EconoMonitor

Economics Blog Aggregator

    Global Macro

  • Brad DeLong's Grasping Reality...

    Links and Tweets...

    Tweets: .@cullenroche @Ramanan_V oh, there is a relationship between interest rates and housing, but it is not a reliable relationship… .@BCAppelbaum is anyone telling Tucker he's insane? That when NY catches cold, London gets pneumonia, & US problems are global problems? @BCAppelbaum: Tucker says the US was basically trying to make an American problem into a British problem. @BCAppelbaum: Paul Tucker, former BOE official, says preventing Barclays from buying Lehman was an easy decision. (1/2) #hooverfedconference @dvdbllrd: @delong "no true Littlefinger" @ben_zipperer: Very thoughtful piece on how city minimum wages will help us understand how labor markets work http://www.newyorker.com/news/john-cassidy/a-fascinating-minimum-wage-experiment-is-about-to-unfol...more

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  • Marginal REVOLUTION

    Can We Network (and Augment) the Human Brain?f

    How realistic is it to directly send data in and out of the brain? That is the core scientific innovation underlying my novels. From a longer piece in which I discuss neurotechnology. (The Ultimate Interface: Your Brain): Neural implants could accomplish things no external interface could: Virtual and augmented reality with all 5 senses (or more); augmentation of human memory, attention, and learning speed; even multi-sense telepathy — sharing what we see, hear, touch, and even perhaps what we think and feel with others. What’s actually been done in humans? In clinical trials today there are brain implants that have given men and women control of robot hands and fingers. [..] More radical technologies have sent vision straight into the brain. And recently,...more

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  • Marc to Market

    Senate Edges toward Granting Trade Promotion Authority, Last Hurdle Today

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  • TIME

    Grads: This Could Be Why Nobody Wants to Hire You

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  • Cafe Hayek - Article Feed

    Quotation of the Day…

    (Don Boudreaux) Tweet… is from page 223 of the 5th edition (2015) of Thomas Sowell’s Basic Economics: Just as businesses seek to have government impose tariffs on imported goods that compete with their own products, so labor unions use minimum wage laws as tariffs to force up the price of non-union labor that competes with their members for jobs. Clever economists whose priors tell them that government generally intends (and largely, if imperfectly, actually manages) to promote the public interest by apolitically applying scientific economic theory can no doubt spin a logically coherent theory to explain that tariffs are really meant to correct for market imperfections. Many real-world importers who buy goods from foreign sellers, after all, do not face perfect...more

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  • Marc to Market

    Emerging Markets: What has Changed

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  • TIME

    A Chinese App That Steals Wifi Passwords Just Raised $50 Million

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  • The Big Picture

    10 Friday AM Reads

    Three day weekend! Get it started right with our artisinal morning train reads: • Seven Lies Investors Tell Themselves (Total Return) • Meet Generation Subprime (USN&WR) • Mark Zuckerberg Just Wants a Little Privacy. $100 million and 750 Acres of It. (Slate) see also Top CEOs Make 373 Times the Average U.S. Worker (Real Time Economics) • What’s Wrong With ‘Mathiness’ in Economics? (Bloomberg View) see also Mathiness versus Science in Growth Economics (Growth Econ) • The GOP Is Dying Off. Literally. (Politico) Continues here     ...more

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  • TIME

    This Is Who Decides If Your Flight Takes Off This Memorial Day Weekend

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  • naked capitalism

    Links 5/22/15

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  • Cafe Hayek - Article Feed

    Competing Hypotheses About L.A.’s Minimum-Wage Hike

    (Don Boudreaux) TweetIn this earlier post I argued that if real-world hikes in the minimum wage were in fact premised on scientifically sound economics – the economics that pro-minimum-wage economists point to in order to justify such hikes and without at the same time denying that the law of demand applies to low-skill labor – then there is no reason why such hikes would be phased-in over time rather than increased immediately. Daniel Kuehn very quickly accused me of error.  (He did so in the comments to the above-linked post.): The increases are nominal, that’s why they’re introduced gradually – to smooth the real value. That’s why the same people that want gradual nominal increases also want to peg to inflation. In other words...more

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  • Beat the Press

    Third Way Misses the Boat Big Time on Game Rigging

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  • naked capitalism

    “The Art of the Gouge”: NYU as a Model for Predatory Higher Education

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  • Marc to Market

    Dollar Heavy into the Weekend

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  • The Big Picture

    1932 Rolls-Royce Phantom II

    Source: Classic Driver Source: Classic Driver

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  • International Political Economy Zone

    Adios Sweatshop: PRC's Mfg Plan to be Asia's Germany

    Is the sweatshopped China of today soon going to be its past?A few days ago I featured a post on how low-cost manufacturing is migrating to even lower-cost locations than China such as Vietnam. So, even authoritarian China is not immune to upward pressures on wages as firms keen on the cheapest manufacturing possible head elsewhere. Now we receive news that even China is aware of these pressures and is adjusting accordingly. Instead of trying to remain the lowest-cost producer in perpetuity, which is impossible, it too is seeking value-added industries where productivity gains from capital and labor can help ensure that it remains the world's largest producer. From Caixin Online:China’s State Council has unveiled a 10-year plan for upgrading the nation’s manufactur...more

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  • The Big Picture

    Why Are Interest Rates So Low?

    Why Are Interest Rates So Low? Marco Del Negro, Marc Giannoni, Matthew Cocci, Sara Shahanaghi, and Micah Smith Liberty Street Economics, May 20, 2015     In a recent series of blog posts, the former Chairman of the Federal Reserve System, Ben Bernanke, has asked the question: “Why are interest rates so low?” (See part 1, part 2, and part 3.) He refers, of course, to the fact that the U.S. government is able to borrow at an annualized rate of around 2 percent for ten years, or around 3 percent for thirty years. If you expect that inflation is going to be on average 2 percent over the next ten or thirty years, this implies that the U.S. government can borrow at real rates of interest between 0 and 1 percent at the ten- and thirty-year maturities. This phe...more

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  • The Fabius Maximus website

    Lessons from the TPP: no political polarization for interests of the 1%!

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  • John Quiggin

    Queensland in recession?

