Data Source

Edwards

That is nominal rates of change, and that is from Pedro Nicolaci da Costa.

It’s taken some time but owner’s equity in real estate is rising and getting close to its 2006 peak.* The wealth of most households is in the family home so household balance sheets look to be in good shape.

See this video on the importance of owner’s equity and Vernon Smith’s book with Steven Gjerstad, Rethinking Housing Bubbles.

Hat tip: Vernon Smith.

*The graph is now corrected for inflation. My bad. Fortunately FRED makes it easy to fix. You can make your own changes by clicking customize.

That title made me think of the woodchuck…anyway, here is the abstract:

Fact-checking has gained prominence as a reformist movement to revitalize truth-seeking ideals in journalism. While fact-checkers are often assumed to code facts accurately, no studies have formally assessed fact-checkers’ performance. I evaluate the performance of two major online fact-checkers, Politfact at Tampa Bay Times and Fact Checker at Washington Post, comparing their interrater reliability using a method that is regularly utilized across the social sciences. I show that fact-checkers rarely fact-check the same statement, and when they do, there is little agreement in their ratings. Approximately, 1 in 10 statements is fact-checked by both fact-checking outlets, and among claims that both outlets check, their factual ratings have a Cohen’s κ of 0.52, an agreement rate much lower than what is acceptable for social scientific coding. The results suggest that difficulties in fact-checking elites’ statements may limit the ability of journalistic fact-checking to hold politicians accountable.

That paper (pdf) is by Chloe Lim, political science at Stanford.  For the pointer I thank Andrew Hall, some interesting political science papers on his home page.  Here is his very interesting book manuscript on how the devaluing of political offices drives polarization, worthy of a top publisher…

Hemingway: 80

Twain: 81

Melville: 126

Austen: 128

J.K. Rowling: 140

E L James: 155

That is from the new and interesting Nabokov’s Favorite Word is Mauve, by Ben Blatt.  The Hemingway book with the highest usage rate for -ly adverbs, True at First Light, was released only after his death and is considered one of his worst works.  The same pattern is true for Faulkner and Steinbeck, namely that the most highly praised works have relatively low rates of -ly adverb usage.  Among other notable authors surveyed, D.H. Lawrence seems to be the most obvious exception to this regularity.

In the novel The Hobbit, J.R.R. Tolkien used the word “she” only once.  In The Prime of Miss Jean Brodie, however, she relative to he is used 79% of the time, the highest ratio of the classics surveyed.  Female authors are very strongly represented on that side of the curve, let me tell you.  And male authors do the “he” far more, in relative terms, than female authors do the “she.”

You also will learn from this book that David Brooks starts more sentences with “The” than any other word, whereas for Paul Krugman that place of honor goes to “But.”  And, for better or worse, Krugman uses far less anaphora.

D.H. Lawrence leads for the number of animal similes.

Crunching data from disparate states, Mr Chinoy says state borrowing rose by a whopping 32% in the year to March 2017, after a 25% rise in the previous year…

Bihar, the country’s poorest, with a budget deficit of nearly 6% of its state GDP last year and a hole in its finances after it banned alcohol sales…

That is from The Economist.

This study analyzes two decades of data from a municipal police agency and describes the average patrol officer career productivity trajectory. We find that declines in productivity begin immediately after the first year of service and worsen over the course of officers’ careers. After their 20th year, patrol officers generate 88% fewer directed patrols, 50% fewer traffic warnings, 58% fewer traffic citations, 41% fewer warrant arrests, and 57% fewer misdemeanor arrests compared to officers with 1 year of experience. Using a patrol officer productivity metric called Z-score per Productive Time (Z-PRO), we estimate that each additional year of service decreases an officer’s overall productivity by about 2%. Z-PRO also indicates that after 21 years of service, an average officer will be approximately 35% less productive overall than an officer with 1 year of service.

That is from a study by Luke Bonkiewicz, via the excellent Kevin Lewis.

It turns out that countries with lots of immigration have historically relied more on nonverbal communication—and thus, people there might smile more.

For a study published in 2015, an international group of researchers looked at the number of “source countries” that have fed into various nations since the year 1500. Places like Canada and the United States are very diverse, with 63 and 83 source countries, respectively, while countries like China and Zimbabwe are fairly homogenous, with just a few nationalities represented in their populations.

