Tag Archives: economics

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A world where it takes 30 hours of minimum-wage work to pay the rent, is very different to a world where it takes 120 hours of minimum-wage work to pay the rent. It’s a factor of 4—just half an order of … Continue reading

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The fundamental mystery of capitalism, in my mind, is how a lot of locally zero-sum fights—over customers, over bread, over a job opening—can result in a globally positive-sum game like 2%/year economic growth over a century. Just had a small … Continue reading

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http://c.brightcove.com/services/viewer/federated_f9?isVid=1 Head of Chinese government’s sovereign investments: Jin Liqun (family-name personal-name order) Europe lacks a “master plan” to deal with the currency problems Europe-wide bonds slowing down the Chinese economy on purpose rural migrants, inland vs coastal “Social harmony is … Continue reading

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Early in his academic career, [Paul] Schervish was a committed Democratic Socialist. But around 1990, he began interviewing wealthy people and decided that his Marxist instinct to criticize the rich was misguided. “I realized good and evil are equally distributed … Continue reading

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What does it mean to be the wealthiest country in Central America?

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1. Use mathematics as a shorthand language rather than as an engine of inquiry 2. Keep to them [your models/problems] till you have them done 3. Translate to english 4. Illustrate with examples important to real life 5. Burn the … Continue reading

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BBC Business Daily – interview with Arthur Laffer

In other news, Art Laffer has become a parody of himself. Deliberately misrepresenting the flat tax. Making it sound like 12% is a tax cut for most Americans, when in fact the effective tax rate for everyone making under $100k … Continue reading

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@UnlearningEcon lamented the deviations-from-Pangloss framing of neoclassical economics. Normal economic theories take perfection (optimality) as a starting point and ask how real-world “market imperfections” differ from the putative abstract-free-market ideal. (That “the free market” is an abstract ideal can be verified … Continue reading

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Just in case you forgot that primitive living means eating live cockroaches and bony rats’ tails for extra protein. The Adi people of Tibet/India (Aranatra Pradesh) play host to the BBC’s Bruce Parry. (Source: https://twitter.com/)

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Newsflash: You Should Be Happy!!!

Matt Ridley has written an entertaining book: The Rational Optimist, detailing all the ways in which life is great for rich people. (By rich people I mean the fraction of humans who make ≥5 figure salaries in $.) For example Louis … Continue reading

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