by Tyler Cowen
on December 27, 2009 at 2:47 pm
1. Evidence for recalculation theories.
2. Markets in everything, "pour chiens."
3. Recessions breed future redistributionists.
4. On Twitter, crime_economist.
5. Twenty things that happen in one minute.
More interesting is every minute, how many people are engaging in the acts that lead to AIDS infection and babies.
Regarding the recalculation theory, those pushing it usually argue that this is a sign of the wonderfulness of market forces and how all this is just good old Schumpeterian creative destruction at work, and that we should stand back and let ‘er rip with a minimum of intervention (even to smooth the adjustment of those permanently laid off). However, if all this recalculation is so great, why was it that housing took off so vigorously after the 01 recession?
The “twenty things” page is poor: a) the “things” are not “things”, just rates, so it could have been “in an hour …” just as well; b) as a previous commentator noted, it is a mix of US numbers and unstated perhaps world numbers; c) the graphics are silly: “man pointing gun at driver” is not a car theft, it is a car-jacking and Wikipedia and other sources suggest that in the US there are not two but about 0.1 car-jacking attempts per minute, only half successful.
Surely this might make an impression.
20 things … ah yes, the United States and it’s supposed monopoly on violence and (purported) economic unfairness.
It’s amazing how … parochial … the supposedly worldly-wise left is.
Remember what your mother said. “Finish your dinner. Don’t you know there are starving children in Africa!”
“Zero Sum Games”
Regarding recalculation – it is surely a truism that people shift from one sector to another over time. The question is how this can be specifically linked to recessions, and I don’t think Lawler’s evidence demonstrates this convincingly.
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