauranteur for insight into things like Groupon. He confirmed what we all understand in the abstract: that these deals are terrible for the businesses that offer them; that they draw in nomadic deal hunters from a vast surrounding region who are unlikely to ever return; that most deal-hunters carefully ensure that they spend just the deal amount or slightly more; that a badly designed offer can bankrupt a small business. He added one little factoid I did not know: offering a Groupon deal is by now so strongly associated with a desperate, dying restaurant that professional food critics tend to write off any restaurant that offers one without even trying it.
[more inside]
posted by the man of twists and turns on Apr 11, 2013 - 73 comments

What next after capitalism?

Recent posts here, here and here discuss a growing sense that climate change is going to be worse than we thought. A link to Charles Stross's musing on a future that included climate change was discussed on MeFi here. But Kim Stanley Robinson asks a slightly different question: If capitalism is the driver of climate change, what happens next? What does post-capitalism look like?
posted by BillW on Apr 9, 2013 - 90 comments

The best of the web - that'll be $30, please

Open access: The true cost of science publishing
posted by Gyan on Mar 29, 2013 - 45 comments

We're Going To Have To Find Out How To Deal With Lots Of Idle Hands

The Forces Of The Next 30 Years - SF author and Mefi's Own Charles Stross talks to students at Olin College about sci-fi, fiction, speculation, the limits of computation, thermodynamics, Moore's Law, the history of travel, employment, automation, free trade, demographics, the developing world, privacy, and climate change in trying to answer the question What Does The World Of 2043 Look Like? (Youtube 56:43)
posted by The Whelk on Mar 27, 2013 - 18 comments

Incommensurable values

Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
posted by kliuless on Mar 25, 2013 - 27 comments

The economics of time travel

Would time travellers affect security prices? An article by Richard Hudson. [more inside]
posted by medusa on Mar 25, 2013 - 30 comments

Putting the "I" in IPO

Mike Merrill decided to sell shares in his life. He now has 160 shareholders who can tell him what to do.
posted by reenum on Mar 23, 2013 - 21 comments

sea & sky

seaQuest: what if we could learn to live on/underneath the oceans (or in orbit)? [previously(er)] [more inside]
posted by kliuless on Mar 18, 2013 - 14 comments

The Economics of Spam

A paper from Justin M. Rao and David H. Reiley in the Journal of Economic Perspectives (full-text pdf) about spam economics. [more inside]
posted by frimble on Mar 16, 2013 - 7 comments

echoes

A brief history of the Chinese growth model [note: not so brief] - "the Chinese development model is an old one, and can trace its roots at least as far back as the 'American System' of the 1820s and 1830s. This 'system' was itself based primarily on the works of the brilliant first US Secretary of the Treasury Alexander Hamilton..." [more inside]
posted by kliuless on Mar 2, 2013 - 6 comments

Sociology (and other group data) assumptions based on Americans.

And that's a bad idea. Much of standard group behavior data in Sociology/Economics/Psychology is based on Americans. Which don't seem (contrary to universal assumptions) to be shared by a lot of the World.
posted by aleph on Feb 25, 2013 - 53 comments

Students all over the world are demanding a new curriculum.

A Renaissance in Economics The American President Ronald Reagan once quipped, “The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’” I get the same shivers when someone introduces themselves as an economist.
posted by infini on Feb 13, 2013 - 39 comments

En arche en ho Legos :: The Price of a Lego Brick

“LEGO® sets are not cheap toys. They are made to the highest standards and have the price to go along with it. However, in the past couple decades it seems that the price of LEGO sets has become outrageous. New sets can sell for up to $500 retail and old sets can sell for twice that in a secondary market. This is a children’s toy, right? There is no way LEGO sets have always been this expensive; it is just molded plastic. Let’s take a look at the history of LEGO pricing and try to figure out what is going on.”
posted by zamboni on Feb 7, 2013 - 106 comments

If we hit that bullseye, the rest of the dominoes should fall like a ...

