Results for “rapid test” 251 found
That is the topic of my latest Bloomberg column, here is one pastiche:
First, consider the relatively optimistic view: Covid-19 will have affects akin to what economists call a seasonal business cycle — which is to say, it will be over quickly and without much lasting damage.
…in this scenario there is also a rapid path back to recovery. At some point the terror of Covid-19 will lift, just as cases in many parts of China now seem to be declining. Once public health conditions improve, retail, entertainment and services can gear back up. Both production and purchasing power will bounce back, similar to how they normally do after the first-quarter doldrums.
But there is a much more worrying scenario. Rather than drawing an analogy with temporary seasonal cycles, an alternative model draws a parallel with cascading disruptions. Have you ever tried building a sand pile and noticed that, at some point, adding a few more handfuls of sand causes a kind of avalanche, leaving just an amorphous heap?
This less sanguine option might look like this: The Chinese economic slowdown leads to a permanent loss of momentum and a global recession. At the same time, with Lombardy closed down, the Italian government defaults, but the European Union is unable to resolve the matter (and the associated bank failures) in a timely and resolute manner. Governments vacillate between policies that make it easier for people to stay at home to limit the spread of the disease and policies designed to get them back in the workplace.
The U.S. would be caught up in the general loss of confidence, as well as the contagion from European banks. But that is only the beginning. As schools close to limit the spread of Covid-19, single parents would have to stay home, and the resulting production bottlenecks would plague the U.S. economy. Maybe New York City would have to cut back on the number of subway trains it runs, and much of the city’s economy would grind to a halt. Supply chain problems from China would persist, hitting everything from medicines to the ordinary goods found in a Walmart.
The problems of missing goods in the supply chain, workplace absenteeism, family health emergencies, and investor uncertainty would compound each other. Any individual act of spending or production, rather than jump-starting further economic activity, would run up against another bottleneck and fade to insignificance. The confidence boost would fail to materialize. Untangling this mess of problems is much harder than just getting people to go back out to dinner and the movies again, and could take years. Traditional demand-side stimulation from the Fed or from the fiscal side would not itself reverse the stagnation.
The Report of the WHO-China Joint Mission on Coronavirus Disease 2019 (COVID-19) is the best source of information on COVID-19 that I have seen.
The Joint Mission consisted of 25 national and international experts from China, Germany, Japan, Korea, Nigeria, Russia, Singapore, the United States of America and the World Health Organization (WHO). The Joint Mission was headed by Dr Bruce Aylward of WHO and Dr Wannian Liang of the People’s Republic of China.
Some of the language is more pro-China than is usual in an academic report but the report is full of credible data.
The bottom line is that there is good news and bad news. The good news is that due to extraordinary intervention the epidemic in China has been brought under control and is slowing to manageable levels.
In the face of a previously unknown virus, China has rolled out perhaps the most ambitious, agile and aggressive disease containment effort in history. The strategy that underpinned this containment effort was initially a national approach that promoted universal temperature monitoring, masking, and hand washing. However, as the outbreak evolved, and knowledge was gained, a science and risk-based approach was taken to tailor implementation. Specific containment measures were adjusted to the provincial, county and even community context, the capacity of the setting, and the nature of novel coronavirus transmission there.
…. China’s bold approach to contain the rapid spread of this new respiratory pathogen has changed the course of a rapidly escalating and deadly epidemic. A particularly compelling statistic is that on the first day of the advance team’s work there were 2478 newly confirmed cases of COVID-19 reported in China. Two weeks later, on the final day of this Mission, China reported 409 newly confirmed cases. This decline in COVID-19 cases across China is real.
… Based on a comparison of crude attack rates across provinces, the Joint Mission estimates that this truly all-of Government and all-of-society approach that has been taken in China has averted or at least delayed hundreds of thousands of COVID-19 cases in the country. By extension, the reduction that has been achieved in the force of COVID-19 infection in China has also played a significant role in protecting the global community and creating a stronger first line of defense against international spread. Containing this outbreak, however, has come at great cost and sacrifice by China and its people, in both human and material terms.
The bad news is that the WHO is worried that other countries do not have the capability or will to implement some of the same policies as China did.
Much of the global community is not yet ready, in mindset and materially, to implement the measures that have been employed to contain COVID-19 in China. These are the only measures that are currently proven to interrupt or minimize transmission chains in humans. Fundamental to these measures is extremely proactive surveillance to immediately detect cases, very rapid diagnosis and immediate case isolation, rigorous tracking and quarantine of close contacts, and an exceptionally high degree of population understanding and acceptance of these measures.