After polling people from 32 countries to learn how much they felt various feelings should be expressed openly, the authors found that emotional expressiveness was correlated with diversity. In other words, when there are a lot of immigrants around, you might have to smile more to build trust and cooperation, since you don’t all speak the same language.

People in the more diverse countries also smiled for a different reason than the people in the more homogeneous nations. In the countries with more immigrants, people smiled in order to bond socially. Compared to the less-diverse nations, they were more likely to say smiles were a sign someone “wants to be a close friend of yours.” But in the countries that are more uniform, people were more likely to smile to show they were superior to one another. That might be, the authors speculate, because countries without significant influxes of outsiders tend to be more hierarchical, and nonverbal communication helps maintain these delicate power structures.

That is from Olga Khazan, file under “speculative”!  Via Conor Sen.

Americans with degrees have been getting steadily less optimistic since mid-2015…

Americans without degrees are as optimistic now as they’ve ever been since the survey began nearly four decades ago. Only the peak of the tech bubble compares. By contrast, Americans with degrees are about as confident in the future as they were in September 2007, when the credit crisis had already begun…

Since the start of 2015, the outlook among the young has deteriorated sharply, albeit from a high base. Meanwhile, the expectations of Americans ages 55 and older have soared in the wake of the election to their highest level in more than fifteen years…

And this in sum:

The groups responsible for the aggregate change in sentiment are the least likely to experience big real wage increases and therefore the least likely to boost their spending. Moreover, they appear unwilling to translate their vague optimism about the future into specific expectations about behaviour.

So even if those expectations were reliable guides to the actual choices people make — something strongly debated among forecasters — there is little reason to believe the “Trump bump” in consumer sentiment is a harbinger for sharply rising real spending.

That is all from Matthew C. Klein.  I would stress the broader point that in a polarized time such survey results may not be very reliable at all, and perhaps we should dismiss the pessimistic responses of the young as well.

The shrinking of the middle is largely due to a recent rise in the share of women (who also represent a majority of college students) who identify as either liberal or far left. The share of female respondents, but not male respondents, who describe their political views this way was at an all-time high (41.1 percent for women, 28.9 percent for men). Left-wing views peaked for men way back in 1971, at 43.6 percent.

That is from the always interesting Catherine Rampell.  The “political gender gap” across men and women, in these numbers, never has been higher, see the link for a picture and details but by one measure it is 12.2 percentage points.

Given the distribution of the “political correctness movement” across majors, how much it is simply the result of the increased feminization of education itself?

 Oeindrila Dube and S.P. Harish have a new NBER working paper called “Queens”:

Are states led by women less prone to conflict than states led by men? We answer this question by examining the effect of female rule on war among European polities over the 15th-20th centuries. We utilize gender of the first born and presence of a female sibling among previous monarchs as instruments for queenly rule. We find that polities led by queens were more likely to engage in war than polities led by kings. Moreover, the tendency of queens to engage as aggressors varied by marital status. Among unmarried monarchs, queens were more likely to be attacked than kings. Among married monarchs, queens were more likely to participate as attackers than kings, and, more likely to fight alongside allies. These results are consistent with an account in which marriages strengthened queenly reigns because married queens were more likely to secure alliances and enlist their spouses to help them rule. Married kings, in contrast, were less inclined to utilize a similar division of labor. These asymmetries, which reflected prevailing gender norms, ultimately enabled queens to pursue more aggressive war policies.

Why would the kings have been less likely to marry for purposes of war?  Is it because they actually were entranced with love, whereas queens are more practical?

In general, I am skeptical of such results and their typical interpretations, still economics plays a role in this paper and perhaps it is worth at least a casual ponder:

The Dark Triad traits (i.e., narcissism, psychopathy, and Machiavellianism) have been associated with the desire for power, status, and social dominance in the workplace, and these desires have been hypothesized to draw Dark Triad individuals towards occupations affording such outcomes. Following this reasoning, the Dark Triad may also influence educational choices. Research in other personality traits has shown that Big Five traits impact educational choices: Students in different academic majors differ on Big Five traits at enrollment. The aim of the present study was to explore whether there are also pre-existing Dark Triad differences across academic majors. Accordingly, the Big Five and the Dark Triad traits were measured in a sample of newly enrolled students (N = 487) in different academic majors (psychology, economics/business, law, and political science), and mean scores were compared. Group differences in the Big Five personality traits largely replicated previous findings. Group differences in the Dark Triad traits were also found and included medium and large effect sizes with the largest differences being between economics/business students (having high Dark Triad scores) and psychology students (having low Dark Triad scores). These findings indicate that Dark Triad as well as Big Five traits may influence educational choices.