    There’s been a bit of fuss over the announcement by Queensland Treasurer Curtis Pitt that Gross State Product contracted during the last two quarters of 2014, which were also the last two full quarters under the Newman LNP government. Two quarters of negative growth is a common criterion for declaring a recession, and much of the controversy concerns Pitt’s use of this term. Is it justified. Obviously, the LNP and their allies would like to prove that it is not, and have made vociferous attempts to do so. Some can be dismissed pretty easily as bluster. Joe Hockey, demonstrating the grasp of quantitative analysis for which he has become famous, declared Pitt’s claim “complete rubbish”. His supporting arguments were a mixture of irrelevance &...more

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  • Economist's View

    Links for 05-22-15

    Tariffs Versus Currencies - Paul Krugman Musings on Macroeconomic Policy and "The Right" - Brad DeLong Why the US economy can’t shake Great Recession - Daniel Alpert What would it take to limit climate change to 1.5°C? - EurekAlert! Initial Unemployment Claims at Lowest average in 15 years - Calculated Risk Mathiness versus Science in Growth Economics - Growth Economics Dodd-Frank Senate reform fight ends in stalemate - FT.com Dodd-Frank Senate reform fight ends in stalemate - FT.com E-cigs: The Bootlegger/Baptist Opposition - Tim Taylor A Backdoor Way to End the Fed - Noah Smith Ferguson tries again - mainly macro Nobody Cares About the Deficit - Paul Krugman Jeb Bush Adopts Voodoo Economics - EconoSpeak Service trade and productivity - Vox EU ...more

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  • Marginal REVOLUTION

    *Ukraine: What Went Wrong With It and How to Fix It*

    That is the new Anders Aslund book, and it is instructive throughout.  Here are a few things I learned: 1. 80 percent of Ukrainian youth receive higher education of some kind. 2. Ukraine has the world’s highest rate of pension expenditures as a share of gdp, at about 18 percent, circa 2010.  Most of that is old age pensions, and that is for a population with a relatively short lifespan, 68.5 years, 122th in the world according to UNDP. 3. At the time of publication, Ukraine’s public expenditures stood at 53 percent of gdp. 4. “Ukraine is running out of money…”  OK, that one I already knew. 5. “No economy has fared as poorly in peacetime as Ukraine did from 1989 to 1999.  For a decade, Ukrainian GDP plummeted by a total of 61 perce...more

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  • Paul Krugman

    Blogging Begins

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  • VoxEU.org: Recent Articles

    Service trade and productivity

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  • VoxEU.org: Recent Articles

    Green skills

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  • naked capitalism

    Matt Taibbi on Democracy Now: Banks Admit to Crimes, Pay $5 Billion, And Still No One Goes to Jail

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  • Marginal REVOLUTION

    Why does the American economy seem to slow down each first quarter?

    This very good Justin Wolfers piece outlines some possible explanations, for instance: For those not keeping track, it boils down to two camps: economists who blame first-quarter weakness on idiosyncratic factors versus those blaming mismeasurement. The weather would be one — but not the only — possible idiosyncratic factor. I wonder, however, if a third class of explanation perhaps should be in play.  It is well-known that economies undergo relatively strong “seasonal cycles,” most notable a major contraction in the first quarter, following the boom of the holiday season.  Might this seasonal contraction interact with the real economy in a different way than before the Great Recession?  Perhaps negative economic momentum, even when expected, ...more

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  • Cafe Hayek - Article Feed

    Why Not $15 Per Hour Today?

    (Don Boudreaux) TweetThe only economic case for raising the minimum wage that is even potentially theoretically sound is the case built upon the belief that employers of low-skilled workers possess monopsony power in the market for low-skilled workers.  (As argued here before, monopsony power is a necessary condition for a higher minimum wage not to reduce the employment prospects of low-skilled workers; it is not a sufficient condition.) So what are we to make of the City of Los Angeles’s move to raise the hourly minimum wage there to $15 by 2020?  Why wait until 2020?  Why not immediately or, say, June 1st 2015? If this minimum-wage hike is truly justified by employer monopsony power, there’s no reason for any delay in hiking the wage.  If employ...more

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  • Brad DeLong's Grasping Reality...

    Fiscal Policy and Economic Growth

    [Fiscal Policy and Economic Growth[(https://www.icloud.com/keynote/AwBUCAESEMov4kOl2DicvYCD0fI8Eu4aKfVGvXU9Udvve7tbgnxV1L2az5aDYRE75z8L6583DRcQdTY5Qcx5dBXeMCUCAQEEIAz-2WwoZQl_AA1dOUmlYEliL3E8IU_4krkvmpxaAPCY#2015-05-21_Fiscal_Policy_and_Economic_Growth.key) [Fiscal Policy and Economic Growth[(https://www.icloud.com/keynote/AwBUCAESEMov4kOl2DicvYCD0fI8Eu4aKfVGvXU9Udvve7tbgnxV1L2az5aDYRE75z8L6583DRcQdTY5Qcx5dBXeMCUCAQEEIAz-2WwoZQl_AA1dOUmlYEliL3E8IU_4krkvmpxaAPCY#2015-05-21_Fiscal_Policy_and_Economic_Growth.key) J. Bradford DeLong U.C. Berkeley May 21, 2015 UC Center, Sacramento What Is the Government’s Impact on Economic Growth? Federalism Global government (to the extent that such a thing exists) National government State government ...more

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  • Brad DeLong's Grasping Reality...

    DeLong FAQ: How Did I Get into the Weblogging Business?

    DeLong FAQ: How did I get started weblogging? In my memory, I got started weblogging because one afternoon sometime in the 1990s that convinced me that weblogging was likely to become a key part of the forthcoming ecology of intellectual influence. I was sitting in my Berkeley office, looking out over the Golden Gate, reading the May/June 1998 issue of Foreign Affairs. I noted a very positive citation to something I had written by Paul Krugman. Shortly thereafter I noted a second--very negative--citation by Jagdish Bhagwati. I really didn't care that Bhagwati was quoting-me-to-criticize. I cared that that was two Nobel Prize-caliber economists noticing my existence. That did not happen every day: in fact, that had never happened before. I looked more closely at the q...more

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  • The Fabius Maximus website

    One of journalism’s stars explains why & how to read the news

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  • Free exchange

    Slipping away from the West

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  • Beat the Press

    Niall Ferguson Goes to Bat for Cameron, Osborne, and Austerity

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  • International Political Economy Zone