.. COVID-19 is spreading with astonishing speed; COVID-19 outbreaks in any setting have very serious consequences; and there is now strong evidence that non-pharmaceutical interventions can reduce and even interrupt transmission. Concerningly, global and national preparedness planning is often ambivalent about such interventions. However, to reduce COVID-19 illness and death, near-term readiness planning must embrace the large-scale implementation of high-quality, non-pharmaceutical public health measures. These measures must fully incorporate immediate case detection and isolation, rigorous close contact tracing and monitoring/quarantine, and direct population/community engagement.
I don’t think the WHO is the final authority on what to do, public health is their hammer. I have been dismayed, however, at the failure of the CDC, which surely prior to this crisis one would have rated as one of the best US organizations. As the NYTimes wrote:
The Centers for Disease Control and Prevention botched its first attempt to mass produce a diagnostic test kit, a discovery made only after officials had shipped hundreds of kits to state laboratories.
A promised replacement took several weeks, and still did not permit state and local laboratories to make final diagnoses. And the C.D.C. essentially ensured that Americans would be tested in very few numbers by imposing stringent and narrow criteria, critics say.
The failure of the CDC, which is a failure of the US government at the deepest levels, not just rot from the top, meant that we lost several weeks that we may have needed to avoid more stringent measures. We will know more in a week.
Read the whole thing.
That is the topic of my latest Bloomberg column, here is one excerpt:
Consider the supply chain of the Apple iPhone, which stretches across dozens of companies and several continents. Such complex cross-national supply chains generate relatively high profits, giving them a kind of immunity to small disruptions. If there is an unexpected tax, tariff or exchange movement, the supply chain can generally swallow the costs and move on. Profits will be lower within the supply chain, but production will continue, as it is too lucrative to simply shut everything down.
Do not be deceived, however: Supply chains are not indestructible. If the new costs or risks are high enough, the entire structure will be dismantled. By their nature, supply chains do not fall apart slowly, because each part of the chain relies upon other parts to add its value. It does not help much to have the circuit components of the iPhone lined up, for instance, if you cannot also produce the glass screens. In this way, these supply chains are less robust under extreme conditions.
Global supply chains have yet to come apart mostly because trade and prosperity generally have been rising. But now, for the first time since World War II, the global economy faces the possibility of a true decoupling of many trade connections.
It is not sufficiently well understood how rapid that process could be. A complex international supply chain is fragile precisely for the same reasons it is valuable — namely, it is hard to construct and maintain because it involves so many interdependencies.
The nature of the cross-national supply chain makes it especially vulnerable to shocks coming from the coronavirus. These supply chains do not adapt so well to complete cutoffs in materials or labor, as may happen if Chinese coronavirus casualties continue and workplaces find it hard to operate effectively.
Imagine that closed Chinese factories cannot produce the components of many American medicines. It is not a question of the supply chain simply losing some profits; rather, some critical pieces of the production process are missing. The medicines won’t work without these inputs. The U.S. medical establishment might try to source those components elsewhere, but it isn’t easy for other suppliers to produce enough of them at sufficient scale and quality.
U.S. medical producers might try to bid more for the Chinese medicine components, but if the workers are prohibited from even showing up at the factory, no feasible market clearing price can make this arrangement work. Production just won’t be possible. Fashionable practices of near-zero inventories can make these shortages appear all the more rapidly. About 80% of the active pharmaceutical ingredients in U.S. medicines rely on Chinese or Indian components, so this does represent a very real public health risk for the U.S., even if the coronavirus itself does not.
You will note that when it comes to ex ante planning, companies do not in general internalize the costs of a supply chain cut-off to their customers, since consumer surplus for the infra-marginal buyers exceeds market price. Supply chain are thus too fragile relative to an optimum, though that matters only under very limited circumstances, as we may be seeing right now.
That is the topic of my latest Bloomberg column, here is one excerpt:
Chinese citizens are currently upset and panicked, and their online communication might exceed the ability of the censors to control it. Some censorship is done algorithmically, but much of it is performed by humans, if only because the algorithms are far from perfect and cannot pick up on the rapidly changing allusions and code words people use.
What happens if there are too many subversive messages to censor? The system might break down, and speech might become more free. Reimposing censorship might be difficult, politically and logistically.