That is from Anna Vedel and Dorthe K. Thomsen, via Rolf Degen.

So which group is more rational?

Some of Trump’s first actions in office were two executive orders meant to crack down on illegal immigration by implementing tougher enforcement not just at the border but also within the country. This week The Washington Post reported that U.S. Immigration and Customs Enforcement had arrested 21,362 unauthorized immigrants across the country since Trump took office, a 32.6 percent increase from the previous year. (The data runs through mid-March.) At first glance these numbers might seem consistent with Trump’s promise to get “the bad ones” out of the country. But the Post also noted that of those arrested roughly a quarter, or 5,441, had no criminal record. That’s more than double the number of noncriminal arrests of undocumented immigrants during the same period in 2016. (Many of those arrested eventually will be deported, but because that process can be slow, changed enforcement patterns show up more quickly in arrest data.)

Look back a bit further, however, and the recent increase in enforcement looks less dramatic. The pace of arrests is running well behind the 29,238 made during the same period in 2014; that year, there were 7,483 noncriminal arrests through mid-March, which represented a similar share of the total as this year’s numbers.

That is from Ben Casselman, et.al. at 538.

At the very least we can ask what they say they would do, and it is not entirely encouraging:

Drawing from literature associating superheroes with altruism, this study examined whether ordinary individuals engaged in altruistic or selfish behavior when they were hypothetically given superpowers. Participants were presented with six superpowers—three positive (healing, invulnerability, and flight) and three negative (fear inducement, psychic persuasion, and poison generation). They indicated their desirability for each power, what they would use it for (social benefit, personal gain, social harm), and listed examples of such uses. Quantitative analyses (n = 285) revealed that 94% of participants wished to possess a superpower, and majority indicated using powers for benefitting themselves than for altruistic purposes. Furthermore, while men wanted positive and negative powers more, women were more likely than men to use such powers for personal and social gain. Qualitative analyses of the uses of the powers (n = 524) resulted in 16 themes of altruistic and selfish behavior. Results were analyzed within Pearce and Amato’s model of helping behavior, which was used to classify altruistic behavior, and adapted to classify selfish behavior. In contrast to how superheroes behave, both sets of analyses revealed that participants would hypothetically use superpowers for selfish rather than altruistic purposes. Limitations and suggestions for future research are outlined.

That is from a new paper by Das-Friebel, et.al., and the pointer is from Rolf Degen. Here is an earlier MR post about what an altruistic and incorruptible Superman should do; I found the question wasn’t so easy to answer.

From Lyman Stone:

…no matter the adjustment, the US is always one of the lowest-concentration countries, along with China, India, Brazil, Germany, and Japan. We have a very diversified metropolitan ecology, as do those countries.

Third, I’ve highlighted Nordic (purple) and Anglo (orange) countries. Notice that all of the Nordics are much more concentrated than the United States, as are all of the Anglo countries! That one was surprising to me, as I expected large countries like Australia and Canada to be much more comparable to the US. As it is, in terms of population concentration, Poland is more American than Canada.

…my most concentrated countries are indeed Mongolia and Peru. Not kidding here. Both results surprised me given that both countries are fairly large and have big rural populations and, in Peru’s case, my impression was that there were a good number of meaningfully sized cities. But it turns out that, in Peru, Lima metro area alone is almost 30% of the population, and then the other cities are pretty small by comparison; and Lima is, of course, also the capital. In Mongolia, Ulaanbaatar metro area is over half of the nation’s population!

So. If you want to know what country is the most city-state-ish, I would have to answer… it’s Mongolia.

Here is the full essay, noting that Singapore is normalized as a polar option at 100% and thus cannot win the competition.  Also scroll down to the interesting graph on “State and Local Taxes Collected as a Share of GDP”: I am surprised to see Sweden come in at number one.  For all the talk of American federalism, we are just at the OECD average and in fact slightly behind Iceland in these rankings.

West Virginia’s average ACT score and percentage taking the test are almost identical to the national average.

That is from Slocum, here is the comment and link.