Thursday assorted links

by on February 16, 2017 at 2:38 am in Uncategorized | Permalink

1 Asher February 16, 2017 at 3:15 am

#1 – don’t understand this genre. Economics is supposed to provide insights into our experience, not vice versa. Virtually any story in history will have events which involve people coping with constraints in accordance with their incentives.

2 Dohn Parish February 16, 2017 at 4:51 am

It’s a very short review from someone who in other situations can become quite hysterical with excitement (sometimes idiotically) but has not done so on this ocassion and would appear to be having trouble finding meat on the menu. As the song goes … is that all there is?

3 byomtov February 16, 2017 at 3:48 pm

Economics is supposed to provide insights into our experience, not vice versa.

I don’t think Klein’s paper is a great piece of work. I doubt it would be published by a serious journal.

But if economists don’t recognize that experience in the everyday world can provide valuable insights into their discipline then they are being very foolish.

Economics is not Euclidean geometry, no matter what anyone thinks. It deals ultimately with certain aspects of human behavior. To ignore experience in studying that does not make a lot of sense.

4 jim jones February 16, 2017 at 4:42 am

4. It is not a good idea to group like-minded people together, living in an echo chamber results in extremism.

5 Thiago Ribeiro February 16, 2017 at 7:00 am

If it were true Americans wouldn’t do it all the time: Silicon Valley, Hollywood, Washington, suburbs, all kinda of churches and synagogues, Wall Street, etc. Not to mention talk radio and cable news.

6 Dohn Parish February 16, 2017 at 4:53 am

#6 Dohn Parish February 16, 2017 at 4:51 am
It’s a very short review from someone who in other situations can become quite hysterical with excitement (sometimes idiotically) but has not done so on this ocassion and would appear to be having trouble finding meat on the menu. As the song goes … is that all there is?

7 Rich Berger February 16, 2017 at 5:37 am

I like how you repurposed your earlier comment. That’s economical.

8 Alan February 16, 2017 at 7:14 am

Rich,

Thanks for writing that. I read it funny. You know when you see a word in a new light? Your use of economical did that for me this morning.
Canonical?
Comical?
Harry Potter spell incantation?

Alan

9 Rich Berger February 16, 2017 at 7:47 am

If you want to riff off it, you’re welcome.

10 Thiago Ribeiro February 16, 2017 at 6:51 am

#4 Soon or later, Chinese workers will rise against their oppressors, overthrow the ruling class and establish a People’s Republic. “Workers of the world, unite! You have nothing to lose but your chains!”

11 carlospln February 16, 2017 at 7:03 am

6) Mead: the ultimate Flyweight Historian

I shall await Rayward’s book review with interest.

12 Dick the Butcher February 16, 2017 at 7:35 am

#1 – I cannot comprehend the correlation between the dismal science and the joy of Yiddish. There likely is strong correlation between economics and coitus.

What could be a title for a future Tyler Cowan tome? Sadly, it appears “The Joy of Economics” is taken.

13 rayward February 16, 2017 at 7:37 am

2. $36 seems a little steep to read the entire study, especially given that the abstract is almost incomprehensible. I studied international taxation under one of the foremost authorities in the U.S. But that was a long time ago, before globalization, before Apple and others used subpart F to shift a significant part of their incomes to (file drawers in) tax havens. I very much enjoyed my international tax courses, but I feared that the temptation would be too great, that the difference between a successful and lucrative career and prison was a shade of grey. What didn’t occur to me is that political opposition to taxes would reach the point that members of Congress would greet tax evaders as heroes, turning bright green what had once been a shade of grey. If I had only known then what I know now. But then, a year ago it didn’t occur to me that a reality television star would be president today. Shades of grey.

14 Axa February 16, 2017 at 8:06 am

use http://www.sci.hub.cc to get access to the article. information wants to be free.

15 Callan February 16, 2017 at 9:47 am

@I/me rayward

too much 1st-person pronoun; focus on issues is more better

16 rayward February 16, 2017 at 1:09 pm

Of course, with a few exceptions, economists stick to theory and models because, well, they don’t actually do anything, unlike the rest of us who have, you know, actual jobs that provide actual, first person experiences, experiences that can be shared to make a point.

17 Dick the Butcher February 16, 2017 at 2:01 pm

rayward, Tax evasion is a crime; e.g., I know a super-bleeding heart, liberal builder of multi-million mansions who for years reported all his building business profits as long-term capital gains (paying 15%, not 33% income tax). He never was audited. He and his harridan/wife also don’t intend to open their mansion/home to any of the refugees that they say are “Welcome Here!”

