by Tyler Cowen
on June 6, 2014 at 11:51 am
1. How are capital controls actually used?
2. English eggs vs. American eggs.
3. Urban frogs use drains as mating megaphones.
4. Tickets for restaurants, what have we learned?
5. The opportunity cost of Gangnam style?
6. A new route for funding and publishing academic work?
Why does this post have no comments? Let me try to be first and read all of them, as well as give commentary.
1) B. Eichengreen also hated the so-called “gold fetters” yet during the 1920s there was not really a true gold market back then, instead, banks sold to each other, internationally, in huge bullion transfers. Now Eichengreen advocates capital controls, a throwback to that era. You don’t understand what I just wrote? Well pity.
2) old news. I think TC linked to a similar story before. American factory eggs are washed and taste bad.
3) cool But frogs are still having problems breeding due to chemicals in the water
4) Next restaurant infomercial of sorts explaining why and how they ticket for reservations.
5) Gangnam style passes 2 b views, waste of time say some
6) Some guy codes a Wiki for peer review of papers. OK. Nowadays it’s easy to set up a wiki btw, so not a big coding challenge in my opinion.
Time to hit the Enter key…
the fetters act in precisely the wrong direction – they permit uncontrolled hot flows but they prevent central banks from intervening to stop them, beyond defaulting on convertibility commitments.
Hah! Not my eggs. Unwashed eggs free-range chickens. Not vaccinated against salmonella but I make sure their nesting boxes stay clean, so they should be good to go. If you can’t have chickens, farm fresh eggs are the way to go and, depending on the state, they may not be required to be washed.
Yeah, if you live near any rural area, you have plenty of choice for unregulated, under the table egg purchasing.
Free range, free market (black market?) eggs do indeed taste better with their delicious orange yolks.
Actually. depending on the laws in your state, it’s not “under-the-table” or black market. In my state, farm fresh eggs don’t have to washed, they just have to be “clean.” But in other states they do. So know your laws and work to change them if they suck. The farm-to-table movement has helped remove a lot of barriers to small egg producers in the US
UK: Duck eggs, quail eggs … delish! For hen eggs, my wife insists we buy “Free Range Eggs” on compassionate grounds – a local orchard shop stocks good ‘uns.
USA: tell me, chaps, are turkey eggs widely available? I’ve never had one.
Everywhere: caviar, cod’s roe, …….. delish again.
No, turkey eggs are not commonly sold in the US.
4) My guess is that restaurants selling tickets have high prestige and low value-for-money.
Having never eaten at any of the restaurants mentioned in the article, I can’t say for sure, but the idea of tickets being used more as deposits on the meal instead of just a cost of getting to the table is more interesting than what you might be expecting. The article does in fact mention that they didn’t want to sell $2000 tickets to their opening weekend for fear that people would realize what a low value it was for the money afterwards.
The error of #5 (opp cost of gangnam style) makes the classic error of assuming that all of those consumed minutes *could* have been marshalled to some productive use.
For the vast majority of them, probably not. Because the video was watched when people were relaxing/resting in some way, and the alternatives were not building ships, but rather, staring out the window or watching TV at random. Or they were procrastinating, and so the alternatives where a trip to the water cooler or an unneeded visit to the mail box.
There is also the error of assuming that even if those minutes were productive, there was a market demand for them – also very likely not true.
Just imagine how many Gerald Fords we could’ve built if mankind had never invented leisure activities. You could walk from Boston to Liverpool without ever leaving a flight deck.
I’ve clicked on the video more than once – never seen it all the way through. It seems to me that Youtube’s counter goes up if you watch even a single second of the video, but maybe not.
My gf’s daughters, however, (9 and 11) have watched the video dozens of times each. I guess I should have had them out breaking rocks or something instead.
2 billion people can’t make 20 empire state buildings in 4 minutes anymore than 9 women can have a baby in one month.
#2. Well the most telling thing is that one regulator makes compulsory is what the other regulator bans. Clearly the actual content of the regulation doesn’t matter very much.
Or maybe there are two equilibriums
Yeah, certain food regulations are dumb all around. However, one could actually test the different regulations to see which approach was more effective in each country (or even compare it to no regulation). It may be that each country’s approach is calibrated to the particular farming style of that country, assuming there is much of a difference, and that the differing standards actually makes sense. I’d say it is more likely that one or the other approach is actually more effective overall and could be implemented universally, but who knows.
Didn’t read. Cliff said it much better!
Call me out of the loop or semi-catatonic, or whatever. Or maybe I just don’t read Marginal Revolution enough, but I just learned that P Diddy changed his name back to Puff Daddy in April. In the event this didn’t make a MR headline, be sure to make a note to avoid any embarrassing faux pas.
How do we know that Gangnam Style has an opportunity COST? We are assuming all those billions of minutes would have been spent being productive, or if not than in some other leisure activity. How do we know that people watching PSY jiggle around weren’t foregoing drug deals, gang warfare, human trafficking or ethnic cleansing? For all we know Gangnam Style has prevented wars. Perhaps the human race owes PSY a vote of thanks!
It is entirely possible that the people who watch Gangnam Style would otherwise spend their time producing new regulations, bans and by-laws.
In such case, Psy is indeed a paragon of freedom.
#6: You can’t fake 5,000 people liking your research, that’s right. But 4,990 of those people are never going to read beyond first 3 lines of the abstract. The guy also missed the objectives of publication. It’s about starting a discussion with other people with the knowledge to criticize and learn with you. Also, academic survival of course. The guy focused only on the former.
nsert any guy who quit a big name university because the system is wrong, insert fancy words such as “effects of _______ on climate change”, “nano______”, “super____”. Expect money from 4,999 and intelligent critique from 1. Pretty bad incentives are on the table, I don’t see how the new system could allocate the resources in a better way compared to the old system.
#2 As always in these matters, I’d bet that all these people proclaiming superior taste of unwashed English eggs will fail to tell them apart in a blind test.
5. Just don’t ask about the opportunity cost of the NBA.
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