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Why pre-tax inequality matters

posted to Stumbling and Mumbling on Tue 21st May 13

Does pre-tax inequality matter? I ask because of a dispute between Aditya and Tim. Aditya says that inequality is back at 1920s levels - which is true if we consider the share of the richest 1% - to which Tim replies that the relevant metric is inequality after
"Swivel-eyed loons"

posted to Stumbling and Mumbling on Sun 19th May 13

In the row over the "mad, swivel-eyed loons" remarks, something is being missed - that, from an economists' perspective, we'd expect political activists to be disproportionately mad.By "mad" I do not mean the content of activists' beliefs,
Adam Smith on immigration

posted to Stumbling and Mumbling on Thu 16th May 13

UKIP claims that its tax policies are derived from Adam Smith. But what would the great man make of its anti-immigration policies? I suspect the answer is: not much.Now, immigration was not much of an issue in Smith's time so he said little about it directly.

"Economics" & rationality

posted to Stumbling and Mumbling on Fri 8th Jun 12

One of the great irritations of our age is the tendency for non-economists to tell us what's wrong with economics. We've seen two egregious examples of this recently, with a common theme. Suzanne says:[Economics] assumes behaviour is rational. It cannot calculate
The rationality of voting

posted to Stumbling and Mumbling on Sun 4th Nov 12

John Gibson points to some neat research showing that voting is sensitive to the opportunity cost of doing so and infers that not voting might well be rational.I don't think it's as clear as this.John says: If voting is rational it comes down to a comparison
The impossibility of meritocracy

posted to Stumbling and Mumbling on Wed 26th Sep 12

Should you hire the best-qualified candidate for a job? The answer is: not necessarily, as a new paper points out.The reason for this is simple.It's to do with induced reciprocity.If you hire a duffer, he'll feel grateful to you and will exert more effort or

Links for 05-22-2013

posted to Economist's View on Wed 22nd May 13

In Europe, a Fed President Urges Quantitative Easing - NYTBoJ holds off on fresh monetary easing - FT.comThe Hidden, Unexpected Public Costs of a Stadium - Sports EconomistLessons at the Zero Bound from Japan and the US - William DudleySNAP Rolls: Theyre Elevated
Interesting blog bits

posted to Anti-Dismal on Sun 19th May 13

Sam Richardson asks Events capital = big returns, right? The New Zealand Herald today is reporting that Auckland is a more successful city than Sydney at attracting and hosting major events. Auckland Mayor Len Brown says: "Major sporting events are big business
Links for 05-09-2013

posted to Economist's View on Thu 9th May 13

Preventing the next catastrophe: Where do we stand? - David RomerRethinking macroeconomic policy - Olivier BlanchardLessons for economic theory and policy - Joseph StiglitzThe cat in the tree and further observation - George A. AkerlofThe Dwindling Deficit