There is yet another reason censorship might prove difficult. If you feel desperate and fear for your health, the penalties for speaking out online might not seem so bad by comparison. You might not care so much about that promotion at work or your standing in the party. Moreover, the stress of the situation may lower your inhibitions. And if public criticism becomes more common, it may seem safe to join the growing crowd. The eventual result of all this would be a partial collapse of censorship.
The link also considers the entirely possible scenario that Chinese liberties could instead decrease.
Here is Scott’s response to Bryan Caplan’s response to Scott’s critique of Bryan’s earlier Szaszian paper on mental illness. I can’t bring myself to do any serious recap, so I hope you care (or do I hope you don’t care?), in any case Scott serves up the links:
Bryan rejects the concept of mental illness, believing that such individuals can be described using concepts from rational choice theory, most of all preferences and meta-preferences:
…this article argues that most mental illnesses are best modeled as extreme preferences, not constraining diseases.
Most lately, here is a snippet from Scott’s latest post:
Or what about respiratory tract infections that cause coughing? My impression is that, put a gun to my head, and I could keep myself from coughing, even when I really really felt like it. Coughing is a preference, not a constraint, and Bryan, to be consistent, would have to think of respiratory infections as just a preference for coughing…
Bryan’s preference vs. constraint model doesn’t just invalidate mental illness. It invalidates many (maybe most) physical illnesses! Even the ones it doesn’t invalidate may only get saved by some triviality we don’t care about – like how maybe you can lift less weight when you have the flu – and not by the symptoms that actually bother us.
I am fully on Scott’s side here, but I think he is being too literal in responding to Bryan’s arguments, taking on too much of Bryan’s turf.
The biggest problem with Bryan’s argument is this: let’s say you could redescribe say schizophrenia in terms of an unusual preference and other concepts from rational choice theory. It would not follow that is all schizophrenia is. For instance, a quick perusal of the literature shows that schizophrenic individuals may suffer from local processing deficits (moving too rapidly and too indiscriminately to global processing), working memory defects, inability to maintain attention, disorganized behavior, hypo- and hyper-excitability, excessive speculative ideation, excess receptivity to information from the right hemisphere of the brain, and delusions.
Of course that account is contested at some margins, as is typically the case in a research literature, but you get the point. Schizophrenia could be some combination of an extreme preference, whatever else Bryan wishes to toss in, and some version of that list from the paragraph directly above. Bryan works very hard to “rule in” his redescription of various mental illnesses, but he doesn’t and indeed cannot do much to rule out what are in fact the relevant cognitive or sometimes personality traits of the phenomenon in question.
And if you ask “Ah, what about the ‘normal’ people who claim that God is talking to them?”, well most of them have only a limited number of the features on that above list. Some of course may in fact be schizophrenic or fall into the broader schizotypic category. Those supposed reductios about the supposedly wacky religious people just don’t much dent the category of schizophrenia. There might even be a correlation in the data between religious behavior and schizotypy — why not? — but the two are by no means cognitively identical.
Ask Bryan a simple question: do the individuals diagnosed as schizophrenia in fact have some combination of those traits listed above to an unusual degree? If he answers “yes,” he has in fact conceded the argument. If he answers “no,” he needs to counter a huge and established literature with empirics of his own, which of course he has not done. The broader point is you cannot usually vanquish empirical categories with philosophical and methodological arguments alone.
I do partially side with Bryan only in one regard: I don’t find the term “mental illness” very useful, and very often it is misleading, or even dangerous, or used to restrict the liberties of individuals unjustly. I very much prefer a more disaggregated approach, citing more exact information about a person’s condition, rather than applying a very general label in a manner that could end up being irresponsible. It seems to me that a more disaggregated description is almost always possible, maybe always possible.
But you shouldn’t take that brand of skepticism as endorsing the kind of mono-conceptual straitjacket Bryan wishes to impose on this whole problem.
Ian Bremmer offers one account of all the wrongdoing, which I will not summarize here. In any case, many of you have asked me what I think of these recent events.
I do not at all favor replacing India’s secular democracy with “Hindu nation” as a ruling principle. For one thing, I believe in strong libertarian protections for minority rights against state power, including for Muslims. I also believe these moves will be bad for India’s economy. Nonetheless I find most of the extant commentary on Modi fairly misleading and/or naive.
