Grasping Reality on TypePad, by Brad DeLong

Should-Read: Ricardo Hausmann: Making the Future Work for Us: "To pessimists, the introduction of... general-purpose technologies – including 3-D printing, artificial intelligence, and the Internet of Things – threatens the demand for labor... https://www.project-syndicate.org/commentary/technology-future-of-work-by-ricardo-hausmann-2017-09

Should-Read: Maximillian Kasy: Quantitative Methods in Economics: "Part I: 1. Linear predictors and least squares fit..." https://scholar.harvard.edu/files/kasy/files/1126syllabuskasyfall2017.pdf

Should-Read: Anton Howes: Why study Economic History?: "What is Economic History? It is about asking some of the biggest and most interesting questions imaginable... https://medium.com/@antonhowes/why-study-economic-history-ef747767be25

Stalingrad: Crossing the Volga:

Should-Read: Nick Bunker: Weekend reading: “Triennial data release” edition : "The rise in U.S. income inequality is well known by now... http://equitablegrowth.org/equitablog/weekend-reading-triennial-data-release-edition/

Should-Read: Nick Bunker: An update on the state of wealth inequality in the United States: "The Federal Reserve yesterday released the 2016 version of its triennial Survey of Consumer Finances... http://equitablegrowth.org/equitablog/value-added/an-update-on-the-state-of-wealth-inequality-in-the-united-states/

Should-Read: Atif Mian, Amir Sufi, and Emil Verner: How do Credit Supply Shocks Affect the Real Economy? Evidence from the United States in the 1980s: "Does an expansion in credit supply affect the economy by increasing productive capacity, or by boosting demand?... http://www.nber.org/papers/w23802

Should-Read: Endorse...

Patrick Nielsen Hayden: "Off the Record": "I have never subscribed to the notion that someone can unilaterally impose an obligation of confidentiality onto me... http://nielsenhayden.com/makinglight/archives/016593.html#4335396

Over at Equitable Growth: Must- and Should-Reads:

• Nick Bunker: Weekend reading: “Triennial data release” edition : "The rise in U.S. income inequality is well known by now... http://equitablegrowth.org/equitablog/weekend-reading-triennial-data-release-edition/
• Nick Bunker: An update on the state of wealth inequality in the United States: "The Federal Reserve yesterday released the 2016 version of its triennial Survey of Consumer Finances... http://equitablegrowth.org/equitablog/value-added/an-update-on-the-state-of-wealth-inequality-in-the-united-states/
• Patrick Nielsen Hayden: "Off the Record": "I have never subscribed to the notion that someone can unilaterally impose an obligation of confidentiality onto me... http://nielsenhayden.com/makinglight/archives/016593.html#4335396
• Atif Mian, Amir Sufi, and Emil Verner: How do Credit Supply Shocks Affect the Real Economy? Evidence from the United States in the 1980s: "Does an expansion in credit supply affect the economy by increasing productive capacity, or by boosting demand?... http://www.nber.org/papers/w23802
• Jake VanderPlas: Reproducible Data Analysis in Jupyter: "Jupyter notebooks provide a useful environment for interactive exploration of data... http://jakevdp.github.io/blog/2017/03/03/reproducible-data-analysis-in-jupyter/
• Carol Christ: Chancellor's Letter to the Berkeley Campus Community on Free Speech: "Dear campus community, The past several weeks have been trying ones for Berkeley...
• William Faulkner (1948): Intruder in the Dust http://amzn.to/2wZt4Ms: "For every Southern boy fourteen years old, not once but whenever he wants it, there is the instant when it's still not yet two o'clock on that July afternoon in 1863...
• Ben Thompson: Defining Aggregators: "Value has shifted away from companies that control the distribution of scarce resources to those that control demand for abundant ones... https://stratechery.com/2017/defining-aggregators/
• Christopher Jeffery: Fed’s [John] Williams floats co-ordinated shift from 2% targets: "Williams... believes 2% inflation targets adopted by most of the developed world’s central banks will prove to be suboptimal over the next 10 years... https://www.centralbanking.com/central-banks/monetary-policy/operating-framework/3301501/feds-williams-floats-co-ordinated-shift-from-2-targets
• Josh Barro: Trump, GOP tax plan is looming political disaster: "President Donald Trump tweeted Wednesday morning, hours before the announcement of the latest Republican tax proposal, that... http://www.businessinsider.com/trump-gop-tax-plan-political-disaster-2017-9
• MEMORANDUM FROM: Steven Law. DATE: .September 26, 2017 SUBJECT: Alabama and the New Republican Primary Battlefield: "Although special elections are notoriously idiosyncratic and difficult to extrapolate from... http://delong.typepad.com/rlc.pdf

