Category: Data Source

Google Trends as a measure of economic influence

That is a new research paper by Tom Coupé, here is one excerpt:

I find that search intensity rankings based on Google Trends data are only modestly correlated with more traditional measures of scholarly impact…

The definition of who counts as an economist is somewhat loose, so:

Plato, Aristotle and Karl Marx constitute the top three. They are followed by B. R. Ambedkar, John Locke and Thomas Aquinas, with Adam Smith taking the seventh place. Smith is followed by Max Weber, John Maynard Keynes and the top-ranking Nobel Prize winner, John Forbes Nash Jr.

…John Forbes Nash Jr., Arthur Lewis, Milton Friedman, Paul Krugman and Friedrich Hayek are the most searched for Nobel Prize winners for economics, while Tjalling Koopmans, Reinhard Selten, Lawrence Klein, James Meade and Dale T. Mortensen have the lowest search intensity.

Here are the Nobelist rankings.  Here are the complete rankings, if you are wondering I come in at #104, just ahead of William Stanley Jevons, one of the other Marginal Revolution guys, and considerably ahead of Walras and Menger, early co-bloggers (now retired) on this site.  Gary Becker is what…#172?  Ken Arrow is #184.  The internet is a funny place.

I guess I found this on Twitter, but I have forgotten whom to thank – sorry!

Does expertise make consumers emotionally numb?

I consider this a speculative idea, but of interest, here is the paper abstract:

Expertise provides numerous benefits. Experts process information more efficiently, remember information better, and often make better decisions. Consumers pursue expertise in domains they love and chase experiences that make them feel something. Yet, might becoming an expert carry a cost for these very feelings? Across more than 700,000 consumers and 6 million observations, developing expertise in a hedonic domain predicts consumers becoming more emotionally numb – i.e., having less intense emotion in response to their experiences. This numbness occurs across a range of domains – movies, photography, wine, and beer – and across diverse measures of emotion and expertise. It occurs in cross-sectional real-world data with certified experts, and in longitudinal real-world data that follows consumers over time and traces their emotional trajectories as they accrue expertise. Further, this numbness can be explained by the cognitive structure experts develop and apply within a domain. Experimentally inducing cognitive structure led novice consumers to experience greater numbness. However, shifting experts away from using their cognitive structure restored their experience of emotion. Thus, although consumers actively pursue expertise in domains that bring them pleasure, the present work is the first to show that this pursuit can come with a hedonic cost.

That is by Matthew D. Rocklange, Derek D. Rucker, and Loran F. Nordgren.  For the pointer I thank the excellent Kevin Lewis.

The importance of superspreading events

Empirical observation throughout the SARS-CoV-2 pandemic has shown the outsized role of superspreading events in the propagation of SARS-CoV-2, wherein the average infected person does not transmit the virus. Our results suggest the same dynamics likely influenced the initial establishment of SARS-CoV-2 in humans, as only 29.7% of simulated epidemics from the primary analysis went on to establish self-sustaining epidemics. The remaining 70.3% of epidemics went extinct…Furthermore, the large and highly connected contact networks characterizing urban areas seem critical to the establishment of SARS-CoV-2. When we simulated epidemics where the number of connections was reduced by 50% or 75% (without rescaling per-contact transmissibility), to reflect emergence in a rural community, the epidemics went extinct 94.5% or 99.6% of the time, respectively…The high extinction rates we inferred suggest that spillover of SARS-CoV-2-like viruses may be frequent, even if pandemics are rare.

Here is the paper, via the excellent Kevin Lewis.

Have the Danes rendered families less important?

Many American policy analysts point to Denmark as a model welfare state with low levels of income inequality and high levels of income mobility across generations. It has in place many social policies now advocated for adoption in the U.S. Despite generous Danish social policies, family influence on important child outcomes in Denmark is about as strong as it is in the United States. More advantaged families are better able to access, utilize, and influence universally available programs. Purposive sorting by levels of family advantage create neighborhood effects. Powerful forces not easily mitigated by Danish-style welfare state programs operate in both countries.

Here is the full paper by James J. Heckman and Rasmus Landersø.

CEO Stress, Aging, and Death

We estimate the long-term effects of experiencing high levels of job demands on the mortality and aging of CEOs. The estimation exploits variation in takeover protection and industry crises. First, using hand-collected data on the dates of birth and death for 1,605 CEOs of large, publicly-listed U.S. firms, we estimate the resulting changes in mortality. The hazard estimates indicate that CEOs’ lifespan increases by two years when insulated from market discipline via anti-takeover laws, and decreases by 1.5 years in response to an industry-wide downturn. Second, we apply neural-network based machine-learning techniques to assess visible signs of aging in pictures of CEOs. We estimate that exposure to a distress shock during the Great Recession increases CEOs’ apparent age by one year over the next decade. Our findings imply significant health costs of managerial stress, also relative to known health risks.

That is from a new NBER working paper by Mark Borgschulte, Marius Guenzel, Canyao Liu, and Ulrike Malmendier.

The new phrenology?

Ubiquitous facial recognition technology can expose individuals’ political orientation, as faces of liberals and conservatives consistently differ. A facial recognition algorithm was applied to naturalistic images of 1,085,795 individuals to predict their political orientation by comparing their similarity to faces of liberal and conservative others. Political orientation was correctly classified in 72% of liberal–conservative face pairs, remarkably better than chance (50%), human accuracy (55%), or one afforded by a 100-item personality questionnaire (66%). Accuracy was similar across countries (the U.S., Canada, and the UK), environments (Facebook and dating websites), and when comparing faces across samples. Accuracy remained high (69%) even when controlling for age, gender, and ethnicity. Given the widespread use of facial recognition, our findings have critical implications for the protection of privacy and civil liberties.