As this outsider sees it, India’s secular democracy was never liberal. It had certain de facto liberal elements, but largely out of low levels of state capacity, necessitating a kind of tolerance but of course also leading to a very sub-par infrastructure. Furthermore, it has been commonly described by political scientists as a “democracy without accountability.” National voting has so much to do with religion, caste, and other particularistic principles that Indian democracy never enforced superior practical performance as it should have.
Then enter several forces at more or less the same time, including Modi, ongoing Indian economic growth, higher expectations and thus greater demands for state capacity, a rise in what is called “populism,” and also an increase in the focality of Islam and also terrorism around the world.
In essence that state capacity starts to be built and part of it is turned to wrong ends, in an attempt to appeal to the roughly 80 percent Hindu majority. Here is the NYT:
The Modi administration has also done a better job than previous governments in pushing big anti-poverty initiatives, such as building 100 million toilets to help stop open defecation and the spread of deadly disease.
In other words, the positive and negative sides of the story here may be more closely related than is comfortable to contemplate. The picture reminds me a bit of how parts of Renaissance Europe were often more anti-Semitic or racist than medieval Europe, in part because persecuting states had more resources and it was easier to mobilize intolerant sentiment, partly due to the printing press. I don’t however idolize medieval times as being so libertarian, rather the earlier ideology contained the seeds of the Renaissance oppressions, which in time turned into foreign imperialism as well.
Similarly, oppression and religious conflict is hardly news in India, for instance you may recall the Partition which in the 1940s killed at least one million people and displaced at least 10 million more.
None of this is to excuse any of these oppressions, whether in India or elsewhere. The libertarian rights still ought to apply, and should be written into the Indian constitution and laws more firmly.
(It is an interesting and much under-discussed result that the greatest violations of libertarian rights tend to come in periods of high delta in state capacity, not high absolute levels of state capacity per se. The Nazi government was not that large as a percentage of gdp, but it was growing rapidly in terms of its efficacy along certain dimensions.)
The moral and resonant message here is “libertarian rights for minorities truly are important and beware state power!” And somehow we need to think strategically, at a deep level, how that message can be combined with the inevitable and indeed desirable growth in Indian state capacity. The libertarians only make this their issue by eliding the need for growth in state capacity. So they moralize correctly about the situation, but they don’t see the underlying dilemma so clearly either.
Consider this NYT passage:
“Modi is not a normal politician who measures his success only by votes,” said Kanchan Chandra, a political scientist at New York University. “He sees himself as the architect of a new India, built on a foundation of technological, cultural, economic and military prowess, and backed by an ideology of Hindu nationalism.”
The real question here is — still mostly unanswered — “what else is the new ideology of state capacity supposed to be?” I am happy to put in my vote for Anglo-American liberalism, but still I recognize that probably will not command either a majority or even a plurality.
Here is one proffered alternative to Modi:
“Rahul Gandhi felt people would support the Congress on issues of farmers, youth, employment, inflation. But, the core issues were left behind and surgical strikes and nationalism were highlighted. The Congress was dubbed a Muslim party. Aren’t we nationalists?” Gehlot asked.
I am not so impressed. Or try this discussion “What is alternative to ‘Modi cult'”. Again, on the ideas front underwhelming, at least for this classical liberal. Maybe something good can come out of the current protest movement (NYT).
All the more, the “establishment media” just isn’t interested in framing the story in terms of individual rights and constraints on democracy. That narrative is too…well…libertarian and also anti-statist.
For one example, blame either Nilinjana Roy or the person who titled her FT column “Democracy in India is on the brink.” Last I checked, Modi was elected, then re-elected, and his party and its allies control almost 2/3 of the lower house. That is truly an Orwellian column title. It should not be so hard to write “The problem with Modi is the statism, and lack of respect for minority rights, sadly this is democratically certified and thus democracy requires real constitutional constraint of the powers of the government.” But so many people today are mentally and emotionally incapable of thinking and writing such thoughts, having spent so much time in their mood affiliation glorifying “democracy” (or what they take to be democracy) above all other values.
So we should be spending our time developing and publicizing a new (non-Modi) ideology for greater state capacity in India, combined of course with greater liberty.
And yes, please do restore, redefine, re-enforce or in some cases discover all of the required minority libertarian rights. Hundreds of millions of Indians and others are counting on it.
