Fairly Recently: Must- and Should-Reads, and Writings... (January 2, 2019)
- Hoisted from 2008: Trade and Distribution: A Multisector Stolper-Samuelson Finger Exercise: This argument of an inconsistency between free trade and the well-being of the majority of potential voters rests substantially on the two-factor example of the Stolper-Samuelson result. It does not fare too well when we generalize to a situation in which there are a number of different factors—even if the ownership of the abundant factors of production is very concentrated indeed... #economics, #equitablegrowth, #globalization, #highlighted, #hoistedfromthearchives
William Morris said: "If you want a golden rule that will fit everything, this is it: Have nothing in your houses that you do not know to be useful or believe to be beautiful". What is the equivalent for our mental houses?: Barry Ritholtz: More Signal, Less Noise: "ere are some things you need to understand if you want to decrease the noise...
Quoctrung Bui: Map: The Most Common Job In Every State: "We used data from the Census Bureau, which has two catch-all categories: "managers not elsewhere classified" and "salespersons not elsewhere classified." Because those categories are broad and vague to the point of meaninglessness, we excluded them from our map...
Danny Blanchflower: "Hey Stephen Mooreyou need to withdraw this lie NOW: ‘Pay gains in real terms this year are now estimated at 3 percent—one of the biggest increases in two decades’. Real hrly earnings rose 0.8% real weekly 0.5%...
David Weigel: "Warren's 2020 launch video is genuinely interesting because it offers Dems something they have not nominated in ages: A nominee who identifies specific sources of trouble and will fight them, instead of suggesting that a good politician can get everyone to work together...
Tren Griffin: A Dozen Things I’ve Learned from Charlie Munger (Distilled to less than 500 Words) – 25iq: "The intent with this post is to distill Charlie Munger’s approach to making decisions to less than 500 words. If you don’t have the patience to read 500 words, I can’t help you...
Miguel Hernan: Causal Inference Book: "Jamie Robins and I are working on a book that provides a cohesive presentation of concepts of, and methods for, causal inference. Much of this material is currently scattered across journals in several disciplines or confined to technical articles. We expect that the book will be of interest to anyone interested in causal inference, e.g., epidemiologists, statisticians, psychologists, economists, sociologists, political scientists, computer scientists… The book is divided in 3 parts of increasing difficulty: causal inference without models, causal inference with models, and causal inference from complex longitudinal data...
Erik Berglöf: Learning from China: "Despite 40 years of unprecedented economic growth, Chinese leaders' efforts to promote their development model have run up against political suspicion. But it makes little sense for countries to reject outright the lessons of China’s economic miracle, and deepening hostility between China and the West is in nobody’s interest...
John Geanakoplos: Leverage and Cycles
Peter Wade: Kelly Confirms He Was Lying All Along: The White House Is in Chaos: "In an exit interview, the outgoing chief of staff tries to protect his legacy...
Paul Krugman: The Trump Tax Cut: Even Worse Than You’ve Heard: "The 2017 tax cut has received pretty bad press, and rightly so. Its proponents made big promises about soaring investment and wages, and also assured everyone that it would pay for itself; none of that has happened. Yet coverage actually hasn’t been negative enough.... The reality: No money has... been brought home... the tax cut has... reduced national income... at least 90 percent of Americans will end up poorer...
Martin Wolf: The Future Might Not Belong to China: "China has had a hugely impressive four decades. After their triumph in the cold war, both the west and the cause of liberal democracy have stumbled. Should we conclude that an autocratic China is sure to become the world’s dominant power in the next few decades? My answer is: no. That is a possible future, not a certain one...
Paul Krugman is tired to trying to reason with you people...
Dani Rodrik: China’s Boldest Experiment: "China... offered a master class.... Dual-track pricing provided market incentives at the margin without undermining the fiscal revenues. TVEs spurred private entrepreneurship, despite weak frameworks for property rights and contract enforcement. SEZs spurred exports and foreign investment without undermining employment among protected state enterprises. Industrial policies allowed infant industries to internalize learning spillovers. In short, China represents the triumph of practical economics–in which second-best strategies, market failures, general equilibrium, and political economy prevail – over the simplistic reasoning of Econ 101...