    PRC Infrastructure Battle: Japan Pledges $100B for Asia

    Will the Japanese International Cooperation Agency of all institutions sink the ADB?There is utterly fascinating news coming out of Tokyo that the Japanese are preparing to provide a hundred billion dollars in funding to Asian countries in need of infrastructure. Especially smarting from being overtaken as Asia's largest and the world's second-largest economy, Japan does not enjoy playing second fiddle to the Chinese (usurpers). I recently made a series of posts on the upcoming formation of the so-called Asian Infrastructure Investment Bank (AIIB)[1, 2, 3]. Notably, the US tried to persuade all and sundry of its allies not to join the AIIB. However, only Japan actually heeded the jealous Americans' call to stay out.Now, however, we may have the latest round in Japan-Chi...more

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  • Worthwhile Canadian Initiative

    The Growth of the Local Public Sector

    The rising expense of local government services is increasingly capturing the attention of pundits and policy makers alike.  The rising cost of policing and fire services in particular and their effects on local budgets and ratepayers, has drawn the attention of Canadian municipal leaders.  What is also interesting is the overall growth in local government employment in general over the last decade at rates much greater than the growth in total employment. Figure 1 presents total provincial local general government employment as reported by Statistics Canada and available for the period 2001 to 2012.  Over this period, local general government employment (employment in local business enterprises such as a hydro or phone utility is excluded) for Canada...more

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  • Paul Krugman

    Tariffs Versus Currencies

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  • Beat the Press

    The Welfare Queens That Run Our Universities

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  • Paul Krugman

    Nobody Cares About the Deficit

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  • The Fabius Maximus website

    A secret of the new business cycle, & why good predictions have become so rare

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  • Worthwhile Canadian Initiative

    Fiscal shocks as relative demand shocks

    Take a macro model of an economy with two different goods being produced; call them Carrots and Grapes (there can be many different varieties of carrots, and many different varieties of grapes, if you like). Suppose the demand for grapes falls, because of a change in preferences. Will there be an equal and offsetting increase in the demand for carrots? Well, that depends. It depends on what the central bank is targeting. Suppose the central bank targets 2% Carrot Price Inflation. And suppose the central bank gets it exactly right, and responds perfectly to the preference shock, so the Carrot Price Inflation rate stays at exactly 2%. What happens to real GDP? If land, labour, and capital equipment were perfectly mobile between the Carrot and Grape sectors, we might see ...more

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  • Economist's View

    Video: Interest Rates, Inflation & Clear Communication

    Another interview, this one with Sir Professor Charles Bean, former Deputy Governor at the Bank of England and past President of the Royal Economic Society. I thought this one went well....more

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  • Economist's View

    'Conservatives and Keynes'

    This, from Paul Krugman, is sort of a setup for the post below this one: Conservatives and Keynes: ...the debate over business-cycle economics has always been a left-right thing. Specifically, the right has always been deeply hostile to the notion that expansionary fiscal policy can ever be helpful or austerity harmful; most of the time it has been hostile to expansionary monetary policy too... So the politicization of the macro debate isn’t some happenstance, it evidently has deep roots. Oh, and some of us have been discussing those roots in articles and blog posts for years now. We’ve noted that after World War II there was a concerted, disgraceful effort by conservatives and business interests to prevent the teaching of Keynesian economics in the universities,...more

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  • VoxEU.org: Recent Articles

    Sovereign rating changes: Understanding the asymmetries

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  • iMFdirect - The IMF Blog

    Flash Crashes and Swiss Francs: Market Liquidity Takes a Holiday

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  • International Political Economy Zone

    Eurovision, Migration, Romanian Kids & Workaway Parents

    Cherishing those rare time mum is home in Romania. It's that time of the year again when that quintessential display of European unity (really) and sheer weirdness comes around. Yes, it is time for Eurovision 2015.  In recent years, winners have included Finnish Klingons in Lordi and a bearded Austrian transgender, er, performer in Conchita Wurst. Like most entertainment, it is larger than life and over the top--but not always. This year, we have performers tackling the rather more serious but quite common issue of transnational families within the European Union separated by economic migration.Given that the Romanian economy has never really taken off in quite the same way as, say, Poland, outmigration continues apace. Hence, the phenomenon of transnational famili...more

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  • Econbrowser

    Exchange Rate Regimes and the Global Financial Cycle

    Relevant or Irrelevant? The highly integrated nature of the global financial system was amply demonstrated, if we needed any reminder, by the turmoil in emerging market currency and bond markets in the wake of Fed Chairman Bernanke’s statements regarding the normalization of U.S. monetary policy, i.e., the “taper tantrum”. Following close on the heels of complaints about unconventional monetary policy implementation in the preceding years, it is clear that – at a minimum – policymakers in emerging market economies perceive a high and increasing vulnerability to the whims of the global financial system. The idea that the monetary policies of financial center countries have large spillover effects on the smaller economies is not new. During the mid-1990’s, wh...more

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  • Free exchange

    What goes down, must come up

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  • Free exchange

    Hurrying up

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  • The Skeptical Speculator

    Roche and Hussman on Tobin's Q

    In response to a Bloomberg article which claimed that the S&P 500 is “unhinged from reality” based on the Tobin's Q ratio, Cullen Roche at Pragmatic Capitalism opined on Monday that the ratio is actually useless. “But how useful is this ratio in reality?” he asked. “In my view, not very.” “For instance, the Q ratio has been well above its historical average for most of the last 25 years. If you sold stocks when the ratio was above its historical average you’ve missed out on some huge gains.” Roche is probably interested in timing the short-term direction of the market, and for that purpose, valuation metrics like the Tobin's Q ratio is, indeed, very probably useless, especially on their own. Over the long term, though, valuation metrics like the Tobin'...more

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  • John Quiggin

    The most misleading definition in economics (draft excerpt from Economics in Two Lessons)

    After a couple of preliminary posts, here goes with my first draft excerpt from my planned book on Economics in Two Lessons. They won’t be in any particular order, just tossed up for comment when I think I have something that might interest readers here. I’ll update as I go, in response to comments and criticism; this may create some difficulties reading the comments thread, but hopefully the improvement in the final product will be worth it. To remind you, the core idea of the book is that of discussing all of economic policy in terms of “opportunity cost”. My first snippet is about Pareto optimality The situation where there is no way to make some people better off without making anyone worse off is often referred to as “Pareto optimal” a...more

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  • iMFdirect - The IMF Blog

    Act Local, Solve Global: The $5.3 Trillion Energy Subsidy Problem

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  • iMFdirect - The IMF Blog

    Global Energy Subsidies Are Big—About US$5 Trillion Big

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  • The Skeptical Speculator

