New Keynesian macroeconomics isn’t a progressive research programme

Richard Thaler and the Rise of Behavioral Economics

McCloskey was spot on when she said “His work is not about markets. It’s about the mistakes you make all the time, you idiot. Along with his fellow behavioral economists, Thaler is reinventing individual psychology.”

Mostly Economics

Prof Nicholas Barberis of Yale Univ pays tribute to Prof Richard Thaler’s work in this paper. It is also one of the best summaries of both Thaler’s work and behavioral economics.

In the end Prof Barberis concludes hoping beh eco becomes a more integrated discipline and not a seperate subject as it is today:

In his talks and writings, Thaler has often noted his wish for “the end” of behavioral
economics. His hope is that economics will reach a point where there is no need for separate
courses or conferences in behavioral economics. Rather, the ideas of behavioral economics
will be fully integrated into existing courses on financial economics, labor economics, macroeconomics,
and so on; moreover, all research economists will be familiar with these ideas and
will apply them as appropriate in their work. While there is some way to go before this goal
is reached, the underlying vision…

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BBC ignores British links to failed ‘flotilla’ agitprop

BBC Watch

Late last month we noted that a small propaganda ‘flotilla’ bound for the Gaza Strip was expected to arrive in the region around the end of July.

The first boat was intercepted on July 29th.

“The Israeli Navy on Sunday stopped a boat that was trying to break the maritime blockade of the Gaza Strip and started to tow the vessel to the port in Ashdod.

The “Freedom Flotilla” group said that the boat had been “seized” and that the ship had received a warning from the navy prior to the interception. […]

“The forces made it clear to the boat that it was violating the blockade and that any humanitarian supplies [it is carrying] can be delivered to Gaza through the port of Ashdod,” the military said in a statement. “The activity ended without any unusual incidents. The boat is being towed to the port of Ashdod…

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Watch Camera Movement of Wings’ (1927) Party Scene

Luallen on incapacitation effects and juvenile crime @sst_nz locking up teenage ratbags really does protect the rest of us

Net-zero carbon emissions: a “massive economic boost”?

It is doubtful that the cost of global warming will reach 10%. The Stern review got it up to 20% with the discount rate of 0.1%. When Stern used more realistic but still pretty wild discount rates, he only got the cost of global warming up to 5%.

croaking cassandra

James Shaw, co-leader of the Green Party and Minister for Climate Change (surely Minister against it?), tells us he is working his way through 15000 submissions on the recent climate change consultation document.  I’ve done a couple of posts here on the document, and on the NZIER modelling used extensively in it, and I’ve chided both the Minister and his department, NZIER, and the Productivity Commission for simply ignoring the fact that our large-scale non-citizen immigration policy is a discretionary policy measure that drives up New Zealand’s carbon emissions, further increasing the economic cost of any variant of a “net-zero” target the government might choose to adopt.   But I didn’t make a submission: there are only so many hours in the week, and it seems pretty clear from some recent broadcast remarks from the Minister that he thinks his own Ministry (for the Environment) is altogether too pessimistic.  …

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My @NZHerald op-ed: unilateral climate action isn’t the next best thing @jamespeshaw

At http://nzh.tw/12101708

Old Movies Used To Just Shoot Real Bullets At People

10 Actors Who Ruin Any Film They’re In

How did Russia Become an Empire? | Animated History

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