3. Politically correct takes on The Rise of Skywalker (full of spoilers).
5. Grand Rapids, Rochester, Buffalo, Oklahoma City and Salt Lake City are the American cities with the shortest average commutes. On the other side of the distribution: “In the New York metropolitan area, 3.8 percent of traveling commuters reach their jobs by transit in less than 30 minutes. The San Francisco is second, at 2.7 percent, more than one quarter lower than New York.”
6. “Rio averages 24 shootouts per day. Large hours-long gun battles often don’t even make the headlines.” The link focuses on data on the bullets.
Developing countries racked up a “towering” $55tn of debt by the end of last year, in a borrowing surge since the financial crisis that has been the fastest and widest in modern history, according to World Bank research.
China itself, whose debt-to-GDP ratio has risen 72 points to 255 per cent since 2010, accounts for the bulk of the boom, but nominal debt levels have doubled in the rest of the developing world, the bank found.
For now, historically low interest rates make a crisis less likely, according to the report, but the authors said that roughly half of the 521 national episodes of rapid debt growth since 1970 have resulted in crises which significantly hurt incomes.
That is the topic of my latest Bloomberg column, here is one excerpt:
What caused the P.C. movement to stall after the ‘90s? One theory is that it was due to two particular events. First, a Democratic president was impeached for his sexual conduct with an intern. That made the left (at least temporarily) less interested in rooting out and punishing all abuses of power. Second, the attacks of Sept. 11, and the subsequent wars in Afghanistan and Iraq, created a new and different focal point for activist energy: first anti-terror, then anti-war.
The history of political correctness also shows that ideas can have a long genesis, as this essay by Musa al-Gharbi illustrates. The idea of sensitivity training, for instance, was created by Kurt Lewin in 1946-47, and later popularized by Carl Rogers in 1961. The notion of “safe spaces” started in gay and lesbian bars in the mid-1960s. The term “microaggressions” comes from Chester Pierce in 1974. It is possible that the phrase “identity politics” comes from the Combahee River Collective Statement of 1977.
The lesson here is clear: If you are dealing in the world of ideas, play the long game — don’t be too discouraged by momentary setbacks. For all the talk of America having a throwaway culture that moves rapidly from one idea to the next, the history of political correctness does not support that vision. It is possible for people to promote and sustain ideas to give them resonance and influence.
Please note I am trying to learn from the history of the movement, and it is not the point of this column to condemn it excesses (which are very real).
That is the topic of my latest Bloomberg column, here is one bit:
In a nutshell, younger people today are very comfortable with a small screen and older people are not. Both younger and older people can be found staring at their phones for texts or email or directions, but the big difference comes in cultural consumption. According to one study, the median age of an American television viewer is about 56, whereas for mobile and computer video viewers the median age is 40. Forty percent of those viewers are between 13 and 34…
Just as many older people don’t grasp the import of YouTube, most younger people have a weak sense of the power of cinema on a large screen. It’s not entirely their fault. It’s relatively easy to see older movies on a big screen in London or Paris, and maybe in New York City and Los Angeles (and Silver Spring, Maryland, home to the American Film Institute). In most other places in America, it’s much more difficult.
Sadly, the world is rapidly becoming a place where cinematic history, as it was created for larger screens, no longer exists. Netflix, for all its wonders and diverse contemporary selection, is notoriously bad about making older movies available for streaming, and at any rate the service does not provide a properly large screen for those films.
There is much more at the link, and the economically-minded reader will note this is an application of the Alchian-Allen Theorem.
I already linked to this piece, but wanted to recommend it again. I don’t agree with all of the points, but it has many excellent arguments, here is one excerpt from the opening section:
I think that the perception of stagnation in science – and in biology specifically – is basically fake news, driven by technological hedonic treadmill and nostalgia. We rapidly adapt to technological advances – however big they are – and we always idealize the past – however terrible it was.
- first bionic hand with a sense of touch that can be worn outside a laboratory
- development of a new 3D bioprinting technique, which allows the more accurate printing of soft tissue organs, such as lungs
- a method through which the human innate immune system may possibly be trained to more efficiently respond to diseases and infections
- a new form of biomaterial based delivery system for therapeutic drugs, which only release their cargo under certain physiological conditions, thereby potentially reducing drug side-effects in patients
- an announcement of human clinical trials, that will encompass the use of CRISPR technology to modify the T cells of patients with multiple myeloma, sarcoma and melanoma cancers, to allow the cells to more effectively combat the cancers, the first of their kind trials in the US
- a blood test (or liquid biopsy) that can detect eight common cancer tumors early. The new test, based on cancer-related DNA and proteins found in the blood, produced 70% positive results in the tumor-types studied in 1005 patients
- a method of turning skin cells into stem cells, with the use of CRISPR
- the creation of two monkey clones for the first time
- a paper which presents possible evidence that naked mole-rats do not face increased mortality risk due to aging
Doesn’t seem like much? Here’s the kicker: this is not 2018. This is January 2018.