    Greek financial crisis may be near endgame

    The euro has been rising in recent weeks, wreaking havoc on carry trades. Still, Greece's financial problems may create more stress on the currency as the endgame to the crisis looks to be near. From Bloomberg: Greek banks are running short on the collateral they need to stay alive, a crisis that could help force Prime Minister Alexis Tsipras’s hand after weeks of brinkmanship with creditors. As deposits flee the financial system, lenders use collateral parked at the Greek central bank to tap more and more emergency liquidity every week. In a worst-case scenario, that lifeline will be maxed out within three weeks, pushing banks toward insolvency, some economists say... “We are in an endgame,” ECB Executive Board member Yves Mersch said in an interview with Luxemb...more

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  • John Quiggin

    The political is personal

    Working on my Economics in Two Lessons book, I’ve had to address the concept of Pareto optimality, which naturally raises the question of how it fits into Pareto’s larger body of anti-democratic and anti-egalitarian thought, which culminated, at the end of his life, in his embrace of Mussolini’s fascism. This led me to an article (paywalled, sorry) published by Renato Cirillo, in 1983, defending Pareto against the charge of being a precursor of fascism. Cirillo asserts that, far from being a fascist, Pareto “manifested consistently a strong attachment to a type of liberalism not dissimilar to the one later attributed to Mises and Hayek” These are rather unfortunate examples, in view Mises writings in praise of fascism and work for the Dollfuss reg...more

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  • Worthwhile Canadian Initiative

    Consuming wealth without spending a dime

    "It is a great comfort to have you so rich" - Jane Austen, Pride and Prejudice. Stripped down to the barest essentials, taxation works like this: taxes owing = tax rate * tax base + lump sum taxes - income guarantees and tax credits. The appropriate tax base, rate and income guarantee are the three fundamental issues in tax design.  Many economists believe that consumption is the best possible tax base (see this post, and the comments). Consumption is the best measure of what a person takes, consumes, and enjoys; consumption measures her welfare, how well off she is. It is thus the fairest basis for taxation. Moreover, these economists argue, taxing consumption has desirable incentive effects: it encourages saving; it discourages excess...more

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  • Econbrowser

    UCSD Chancellor’s Associates Award

    I was recently honored to receive the UCSD Chancellor’s Associates Award for Excellence in Research and Social Sciences. Here’s a video they made for the event.

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  • Greg Mankiw's Blog

    Alternatives to the Price System

    This article makes the case for social, rather than financial, incentives. I am not convinced, but it should generate an interesting class discussion.

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  • Greg Mankiw's Blog

    Bill Clinton in Haiti

    A few years ago, I had the pleasure of meeting Patrick Moynihan, a Catholic deacon who is the president of The Haitian Project and head of its Louverture Cleary School, in Haiti, for gifted but poor children. Our paths crossed because Patrick was helping to launch a course in introductory economics at the school, and my publisher generously donated copies of my favorite textbook.Patrick recently sent me a link to his article about the role Bill Clinton has played in Haiti. It is not a pretty picture....more

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  • Econbrowser

    Keine Roten Kartoffeln für Sie!

    Auch keine Garnelen, in Wisconsin.* (Seriously! See page 3, line 9, and lines 14-15, in the bill) From the Milwaukee Journal Sentinel: Under [the] bill, food stamp recipients could not use the program to buy crab, lobster, shrimp or other shellfish. Additionally, they would have to use two-thirds of their benefits on beef, pork, chicken, produce or foods that qualify for the federal Women, Infants and Children nutrition program. The remainder could be used on foods already allowed under the food stamps program, other than shellfish. The bill passed the Assembly, and is now on the way to the state Senate.[1] Here is the text of Assembly Bill 177. I must confess I find the restriction on shrimp a bit odd, given the fact that the price of farmed shrimp relative to ground b...more

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  • The Skeptical Speculator

    S&P 500 hits new record but Transports lag

    The S&P 500 rose 1.1 percent on Thursday to a new record high. However, Mark Hulbert warned of an important Dow divergence that is ominous for stocks. The Dow Jones Transportation Average is seriously lagging behind the broader stock market, and that’s potentially quite bearish.... The divergence began late last November, when the Dow Transports rose to a record high. They are now 6.7% below their all-time closing high (and 7.6% below the intra-day high). Over the same period, the Dow Industrials have risen more than 2%. Citing research by Jack Schannep, the editor of a market-timing advisory service called TheDowTheory.com, Hulbert said that in the last 25 years, there have been 14 instances of big divergences between the Dow Transports and Dow Industrials. On averag...more

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  • Greg Mankiw's Blog

    Here Me Squawk

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  • TheMoneyIllusion

    Bankrupt Greece breaks promise, rehires 15,000 public employees

    That’s equivalent to about 450,000 new public employees in the US.  Here’s the FT: Opposition lawmakers accused Syriza of violating that agreement with the new laws, which could expand the government payroll by as many as 15,000 employees. But government ministers remained defiant. “We aren’t going to consult [bailout monitors], we don’t have to, we’re a sovereign state,” Nikos Voutsis, the powerful interior minister, told parliament. Yes, and other sovereign states “don’t have to” give Greece any more money. The municipal police force, which was disbanded 18 months ago, will be revived and several thousand caretakers at state schools, known as “guards”, are to be rehired. Kyriakos Mitsotakis, who — as the previous governme...more

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  • TheMoneyIllusion

    Xenophobia plus cognitive illusions = mass ignorance

    Don’t be offended by the title of this post.  I’d guess 99.9999999% of people don’t understand currency manipulation or quantum mechanics.  So I’m using the term ‘ignorance’ loosely. And of course since I’m in the tiny minority (of seven people, based on the percentage above), there’s always the small chance that I’m the stupid one.  This post is to organize my thoughts, as I’m going to be interviewed on “currency manipulation” tomorrow. Let’s start with the term ‘currency manipulation.’  That’s what central banks do.  They manipulate the nominal value of currencies.  Period. End of story.  On the other hand: 1.  Monetary policy has no long run effect on real exchange...more

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  • TheMoneyIllusion

    The Economist dispels some China myths

    A few years back I commented on a “Ghost Cities” story on 60 minutes: They pointed to a “ghost town” development in Zhengzhou, which is capital of a province of 90 million people.  I’d expect its current population (4 million in the urban area) to grow to 10 to 20 million in a few decades.  How much longer will that development seem unneeded? Here’s The Economist: WHEN “60 Minutes”, an American television news programme, visited a new district in the metropolis of Zhengzhou in 2013, it made it the poster-child for China’s property bubble. “We found what they call a ghost city,” said Lesley Stahl, the host. “Uninhabited for miles and miles and miles and miles.” Two years on, she would not be able to say the same. The empty streets ...more