Tax avoidance – using all available in the Internal Revenue Code deductions means such as tax loss carrybacks/carryforwards, temporary timing differences, credits, deferrals, etc. to minimize tax burden – is not only legal it is in every corporation’s enlightened self-interest.

In order to earn a degree in international taxation did you need to pass Accounting 101/102?

18 rayward February 16, 2017 at 4:15 pm

If I or one of my classmates had suggested billions of dollars in revenues could be apportioned to a file cabinet in a tax haven, a failing grade, not to mention ridicule, would have followed. Tax evasion through the creative use of subpart F is like too big to fail: it’s on such a massive scale, who is going to challenge it. Certainly not those members of Congress who greeted the evaders as heroes. For the accountant, all is fine if the numbers add up. And no doubt the numbers add up, even if the numbers include billions apportioned to the file cabinet in a tax haven. Too many people have been conditioned to believe up is down, down is up, if it’s to their advantage.

19 Dick the Butcher February 16, 2017 at 4:31 pm

“For the accountant, all is fine if the numbers add up.” Not so. Go ask Arthur Andersen employees and partners about the firm being given a death sentence following the Enron fraud.

Some think that taxation is the price we pay for civilization. I think it’s a damned high price.

20 Lurker February 17, 2017 at 7:59 am

To be fair, I don’t think taxes were the problem with the Enron debacle.

But yeah, accountants are occasionally held “accountable”.

21 rayward February 16, 2017 at 8:06 am

6. Mead doesn’t have much to say about Cowen’s book, but has more to say about Trump and Mike Flynn shared dark vision. https://www.foreignaffairs.com/reviews/capsule-review/2017-02-13/great-again-how-fix-our-crippled-america-field-fight My copy of Cowen’s book won’t be delivered until the end of the month, but I am already curious if Cowen has gone to the other side, the Trump/Flynn dark side (as reflected in Mead’s great again review). What I don’t understand is the dark view, the pessimistic view. Sure, Trump is dark by nature since his view of business is get them first before they get you. But it appears we are on the cusp of great strides, with autonomous vehicles just over the horizon, and great advancements in industry as the result of the application of software and data as reflected in this article about GE. https://www.nytimes.com/2016/08/28/technology/ge-the-124-year-old-software-start-up.html Maybe I’m an optimistic by nature. And maybe pessimism and the dark view sells books. It sold a presidential candidate.

22 Dick the Butcher February 16, 2017 at 2:07 pm

TC likely will sell a lot of books.

Rasmussen: President Trump approval is 55%. That has got to be fake. I’ve read/seen all the media’s stuff. They repeatedly report that everybody hates President Trump, except me and the warden.

23 msgkings February 16, 2017 at 2:54 pm

Rasmussen LOL

24 Dick the Butcher February 16, 2017 at 4:49 pm

A most-recent-week Rasmussen poll of likely American voters has 45% believing the US is moving in the right direction. That a material increase from the 32% polled the week of the November 2016 (glorious!) election and well above the 20%’s polled during most of 2016.

Gallup ROTFLMAO. Their constant polling said corrupt, incompetent Hillary would win. I bet you look to Krugman for investment advice.

Nobody with a brain believes the media or Krugman.

I would feel grave sympathy for your gigantic grief concerning Donald J. Trump’s electoral win. But, that it would require a heart of stone not to laugh like a hyena.

25 anon February 16, 2017 at 5:03 pm

Go watch Shep on Fox react to today’s presser. A thing or two has happened since that election.

https://twitter.com/RiegerReport/status/832335085961633792

26 Dick the Butcher February 16, 2017 at 5:26 pm

Your comments are always helpful.

27 anon February 16, 2017 at 5:44 pm

Or, slowly read this question. Pause. And then read the reply:

https://twitter.com/stevesilberman/status/832327991740899329

28 msgkings February 16, 2017 at 5:49 pm

Dick the Butcher LOL

29 Sam the Sham February 16, 2017 at 9:05 am

3: “The engine of the plot, according to Pullman, will be a struggle over dust, a mysterious substance featured in the first series, and what Pullman describes as “the struggle between a despotic and totalitarian organization that wants to stifle speculation and inquiry, and those who believe thought and speech should be free.” ”

It’ll be interesting to see Pullman try to be culturally relevant and support the Church and the individual against the State.

30 rayward February 16, 2017 at 10:14 am

2. “Because when we import capital from abroad, we run a trade deficit.” So if we ban foreign investment in the U.S., it will end the trade deficit and preserve domestic jobs and profits? Why didn’t somebody think of that solution before? So who do we thank for this insight? Michael Strain, resident scholar at AEI. https://www.washingtonpost.com/posteverything/wp/2017/02/16/why-is-president-trump-attacking-foreign-investment-in-the-united-states/?utm_term=.5fb70268812d

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