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Utility, welfare, and efficiency

  1. Welfare economics: an introduction
  2. The perils of Potential Pareto
  3. Inequality, production, and technology
  4. Welfare theorems, distribution priority, and market clearing
  5. Normative is performative, not positive

posted by kliuless on Jul 7, 2014 - 7 comments

Risky Business

The Economic Risks of Climate Change in the United States (PDF); prospectus (PDF); press coverage (YT) - "The signature effects of human-induced climate change—rising seas, increased damage from storm surge, more frequent bouts of extreme heat—all have specific, measurable impacts on our nation's current assets and ongoing economic activity. [The report] uses a standard risk-assessment approach to determine the range of potential consequences for each region of the U.S.—as well as for selected sectors of the economy—if we continue on our current path..." [more inside]
posted by kliuless on Jun 24, 2014 - 34 comments

You're way off.

What was the average American college graduate's college-related debt in 2013? What state has the highest rate of poverty in the United States? Answer these and other depressing questions (or submit your own) at How Wrong You Are.
posted by desjardins on Jun 24, 2014 - 40 comments

Dear Marc Andreessen

"Hi, Marc... You seem to think everyone's worried about robots. But what everyone's worried about is you, Marc. Not just you, but people like you. Robots aren't at the levers of financial and political influence today, but folks like you sure are. People are scared of so much wealth and control being in so few hands... Unless we collectively choose to pay for a safety net, technology alone isn't going to make it happen." [more inside]
posted by kliuless on Jun 18, 2014 - 49 comments

The Honey Makers

F.D.R 's New Deal explained to the public via cartoons, shorts, and newsreels
posted by The Whelk on Jun 12, 2014 - 7 comments

The Moral Question Of Our Time: Can We Share The Planet?

UN Climate Report: We Must Focus On 'Decarbonization', and It Won't Wreck the Economy - "The basic message is simple: We share a planet. Let's start acting like it." [more inside]
posted by kliuless on Apr 23, 2014 - 50 comments

Evenly distribute the future: Issuing more bio-survival tickets

VC for the people - "It's just that people who have options are much more likely to actually find success than people who don't." [more inside]
posted by kliuless on Apr 18, 2014 - 20 comments

The Pity-Charity Complex

"I say “you” deliberately here, because much of the writing about low-wage workers tends to obscure just that fact — that these stories could well be about you. Too much writing on the left and the right has tended to treat the people in some of the nation’s most common jobs as if they are some exotic Other rather than our neighbors, our family members and ourselves. " --Sarah Jaffe on the media's strange ways of talking about low-wage workers.
posted by The Whelk on Mar 20, 2014 - 40 comments

Aggregate Demand Management: "pass a law allowing the Fed to cut checks"

Free Money for Everyone - "A wacky-sounding idea with surprisingly conservative roots may be our best hope for escaping endless, grinding economic stagnation." (via) [more inside]
posted by kliuless on Mar 16, 2014 - 19 comments

How Obama's tech team saved his presidency a second time

Inside the Nightmare Launch of HealthCare.Gov - "Unknown to a nation following the fiasco, McDonough's assignment from the President had boiled down to something more dire than how to fix the site. As the chief of staff remembers his mission, it was 'Can it be patched and improved to work, or does it need to be scrapped to start over? He wanted to know if this thing is salvageable.' Yes, on Oct. 17, the President was thinking of scrapping the whole thing and starting over." (previously) [more inside]
posted by kliuless on Mar 3, 2014 - 120 comments

Occupy Godwin Street

Silicon Valley venture capitalist Tom Perkins took to the op-ed page of the Wall Street Journal to compare progressive angst over income inequality to the sentiment that led to the Nazi Kristallnacht. Citing the recent kerfuffle over Google buses in San Francisco (previously) and accusations of snobbery by San Francisco resident, bestselling author, and Perkins' own ex-wife Danielle Steel (who he describes as "our number-one celebrity"), Perkins asks "Kristallnacht was unthinkable in 1930; is its descendent 'progressive' radicalism unthinkable now?" [more inside]
posted by tonycpsu on Jan 25, 2014 - 254 comments

The Library as an Economic Model in the Second Machine Age

Congress takes a casual look at the peer-to-peer economy - “Finding new ways to monetise used or existing assets has the obvious and immediate effects of raising their value and the wealth of their owners, while simultaneously reducing the value of comparable stuff owned by incumbent companies — for whom monetisation already wasn’t a problem, and who find themselves burdened by the newly competitive environment. The innovations also provide a surplus to those consumers who previously would have paid more to an incumbent. And all without any new stuff actually having to be made.” [more inside]
posted by kliuless on Jan 23, 2014 - 23 comments

listen to the wealthy scream

The return of "patrimonial capitalism": review of Thomas Piketty's Capital in the 21st century (pdf) - "Thomas Piketty's 'Capital in the 21st century' may be one of the most important recent economics books. It jointly treats theory of growth, functional distribution of income, and interpersonal income inequality. It envisages a future of relatively slow growth with the rising share of capital incomes, and widening income inequality. This tendency could be checked only by worldwide taxation of capital." [more inside]
posted by kliuless on Jan 12, 2014 - 39 comments

Why find more? Unburnable carbon as financial assets.