Here is more from Michal Kosinki, published in a journal which is an offshoot of Nature.

The traffic impact of Covid

For the first time since 2007, preliminary data from the National Safety Council show that as many as 42,060 people are estimated to have died in motor vehicle crashes in 2020. That marks an 8% increase over 2019 in a year where people drove significantly less frequently because of the pandemic. The preliminary estimated rate of death on the roads last year spiked 24% over the previous 12-month period, despite miles driven dropping 13%. The increase in the rate of death is the highest estimated year-over-year jump that NSC has calculated since 1924 – 96 years.

Here is the full story, the Great Psychometric Test continues.  Via Nick A.

Causes of the sex drought

Among young men, declines in drinking frequency, an increase in computer gaming, and the growing percentage who coreside with their parents all contribute significantly to the decline in casual sex. The authors find no evidence that trends in young adults’ economic circumstances, internet use, or television watching explain the recent decline in casual sexual activity.

Here is more from Scott J. South and Lei Lei, via the excellent Kevin Lewis.

The Gregory Clark working paper

I wanted to present this paper to you all, here is the abstract:

Economics, Sociology, and Anthropology are dominated by the belief that social outcomes depend mainly on parental investment and community socialization. Using a lineage of 402,000 English people 1750-2020 we test whether such mechanisms better predict outcomes than a simple additive genetics model. The genetics model predicts better in all cases except for the transmission of wealth. The high persistence of status over multiple generations, however, would require in a genetic mechanism strong genetic assortative in mating. This has been until recently believed impossible. There is however, also strong evidence consistent with just such sorting, all the way from 1837 to 2020. Thus the outcomes here are actually the product of an interesting genetics-culture combination.

The title is “For Whom the Bell Curve Tolls: A Lineage of 400,000 English Individuals 1750-2020 shows Genetics Determines most Social Outcomes.”  For those of you who don’t know, Greg’s home page provides some context.

Higher education sentences to ponder

We find that the WTP [willingness to pay] for in-person instruction (relative to a remote format) represents around 4.2% of the average annual net cost of attending university, while the WTP for on-campus social activities is 8.1% of the average annual net costs. We also find large heterogeneity in WTP, which varies systematically across socioeconomic groups. Our analysis shows that economically-disadvantaged students derive substantially lower value from university social life, but this is primarily due to time and resource constraints.

That is from a new NBER working paper by Aucejo, French, and Zafar.

Why are atheists so unpopular?

Here is a new research paper from Tomas Ståhl:

There is a widespread cross-cultural stereotype suggesting that atheists are untrustworthy and lack a moral compass. Is there any truth to this notion? Building on theory about the cultural, (de)motivational, and cognitive antecedents of disbelief, the present research investigated whether there are reliable similarities as well as differences between believers and disbelievers in the moral values and principles they endorse. Four studies examined how religious disbelief (vs. belief) relates to endorsement of various moral values and principles in a predominately religious (vs. irreligious) country (the U.S. vs. Sweden). Two U.S. M-Turk studies (Studies 1A and 1B, N = 429) and two large cross-national studies (Studies 2-3, N = 4,193), consistently show that disbelievers (vs. believers) are less inclined to endorse moral values that serve group cohesion (the binding moral foundations) [emphasis added by TC]. By contrast, only minor differences between believers and disbelievers were found in endorsement of other moral values (individualizing moral foundations, epistemic rationality). It is also demonstrated that presumed cultural and demotivational antecedents of disbelief (limited exposure to credibility-enhancing displays, low existential threat) are associated with disbelief. Furthermore, these factors are associated with weaker endorsement of the binding moral foundations in both countries (Study 2). Most of these findings were replicated in Study 3, and results also show that disbelievers (vs. believers) have a more consequentialist view of morality in both countries. A consequentialist view of morality was also associated with another presumed antecedent of disbelief-analytic cognitive style.

Via the excellent Samir Varma.

A Majority of Doses are Now Second Doses

As of Feb. 18 (last day of full data) we gave out 817,708 second doses and just 702,426 first doses. In other words, a majority of doses are now second doses. As Daniel Bier writes this means that we are boosting some people from ~85% to ~95% protected when we could be vaccinating more first timers and getting them from 0% protected to ~85% protected.

If we followed the British rule and delayed the booster to 12 weeks, we could immediately more than *double* the number of people going from 0% protected to to ~85% protected. More first-doses would be great for the newly protected and more people at ~85% protection would also reduce transmission so there would be fewer new infections and less threat to the non-vaccinated.

The opportunity cost of not delaying the booster is measured in lives lost.

Cool, green Britannia

Over the summer of 2020, as coronavirus cases fell and life in Britain felt briefly normal, something very abnormal was happening to the country’s electricity supply. No coal was burned to generate any portion of it for a period of more than two months, something that had not happened since 1882. Britain’s four remaining coal-burning power plants are zombies, all but dead. Within a couple of years they will be closed and Britain will probably never burn coal for electricity again.

The elimination of power stations that burn coal has helped Britain cut its carbon emissions faster than any other rich country since 1990 (see charts). They are down by 44%, according to data collected by the Department for Business, Energy and Industrial Strategy (BEIS) during a period when the economy grew by two-thirds. Germany’s emissions, in contrast, are down by 29%; coal is still burned to generate some 24% of its electricity. Britain has made cuts to its emissions 1.8 times larger than the EU average since 1990. In America, emissions over the same period are up slightly.

Here is the full article from The Economist.  I’ll say it again, whether it is AI, the Oxford/Astrazeneca vaccine, the speed of the current vaccination program, this switch to greener energy, the reemergence of Oxbridge, the new Dominic Cummings-inspired DARPA-like science funding plan, or London being the world’s best city — current Great Britain remains grossly underrated.