Category Archives: applied price theory

Missing Growth from Creative Destruction Philippe Aghion

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Supreme Justice Grants Stay of Kids Lawsuit

Nice summary

Science Matters

Supreme Stay order

On Friday, Chief Justice Roberts stayed the discovery and trial of Juliana vs. US, pending responses from the plaintiffs to issues raised by the defense.  Report from The News Review in italics with my bolds.

The U.S. Supreme Court on Friday granted a stay in the climate trial, Juliana v. United States, pending a response from the plaintiffs.

The Department of Justice asked the Supreme Court on Tuesday to dismiss the case brought by 21 young plaintiffs Thursday.

In a news release issued Friday afternoon, Meg Ward with Our Children’s Trust said the plaintiff’s legal team is working on its response, which it will file Monday.

The Supreme Court order states a response is due by Oct. 24.

Julia Olson, one of the lawyers representing the young plaintiffs, said the prosecution is confident that once the court receives the response the trial will proceed.

“As the Supreme Court has recognized…

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The Amazon-Whole Foods merger: Natural and organic competition in the evolving grocery industry

Truth on the Market

Geoffrey A. Manne is the President & Founder at the International Center for Law & Economics. Kristian Stout is the Associate Director of Innovation Policy at the International Center for Law & Economics.

The submissions in this symposium thus far highlight, in different ways, what must be considered the key lesson of the Amazon/Whole Foods merger: It has brought about immense and largely unforeseen (in its particulars, at least) competition — and that competition has been remarkably successful in driving innovations that will likely bring immense benefits to consumers and the economy as a whole.

Both before and after the merger was announced, claims of the coming retail apocalypse — the demise of brick-and-mortar retail at Amazon’s hands — were legion. Grocery stores were just the next notch on Amazon’s belt, and a stepping stone to world domination.

What actually happened in the year following the merger is nearly…

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Amazon and Whole Foods, Historically Considered

Truth on the Market

Steve Horwitz is the Distinguished Professor of Free Enterprise, Department of Economics, at Ball State University

In considering the importance of the Amazon merger with Whole Foods, some history is helpful. The relevant historical context here is not just the history of those two firms, but the longer and broader history of the grocery industry. In particular, it’s helpful to see this merger as the next stage in a pattern of falling transaction costs and shifting specializations that have driven that evolutionary process. We can see how the two parties to this merger both came to prominence independently as part of that process, and how the merger is the natural next step.

At the start of the 20th century, many Americans still produced a good deal of their own food. Where the rest was purchased depended on where one lived. Small town folks had their general store while more…

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Matt Ridley: The mysterious cycles of ice ages

Tallbloke's Talkshop

US winter storm 2018 [image credit: NASA]
A sort of review of leading ice age theories. A paper by Ralph Ellis that was featured at the Talkshop gets a mention. A point not mentioned: the carbon cycle dictates that cooling leads to the oceans absorbing more CO2, while warming leads to more outgassing of it to the atmosphere.

Record cold in America has brought temperatures as low as minus 44C in North Dakota, frozen sharks in Massachusetts and iguanas falling from trees in Florida, writes Matt Ridley.

Al Gore blames global warming, citing one scientist to the effect that this is “exactly what we should expect from the climate crisis”. Others beg to differ: Kevin Trenberth, of America’s National Centre for Atmospheric Research, insists that “winter storms are a manifestation of winter, not climate change”.

Forty-five years ago a run of cold winters caused a “global cooling” scare.

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Why the Little Ice Age ended in the middle of the 19th century 

Tallbloke's Talkshop

Grand Aletsch Glacier, Switzerland [Image credit: Wikipedia]
It’s not the conclusion some might be expecting…

Analysis of ice cores delivers continuous data for the first time on industrial soot from 1740 to today, reports HeritageDaily.

In the first half of the 19th century, a series of large volcanic eruptions in the tropics led to a temporary global cooling of Earth’s climate.

It was a natural process that caused Alpine glaciers to grow and subsequently recede again during the final phase of the so-called Little Ice Age.

This has now been proven by PSI researchers, on the basis of ice cores.

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Left for Dead: The Land that Labour Forgot?

Anthony Broxton

Left for Dead?: The Strange Death and Rebirth of the Labour Party
Lewis Goodall
William Collins, 352pp, £20

Over the past decade, defending New Labour’s record has become the toughest job in British politics. Labour’s great election winner is easily the most unpopular post-war Prime Minister. Despite Brexit, David Cameron receives higher favorability ratings with the electorate.

Nowhere is the shift in narrative more prominent than at the top of today’s Labour Party. From Jon Lansman’s; “Blair was in the wrong party”; to Len McCluskey’s; “he wasn’t Labour’s most successful leader”; to John McDonnell’s; “he lost us five million votes”, the message is clear: Tony Blair was not ‘Real Labour’.

Just five years ago, McDonnell told the Artist Taxi Driver that he tries to make a citizen’s arrest of Blair every time he comes back to the UK:

“Tony Blair should be arrested because we believe that he should be brought before the Hague……

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