Should-Read: OK. We are agree that you should never do anything in Excel. But what should you do?

Jake VanderPlas: Reproducible Data Analysis in Jupyter: "Jupyter notebooks provide a useful environment for interactive exploration of data... http://jakevdp.github.io/blog/2017/03/03/reproducible-data-analysis-in-jupyter/

Should-Read: Carol Christ: Chancellor's Letter to the Berkeley Campus Community on Free Speech: "Dear campus community, The past several weeks have been trying ones for Berkeley...

Kindly General Lee, meet kindly Comrade Vladimir:

If the dissolution of the Constituent Assembly is not your Kronstadt, there is something profoundly wrong with you

"For a certain kind of leftist hipster or wannabe hipster, not once but whenever he wants it, there is the instant when it's still not yet six o'clock on that October afternoon in 1917...

Should-Read: On Lost Causes, with a capital "L", a capital "C", and a persistent unwillingness to face the fact that the cause was rotten from the start. As U.S. Grant said: they "fought so long and valiantly, and had suffered so much for a cause... [that] was, I believe, one of the worst for which a people ever fought, and one for which there was the least excuse..."

William Faulkner (1948): Intruder in the Dust http://amzn.to/2wZt4Ms: "For every Southern boy fourteen years old, not once but whenever he wants it, there is the instant when it's still not yet two o'clock on that July afternoon in 1863...

Comment of the Day: Graydon: Monday DeLong Smackdown: Noah Smith: Free Speech on Campus: "This is one of those moments when I despair of explaining something so basic I don't understand how people can be confused by it... http://www.bradford-delong.com/2017/09/monday-delong-smackdown-noah-smith-free-speech-on-campus.html?cid=6a00e551f08003883401b8d2aefef5970c#comment-6a00e551f08003883401b8d2aefef5970c

The 17 classes in Berkeley's largest lecture hall: Wheeler Auditorium Classes: Fall 2017:

Computer Science, etc.: 9:

• COMPSCI-STAT C8: Foundations of Data Science
• COMPSCI 61A: The Structure and Interpretation of Computer Programs
• COMPSCI 61B: Data Structures
• COMPSCI 61C: Great Ideas of Computer Architecture (Machine Structures)
• COMPSCI 70: Discrete Mathematics and Probability Theory
• COMPSCI 170: Efficient Algorithms and Intractable Problems
• COMPSCI 186/286: Introduction to Database Systems
• ELENG 16A: Designing Information Devices and Systems I
• ELENG 16B: Designing Information Devices and Systems II

Pat Garofolo: FLASHBACK: In 1993, GOP Warned That Clinton’s Tax Plan Would ‘Kill Jobs,’ ‘Kill The Current Recovery’: "Republicans... have been apoplectic about Obama’s plan, claiming that it will kill jobs and cripple small businesses... https://thinkprogress.org/flashback-in-1993-gop-warned-that-clintons-tax-plan-would-kill-jobs-kill-the-current-recovery-96adb3663484/

Must-Read: Ben Thompson: Defining Aggregators: "Value has shifted away from companies that control the distribution of scarce resources to those that control demand for abundant ones... https://stratechery.com/2017/defining-aggregators/

