Bad Economics

“The future can’t be modeled or predicted in economic terms.”

Okay, so that article is somewhat bombastic, even if it makes the excellent points that: 1. Any economic system that requires government coercion is bound to fail at the limits; and, 2. Socialism has long proven itself incapable of achieving the goals its advocates claim. From Investor’s Business Daily: Bernie Sanders Would Rather Drain than Grow the Economy. But what really… Read more →

The Talent Economy

An article on HBR.org: The Rise (and Likely Fall) of the Talent Economy by Roger L. Martin found by clicking here. And my nice response: This article is full of implicit political assumptions and strange economics, such as the statement: “One trader’s gain is simply another trader’s loss,” which is explicitly untrue. A buyer/seller on the other end of the… Read more →

Economics to non-economists, Part I

Here is some confusion for thought… Click here for the original. Economists are not Like Physicists By Cullen Roche · Sunday, June 1st, 2014 There’s been some debate in economist circles about how to improve the field and apply a more empirical approach.  For instance, Noah Smith says: “what I actually propose is to create an econ “lab sequence” just for empirics, similar to what they… Read more →

Real incentives, real impacts

From The Daily Beast by Daniela Drake: Consider how this plays out in real life as opposed to a think tank. A hard-working doctor (of any race) has rendered careful, considerate care to a complicated patient. Yet a relative who gets the patient satisfaction form in the mail who might be pissed off at, say, the hospital parking fees—or maybe… Read more →

Forgetting basic economics

A post 5/19/2014 at the Center for Economic and Policy Research: Summers’ Review of Piketty’s Book Gets Private Equity Wrong Article by Eileen Appelbaum and Rosemary Batt (Click title to see the article). My Response: This article is premised on the ideological assumption that PE firms are evil parasites. Summers is not wrong, managers are paid according to their ability to… Read more →

Checking your (my) privilege.

With all of the discussions about privilege, I recently red Peggy McIntosh’s 26 points about white privilege – those things in our daily lives that are easier because I am white.  With a few exceptions, they are drivel… She assumes her position to be that of everybody’s position.  Here are the points and my responses to them.  (Find the paper… Read more →

The Fantasy Continues…

The continuation of fictitious government numbers.  What is the point of fantasy in the world of Macroeconomics?  Regardless of what number we write, there is a true value for any quantifiable metric.  This whole system is starting to remind me of Arthur Anderson and Enron. I pulled this article from ZeroHedge.com: Nigeria Just Doubled The Size Of Its Economy With… Read more →

Part 1: I can make up numbers too…

It seems like there is a lot of bullshit spewing from the lips of government interpreters.  Not just at selfie-opportunistic funerals, where the interpreters are invited to conduct interpretive dance, but coming from the very government departments responsible for providing timely and accurate data.  Full disclosure: I frequently rely on government data in my research and work (did you think… Read more →

The Fed Can “Force” Expand The Money Supply

A little gem from Forbes: by John Tamney, entitled “The Fed is Not Printing Money, It’s Doing Something Much Worse.” The article is full of little inconsistencies and obnoxious mixes of “big” words and poor word choices (using contractions after using a “fancy” word really detracts from your intended impression of thoughtful intelligence).  But this quote takes the cake: The… Read more →

The Inconsistencies of Economists

Far be it from me to question the superior economic skills of Kenneth Rogoff, a Harvard economist and public policy expert.  But it bothers me to read articles that build up to a point and then drop it in favor of what appears to be a partisan argument.  Rogoff was onto something in his article on Project Syndicate, entitled “Malthus,… Read more →

Why to give money… to big fancy Universities.

Matthew Yglesias (yes of that horrible detritus Slate, a euphemism for the institute for kids who can’t write good and wanna do other stuff not good too) has written another sure-fire winner of the philosophically and economically challenged award.  Today, he slams the giving of large gifts to elite universities with large endowments, claiming that the money is less useful there… Read more →

Recession inducing politics…

There seems to be a fairly extensive discussion recently about weather suppressing economic output, particularly given the extended winter weather in the East and Mid-West.  I am taking the ZeroHedge stance and am not convinced that weather patterns across half of the US are impacting global economies the way analyst are convinced (or are trying to convince others).  It seems… Read more →

Upzoning?

A favorite target of mine in the progressive blogosphere is Matthew Yglesias, an economics writer for Slate (a pandering “online magazine” holdout from the dawn of time).  Mr. Yglesias has no economics training, so I don’t understand how he can be an economics journalist, but leave it to poorly thought out editing to allow this nonsense.  It’s like asking a… Read more →