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  • Dani Rodrik's weblog

    The War of Trade Models

    There is an interesting debate going on in Europe about the likely consequences of the TTIP (Transatlantic Trade and Investment Partnership). Much of the real debate is (or should be) about the proposed Investor-State dispute resolution (ISDS) and the desirability of regulatory harmonization when nations have different preferences about how these regulations should be designed. But there is also a fascinating numbers game going on, with alternative quantitative estimates deployed by pro- and anti-TTIP groups. The studies used by the pro group tend to show positive, if small, GDP effects. Probably the best known among these is a study by Joseph Francois and his colleagues, according to which EU and US GDPs will rise by 0.5% and 0.4%, respectively, by 2027 (relative to th...more

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  • Smart Economy

    Oxidative stress and Cancer Metastasis

    Oxidative stress and Cancer Metastasis Research has shown that 90% of all cancer deaths are due to cancer metastasis. Cancer can only spread in the body when we have an environment of excess free radicals or oxidative stress. An ultra-high, universal, antioxidant like Carbon 60 hydrated fullerenes neutralize free radicals and prevent cancer metastasis.   Factsheet #6 Link between Oxidative Stress, Free Radicals and Cancer v4   https://www.academia.edu/12211177/Factsheet_6_Link_between_Oxidative_Stress_Free_Radicals_and_Cancer_v4 ...more

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  • Smart Economy

    Longevity and Healthy Aging

    Aging Gracefully without Chronic Human Diseases Time Magazine and National Geographic both recently ran cover stories with a baby on the cover. The tagline reads: This baby could live to be 142 years old. So the question that immediately comes to mind  is: Is this possible  and can everyone age gracefully without chronic human diseases? And can we do it with today’s technology ? To explore this question we first need to compare the mortality in 1900 versus today. In 1900, half of the deaths were caused by pneumonia, influenza, tuberculosis, gastrointestinal infections.  These diseases were cured largely with antibiotics and antivirals after world war two. Cancer, diabetes, coronary  heart disease, and Alzheimer’s were present but  not near the rates we see tod...more

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  • Smart Economy

    Aging Gracefully without Chronic Human Diseases

    I’m adding  a link to a presentation I gave last week to a group of seniors at the Ukrainian Canadian Social Services –Toronto Branch on Aging Gracefully without Chronic Human Diseases.  It’s designed for a non-technical,  layperson audience. You can download it from the link below.   https://www.academia.edu/12124838/Aging_Gracefully_without_Chronic_Human_Diseases_v4_UPDATED_   Enjoy and Comments Welcomed   Walter  Derzko Toronto ...more

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  • Dani Rodrik's weblog

    Turkish economic myths

    Preparing for a panel discussion on Turkey gave me the opportunity of putting together some notes and slides on the country’s economy. That Turkey is not doing well at the moment, economically or politically, is well known. But the roots of the problem remain misunderstood. Many analysts blame the weakening of “structural reforms” (on economics) and the turn towards authoritarianism after the Gezi protests in 2013 (on the politics). See for example here. In truth, Turkey’s problems on both fronts predate the recent slowdown in growth and have been long ingrained in the governing party’s (AKP) strategy. I have discussed the politics before at length. Here I focus on the economics. First, let’s dispense with some misconceptions about how well the Turkish econo...more

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  • Alpha.Sources

    To Default or not to Default

    With apologies to Shakespeare.  {Dawn, Yannis Varoufakis is roaming the Akropolis}  To default or not to default, that is the question. Whether ’tis nobler in the mind to suffer The slings and arrows of outrageous demands Or to take arms against a legion of creditors And, by opposing, end them? To stay, to oppose— No more—and by opposing to say we end The heartache and the thousand cuts That the euro and debt is heir to—’tis a consummation Devoutly to be wished! To stay, to oppose. To oppose, perchance to extend—ay, there’s the rub, For in not paying what usury and strife may ensue When we have shuffled off this mortal coil Must give us pause. There’s the respect That makes calamity of the euro. ...more

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  • Alpha.Sources

    QE and population ageing as macroeconomic externalities

    This discussion of market failures and externalities is mostly a microeconomic discussion. Students will tend to encounter it, in the context of the classic case of the polluting industrial company whose marginal private cost, or supply, curve is not the same as the marginal social cost curve. A firm which dumps toxic waste in a river does not bear the full cost of such actions; society also faces a costs even if this is not taken into account in the firm's profit maximization problem. The solution according to the welfare theorems is for the social planner, the government, to tax the company forcing the firm to produce at a lower output relative to what would have been optimal according to its own marginal revenue and marginal cost curves. Profit maximization on the fi...more

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  • Dani Rodrik's weblog

    Premature deindustrialization in the developing world

    Mention “deindustrialization,” and the image that comes to mind is that of advanced economies making their way into the post-industrial phase of development. In a new paper,[1] I show that the more dramatic trend is one of deindustrialization in the developing countries. This is a trend that is appropriately called premature deindustrialization, since it means that many (if not most) developing nations are becoming service economies without having had a proper experience of industrialization. Latin America appears to be the worst hit region. But worryingly similar trends are very much in evidence in Sub-Saharan Africa too, where few countries had much industrialization to begin with. The only countries that seem to have escaped the curse of premature industrializati...more

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  • Alpha.Sources

    Regulative Mission Creep?

    The financial sector has been regulated and fined into submission following the crisis, but the equity research team at Credit Suisse had a rebellious thought this weekend. In a piece extolling the virtues of dividend stocks, they postulate the following development: As bond yields fall to zero, duration matching for pension funds and insurance companies becomes nearly impossible and, consequently, we believe there will be significant pressure on regulators to allow higher equity weightings. On the global equity strategy team, we see a scenario where pension funds and insurance companies are allowed to hold a bigger share of their assets in high quality equities if bond yields remain around zero for a prolonged period. The definition of quality, in our view, is likely ...more

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  • CIPE Development Blog

    Outcry Against Corruption Helps Drive a Change of Leadership in Sri Lanka

    While it is hard to identify all of the issues that drove Sri Lankans during the country’s recent – and for many observers, surprising – elections, a cry for change was evident. Voters had clearly grown tired of corruption, cronyism, and authoritarianism, and there have been widespread calls for investigations into a range of alleged human rights abuses. Continue reading → ...more

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  • CIPE Development Blog

    Technology and Democracy in Burma

    Burma's upcoming elections will be a major test for its fledgling democratic reform process. Technology, more specifically mobile phones, will have a large role to play for both citizens and candidates. Continue reading → ...more

