Spot the government owned business @AOC @BernieSanders
18 Aug 2020 Leave a comment
in applied price theory, economics of bureaucracy, entrepreneurship, industrial organisation, law and economics, managerial economics, market efficiency, Marxist economics, organisational economics, personnel economics, politics - USA, privatisation, property rights, Public Choice, survivor principle, transport economics Tags: offsetting behaviour, The fatal conceit, unintended consequences
#climateemergency #globalwarming @GreenpeaceAP @AOC @BernieSanders @Greens @NZGreens
18 Aug 2020 Leave a comment
in energy economics, environmental economics, global warming, politics - Australia, politics - New Zealand, politics - USA Tags: climate alarmists, nuclear energy
The Truth About Crime, Race, and Policing in America
17 Aug 2020 Leave a comment
in economics of crime, law and economics, politics - USA Tags: crime and punishment, free speech, law and order, police shootings, political correctness, racial discrimination, regressive left
@AOC @BernieSanders @ACLU
16 Aug 2020 Leave a comment
in economics of crime, law and economics, politics - USA Tags: 2020 presidential election, crime and punishment, law and order, regressive left
Best Anti-Stimulus Argument in 2009 was from Kevin Murphy @TaxpayersUnion @JordNZ
16 Aug 2020 Leave a comment
in applied price theory, applied welfare economics, business cycles, fiscal policy, macroeconomics, politics - USA, Public Choice, public economics, unemployment
From https://www.bradford-delong.com/2011/10/hoisted-from-the-archives-evaluating-fiscal-stimulus.html and see too https://www.wsj.com/articles/SB123423402552366409
At https://www.chicagobooth.edu/research/igm/events-forums/myron-scholes-forum/speaker-series/2009-01-16 Murphy says
Kevin Murphy sketched out a simple equation—into which anyone could easily plug their own assumptions—to compare the benefits and costs of stimulus spending. The advantage, he argued, is the equation helps everyone to be clear about exactly what they are assuming and why it supports their approach to the stimulus. According to Murphy, the main items everyone should be clear about are: the fraction of the economy’s resources that are idle; the value of keeping those resources idle (e.g., most people value their time, and will not work without compensation); the deadweight loss from raising taxes in the future to pay for the spending; and the cost of allocating spending through government, if it is allocated less efficiently as a result (this can be negative —i.e., a benefit—if government is better than the private sector at allocating resources).
Murphy did not consider the stimulus a good proposal, but he explained how his assumptions about each element of his framework differed from those of president-elect Obama’s team. “It’s easy to see what you have to assume in order to make the stimulus make sense,” Murphy said. Regarding the tax cut measures in the stimulus plan, Murphy thought they were designed in an especially inefficient way. Since marginal tax rates are what matter for incentives, he argued, it was not helpful that the Obama plan would give tax cuts in the form of direct credits to certain taxpayers without lowering rates. That the president would likely address the resulting deficit by raising rates in the future would exacerbate the problem.
And Robert Lucas adds
Robert Lucas pointed out that the US economy was already 4 percent below its long-term trend level in January 2008. In addition, consensus forecasts—which “mean a lot” over short horizons such as a year—suggested the economy would be 8 percent below after another year. This would be larger than any other postwar recession, though nowhere near as bad as the 30 percent gap in the 1930s. “It’s not the worst in my lifetime, but it’s the worst in Obama’s,” Lucas said, “and it would be foolish not to take some actions to deal with it.”
Monetary measures to deal with the recession make a lot of sense, said Lucas, who added that many of the Fed’s actions were beneficial. The trouble was the fiscal stimulus did not seem designed to deal with the real problem. A good approach, Lucas said, would be to use the fiscal stimulus “as another way of getting cash into circulation in the private sector.” He mentioned hypothetical examples that Milton Friedman—dropping money from helicopters—and John Maynard Keynes—paying people to dig and refill ditches—had posed as ways of achieving this. “If fiscal stimuli are designed to be effective, they’re going to be effective because they carry along a monetary policy of the sort that raises the dollar spending level,” Lucas said. Based on the plans and information he had seen from president-elect Obama’s advisors, however, Lucas said that this did not seem to be what the new administration was planning. Instead, he said, “all they’re talking about is transferring resources, additional levels of spending, from one use to another,” which, he argued, would have no substantial effect on the average level of spending and thus would not help fight the recession.
#globalwarming #climateemergency @Greenpeace @Greens @NZGreens @AOC @BernieSanders
16 Aug 2020 Leave a comment
in energy economics, environmental economics, global warming, politics - Australia, politics - New Zealand, politics - USA Tags: climate alarmists, economics of pandemics, pessimism bias
#climateemergency #globalwarming @GreenpeaceAP @Greens @NZGreens @AOC @JoeBiden @BernieSanders
16 Aug 2020 Leave a comment
in energy economics, environmental economics, environmentalism, global warming, politics - Australia, politics - New Zealand, politics - USA Tags: Big Solar, climate alarmists, solar energy
Woke left feminism
15 Aug 2020 Leave a comment
in economics of religion, law and economics, liberalism, libertarianism, politics - Australia, politics - New Zealand, politics - USA Tags: Freedom of religion, political correctness, regressive left, useful idiots
@Greens @BernieSanders @NZGreens @AOC @Greenpeace
15 Aug 2020 Leave a comment
in economics of education, economics of information, economics of media and culture, politics - Australia, politics - New Zealand, politics - USA Tags: cognitive psychology, political psychology
Glenn C. Loury on Ethics of Affirmative Action in Higher Education
15 Aug 2020 Leave a comment
in discrimination, economics of education, human capital, income redistribution, labour economics, law and economics, occupational choice, politics - USA, poverty and inequality, Public Choice, rentseeking Tags: affirmative action, racial discrimination, regressive left
Phoney @KamalaHarris voted with crazy @BernieSanders 92% of the time
13 Aug 2020 Leave a comment
in politics - USA Tags: 2020 presidential election
How many lockdowns are one too many?
13 Aug 2020 Leave a comment
in applied welfare economics, economics of education, health economics, politics - Australia, politics - New Zealand, politics - USA Tags: economics of pandemics, The fatal conceit
Gender Is Not Fluid: Dr. Debra Soh Debunks Popular Claims Of Leftist Science Deniers
11 Aug 2020 Leave a comment
in discrimination, economics of education, economics of media and culture, gender, law and economics, politics - Australia, politics - New Zealand, politics - USA Tags: political correctness, regressive left, sex discrimination
Utopia, you are standing in it! 
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