Should-Read: Christopher Jeffery: Fed’s [John] Williams floats co-ordinated shift from 2% targets: "Williams... believes 2% inflation targets adopted by most of the developed world’s central banks will prove to be suboptimal over the next 10 years... https://www.centralbanking.com/central-banks/monetary-policy/operating-framework/3301501/feds-williams-floats-co-ordinated-shift-from-2-targets

Must-Read: Josh Barro: Trump, GOP tax plan is looming political disaster: "President Donald Trump tweeted Wednesday morning, hours before the announcement of the latest Republican tax proposal, that... http://www.businessinsider.com/trump-gop-tax-plan-political-disaster-2017-9

Should-Read: Republican "Senate Leadership Fund". You never know for whom these things are written, or how much the people writing these things believe them. For what it's worth, my conclusion is that Republicans need to frantically un-gerrymander as many districts as possible as fast as possible:

MEMORANDUM FROM: Steven Law. DATE: .September 26, 2017 SUBJECT: Alabama and the New Republican Primary Battlefield: "Although special elections are notoriously idiosyncratic and difficult to extrapolate from... http://delong.typepad.com/rlc.pdf

Over at Equitable Growth: Must- and Should-Reads:

• Danny Yagan: : Employment hysteresis from the great recession: "This paper uses U.S. local areas as a laboratory to test whether the Great Recession depressed 2015 employment... http://equitablegrowth.org/working-papers/employment-hysteresis-great-recession/
• Jessica Fulton: Income inequality and economic mobility remain defined largely by race and ethnicity in the United States/span>: "The Congressional Black Caucus held its Annual Legislative Conference... http://equitablegrowth.org/equitablog/value-added/income-inequality-and-economic-mobility-remain-defined-largely-by-race-and-ethnicity-in-the-united-states/
• Michael Jordan: On Computational Thinking, Inferential Thinking and Data Science: "The rapid growth in the size and scope of datasets in science and technology has created a need for novel foundational perspectives on data analysis that blend the inferential and computational sciences... https://bids.berkeley.edu/resources/videos/computational-thinking-inferential-thinking-and-data-science
• CBPP: Tax Reform Briefs: "Congress is expected to consider legislation to make major changes to the tax code this year. Here is a series of two-page explanations of key issues in tax reform... https://www.cbpp.org/tax-reform-briefs
• Robert C. Feenstra and Akira Sasaharab: The “China Shock”, Exports and U.S. Employment: A Global Input-Output Analysis: "We quantify the impact on U.S. employment from imports and exports during 1995-2011, using the World Input-Output Database... http://cid.econ.ucdavis.edu/Papers/Feenstra_Sasahara.pdf
• Rachel Gillett and Anaele Pelisson: 12 jobs robots are already taking over: "Talk to any futurist, and they'll tell you that robots are coming for our jobs... http://www.businessinsider.fr/us/jobs-replaced-by-robots-2017-9/
• Kieran Healy (2015): America's Ur-Choropleths: "Choropleth maps... showing various distributions geographically... make it easy to present a geographical distribution to insinuate an explanation... https://kieranhealy.org/blog/archives/2015/06/12/americas-ur-choropleths/
• Noah Smith: The Racism of the Rust Belt: "Wow. This article about the Rust Belt is amazing... https://twitter.com/Noahpinion/status/911318880500408320
• Carmen Reinhart and Vincent Reinhart: The Fear Factor in Today’s Interest Rates: "The theory of “rare disaster risk” has progressed considerably in recent years, owing to the work of the Harvard economist Robert Barro... https://www.project-syndicate.org/commentary/north-korea-fear-drives-low-interest-rates-by-carmen-reinhart-and-vincent-reinhart-2017-09
• Alan Beattie: As they unwind QE, central banks must come clean about inflation: "The Fed has tightened policy and the BoE is now prefiguring a rise. Neither can point at serious signs of inflationary pressure... https://www.ft.com/content/a5dbddfa-9ebe-11e7-9a86-4d5a475ba4c5
• Blakeley B. McShane et al.: Abandon Statistical Significance: "The status quo is a lexicographic decision rule in which any result is first required to have a p-value that surpasses the 0.05 threshold... http://www.stat.columbia.edu/~gelman/research/unpublished/abandon.pdf
• Matt Yglesias: The staggering hypocrisy of Bill Cassidy and Lindsey GrahamVox: "Bill Cassidy... safe seat in Louisiana, could... have spent the past six months... https://www.vox.com/policy-and-politics/2017/9/19/16330094/cassidy-graham-hypocrisy