House of Cards is a new original "TV" series that is not destined for any TV distribution channel. Instead, it was developed by, and is only available through, Netflix. Netflix posted the entire first "season," 13 1-hour episodes, on Friday. (Is this the new thing?) Some of us, cough, watched the whole thing. [more inside]
posted by grobstein on Feb 3, 2013 - 106 comments

Paid in Vibes

Last week a debate erupted in the US comedy community between stand-up comedians (like Kurt Metzger and Mike Lawrence) and the Upright Citizens Brigade Theater about the fact that at none of their three theaters pay any of their performers (including UCBEast in New York, which often has Saturday Night Stand-up shows). Other comics such as Chris Gethard eloquently came to their defense. This week two of the founders Matt Besser and Matt Walsh released an episode of Besser's pocast Improv for Humans that goes into details about the club's philosophy, including why they have never taken any money from founding and running the theater. [more inside]
posted by Potomac Avenue on Feb 1, 2013 - 68 comments

Nuts

Yesterday, the Nielsen Company released a report showing that same-sex partnered households in America shop about 16% more than the average US household. Broken down into categories, Nielsen observes that gay couples drink a ton, while lesbian couples eat an awful lot of cottage cheese.
posted by schmod on Jan 31, 2013 - 63 comments

Cat Bites Man. Hospital Charges $55k.

Call it the $55,000 cat bite.
posted by Kitty Stardust on Jan 28, 2013 - 205 comments

The Origins of Neoliberalism

Philip Pilkington writes for naked capitalism: The Origins of Neoliberalism Part I: Hayek's Delusion
Hayek’s entire ideology and career had begun to come apart in the 1930s. His theories were shown to be inconsistent in the academic journals of the time and the practical implications of those theories had shown themselves to be both discredited and dangerous. A man in such a position only has two choices: he can either completely re-evaluate his ideas which, if they were held with unshakeable conviction and constituted a core component of his emotional make-up, as seems to have been the case with Hayek, would have likely resulted in a mental collapse; or, alternatively, he can engage in a massive repression, shut out reality and construct around himself a fantasy world.
[more inside]
posted by the man of twists and turns on Jan 18, 2013 - 136 comments

Level 2 is more worrisome. Level 3 is hair-raising.

"We decided to go on an adventure through the financial statements of one bank [Wells Fargo], to explore exactly what they do and do not show, and to gauge whether it is possible to make informed judgments about the risks the bank may be carrying. We chose a bank that is thought to be a conservative financial institution, and an exemplar of what a large modern bank should be."
posted by vidur on Jan 14, 2013 - 14 comments

What went wrong and how to fix it.

Stimulus or Stymied?: The Macroeconomics of Recession: An American Economic Association panel discussion on the Great Recession between four leading economists - Paul Krugman (Princeton), Valerie Ramey (UCSD), Harald Uhlig (Chicago) and Carlo Cottarelli (IMF), chaired by Brad DeLong (Berkeley).
posted by moorooka on Jan 12, 2013 - 9 comments

Beauty matters. Plainness hurts.

Unpacking the Beauty Premium, Borland J & Leigh A, unpub., 2013.
The first Australian study of the financial return to physical attractiveness finds its worth an astounding $32,150 in annual salary, with men of above average looks typically commanding $81,750 compared to $49,600 for men with below-average looks.
Men with below-average looks were 15 per cent less likely than normal to be employed and were typically employed for a 9 per cent lower wage. They were also less likely to be married and less likely to married to a woman of high income.

posted by wilful on Jan 6, 2013 - 64 comments

The full economic impact of Smaug can only be understood by recognizing that the dragon's arrival resulted in a severe monetary shock…

The Macroeconomics of Middle-Earth
posted by fearfulsymmetry on Jan 2, 2013 - 63 comments

Any little vibration could reduce the whole creaking arrangement into a heap of rubble and ashes.

James Howard Kunstler's forecast for 2013
posted by mhjb on Jan 2, 2013 - 98 comments

Debtmageddon vs the robot utopia.