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  • CIPE Development Blog

    Beyond “Doing Business”: The Economic Implications of Public Opinion in Afghanistan

    In early November, the World Bank published its annual “Doing Business Report,” which assesses government regulations that support or constrain business activity across 189 countries. This year, Afghanistan again ranked near the bottom, down one spot from last year, in the 183rd position. The full report on Afghanistan can be found here. Continue reading → ...more

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  • CYNICONOMICS

    2014 Most Viewed Posts

    We posted sporadically this year – with nothing at all after July – but added up our page views anyway. Here are the five most widely read posts, based on page views on CYNICONOMICS as well as three other sites that publish our articles and report our stats (Zero Hedge, Market Oracle and Seeking Alpha): #5 with 41,690 views: “Why You Shouldn’t Fall For These Corporate Capex Fallacies.” We critique four popular arguments about capital expenditures, while showing that history contradicts all but one of the four. #4 with 44,509 views: “Reviving the ‘Real World’ Scenario That’s Disappeared from Government Reports.” We adjust the CBO’s official budget projections for glaring deficiencies in its “baseline scenario,” from an overly optimistic economi...more

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  • Rick Bookstaber

    Ex Ante versus Ex Post Social Policy

    I have written various posts on social policy related to the question of whether and how we redistribute income. One argument of equal opportunity and social egalitarianism is that it is fair to control for the randomness of life. For example, take the luck of the draw in who your parents are. If your best career choice was to be born into a wealthy family, if you got ahead because your father could pull strings to get you an internship at a big investment bank; because you built up your high school resume by spending a summer building houses in Tibet while a classmate had to spend the summer working at the 7-11; or because you could afford two years of one-on-one tutoring for the SAT, the result might be to score higher in an objective standard of selection and have a ...more

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  • Rick Bookstaber

    On Death with Dignity

    We take the will to live as a positive attribute, and naturally so; it is, of course in our genes.  Whatever subset of our species took a lackadaisical view toward the prospect of death was screened out long ago. We look with admiration on those who battle against terminal illness --  “She’s a real fighter” -- and look down on those who take their own lives. Fighting for your life is the genetic prime directive.   Thus the recent death of Brittany Maynard spurred a flurry of news articles and posts on the Death with Dignity movement. There will be a lot more to come on this topic, and the movement will gather steam because whatever is in the crosshairs of the baby boomers weighs down on society as a whole. Soon the baby boomers will come to the...more

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  • Rick Bookstaber

    Uber: What could possibly go wrong

    Uber at the core is nothing more than a bunch of guys who came up with a clever app for streamlining the way you call for a car.  Rather than phoning or texting, you tap on the app.  Rather than paying with cash or credit cards, you have an account.  And rather than depending on the reputation of the car company, you depend on the ratings-based reputation of the specific driver. (Another feature, the pre-determined fare, with that fare essentially including all fees including tip, is nothing new for car services). And, by the way, it is readily replicable by any other car services, including those that already have a reputation and experienced drivers.  So it seems to me that it is only mildly innovative.  How do you build a successful world-wid...more

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  • Institutional Economics

    Capital Gains Tax Reform in Canada: Lessons from Abroad

    The Fraser Institute has released a new volume on international experience with capital gains taxes. I wrote the chapter on New Zealand, with some reference to Australia. Australia was deemed too similar to Canada to warrant a chapter in its own right....more

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  • The Street Light

    Transfer Pricing Economics

    I'd like to announce that after a long hiatus from blogging, I'm taking it up again in a new forum.  The new blog, Transfer Pricing Economics, is primarily devoted to exploring my particular area of professional specialty, namely "transfer pricing".  If that term doesn't mean anything to you, then feel free to check out my brief explanation of transfer pricing. My aim is to expose and analyze the connections between the arcane world of transfer pricing and broader developments in the economic and financial world. And the connections are significant: the rules and economic logic of transfer pricing have a direct impact on trillions of dollars of international trade every year. So please feel free to check in on and contribute to the discussions about these...more

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  • Institutional Economics

    I am leaving CIS and returning to financial markets

    This is my last week at CIS. I will be returning to financial markets from whence I came back in 2008. Thanks to Greg Lindsay for giving me a platform to participate in the public policy debate over the last few years. Thanks also to those who contributed to Policy while I was editor over the last 18 months. Policy will continue under a new editor. My new employer won’t be paying me to blog or tweet during business hours, so you will be hearing even less from me on what is already a very low frequency blog. I will still post material here from time to time and link to what I am doing when appropriate. Needless to say, nothing on this web site should be attributed to current or previous employers. This blog has followed me around in various roles since 2003, back whe...more

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  • Institutional Economics

    Wayne Swan on Monetary Offset and the GFC

    Former Treasurer Wayne Swan is releasing some of his briefing notes from the GFC ahead of the launch of his upcoming memoir, The Good Fight. The first instalment from a meeting at the Prime Minister’s residence with the Prime Minister, Treasury Secretary and other senior officials on 4 August 2008 is remarkable for its acknowledgement of monetary offset. Indeed, the notes could just as easily have been written by Scott Sumner: There are three broad considerations the Government would need to keep in mind in taking a decision to engage in discretionary [fiscal] action: • The Reserve Bank through its control over interest rates, determines the overall level of aggregate demand in the economy, and the Bank would likely take account of any fiscal stimulus in its monet...more

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  • CYNICONOMICS

    Technical Notes for ‘Never Mind Their Distrust of Data and Forecasts…’

    This is a short appendix for our earlier post, “Never Mind Their Distrust of Data and Forecasts; Austrians Can Help You Predict the Economy,” in the usual Q&A format. Why do you show three different series in the first chart? We show “Net Private Debt from Census Bureau” because it has the longest history. We use it later to calculate 5-year credit growth figures for the period before the Fed’s “flow of funds” becomes available. We deduct financial and real estate corporation debt in the second dotted line to show that private debt growth in the late 1920s wasn’t skewed by financial debt (as it was in the 2000s). We can only back out financial debt from 1926 (not enough data to use in the “savings rates and credit growth” chart), but this series...more

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  • CYNICONOMICS

    Never Mind Their Distrust of Data and Forecasts; Austrians Can Help You Predict the Economy

