What is deficient aggregate demand?
20 Apr 2020 Leave a comment
in business cycles, economic growth, Edward Prescott, fiscal policy, macroeconomics, monetary economics Tags: real business cycle theory
Alyssa Milano Discovers Due Process
20 Apr 2020 Leave a comment
in discrimination, economics of crime, gender, law and economics, politics - USA Tags: 2020 presidential election
Yugoslavia Crushed – Battle for Greece Continues – WW2 – 086 – April 18, 1941
20 Apr 2020 Leave a comment
in defence economics, war and peace Tags: World War II
AUSTRALIA PM SCOTT MORRISON ON NEW ZEALAND
20 Apr 2020 Leave a comment
Commenting on the New Zealand approach to coronavirus Aussie Prime Minister Morrison told Britain’s Financial Times, “This is not seen to be in our view a wise trade-off in how we manage the two crises we are facing: the economic one and, of course, the health one.”
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Should trains be banned until further notice @JulieAnneGenter? #COVID19
20 Apr 2020 Leave a comment
in health and safety, health economics, politics - New Zealand, politics - USA, transport economics
Johan Giesecke, one of the world’s most senior epidemiologists
20 Apr 2020 Leave a comment
in econometerics, health economics Tags: economics of pandemics, pessimism bias
- UK policy on lockdown and other European countries are not evidence-based
- The correct policy is to protect the old and the frail only
- This will eventually lead to herd immunity as a “by-product”
- The initial UK response, before the “180 degree U-turn”, was better
- The Imperial College paper was “not very good” and he has never seen an unpublished paper have so much policy impact
- The paper was very much too pessimistic
- Any such models are a dubious basis for public policy anyway
- The flattening of the curve is due to the most vulnerable dying first as much as the lockdown
- The results will eventually be similar for all countries
- Covid-19 is a “mild disease” and similar to the flu, and it was the novelty of the disease that scared people.
- The actual fatality rate of Covid-19 is the region of 0.1%
- At least 50% of the population of both the UK and Sweden will be shown to have already had the disease when mass antibody testing becomes available
Hornsdale Power Reserve: huffing and puffing old men coming to the aid of their colleague
20 Apr 2020 Leave a comment
Now it was established in previous two posts that the Hornsdale Power Reserve did surprisingly little to avert a frequency drop caused by a 560 MW capacity loss (contrary to what was suggested in the RenewEconomy article), the focus of this post will be on how the message was brought. Knowing how little the battery actually did, then how on earth could Giles Parkinson paint it as if something extraordinary had happened? This post will explain how this is done.
Let’s start with the title:
Tesla big battery outsmarts lumbering coal units after Loy Yang trips
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The Virus Wars
20 Apr 2020 Leave a comment
the whole reason for shutting down the economy was to ensure our healthcare system was not overloaded
The proverb is “Generals are always fighting the last war,” and its origin is uncertain. One possibility is a quote from Winston Churchill: “It is a joke in Britain to say that the War Office is always preparing for the last war.” 1948 Winston S. Churchill _The Second World War_ I (Boston: Houghton Mifflin, 1985) 426:
Konrad Lorenz demonstrated how imprinting works upon animal behavior, while military historians have reported how powerfully human social animals are influenced by the past and instilled lessons from others.
Austria – 20th century. Animal behaviourist Konrad Lorenz and mallard goslings
Which brings me to these reflections about the current WuHanFlu outbreak. The chart at the top summarizes our received epidemiological wisdom about the danger of viruses according to the dimensions of deadliness and contagiousness. As the diagram shows, extremely deadly viruses tend to kill their hosts too quickly to be transmitted widely. Conversely, a…
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Agent-Based Modelling – 4.6.2 – Thomas Schelling, Part 1
20 Apr 2020 Leave a comment
in applied price theory, defence economics, economics of information, industrial organisation, labour economics, law and economics, managerial economics, organisational economics, Public Choice Tags: game theory
Jason Brennan: Fake Socialism vs. Real Capitalism
20 Apr 2020 Leave a comment
in Adam Smith, applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, constitutional political economy, development economics, economic history, economics of bureaucracy, economics of education, economics of regulation, entrepreneurship, growth disasters, growth miracles, health and safety, history of economic thought, human capital, industrial organisation, labour economics, labour supply, law and economics, liberalism, libertarianism, Marxist economics, Milton Friedman, politics - USA, poverty and inequality, property rights, Public Choice, survivor principle Tags: Age of Enlightenment, capitalism and freedom, The Great Escape
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