Should-Read: Danny Yagan: Employment hysteresis from the great recession: "This paper uses U.S. local areas as a laboratory to test whether the Great Recession depressed 2015 employment... http://equitablegrowth.org/working-papers/employment-hysteresis-great-recession/

Live from the Old New Republic: Alex Pareene, has, I think, gotten it right here...

Alex Pareene: You Are Jonathan Chait's Enemy: "New York’s Jonathan Chait writes today about the 'dangerous consequences' of the left’s use of the label 'white supremacist' to describe Donald Trump, the alt-right, and American conservatism in general... https://splinternews.com/you-are-jonathan-chaits-enemy-1818814301

Should-Read: Jessica Fulton: Income inequality and economic mobility remain defined largely by race and ethnicity in the United States: "The Congressional Black Caucus held its Annual Legislative Conference... http://equitablegrowth.org/equitablog/value-added/income-inequality-and-economic-mobility-remain-defined-largely-by-race-and-ethnicity-in-the-united-states/

Should-Reads: CBPP: Tax Reform Briefs: "Congress is expected to consider legislation to make major changes to the tax code this year. Here is a series of two-page explanations of key issues in tax reform... https://www.cbpp.org/tax-reform-briefs

Should-Read: It is, I must say, rather delicious that one of the twelve job categories that robots are supposed to intrude open most rapidly is... "robotics engineer":

Rachel Gillett and Anaele Pelisson: 12 jobs robots are already taking over: "Talk to any futurist, and they'll tell you that robots are coming for our jobs... http://www.businessinsider.fr/us/jobs-replaced-by-robots-2017-9/

Should-Read: Robert C. Feenstra and Akira Sasaharab: The “China Shock”, Exports and U.S. Employment: A Global Input-Output Analysis: "We quantify the impact on U.S. employment from imports and exports during 1995-2011, using the World Input-Output Database... http://cid.econ.ucdavis.edu/Papers/Feenstra_Sasahara.pdf

Should-See: Michael Jordan: On Computational Thinking, Inferential Thinking and Data Science: "The rapid growth in the size and scope of datasets in science and technology has created a need for novel foundational perspectives on data analysis that blend the inferential and computational sciences... https://bids.berkeley.edu/resources/videos/computational-thinking-inferential-thinking-and-data-science

Must-Read: Kieran Healy (2015): America's Ur-Choropleths: "Choropleth maps... showing various distributions geographically... make it easy to present a geographical distribution to insinuate an explanation... https://kieranhealy.org/blog/archives/2015/06/12/americas-ur-choropleths/

Supply-Side Amnesia https://www.project-syndicate.org/commentary/republican-tax-cuts-budget-deficit-by-j--bradford-delong-2017-09: In the spring of 1980, Martin Feldstein co-taught (with Olivier Blanchard) the second-best macroeconomics class I ever took. (The best was a class I took from Olivier alone three years later.) From 1982-1984 Martin Feldstein served in Ronald Reagan's cabinet as Chair of the President's Council of Economic Advisers. There he waged an effective if lonely bureaucratic war for the proposition that the size of the Reagan tax cut of 1981 had been a big policy mistake, and that America would suffer if that mistake was not repaired. That position was unpopular inside the Reagan White House: chief-of-staff James Baker tried to get everybody on to the page of delay, in the hope that something would turn up, and avoid the administration having to admit that its signature tax-cutting initiative was, at least in part, a mistake.