    [O]f all the economic bubbles that have been pricked, few have burst more spectacularly than the reputation of economics itself. – From The Economist, July 16, 2009. It’s been five years since the The Economist magazine published the critical commentary  excerpted above. In hindsight, the noted reputational damage was neither lasting nor spectacular. As of today, we’d say it’s almost non-existent. Mainstream economists continue to dominate their profession and wield huge influence on public policies. They merely needed to close ranks after the financial crisis and wait for people to forget that their key theories and models were wholly discredited. Meanwhile, heterodox economists who stress credit market risks and financial fragilities – the Austrians, the Mi...more

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  • The Becker-Posner Blog

    Farewell

    In memoriam: Gary S. Becker, 1930-2014. The Becker-Posner blog is terminated. Richard A. Posner

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  • Felix Salmon

    Post Felix

    By Shane Ferro Today is Felix’s last day at Reuters. Here's the link to his mega-million word blog archive (start from the beginning, in March 2009, if you like). Because we’re source-agnostic, you can also find some of his best stuff from the Reuters era at Wired, Slate, the Atlantic, News Genius, CJR, the NYT, and NY Mag. There’s also Felix TV, his personal site, his Tumblr, his Medium archive, and, of course, the Twitter feed we all aspire to. Counterparties may have been the brainchild of Felix and the recently departed Ryan McCarthy, but the blog, site, newsletter, and Twitter feed will continue to exist in their absence. It will be run by Ben Walsh and Shane Ferro, with some non-trivial amount of snark. Today we focus on the reason Felix started Counterparti...more

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  • Felix Salmon

    The Piketty pessimist

    By Felix Salmon This chart comes from the World Economic Forum’s 2014 Global Risks Report, which came out just before Thomas Piketty’s book started becoming the topic of discussion in economic and plutocratic circles.* You can clearly see what you might call the rise of inequality-as-an issue: before 2012 it’s nowhere to be found, but since then it’s been consistently in the top spot. My prediction is that in 2015, thanks to Piketty, the WEF will start talking less about income inequality, and more about wealth inequality. The big question, though, is whether inequality is really much of a risk at all. After all, from the point of view of the average billionaire WEF delegate, inequality would seem to look much more like a reward. Chrystia Freeland has a hopeful...more

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  • Felix Salmon

    The most expensive lottery ticket in the world

    By Felix Salmon No Exit, the new book from Gideon Lewis-Kraus, should be required reading for anybody who thinks it might be a good idea to found a startup in Silicon Valley. It shows just how miserable the startup founder’s life is, and raises the question of why anybody would voluntarily subject themselves to such a thing. A large part of the answer is that Silicon Valley is gripped by a mass delusion, compounded by a deep “fake it til you make it” attitude toward success. Why do so many people in Silicon Valley want to be founders? Because every founder they meet is always killing it, crushing it, having massive success, just about to close a huge round, etc etc. At some level, they must know this is impossible: if 90% of startups fail, it simply can’t be the...more

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  • The Becker-Posner Blog

    Sabbatical Notice

    Starting this weekend, we will be taking a one-month sabbatical from blogging. We will resume at the end of that period.

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  • The Becker-Posner Blog

    The Embargo of Cuba: Time to Go- Becker

    The US embargo of Cuba began in 1960, a year after Fidel Castro turned this island toward communism. It was extended to food and medicines in 1962, the same year as the showdown with Russia over the installation of missiles there. The embargo has prevented American companies from doing business with Cuba, and discouraged tourism to Cuba. The American government also tried with quite limited success to prevent other countries from trading with Cuba. In general economic embargoes are undesirable because they interfere with free trade among countries. Yet a case could be made for an embargo against Cuba. Castro not only allowed Russian missiles to be installed in Cuba, just 90 miles from Florida, but was also actively trying to interfere in other countries by sending troop...more

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  • Stefan Karlsson's blog

    New Blog Address: http://stefankarlssoneng.wordpress.com/

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  • Stefan Karlsson's blog

    Ukraine Crisis Isn't Over

    So now the so-called protestors have overthrown democratically elected President Yanukovich in what is in effect a coup. It is unclear what will happen, and how Russia and Yanukovich and his supporters will act, but this is almost certainly not the end of it.Indeed, how could it be the end? Some people argue that protestors were motivated by anger over corruption and abuse of power from Yanukovich. But while Yanukovich is no doubt corrupt and some protestors may indeed have been motivated by anger over that fact, the opposition movement led by Yulia Tymoschenko is just as corrupt as Yanukovich, so if they prevail, that won't mean less corruption and abuse of power.No, what this conflict is really about is that today's Ukraine is an artificial state created by Soviet com...more

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  • Stefan Karlsson's blog

    How Old Posts Can Become Popular Again

    Suddenly, my post about why Ukraine should be divided between its anti-Russian and pro-Russian parts has seen a dramatic increase in page views. That is no doubt related to the latest escalation of Ukraine's political crisis with both government forces and the neo-Nazi elements of the opposition increasingly using violent means in the confrontation. Ukraine is dangerously close to a full scale civil war. Let's hope that it doesn't come to that. Ukraine has been ravaged for a century by wars, German Nazis, Communism, corruption and ethnic conflict, to add a(nother) civil war would be really cruel. I remain convinced that secession is the best way to solve the conflict peacefully....more

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  • The Oil Drum - Discussions about Energy and Our Future

    The Oil Drum writers: Where are they now?

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  • International Political Economy at the University of North Carolina

    Why US Financial Hegemony Will Endure

    Will and I have a piece, now ungated, over at a fantastic new online magazine called Symposium. Our article translates much of the main points of our Perspectives Piece (co-authored with Thomas and Andy Pennock) for popular consumption. We are also blogging over there this week in support of the article. Please do check out our writing this week on the magazine's website, as well as the other great content on the site....more

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  • International Political Economy at the University of North Carolina

    Foreign Direct Investment, Human Rights, INGOs

    One of the major areas of underdeveloped research within political science is the interaction between non-state actors. From an international political economy perspective, the literature has largely ignored the interaction of various non-state actors that are growing in importance, and its effects on different forms of trade. In a recently published article "Avoiding the Spotlight: Human Rights Shaming and Foreign Direct Investment" by Colin Barry, Chad Clay and Michael Flynn, they lay the foundation for examining this interaction. They examine the interaction between non-state actors (INGOs) and multinational corporations (MNCs) and the extent to which private actors' choices to invest in countries are affected by the reputational costs of doing business in those...more

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  • The Oil Drum - Discussions about Energy and Our Future

    The Last Post

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  • The Oil Drum - Discussions about Energy and Our Future

