More assorted links


The first example in the article is a good illustration of the problem with the thesis. Often, "bad policies" are "bad policies" only from the point of view of a utilitarian, which is surely a philosophy that everyone (except economists) left behind with Jeremy Bentham and James Mill. There are sound reasons of fairness to favour higher tax rates that don't raise tax revenues proportionally, particularly from a socialist point of view. That's only "bad" in a subjective anti-socialist sense.

2. My dream home!

"Mom, can I go play in the top yard?"

#2: Fallout!


Re Konczal list of financial innovations, most of these innovations have made it easier to turn assets into cash. HELOCs probably finance a very large proportion of new business creation in the US. Same for credit cards. Of course, all that innovation also makes it easier to bankrupt yourself by taking out a HELOC to invest a lousy business. It increases inequality. A mortgage no longer precommits you to 30 years of saving.

If fewer meant not women, then yes.

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