The New York Times examines
how American taxes have changed since 1980
Bruce Bartlett tells the story
of how he lost faith in the Republican Party.
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]
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.
Who's the Shop Steward on Your Kickstarter? "The true product for sale on Kickstarter is not your art project, but your community and networks. ... Our projects that facilitate the funding are a side effect, a cost of doing business—the business of drilling our relationships for all they are worth."
Are Social Impact Bonds a good way to invest in public services?
"Imagine a contract where private investors are paid by the government if there's a decrease in homelessness or convicts re-offending. It's a an idea that's taking shape in the UK and some US states. And now the Canadian government is considering piloting social impact bonds. Critics say it's a way of governments shirking their responsibilities." CBC's "The Current" reports. [more inside]
A massive shortage of gas
all over New York and New Jersey is fueling hours-long lines stretching blocks or even miles. A big part of the problem
has been power shortages to gas stations and refineries. Nevertheless, some argue
that laws preventing gas prices from spiking in response to the disaster ("price gouging") are making things much worse
, discouraging businesses from staying open in tough conditions and preventing entrepreneurs from profiting from any clever ways of increasing supply. Others admit gouging has some advantages, but still consider it ethically dubious
. Gouging seems to be happening informally
From the mid 40s to the mid 50s Coronet Instructional Films
were always ready to provide social guidance for teenagers on subjects as diverse as dating
, preparing for being drafted
, and shyness
, as well as to children on following the law
, the value of quietness in school
, and appreciating our parents
. They also provided education on topics such as the connection between attitudes and health
, what kind of people live in America
, how to keep a job
, supervising women workers
, the nature of capitalism
, and the plantation System in Southern life
. Inside is an annotated collection of all 86 of the complete Coronet films in the Prelinger Archives
as well as a few more. Its not like you had work to do or anything right? [more inside]
In the spirit of the Nobel season, Yasha Levine discusses the history of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
as a PR gimmick for laissez-faire economics, and how its existence is an affront to the Nobel legacy.
Are Healthy Foods Really More Expensive?
(6.78 MB PDF) It turns out that it depends on how you measure the price. In a recent study by the USDA
, some 4,439 foods were compared using the following metrics: the price of food energy ($/calorie), the price of edible weight ($/100 edible grams), the price of an average portion ($/average portion), and the cost of meeting the federal dietary recommendations for each food group. The study found that for all metrics except the price of food energy ($/calorie) healthy foods cost less than less healthy foods (defined as foods that are high in saturated fat, added sugar, and/or sodium, or that contribute little to meeting dietary recommendations).
Why Obama Now
- from Simpsons/Family Guy animator Lucas Gray [more inside]
“Economic theory has come to a dead end — the last real breakthroughs were in the 1960s,” says Yanis Varoufakis, a Greek economist recently hired by the video-game company Valve. “But that’s not because we stopped being clever. We came up against a hard barrier. The future is going to be in experimentation and simulation
— and video game communities give us a chance to do all that.”
"Liberals have not always been very good at communicating why liberalism works. There’s many reasons for this, but part of it is that it can be hard to defend the obvious from an absurd and deceptive attack. For half a century you had to be a crank to oppose what Roosevelt accomplished; liberals got out of the habit of arguing for their beliefs.
I hope this page will help. Liberals don’t need to apologize for their vision of how American society should work. Liberalism saved American capitalism and democracy, defeated Naziism, created a prosperous middle class, and benefited every sector of society, from the back streets to Wall Street. " Mefi's own Zompist (previously
) on Why Liberalism Works.
The Golden Age
, an essay by prominent Australian economist John Quiggin
, reflecting on the current relevance and future possibilities of Keynes 1930 essay, Economic Possibilities for our Grandchildren
It seems as if stealing bikes
shouldn’t be a lucrative form of criminal activity. Used bikes aren’t particularly liquid or in demand compared to other things one could steal (phones, electronics, drugs). And yet, bikes continue to get stolen. What happens to these stolen bikes and how do they get turned into criminal income?
The American people “should be enraged by the broken promises to Main Street and the unending protection of Wall Street”
writes Neil Barofsky
, former Inspector General of the Troubled Asset Relief Program
in his new book, Bailout
, about his time in that office. His trenchant criticisms of Washington egos, moneyed interests, and political games has some calling him an "idealistic alien"
and others vehemently
. Treasury Secretary Timothy Geithner comes off particularly poorly in Bailout
, unsurprising in light of his well-known feud with Barofsky over the efficacy of the bailouts
The complete guide to America's jobs crisis and the failure of monetary policy using animated gifs
Trade-offs between inequality, productivity, and employment
- "The poor do not employ one another, because the necessities they require are produced and sold so cheaply by the rich. The rich are glad to sell to the poor, as long as the poor can come up with property or debt claims or other forms of insurance to offer as payment..." [more inside]
"Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks." [Five years on, the Great Recession is turning into a life sentence
Financial Markets, Politics and the New Reality
: "Louis M. Bacon is the head of Moore Capital Management, one of the largest and most influential hedge funds in the world. Last week, he announced that he was returning one quarter of his largest fund, about $2 billion, to his investors, [saying] it is impossible to make money when there is heavy political involvement, because political involvement introduces unpredictability in the market… Adam Smith and David Ricardo, who modern investors so admire, [never] used the term "economics" by itself, but only in conjunction with politics; they called it political economy… The investors' problem is that they mistake the period between 1991 and 2008 as the norm and keep waiting for it to return."
