New Zealand Confronts Three Illegal Fishing Boats In Antarctica and Then Lets Them Go When Captains Refuse To Let Them Board

27 Jan 2015 Leave a comment

by Jim Rose in economics

jonathanturley's avatarJONATHAN TURLEY

85906-songhua-starboard77606-wutaishan-anhui-44-sternThere was a curious confrontation between the New Zealand navy this month and three notorious boats illegally poaching in the waters near Antarctica. The Navy caught the boats red-handed poaching and using illegal nets. The Navy called over for the three rust buckets to stop the illegal operation and the boats simply refused. The Navy called over again that it wanted to board to check their documentation and the boats said know. They simply continued to poach in front of the Navy and then the New Zealanders let them leave without firing a shot. This was called a victory by the New Zealand Navy but I am not sure why.

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What you need to know about the election in Greece

26 Jan 2015 Leave a comment

by Jim Rose in economics

Did David Hume Discover the Vertical Phillips Curve?

26 Jan 2015 Leave a comment

by Jim Rose in economics

David Glasner's avatarUneasy Money

In my previous post about Nick Rowe and Milton Friedman, I pointed out to Nick Rowe that Friedman (and Phelps) did not discover the argument that the long-run Phillips Curve, defined so that every rate of inflation is correctly expected, is vertical. The argument I suggested can be traced back at least to Hume. My claim on Hume’s behalf was based on my vague recollection that Hume distinguished between the effect of a high price level and a rising price level, a high price level having no effect on output and employment, while a rising price level increases output and employment.

Scott Sumner offered the following comment, leaving it as an exercise for the reader to figure out what he meant by “didn’t quite get there.”:

As you know Friedman is one of the few areas where we disagree. Here I’ll just address one point, the expectations augmented…

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Afghan Women in 1950 vs. 2013

26 Jan 2015 Leave a comment

https://twitter.com/classicepics/status/558564306154172416

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Thanks to capitalism the world’s poor are getting richer

26 Jan 2015 Leave a comment

by Jim Rose in applied welfare economics, development economics, growth disasters, growth miracles Tags:

Should you use an exclamation mark?

26 Jan 2015 Leave a comment

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Nozick’s Entitlement Theory of Justice

26 Jan 2015 Leave a comment

From each as they choose, to each as they are chosen. - Robert Nozick

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Gordon Tullock on why successful popular revolutions are rare

26 Jan 2015 Leave a comment

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Which economic education?

26 Jan 2015 Leave a comment

by Jim Rose in economics

Beatrice's avatarHistory of Economics Playground Redux

A small sample of exam subjects given by “great economists” between 1928 and 1960. To be compared with the subjects we worked on as students or we’re currently grading as teachers.

Exam given by Jacob Marschak to his students in 1928, presumably at the Kiel Institut für Weltwirtschaft. I don’t know whether the students were undegraduate or graduate, if the distinction ever made sense at that time


“The participant of the exercise should put himself into the position of a delegate of the parliament, a member of a Union, or a higher ministerial official. He must get a picture of the existing relations in the industry under investigation….. The main ressource for answering individual questions is the statistics Yearbook….The participant’s work will not limited to the computation of figures, they will add to the figures obtained a short commentary…. The statistics give numerical proofs that are not readily comparable…

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This is how likable people stay so

26 Jan 2015 Leave a comment

by Jim Rose in economics

One reason why school standards are falling

26 Jan 2015 Leave a comment

by Jim Rose in economics of education, human capital, labour economics, managerial economics, organisational economics, personnel economics Tags: , , ,

Every 20 years we worry about losing jobs to technology

26 Jan 2015 Leave a comment

by Jim Rose in politics - Australia, politics - New Zealand, politics - USA, technological progress Tags: , ,

Embedded image permalink

Every generation has its moral panic about technological change in creative destruction.

For young people, it’s that overweening conceit about the problems they are attempting to solve are new.

For the middle-aged and older, rather than suggest that they are policy hustlers, it’s more like you they simply forgot that these debates were had 20 years ago and the scaremongers lost the same reason they lost 20 years before that, and so on.

HT: https://twitter.com/JamesBessen/status/498435714322014208

The scary difference between the GDP deflator and CPI – the case of Japan

26 Jan 2015 Leave a comment

by Jim Rose in economics

Lars Christensen's avatarThe Market Monetarist

Most inflation targeting central banks in the world are targeting inflation measured by the Consumer Price Index (CPI). However, if you want to target inflation CPI is probably the worst possible measure to focus on. Why? Because CPI includes both indirect taxes and import prices – something the central bank can certainly not control.

If the central bank targets CPI it would in fact have to tighten monetary policy in response to negative supply shocks such as rising oil prices. Similarly the CPI targeting central bank would effectively be “forced” to tighten monetary policy in response increases in indirect taxes. Do you think this is foolish? Well, the ECB is doing it all the time…just think of the catastrophic rate hikes in 2011 in response to higher oil prices and austerity induced indirect tax increases across the euro zone.

A much better measure to target – if you want to…

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Double standards on terrorism

26 Jan 2015 Leave a comment

by Jim Rose in economics of crime, politics - Australia, politics - New Zealand, politics - USA, war and peace Tags: , , , , ,

A five minute cartoon about the privatisation of the NHS, from the Green Party

26 Jan 2015 Leave a comment

by Jim Rose in health economics, managerial economics, organisational economics Tags: , , , ,

This cartoon video by the Green Party UK claims of their National Health Service is is Britain’s greatest invention. It can be improved by taxes on the rich and companies to increase funding and by everybody getting on a bike or walking to work

  • NHS doctors routinely conceal from patients information about innovative new therapies that the NHS doesn’t pay for, so as to not “distress, upset or confuse” them.
  • Terminally ill patients are incorrectly classified as “close to death” so as to allow the withdrawal of expensive life support.
  • NHS expert guidelines on the management of high cholesterol are intentionally out of date, putting patients at serious risk, in order to save money.
  • When the government approved an innovative new treatment for elderly blindness, the NHS initially decided to reimburse for the treatment only after patients were already blind in one eye — using the logic that a person blind in one eye can still see, and is therefore not that badly off.
  • While most NHS patients expect to wait five months for a hip operation or knee surgery, leaving them immobile and disabled in the meantime, the actual waiting times are even worse: 11 months for hips and 12 months for knees. (This compares to a wait of 3 to 4 weeks for such procedures in the United States.)
  • One in four Britons with cancer is denied treatment with the latest drugs proven to extend life.
  • Those who seek to pay for such drugs on their own are expelled from the NHS system, for making the government look bad, and are forced to pay for the entirety of their own care for the rest of their lives.
  • Britons diagnosed with cancer or heart attacks are more likely to die, and more quickly, than those of most other developed nations. Britain’s survival rates for these diseases are “little better than [those] of former Communist countries.”

HT:  avik-roy

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