That is the topic of my latest Bloomberg column, and here is one excerpt:
Unlike many of those who push for the question, I would like to boost the flow of legal immigration by a factor or two or three. Nonetheless, are we supposed to let foreigners in (which I favor), and give them a rapid path to citizenship (which I also favor), but somehow we are not allowed to ask them if they are citizens? To me this boggles the mind.
The real point is that the Democratic Party has talked itself into an untenable and indeed politically losing rhetorical stance on immigration (did you watch the debates? decriminalize illegal migration? health care benefits for illegal immigrants?), and the Census battle is another example of that. It is no surprise that Trump wishes to keep it alive as a political issue:
Do you really wish for your view to be so closely affiliated with the attitude that citizenship is a thing to hide? I would be embarrassed if my own political strategy implied that I take a firm view — backed by strong moralizing — that we not ask individuals about their citizenship on the Census form. I would think somehow I was, if only in the longer run, making a huge political blunder to so rest the fate of my party on insisting on not asking people about their citizenship.
Not asking about citizenship seems to signify an attitude toward immigrants something like this: Get them in and across the border, their status may be mixed and their existence may be furtive, and let’s not talk too openly about what is going on, and later we will try to get all of them citizenship. Given the current disagreement between the two parties on immigration questions, that may well be the only way of getting more immigrants into the U.S., which I hold to be a desirable goal. But that is a dangerous choice of political turf, and it may not help the pro-immigration cause in the longer run.
Countries that do let in especially high percentages of legal immigrants, such as Canada and Australia, take pretty tough stances in controlling their borders. Both of those countries ask about citizenship on their censuses. When citizens feel in control of the process, they may be more generous in terms of opening the border.
If you can’t ask about citizenship on your census, as indeed Canada and Australia do, it is a sign that your broader approach to immigration is broken. I know this is a hard one to back out of, but if your response is to attack the motives of the Republicans, or simply reiterate the technocratic value of a more accurate Census, it is a sign of not yet being “woke” on this issue. America desperately needs more legal immigration.
That is the topic of my latest Bloomberg column, here is one excerpt:
It’s also worth thinking through exactly what changes Chinese democracy is supposed to bring. China’s urbanization has been so rapid — it has had more urban than rural residents for less than a decade — that a national election might well reflect the preferences of rural voters, which after all most Chinese were until very recently. If you belong to the Chinese upper class or even middle class along the eastern coast, you may end up asking yourself the following question: Who is more likely to protect my basic economic interests, the current Chinese Communist Party, or a democratic representative of Chinese rural interests? China is also growing rich during a time of extreme economic inequality, which may make many Chinese elites think twice about democratization.
Compare China’s situation to that of Taiwan, which is much smaller, does not have a comparable preponderance of rural population, and started becoming democratic in an era when inequality was not so extreme. There was enough of a sense of a common Taiwanese national interest for democracy to be trusted, and furthermore Taiwan has always been keen to distinguish itself from a non-democratic mainland.
What about social issues? One recent study has shown that Communist Party members are more likely to have progressive views on issues of gender equality, political pluralism and openness to international exchange than do the Chinese public at large. Again, if you are an elite among the Chinese citizenry, it is not a sure thing that you will do better with democracy than under the Communist Party.
There are many other points at the link.
Here is the announcement. Presumably they wish to claw back some of the quantity going to the ever-multiplying number of AEA journals and to thus avoid being an afterthought. Will the average quality of JPE article decline? I suppose by one definition it has to, but in such a rapidly specializing discipline, who will notice? Is it really so clear which pieces come close but don’t quite deserve to belong in the JPE? I for one could not pass this “blind taste test” in my role as a JPE reader, and I have been following the rag for decades.
As a polar experiment, what if they put out an issue every day, and in essence the top journals took all the published pieces? Then the notion of having a “top three” hit (or whatever) would dwindle and people actually would have to judge the work. A modest move in that direction should be just fine, said the daily blogger.
In the meantime, the leading lights of the profession — most of all in the earlier parts of their careers — should be prepared for that much more refereeing. Ay!