There is another bubble. Before it's burned, Coal, Oil and Gas sit for years on the balance sheets of private (and national) resource companies, as "known reserve" assets. Assets that, someday, will become revenues. Or will they? And if they won't, what will the balance sheets of ExxonMobil, Chevron, BP, Petrochina, and Gazprom actually look like? [more inside]
posted by anthill on Dec 19, 2013 - 22 comments

Economist warns of the coming robot apocalypse

The robots are here. George Mason University economist Tyler Cowen predicts that the trend towards automation will squeeze the middle class further still, and compares its effects on American politics to a too-overlooked 1955 short story by Isaac Asimov.
posted by Jacob Knitig on Nov 14, 2013 - 81 comments

Countries within Nations

Chinese Provinces and Indian States : "local leaders are increasingly running much of India and China, which are home to a third of all humanity, from the bottom up. That is affecting how both countries act in the world, which means that these countries need to be understood from the inside out"
posted by Gyan on Oct 25, 2013 - 5 comments

"October is a fine and dangerous season in America"

Happy Political Clusterf*ck Day (U.S.)! In one corner: the first federal government shutdown since 1996, born of the House GOP/Tea Party faction's crusade to delay, defund, and destroy Obamacare (and the Democratic Senate and President's resolve to not do that). "Continuing resolutions" have ping-ponged between the two houses, fighting over language to cancel healthcare reform (plus a few other items, such as the implementation of Mitt Romney's entire economic agenda). National parks are closed, contractors are hamstrung, and 800,000 federal workers furloughed until Speaker Boehner drops the "Hastert Rule" and passes a bill the other branches can agree to. In the other corner, heedless of the chaos (though not without glitches of its own): the official rollout of the Affordable Care Act and its state insurance exchanges. The portal at Healthcare.gov is your one-stop shop for browsing, comparing, and purchasing standardized, regulated insurance coverage with premium rebates, guaranteed coverage, and expanded Medicaid for the poor (in some states). A crazy day, overall -- but peanuts compared to what might happen if the debt ceiling is breached in 16 days. [more inside]
posted by Rhaomi on Oct 1, 2013 - 2207 comments

Game behind gamed: your narrative programming for the day

How The Economic Machine Works by Ray Dalio[1] actually makes a case against austerity[2] and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
posted by kliuless on Sep 25, 2013 - 28 comments

Flight to safety, flight to liquidity, flight to quality.

Always totalize! This is the majuscule axiom — the maxiom, let us say — for revolution. Revolution is a total thought, a thought of the totality; they are necessarily entangled. Reform, repair, regime change, recuperation: all of these are the politics of the partial, of isolating specific problems as if they admitted of independent solution. Ezra Pound said that the epic is a poem that contains history. What matter that we might amend the last word, a minor amendment at that, a swapping out of inseparable concepts? The epic is the poem that contains totality. [more inside]
posted by whyareyouatriangle on Sep 4, 2013 - 53 comments

Why do I get just £1 pocket money a week?

Robert Peston answers a question from a disappointed six-year old. (As picture) [more inside]
posted by Wordshore on Aug 31, 2013 - 33 comments

"What we’re doing is preventing them from being able to get signatures"

Payday lenders target the working poor with quick loans at exorbitant interest rates. When a ballot initiative drive in Missouri threatened this lucrative business, the payday lenders fought back with everything they had--their money. A ProPublica report, published yesterday in the St. Louis Post-Dispatch documents the web of secret donations and intimidation that smothered the reform movement.
posted by Horace Rumpole on Aug 3, 2013 - 59 comments

"Government was created in this equal footing for men and women."