Should-Read: Both Carmen Reinhart and Vincent Reinhart are very smart and very much worth listening to. But this is simply wrong. They have not looked under the hood of the model of Robert Barro (2005): Rare Events and the Equity Premium http://www.nber.org/papers/w11310 with sufficient care...

Barro's model hinges on the requirement that there be no safe assets in his model at all—they have a price and an interest rate, which is what they would sell for/yield if they were to exist but if net demand for them were zero, but they are not there. In our real world, they exist: the entire point of Barro (and of Reinhart and Reinhart) is to explain why the very large quantities of safe assets that do exist in our world sell for such high prices/offer such low yields.

Moreover, in Barro's model prices of risky assets are not low when disaster is feared, but high: the logic of his model is that stock prices were so high in 2000 because the chances of a future disaster were high, and that stock prices were so low in 2009 because the chances of a future disaster were low. "That's crazy!" you say. Yes. "That can't be right!" you say. But it is—that is what drops out of the math.

Moreover, most true geopolitical or even economic disaster scenarios generate not deflation but inflation—nominal government debts, even those of sovereigns with exorbitant privilege, become much less valuable. Fear of such disasters cannot rationally support high values for nominal government debt. Of course, "rational" is doing a lot of work here...

Carmen Reinhart and Vincent Reinhart: The Fear Factor in Today’s Interest Rates: "The theory of “rare disaster risk” has progressed considerably in recent years, owing to the work of the Harvard economist Robert Barro... https://www.project-syndicate.org/commentary/north-korea-fear-drives-low-interest-rates-by-carmen-reinhart-and-vincent-reinhart-2017-09

Should-Read: Alan Beattie: As they unwind QE, central banks must come clean about inflation: "The Fed has tightened policy and the BoE is now prefiguring a rise. Neither can point at serious signs of inflationary pressure... https://www.ft.com/content/a5dbddfa-9ebe-11e7-9a86-4d5a475ba4c5

Should-Read: Noah Smith: The Racism of the Rust Belt: "Wow. This article about the Rust Belt is amazing... https://twitter.com/Noahpinion/status/911318880500408320

Should-Read: Blakeley B. McShane et al.: Abandon Statistical Significance: "The status quo is a lexicographic decision rule in which any result is first required to have a p-value that surpasses the 0.05 threshold... http://www.stat.columbia.edu/~gelman/research/unpublished/abandon.pdf

Kansas Jack: Monday DeLong Smackdown: Noah Smith: Free Speech on Campus: "NS. I am unconvinced... http://www.bradford-delong.com/2017/09/monday-delong-smackdown-noah-smith-free-speech-on-campus.html#comment-6a00e551f08003883401b7c923abfe970b

Live from Sproul Plaza: I was never convinced that Nazi salutes belonged on the streets of Skokie, IL—I thought that that was neither the time, the place, nor the manner for 1st Amendment expression of those ideas. And I am pretty strongly convinced that Nazi salutes do not belong on my campus:

Must-Reads:

1. Joshua Gans: Danny Kahneman on AI versus Humans: "At our AI conference last week, Nobel Laureate Danny Kahneman was commenting on a paper by Colin Camerer: https://digitopoly.org/2017/09/22/kahneman-on-ai-versus-humans/

2. Ezra Klein: Graham-Cassidy could’ve been the GOP’s best Obamacare replacement: "Instead, Lindsey Graham and Bill Cassidy wrote the worst plan yet... https://www.vox.com/policy-and-politics/2017/9/20/16333384/graham-cassidy-obamacare-health-care

3. George Akerlof (1979): The Case against Conservative Macroeconomics: An Inaugural Lecture: "The old classical economics bases its case against the efficacy of fiscal policy on the low interest elasticity of money demand... http://delong.typepad.com/2553741.pdf

4. Josh Bivens and Dean Baker (2016): The Wrong Tool for the Right Job: "Raising interest rates is a poor strategy for managing asset bubbles... http://cepr.net/images/stories/reports/bubbles-2016-05.pdf

