This is reason's Typepad Profile.
Join Typepad and start following reason's activity
Join Now!
Already a member? Sign In
reason
Recent Activity
I'm sort of wondering if Ezra Klein and Matthew Yglesias are secretly one and the same person. Like Clark Kent and Superman they never seem to post at the same time and their styles and attitude are remarkably similar.
Toggle Commented Aug 4, 2017 on Links for 08-03-17 at Economist's View
1 reply
Governments won't have to ban them. They just have to treat them like ordinary commodities. Any attempt to turn them into real currencies is taxable, and any transactions involving them are not enforceable by law. They will remain attractive only to criminals as vehicles for transactions, otherwise they will be just be collectables.
1 reply
Trump has lost the Republican party! We live in interesting times. (I'm glad I can watch from far away, crazy times.) I'm still reading Debt and the Devil, it keeps getting better and better. Anybody who hasn't read it, MUST.
Toggle Commented Aug 4, 2017 on Links for 08-03-17 at Economist's View
1 reply
Actually, for once I agree with you. Tight labor markets are in fact good. It is accelerating inflation that is bad. Paul Krugman has in fact argued this. That history has shown we don't have to run in front of inflation, we know how to stop inflation if we have to, it is deflation that we don't know how to combat.
Toggle Commented Aug 2, 2017 on Links for 08-01-17 at Economist's View
1 reply
Don't know if we can believe this, but it is plausible: http://robertreich.org/post/163658444390 But my own view is that Trump suddenly gets ill (maybe a "heart attack" on the 10th Tee) and they fairly secretively move him out of the way. Less egg of everybody's face.
1 reply
"A key element of supply-side economics has been the relentless attack on government regulation and Pigovian taxation" ... A couple of key words are missing in this sentence. It should read: A key element of supply-side economics has been the relentless INCOHERENT attack on BOTH government regulation and Pigovian taxation.
1 reply
I'm not sure that is a correct diagnosis of what sociopathy means. Everybody feels (that is hard wired), but people feel more or less strongly and react differently to their emotions. Extreme emotion tends to stop us thinking. The problem with sociopaths is that don't recognize the rights and interests of others. Trump (as a nacissist) is both emotional and a sociopath. It is not so much whether thinking is divorced from emotion or not (it really can't be totally), it is whether is directed to the common good or not.
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
I'm not sure the threat actually comes from that dynamic. They are both just attention whores. I think the danger comes from third parties (e.g. South Korea or Japan) who are not part of the game.
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
Even realizing that that might be the case is thinking.
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
hmmm... Not such an easy question: https://www.theguardian.com/commentisfree/picture/2017/jul/30/peter-schrank-on-donald-trump-and-north-korea-cartoon
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
Savings is not well understood. Savings is a residual (because of much misunderstood accounting identities), you cannot just decide as a whole economy to save more - you have to be enabled to save more (as some one put it once, savings don't finance investment, investment enables savings). I just think you should ask this simple question. If savings rates are so high, why is personal debt at a record high? I actually hate the term savings. It just causes confusion. I think actually the reason interest rates is so low is because leverage is so high (as leverage dilutes profitability by raising asset prices).
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
Dogs are too nice. I keep one as a pet. Try Hyenas.
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
Another worth reading piece from a very good iconoclast. http://www.fresheconomicthinking.com/2017/07/long-live-food-waste.html I don't know what the solution is, but we need more THINKING. From almost everyone. There is far too much emoting and not enough thinking going on. You know what the very worst thing about Trump is - he can't just say "I'm not sure, let me get informed and then think about it". There seems to be a lot of "we must do something, this is something" sort of bullshit.
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
Also interesting: https://www.theguardian.com/us-news/2017/jul/31/trump-ethics-chief-walter-shaub-kleptocracy
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
Well worth reading (from Felix Salmon): http://www.slate.com/articles/business/moneybox/2017/07/why_scaramucci_is_trump_s_most_dangerous_enabler_yet.html I sort of remember somebody saying the same thing about Trump - there is no one at home under the mask. Is this a zombie government?
Toggle Commented Jul 31, 2017 on Links for 07-31-17 at Economist's View
1 reply
Seriously, what is the job of macro-economists and what is the job of micro-economists that Kocherlakota is assuming in making this statement. Is he complaining that macro-economic models are not heterogeneous enough (of which gender and race is just one example) or is he just confused.
1 reply
MACROeconomists? The world is going bananas. Looks like the disease in the white house is spreading. The correct thing to say is macro-economists need to stop ignoring heterogeneity.
1 reply
????? (I'm not talking about monopoly or fraud.) The relevance is that allows lower effective real interest rates and so enables firms to continue in the face of uncertainty. Uncertainty is the key to lots in economics. It is the Austrians who keep pushing deflation and they consistently pretend that exact calculation of future returns is possible (and they ignore the vicious cycle of hoarding and deflation). Exact calculation is not possible, you need a margin for error.
Toggle Commented Jul 26, 2017 on Links for 07-24-17 at Economist's View
1 reply
The current bunch are opposed to Lech Walesa. As far as I can tell they are rural catholic conservatives who are opposed to secularism. It seems they have almost no support in Warsaw. The country is extremely polarized.
Toggle Commented Jul 26, 2017 on Links for 07-24-17 at Economist's View
1 reply
The odd man out here is Poland, which also claims to want to be an illiberal democracy. But as far as I know, it has never been claimed that the government there is corrupt. It really is an oddity.
Toggle Commented Jul 25, 2017 on Links for 07-24-17 at Economist's View
1 reply
No get rid of the presidency. It is a bad idea, it doesn't work well anywhere and makes the move to one person rule (i.e. dictatorship) one small easy step. Just get rid of it.
Toggle Commented Jul 25, 2017 on Links for 07-24-17 at Economist's View
1 reply
ad hominem? Where?
Toggle Commented Jul 25, 2017 on Links for 07-24-17 at Economist's View
1 reply
We need more inflation for a completely different reason. To reduce real debt and to discourage hoarding. And because it actually stops some firms from becoming insolvent (seeing as they pay costs today and sell tomorrow, rising prices can change a companies books from red to black). Why that wasn't pointed out is beyond me. Stupidity is everywhere.
Toggle Commented Jul 25, 2017 on Links for 07-24-17 at Economist's View
1 reply
Note the following sentence, hidden away without further comment: " “Illiberal” also implies that the system is majoritarian in the sense that certain “inalienable” rights can be taken away through simple vote. At the extreme, a majority can decide to deny certain rights (say, to free speech) to a minority." This is the key feature, once a majority is attained it can be indefinitely maintained. It is very important that there be well defined super majority processes for constitution and key administrative functions (imposing transparency and accountability not subject to simple majority overrule). That both the formation of the EU and its partial breakup have occurred without proper constitutional procedures is outrageous.
Toggle Commented Jul 25, 2017 on Links for 07-24-17 at Economist's View
1 reply
P.S. Re winner take all and amateurism - think about what unpaid internships are all about (and why they are pernicious).