1. How much will U.S. taxes ever go up?
2. Useful lateral thinking and how it is described by the lateral thinker.
3. The biological bases of business and entrepreneurship.
4. One hour show with me in Second Life; they even did up a Tyler Cowen avatar. Other shows are here, including economist Robert Frank and libertarian Adam Thierer.
5. Matt Kahn on "cash for caulkers".
6. The new AEA calendar of economists. To whet your appetite, here is a photo of Francis Ysidro Edgeworth.
Your avatar looks nothing like you! And what the heck is it wearing?
My MIS professor’s Second Life avatar looks exactly like him and wears a suit.
Indeed the AEA calendar cannot compete with the Pirelli 2010 Calendar. See
http://www.youtube.com/watch?v=l-v0ogNJ0ys
“here is a photo of Francis Ysidro Edgeworth”: yes, I enjoyed him in Flash Gordon, though he appeared under his stage name.
http://www.youtube.com/watch?v=kpAWRTk_-SM&feature=PlayList&p=302893706CE7016F&index=0&playnext=1
btw, why take a podcast and make it into a fake talk show?
Not only is it ridiculous, but it slows down my computer.
With regard to the spending and taxing item in (1): the CBO periodically produces what is essentially the same spending chart, but identifies the main components. The exponential growth is driven by three factors: Medicaid, Medicare, and interest on the debt. Defense and Social Security are both relatively flat. SS stabilizes at about 6.2% of GDP; that level is driven by the gradual aging of the US population; the Boomers affect how quickly we reach that level, but not the long term level itself.
The level of Medicare/Medicaid spending in the CBO charts suggest that total health care spending in the US would be about 50% of GDP. Many analysts have pointed out that as we get richer, it is natural that we will spend more of our incremental income on health care. However, I find it unlikely that we will be able to afford that much health care, and so unlikely that Medicare/Medicaid will behave as shown.
If nothing else, exponential growth in Medicaid will force states out of the program. States that have both a balanced budget requirement and a “no debt for operating expenses” restriction will not be able to raise taxes at the suggested rate, so will bail on Medicaid rather than let it crowd out schools, roads, and prisons.
I’m thinking of starting a betting pool on which will be the first state to withdraw…
My story in response to Second Life skeptics. I follow Marginal Revolution if not from its inception, then close to that. I’m an expat in Sweden, and quite isolated at the moment. After Wednesday’s Metanomics show, it felt like “I finally met Tyler Cowen, Wow!”. This would not have been possible in real life, at least without significant cost involved (organizing an event with as many participants, for me – flying over the Atlantic). I can only wish there was even more to that, for instance, a discussion between Tyler Cowen and Deborah Barnbaum would have been awesome.
I’d rather see Tyler as the star of a Robot Chicken show. And with Tyrone, too!
http://www.youtube.com/watch?v=CAbYEifDLU8
And maybe Trudie in a cameo….
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