Should-Read: I'm just glad for the sake of his coworkers and innocent bystanders that Matt Yglesias did not have the workplace accident Bruce Banner had at Los Alamos. Just saying:

Matt Yglesias: The staggering hypocrisy of Bill Cassidy and Lindsey Graham: "Bill Cassidy... safe seat in Louisiana, could... have spent the past six months... https://www.vox.com/policy-and-politics/2017/9/19/16330094/cassidy-graham-hypocrisy

Noah Smith: Speech on campus: A reply to Brad DeLong: "On Twitter, I wrote that I disagreed with Brad's ideas about speech on college campuses... http://noahpinionblog.blogspot.com/2017/09/speech-on-campus-reply-to-brad-delong.html

...Brad then requested that I write my ideas up in the form of a DeLong Smackdown. So here we go.

Brad's post was written in a particular context - the recent battles over right-wing speakers at Berkeley. More generally, the alt-right has been trying to provoke conflict at Berkeley, seeing an opportunity to gain nationwide sympathy. The murder of Heather Heyer by Nazis, and general white supremacist street violence, has turned the national mood against the alt-right. The alt-righters see (correctly) that the only way to recover rough parity is the "both sides" defense - in other words, to get people so worried about left-wing street violence that they equivocate between left and right. To this end, they are trying to stir up the most obvious source of potential leftist street violence: Berkeley.

For the Weekend: Stephen Vincent Benet: The Devil and Daniel Webster V http://gutenberg.net.au/ebooks06/0602901h.html: "But till you make a bargain like that, you've got no idea of how fast four years can run...

By the last months of those years, Jabez Stone's known all over the state and there's talk of running him for governor—and it's dust and ashes in his mouth. For every day, when he gets up, he thinks, "There's one more night gone," and every night when he lies down, he thinks of the black pocketbook and the soul of Miser Stevens, and it makes him sick at heart. Till, finally, he can't bear it any longer, and, in the last days of the last year, he hitches his horse and drives off to seek Dan'l Webster. For Dan'l was born in New Hampshire, only a few miles from Cross Corners, and it's well known that he has a particular soft spot for old neighbours.

Over at Equitable Growth: Must- and Should-Reads:

• Nick Bunker: Weekend reading: “Discussing distributional tables” edition: "The decline in the start-up firms across the U.S. economy is now a well-documented and troubling trend. Ben Casselman reports... http://equitablegrowth.org/equitablog/weekend-reading-discussing-distributional-tables-edition/
• Joshua Gans: Danny Kahneman on AI versus Humans: "At our AI conference last week, Nobel Laureate Danny Kahneman was commenting on a paper by Colin Camerer: https://digitopoly.org/2017/09/22/kahneman-on-ai-versus-humans/
• John Cole: Damn I Love The Jag and the Jet and the Mansion: "Graham/Cassidy... bad policy... will devastate many GOP states... hurt tens of millions... https://www.balloon-juice.com/2017/09/23/damn-i-love-the-jag-and-the-jet-and-the-mansion/
• Nisha Chikhale: Expanding the Earned Income Tax Credit is worth exploring in the U.S. tax reform debate : "The Grow American Income Now, or GAIN, Act proposed by Rep. Khanna and Sen. Brown... http://equitablegrowth.org/equitablog/value-added/expanding-the-earned-income-tax-credit-is-worth-exploring-in-the-u-s-tax-reform-debate/
• Jacob Levy: Black Liberty Matters: "'How is it that we hear the loudest yelps for liberty among the drivers of negroes?'... https://niskanencenter.org/blog/black-liberty-matters/
• Matthew Yglesias: : The economy really is broken — but we know how to fix it: "The top 5 percent includes all the members of Congress and all of the donors and lobbyists and business leaders whom members of Congress speak to... https://www.vox.com/2017/9/19/16319416/broken-economy
• Joseph E. Stiglitz: The Revolution of Information Economics: The Past and the Future: "The economics of information has constituted a revolution in economics... http://www.nber.org/papers/w23780
• Ann Marie Marciarille: Eat Out Much?: "With 16 dead and well over 400 documented as infected, it is fair to say San Diego is in the midst of an epidemic of Hepatitis A... http://www.marciarille.com/2017/09/eat-out-much.html
• Jacob Leibenluft et al.: Like Other ACA Repeal Bills, Cassidy-Graham Plan Would Add Millions to Uninsured, Destabilize Individual Market: "Cassidy-Graham Block Grant and Medicaid Per Capita Cap Cut Federal Funding for Most States by 2026... https://www.cbpp.org/research/health/like-other-aca-repeal-bills-cassidy-graham-plan-would-add-millions-to-uninsured
• Pseudoerasmus: The 25 most stimulating economic history books since 2000: "Allen, The British Industrial Revolution in Global Perspective... https://pseudoerasmus.com/2017/01/12/9351/