The current system of corporate governance is bunk. Capitalist corporations are on the way to certain extinction. Replete with hierarchies that are exceedingly wasteful of human talent and energies, intertwined with toxic finance, co-dependent with political structures that are losing democratic legitimacy fast, a form of post-capitalist, decentralised corporation will, sooner or later, emerge.
An analysis of the management and organizational style of Valve Software
Robert and Edward Skidelsky talk
about their book
"How much is enough."
Mixing economics and philosophy will obviously cause a lot of debate, but they do raise some valid points.
...But most of all
, I am emerging from this drama with a renewed appreciation for the value of my taxpayer-supported public services. The Berkeley Fire Department did right by me — not only by saving most of my house from burning to the ground, but also by demonstrating real human kindness and connection in the middle of fire and chaos. In the rubble, I found magic. And in a strange way, I feel like I deserved it. In Berkeley, we are addicted to high taxes — in the 25 years I’ve lived here, I can’t even count how many times I and my fellow citizens have said a resounding yes to yet another tax hike or bond measure. Two weeks ago, I got my money’s worth. [more inside]
Australia joined many
in putting a price
on carbon pollution (fixed
CO2e for three years) (prev)
. Despite extensive compensation
, this moderate
has proved enormously unpopular
("based on a lie
") and is expected to be repealed
the Federal Opposition are returned to government.
Jon Ronson (whose book The Psychopath Test
was the basis of a This American Life episode
) interviews folks living in America at several varied levels of income in: GQ - Amber Waves of Green
In less than an hour, the Supreme Court will hand down its final judgment in what has become one of the most crucial legal battles of our time: the constitutionality of President Obama's landmark health care reform law.
The product of a strict party line vote following a
of debate, disinformation
, and tense legislative wrangling, the Affordable Care Act
would (among other popular reforms
) require all Americans to buy insurance coverage by 2014, broadening the risk pool
for the benefit of those with pre-existing conditions.
The fate of this "individual mandate," bitterly opposed by Republicans despite its similarity to past plans touted by conservatives
(including presidential contender Mitt Romney
) is the central question facing the justices today
. If the conservative majority takes the dramatic step
of striking down the mandate, the law will be toothless, and in danger of wholesale reversal, rendering millions uninsured
, dealing a crippling blow to the president's re-election hopes, and possibly endangering the federal regulatory state
But despite the pessimism of bettors
, some believe
the Court will demur, wary of damaging
its already-fragile reputation
with another partisan 5-4 decision
. But those who know don't talk, and those who talk don't know
. Watch the SCOTUSblog liveblog
for updates, Q&A, and analysis as the truth finally comes out shortly after 10 a.m. EST.
GDP since Jesus. That headline is a big promise. But here it is: The economic history of the world going back to Year 1 showing the major powers' share of world GDP, from a research letter written by Michael Cembalest, chairman of market and investment strategy at JP Morgan.
everything to the left of 1800 is an approximation of population distribution around the world and everything to the right of 1800 is a demonstration of productivity divergences around the world. [more inside]
In Praise of Leisure
- "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren
.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via
) [more inside]
Happyism: The Creepy New Economics of Pleasure.
Economist Dierdre McCloskey
, in the New Republic, digs into the mathematical underpinnings of the scientific study of happiness. Executive summary: she doesn't like what she finds.
The Mommy-Fight Site.
What does it mean to raise a child in "America’s highest-income, best-educated Census area
? D.C. Urban Moms and Dads
might be as close as it gets to a field guide to parentis Washingtonianis
" [more inside]
Tails of the Unexpected:
"Normality has been an accepted wisdom in economics and finance for a century or more. Yet in real-world systems, nothing could be less normal than normality. Tails should not be unexpected, for they are the rule." An eminently human-readable explanation of why normal models fail to describe the uncertainties of our abnormal world. [more inside]
"Can doctors and investment advisers be trusted? And do we live more for experiences or memories? In a SPIEGEL interview, Nobel Prize-winning psychologist Daniel Kahneman discusses
the innate weakness of human thought, deceptive memories and the misleading power of intuition."
The Global Middle Class Is Bigger Than We Thought A new way of measuring prosperity has enormous implications for geopolitics and economics.[...] the number of passenger cars in circulation serves as the most reliable gauge we have about the size of a country's middle class.
Louisiana monks go to court to sell their caskets.
“The number one thing you should do as a public interest litigator is to get monks as your clients in every single case.”
Take a holiday in Somaliland: journey to the state that isn’t.
"Positioned on the upper haunch of the Somali dog-leg the Republic of Somaliland looks initially unpromising. It is mainly dry and rocky, there are few paved roads, and the population is small and generally dispersed. ... Whilst the economy may be on the up, Somaliland still feels extremely isolated. An employee of a big international NGO who I met in the lobby of my hotel, The Mansoor, looked at me with astonishment when I said I’d come to Hargeisa for fun. 'The biggest danger here,' he said 'is dying of boredom.'