"The country has cheaper medical care, smarter children, happier moms, better working conditions, less-anxious unemployed people, and lower student loan rates than we do. And that probably will never change." In The Atlantic, a comparison of some of the socio-economic aspects of Finland and the USA. [more inside]
posted by Wordshore on Jul 11, 2013 - 55 comments

A Plant, a Perch, and a Prophylactic

Charlie LeDuff Canoes the Rouge River through Detroit. [more inside]
posted by Toekneesan on Jul 7, 2013 - 18 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

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

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

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

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

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

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

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

The Morgenthau Plan and the Marshall Plan

Perhaps the most fruitful way to look at the debate between Morgenthau and Marshall that was carried on--largely below the surface, largely without explicit confrontation--at the end of WWII is that it was an attempt to figure out how to resolve call it two historical problems: the problem of European military culture, and the problem of modern industrial war. Economist Brad DeLong explains.
posted by shivohum on Nov 11, 2012 - 22 comments

Why Obama Now

Why Obama Now - from Simpsons/Family Guy animator Lucas Gray [more inside]
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Oct 11, 2012 - 61 comments

Buying useful things, like roads and universities and health care and solar energy and spaceships, should be better stimulus than fighting wars.

"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.
posted by The Whelk on Sep 30, 2012 - 109 comments

TARP's former Inspector General is mad as hell

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 defending him. 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. (previously)
posted by shivohum on Sep 11, 2012 - 39 comments

"Distribution is the core of the problem we face."

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]
posted by kliuless on Sep 4, 2012 - 45 comments

China in Revolt?

"Today, the Chinese working class is fighting. More than thirty years into the Communist Party’s project of market reform, China is undeniably the epicenter of global labor unrest." Eli Friedman from Jacobin
posted by ageispolis on Aug 29, 2012 - 78 comments

Paul Ryan as Romney's running-mate

Paul Ryan. Seven-term congressman for Wisconsin's 1st District. Chairman of the powerful House Budget Committee. Architect of the controversial Ryan Budget -- a "Path to Prosperity" [PDF - video - CBO] that would slash trillions from the federal budget, sharply curtail taxes on the wealthy, and transform Medicare into a private voucher system. Proponent (vid) -- and renouncer -- of Ayn Rand 's Objectivism. Social Security beneficiary. Hunter. Weinermobile driver. And as of this morning, the 2012 Republican candidate for Vice President of the United States of America. [more inside]
posted by Rhaomi on Aug 11, 2012 - 1550 comments

Financial Markets, Politics and the New Reality

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."
posted by the mad poster! on Aug 9, 2012 - 36 comments

Mitt Romney's cousin explains the history of the GOP and Mormonism through twitter (and other interesting things)

Miles Kimball tells the history behind the Mormon church's close ties to the GOP through his twitter account. [more inside]
posted by scunning on Jul 28, 2012 - 25 comments

carbon pricing for Australia

Yesterday Australia joined many developed nations in putting a price on carbon pollution (fixed at $23/tonne CO2e for three years) (prev). Despite extensive compensation, this moderate economic reform has proved enormously unpopular ("based on a lie") and is expected to be repealed if/when the Federal Opposition are returned to government.
posted by wilful on Jul 1, 2012 - 106 comments

"Whereas the left is always in danger of talking itself into the ground."

What's also obvious is that this phase of Occupy, with talk of credit unions and occupying the SEC, while eminently worthy, is also kind of boring, especially when compared to the thrill of Occupy's park phase. Some, though, are ready to move on. "It's easy to go back to the park occupation and fetishize it, in a way," says Occupy Chicago's Brian Bean. "I prefer not to run a mini-society – I want to run society." - The Battle For The Soul Of Occupy Wall Street - Rolling Stone - Mark Binelli.
posted by The Whelk on Jun 30, 2012 - 193 comments

See Paradise for a mere $625,000 a week.

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.
posted by 1f2frfbf on Jun 29, 2012 - 39 comments

Tie game. Bottom of the 9th. Bases loaded. Two outs. Three balls. Two strikes. And the pitch...

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 year century 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.
posted by Rhaomi on Jun 28, 2012 - 1173 comments

the dawn of a Star Trek generation

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]
posted by kliuless on Jun 22, 2012 - 117 comments

sovereignty and taxation

David Graeber: Of Flying Cars and the Declining Rate of Profit (via) [more inside]
posted by kliuless on Jun 8, 2012 - 85 comments

Democrats’ gay marriage excuse

"Are Democratic politicians, like Andrew Cuomo, using social issues to distract from the economic status quo?" Article by David Sirota in Salon.
posted by Trochanter on May 26, 2012 - 37 comments

Everything Must Go!

A short history of privatisation in the UK: 1979-2012
posted by fearfulsymmetry on Mar 29, 2012 - 46 comments

Pasty Gate

Following an amendment in the recent Conservative Party budget, VAT on 'Baked Goods' will be re-instated. In response, the question of whether or not David Cameron once ate a Greggs pasty infects the British press. The Telegraph have a live blog covering what has been termed by some Pasty Gate
posted by 0bvious on Mar 28, 2012 - 61 comments

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