Debtmageddon vs the robot utopia.
posted by zoo on Dec 28, 2012 - 20 comments

Japan

What's Going On In Japan? "Really Japan is quite a remarkable case, since neither fiscal nor monetary policy seems to be working to achieve the anticipated results. This year Japan will have a fiscal deficit of around 10% of GDP and gross government debt will hit 235% of GDP, yet the country is still struggling to find growth. Instead of reiterating old dogmas (whether they come from Keynes or from Hayek) more people should be asking themselves what is happening here. This is not a simple repetition of something which was first time tragedy and is now second time tragedy, it is something new, and could well be a harbinger for more that is to come, elsewhere. Oh, why oh why are economists not more curious?" [more inside]
posted by kliuless on Dec 27, 2012 - 82 comments

Study says it's true of Econ and Business students, not so much for Humanities (or Lawyers)

Research Says: Studying Economics Turns You Into a Liar The researchers ultimately ran their test on 258 students from various majors, including business, economics, the humanities, sciences, law, among others. And there was a clear gap: even though a large portion of students lied from every field, economics and business students lied a much more often than everybody else. As shown in the table below, just 22.8 percent of them honestly reported the colors of the flashing circles, even when it cost them that extra euro. More than half of humanities students, on the other hand, were honest. Same went for law students, who appeared to play against type. (They also claim that the *study* made the difference and not just the type of student that signed up for that kind of study.)
posted by aleph on Dec 20, 2012 - 80 comments

"how we learned to stop worrying and embrace the abstraction"

A Brief History Of Money [more inside]
posted by the man of twists and turns on Dec 16, 2012 - 53 comments

Hari Krugman

"There are certain novels that can shape a teenage boy's life. For some, it's Ayn Rand's Atlas Shrugged; for others it's Tolkien's The Lord of the Rings. As a widely quoted internet meme says, the unrealistic fantasy world portrayed in one of those books can warp a young man's character forever; the other book is about orcs. But for me, of course, it was neither. My Book – the one that has stayed with me for four-and-a-half decades – is Isaac Asimov's Foundation Trilogy, written when Asimov was barely out of his teens himself. I didn't grow up wanting to be a square-jawed individualist or join a heroic quest; I grew up wanting to be Hari Seldon, using my understanding of the mathematics of human behaviour to save civilisation." [Paul Krugman: Asimov's Foundation novels grounded my economics]
posted by vidur on Dec 9, 2012 - 79 comments

“Mom, I maximize your utility.”

The Economics of Caring There's something deeply flawed about an economic system that measures utility but not the attachments we feel to another person, or to one's homeland.
posted by infini on Dec 2, 2012 - 26 comments

Fiscal-Cliff-Diving

There's been a lot of talk in the US media about the "Fiscal Cliff" and the "Grand Bargain" What are they?
The "fiscal cliff" is a confluence of three legal changes taking effect Jan. 1: the expiration of a payroll-tax cut, the expiration of the Bush-era tax cuts, and the advent of mandatory spending cuts known as "sequestration."
Fiscal Cliff 101: 5 Basic Questions Answered. What's Happening: Fiscal Cliff Explained [more inside]
posted by the man of twists and turns on Dec 1, 2012 - 214 comments

The New York Times - Complaints Aside, Most Face Lower Tax Burden Than in 1980

The New York Times examines how American taxes have changed since 1980
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Nov 30, 2012 - 105 comments

Some Of That Soul Searching That We Were Told Was Called For

Bruce Bartlett tells the story of how he lost faith in the Republican Party.
posted by Ipsifendus on Nov 28, 2012 - 162 comments

Obliged Subjects

Her Majesty the Queen has been pleased to approve the appointment of Mark Carney as Governor of the Bank of England from 1 July 2013. He will succeed Sir Mervyn King. [more inside]
posted by vozworth on Nov 27, 2012 - 48 comments

Has politics gone peer-to-peer?

Has politics gone peer-to-peer? A rich 90-minute panel discussion with Steven Johnson, author of "Future Perfect: The Case for Progress in a Networked World", featuring Yochai Benkler, Susan Crawford and Lawrence Lessig.
posted by mhjb on Nov 26, 2012 - 6 comments

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