    The House That Randy Built

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  • International Political Economy at the University of North Carolina

    Verizon, Vodafone, and Measuring FDI

    Recently back from APSA in Chicago, I've been reflecting on the state of our knowledge about FDI (or perhaps more accurately, cross-border management stakes in enterprises). That, and working on my dissertation, applying for academic jobs, and teaching. Oh, and telling everyone who'll listen about my Optimus Prime sighting on Michigan Ave.Anyway, I find a post-conference review of the discipline is generally a good way to consider potentially fruitful lines of new inquiry. In my experience, the quality of papers at conferences can be rather hit-or-miss. This generally fits into my view of conferences as important sources of external deadlines for getting drafts done as well as interacting with other scholars in more informal settings such as the hotel bar/lobby/over-cro...more

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  • Paul Kedrosky's Infectious Greed

    Twitter Digest: 2013-06-09

    Given that I block NSA & PRISM tweets, was entertaining tuning into twitter & trying to figure why everyone was on about Lord Snowdon -> Turned on GoT tonight just in time to catch Daenerys reenacting her Level 2 YMCA gymnastics pageant. -> How Not to Be Alone | Jonathan Safran Foer – http://t.co/HMFxg75lfh http://t.co/DzAtvWBQJr -> Excellent, but fellow sports-med geeks only: Sports and exercise-related tendinopathies: a review – http://t.co/WGkhRlO6Uz -> ...more

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  • Paul Kedrosky's Infectious Greed

    Twitter Digest: 2013-06-07

    Photo-set: Flooding Across Central Europe – http://t.co/8G6j8teCbd -> CDC Update: Severe Respiratory Illness Associated with Middle East Respiratory Syndrome Coronavirus – http://t.co/hWqN1338VN -> Col Flagg: Have you ever heard of Malaysian Chest Implosion Torture? Radar: No. Coll Flagg: Good. It hasn’t been invented… yet. -> tl;dr: There are Manchurian Candidate engineers at large tech cos that have stolen SSL root cert and NSA is using it for cattle mutilation. -> Brian: …Will you please listen? I'm not the Messiah! Do you understand? Honestly Woman: Only the true Messiah denies his divinity! -> ...more

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  • Paul Kedrosky's Infectious Greed

    Twitter Digest: 2013-06-05

    FRED: Free Energy Data – http://t.co/90H7GVDazO -> Solipsisms ‘r’ us, courtesy of my friends at @thinkup: I apparently mention me a lot – http://t.co/9rTRXvBM9D -> Almost 10,000 words on soccer/Italy/economics/racism by @wrightthompson? Yes, & it’s super. Go. http://t.co/g4sgEFLkIC -> When The Beautiful Game Turns Ugly: A journey into the world of Italy's racist soccer thugs http://t.co/nckrbeLPfs -> Can’t remember last time I read an OpEd or column. Do those still exist? -> ...more

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  • The Street Light

    Cyprus and Eurozone Bank Deposits

    To me, the central issue raised by this week's Cyprus debacle is how it has affected confidence across the eurozone.  To what degree has the possibility of insured depositors at a eurozone bank losing a portion of their deposits affected the mindset of depositors?  To what degree has ECB acquiescence to this possibility undermined the notion that deposit insurance in the eurozone means the same thing in all countries?  And to what degree has the ECB's direct threat to end support for Cyprus's banking system in the event that the government of Cyprus can not arrange sufficient funds to meet its conditions made a farce of its earlier promise to "do whatever it takes to preserve the euro"?These, to me, are the interesting questions prompted by this week's ev...more

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  • London Banker

    Chop Off Their Hands . . .

    President Truman famously called for a one handed economist. The Carolingian kings of France would have accommodated him. They realised that a kingdom required a common currency under the control of the king and well regulated markets to sustain the confidence of the people. At first mints were established widely, spread across the kingdom. Local barons began to profit from debasing the coinage, undermining confidence in the monetary system. So Charles the Bald established mints under his direct control and regulated the issue of coins: C.12. Following the custom of our predecessors, just as it is found in their capitularies, we decree that in no other place in all our kingdom shall money be made except in our palace, and in St. Josse and Rouen, which right in th...more

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  • The Street Light

    When the Fed Chair is an Academic

    The big economic news of the week was, in fact, big economic news: the Fed's announcement of significant changes from past practice in the the quantity of its next round of large scale asset purchases ("unlimited"), and in the timing of any future reversal of this expansionary policy ("a considerable time after the economic recovery strengthens").I view this as a pretty fundamental shift in how the Fed hopes to affect the economy.  Rather than trying to push economic activity one way or the other through its management of interest rates (which can alter economic activity through its portfolio-rebalancing and wealth effects, for example), the Fed is now quite explicitly trying to affect economic activity by altering interest rate and inflation expectations.  As...more

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  • London Banker

    For Want of a Nail, the Ship Was Lost

    Imagine a great ship dominating the skyline on a distant sea. Imagine the complexity of that ship: keel, ribs, planks, masts, spars, and an infinite number of less readily named components. Each component was hand-crafted by a craftsman skilled in his trade, to precise requirements, and secured in position to take the stress and strain of a life at sea.Now imagine a crew. They didn't build the ship. The crew are told that the one and only purpose of the ship is to realise a profit for every man jack aboard. Any hand not contributing a profit will be turned ashore. Down below in the ship are nails. Thousands and thousands of nails. Nails are useful. Nails are much sought after in every port the ship enters. Nails can be readily sold and never traced. The crew h...more

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  • London Banker

    Lies, Damn Lies and LIBOR

    I've been hesitant to write about the LIBOR scandal because what I want to say goes so much further. We now know that Barclays and other major global banks have been manipulating the calculation of LIBOR through the quotation data they provided to the British Bankers Association. What I suspect is that this is not a flaw but a feature of modern financial markets. And if it was happening in LIBOR for between 5 and 15 years, then the business model has been profitably replicated to many other quotation-based reference prices.Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole. If price discovery is compr...more

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Aaron Menenberg Policies of Scale

Aaron Menenberg is Foreign Policy and Energy analyst, and a Future Leader with Foreign Policy Initiative. He also co-hosts Podlitical Risk (@podliticalrisk). He is a graduate student in international relations at The Maxwell School of Syracuse University. Previously he has worked at Praescient Analytics, The Hudson Institute, for the Israeli Ministry of Defense, and at the IBM Corporation. The views expressed are his own, and you can follow him on Twitter @AaronMenenberg. He welcomes questions and comments at menenbergaaron@gmail.com.