*Good Economics for Hard Times*

Yes, that is the new and forthcoming book by Abhijit Banerjee and Esther Duflo, and it tells you what they really think about everything.  Everything in mainstream economic policy debate, at least.

So far I have read only the first chapter, on migration, but I found it informative, highly readable, and (unlike many other popular books) subtle.  I am excited to read the rest of the book, in the meantime here is one short excerpt:

Mahesh found these would-be [Nepali] migrants were in fact somewhat overoptimistic about their earnings prospects.  Specifically, they overestimated their earning potential by around 25 percent, which could be for any number of reasons, including the possibility the recruiters who go to them with job offers lie to them.  But the really big mistake they made was that they vastly overestimated the chance of dying while they were abroad.  A typical candidate for migration thought that out of a thousand migrants, over a two-year stint, about ten would come back in a box.  The reality is just 1.3.

Here is the table of contents:

1. MEGA: Make Economics Great Again

2. From the Mouth of the Shark

3. The Pains from Trade

4. Likes, Wants and Needs

5. The End of Growth?

6. In Hot Water

7. Player Piano

8. Legit.gov

9. Cash and Care

Due out November 12, you can pre-order here.

Comments

Let me guess--they are pro-immigration and ignore its downsides . . . Sigh

Is selling more the downside, or producing more the downside?

Just get a good education and then follow up with a good job. It all takes care of itself.

Immigrants are optimistic and pessimistic at the same time. Just like everybody else. Most people don't save now, believing as they do that their incomes won't go down and most likely will go up, but purchase term life insurance now, believing as they do that they will die any day. We are optimistic about things we should be pessimistic about, and pessimistic about things we should be optimistic about. You may well lose your job, but most likely you won't die (although you may wish you were dead).

Migrants tread between deceivers and appeasers. It an introduction to distance learning and a substantial course of audience bearing. The table of contents reference the serenade, in terms of a revivalist fortune. If one believes one should go on as such they ought to consider an alternative path.

No, I purchase term life insurance because, in the unlikely event that I die during the term of the policy, my dependents would be in deep trouble. But you knew that...

So there's a serious discussion of climate issues?

Well I just want to know for how much longer is mainstream Econ going to keep trying to Cuckify everyone ?

It's an old idea that immigrants are selected for optimism, and if you believe that might be heritable ..

Yes this is probably true. Also the less successful emigrants are going to return home earlier. So the average wage for emigrant population as a whole at any one time will be higher than the average wage received when considering the returnees.

America's first immigrant was an optimist. Who was that? Chris Columbus (credited with being the first immigrant). He had to be an optimist, believing as he did that he could sail west and end up where he started.

I'm impressed with the optimism of today's investors, believing as they do that asset prices go in only one direction: up. Only optimists would invest in Uber or Bitcoin. Well, that's not really a good comparison, investors in Uber are indeed optimists, believing as they do that there's always another optimist (a/k/a bigger fool) to buy his stock while investors in Bitcoin are pessimists, believing as they do that there's trillions of dollars in hidden assets (hidden from taxing authorities) and thousands, maybe millions, of crooks, both needing a fake currency, the former as a store of value and the latter as a medium of exchange.

Trump has a large cock but do you think he also has a large urethra? Is it proportional?

Takeaways:

—We don’t have enough Nepali immigrants? That doesn’t seem socially just. By what magical means can we get more, I wonder?

— To go by his blurb, Thomas Piketty believes there is such a thing as a free lunch.

—The authors: “There’s insufficient social trust”. Populists: “Well y’all tried to replace us with immigrants and also exported our jobs to the PRC.”

Pipe down, cuck!

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