Long Chimpanzee Grooming Session
13 Jan 2022 Leave a comment
in economics of education, economics of media and culture
A Conversation with Armen A. Alchian 2001
13 Jan 2022 Leave a comment
in applied price theory, Armen Alchian, comparative institutional analysis, economics of information, history of economic thought, theory of the firm
Alan Manning “Monopsony and the wage effects of migration”
12 Jan 2022 Leave a comment
in applied price theory, applied welfare economics, discrimination, econometerics, economic history, human capital, labour economics, labour supply, occupational choice, poverty and inequality Tags: economics of immigration, monopsony
Primary Driver for This Inflation Is Surging Demand (Fueled by COVID Payments), Not Supply Chain Constraints
12 Jan 2022 Leave a comment
Inflation is colloquially defined as, “Too much money chasing too few goods (and services)”. Supply chain constraints get talked about, and these are widely blamed for the inflation we are seeing. Of course, supply limitations play into inflation, but to focus on them is to miss the elephant in room. The primary driver of this inflation is not “too few goods”, but “too much money.”
Such is the thesis of a widely circulated article by Ray Dalio’s investing firm Bridgewater Associates, “It’s Mostly a Demand Shock, Not a Supply Shock, and It’s Everywhere.” The point is summarized:
While the headlines tend to focus on the micro elements of the supply shock (the LA port, coal in China, natural gas in Europe, semiconductors globally, truckers in the UK, etc.), this perspective largely misses the macro cause that is likely to persist and for which there is no idiosyncratic solution.
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TOTALLY GUILTY!!: Total Wind & Solar Power Collapses Responsible For Texan Blackouts
12 Jan 2022 Leave a comment
After America’s big freeze and the blackouts that followed, wind and solar acolytes are struggling to explain away the hard numbers, yet again.
On 16-17 February – with hundreds of wind turbines frozen solid during breathless, freezing weather – Texan wind power output was a paltry 2% of installed capacity (see above and below).
Solar panels were buried under inches-deep blankets of snow and ice and, likewise, just as useless.
Millions of Texans were left freezing in the dark; no doubt, chuffed with the progress of their ‘inevitable transition’ to an all wind and sun powered future.
The only thing keeping the lights on, at all, were Texan nuclear and gas-fired power plants. But, if your insight into world affairs was left to the mainstream media, you’d think it was the other way round.
The debacle playing out in Germany – dealt with here: Coal Comfort – barely rates a…
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