Should-Read: Nick Bunker: Weekend reading: “Discussing distributional tables” edition: "The decline in the start-up firms across the U.S. economy is now a well-documented and troubling trend. Ben Casselman reports... http://equitablegrowth.org/equitablog/weekend-reading-discussing-distributional-tables-edition/

Must-Attend: United Against Hate: Our Free Speech Week: "Tue 9/26, West Crescent Lawn...

...11 am-12 noon: Alumni from Berkeley Free Speech Movement in the '60s
12-1 pm: Professor Dan Kammen (Goldman School of Public Policy, former Climate Science Envoy to the State Dept.)
1-4 pm: Islam teach-in - tentative (Muslim Student Association, Faces of African Muslims, and other organizations)
4-5 pm: Dean Erwin Chemerinsky (Boalt Law School)
5-6 pm: Professor Robert Reich (Goldman School of Public Policy)
6-7 pm (timing to be confirmed): Samuel Sinyangwe (co-founder of Campaign Zero)

Must-Watch: Joshua Gans: Danny Kahneman on AI versus Humans: "At our AI conference last week, Nobel Laureate Danny Kahneman was commenting on a paper by Colin Camerer: https://digitopoly.org/2017/09/22/kahneman-on-ai-versus-humans/

Should-Read: The discovery of Uranus came about because Saturn was not moving like it should move were it to be the outermost planet. Republican senators are not moving like they should move unless they were under the strong influence of some very powerful, very strange, and very destructive force:

John Cole: Damn I Love The Jag and the Jet and the Mansion: "Graham/Cassidy... bad policy... will devastate many GOP states... hurt tens of millions... https://www.balloon-juice.com/2017/09/23/damn-i-love-the-jag-and-the-jet-and-the-mansion/

Should-Read: Nisha Chikhale: Expanding the Earned Income Tax Credit is worth exploring in the U.S. tax reform debate : "The Grow American Income Now, or GAIN, Act proposed by Rep. Khanna and Sen. Brown... http://equitablegrowth.org/equitablog/value-added/expanding-the-earned-income-tax-credit-is-worth-exploring-in-the-u-s-tax-reform-debate/

Should-Read: Joseph E. Stiglitz: The Revolution of Information Economics: The Past and the Future: "The economics of information has constituted a revolution in economics... http://www.nber.org/papers/w23780

Should-Read: Matthew Yglesias: The economy really is broken — but we know how to fix it: "The top 5 percent includes all the members of Congress and all of the donors and lobbyists and business leaders whom members of Congress speak to... https://www.vox.com/2017/9/19/16319416/broken-economy

Should-Read: Jacob Levy: Black Liberty Matters: "'How is it that we hear the loudest yelps for liberty among the drivers of negroes?'... https://niskanencenter.org/blog/black-liberty-matters/

Live from the Data Science Bubble: When Masters in Financial Engineering degrees are being sold by business schools as Data Science degrees, can the Cthulpocalypse be far behind?