Celebrating diversity – Pat Condell

Two papers on taxing the top x%

NEP-DGE Blog

Heterogeneity and Government Revenues: Higher Taxes at the Top?

By Nezih Guner, Martin Lopez-Daneri and Gustavo Ventura

http://d.repec.org/n?u=RePEc:iza:izadps:dp8335&r=dge

We evaluate the effectiveness of a more progressive tax scheme in raising government revenues. We develop a life-cycle economy with heterogeneity and endogenous labor supply. Households face a progressive income tax schedule, mimicking the Federal Income tax, and flat-rate taxes that capture payroll, state and local taxes and the corporate income tax. We parameterize this model to reproduce aggregate and cross-sectional observations for the U.S. economy, including the shares of labor income for top earners. We find that a tilt of the Federal income tax schedule towards high earners leads to small increases in revenues which are maximized at an effective marginal tax rate of about 36.9% for the richest 5% of households – in contrast to a 21.7% marginal rate in the benchmark economy. Maximized revenue from Federal income taxes is…

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Ha Joon Chang: Confused on Bounded Rationality and Economic Regulation

PILEUS

In this third and final of the series on Ha Joon Chang’s critique of ‘free market economics’ I examine his account of ‘bounded rationality’ and the case for greater economic regulation. As in much of his work the policy conclusions which Chang draws simply do not follow from his premises.

In chapters 16 and 19 of 23 Three Things They Don’t Tell You About Capitalism, Chang asserts that free market economics rests on the view that actors are fully rational and that individuals always know what is in their best interests when deciding to buy, sell and invest. Drawing on Herbert Simon he argues that people often do not know what they are doing because the limitations of the human brain make the world too complex to fully understand. Thus, there are often advantages from restricting individual choice in order to reduce the complexity of the problems people face…

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50th Anniversary of Reagan’s “A Time For Choosing”

Would You Rather Be Rich In 1900, Or Middle-Class Now?

HT:  Tuesday-podcast-would-you-rather-be-middle-class-now-or-rich-in-1900

Watch what happens when an attractive guy walks around NYC

The very last part of the clip is hilariously funny.

New Zealand’s Temperature Record challenged by new skeptical paper

Watts Up With That?

Chris deFrietas sends word of a new paper, that drops the trend of the New Zealand temperature record (NZTR) to 0.28C per century, down from ~0.9C per century.

7ss_bustedThis past week, a paper on the NZTR was accepted by the journal  Environmental Modeling & Assessment. It was originally submitted in 2013!

This demonstrates some of the colossal peer-review hurdles that had to be overcome by climate skeptics  in getting a paper published that refutes the national temperature record produced by “official” government source National Institute of Water and Atmospheric Research (NIWA) as seen in the graph above and sourced here.

As Bishop Hill notes:

The mere fact of acceptance attests to a fundamental shift in scientific attitudes to climate change, but expect strident opposition to this paper.

The authors present first a concise observational history of the NZTR, remarking that the established national record was a product of…

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Bluto’s inspirational speech – Animal House

In Syria, America Loses if Either Side Wins

An analysis of a four sided war where there are no good guys to cheer

War, what is it good for: President Abbas of the Palestinian Authority

HT: The Israel Project

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