Increasing Marginal Utility

A blog so good it violates the law of diminishing marginal utility.

Browsing Catharsis – 04.24.15

Over the weekend I will be West Virginia University for the conference “Should Central Banks Target NGDP” where I’ll be presenting a paper. I’ll return to posting either Monday or Tuesday.

———————————

What Is the Historically Challenged, Rule-Worshipping John Taylor Talking About?” by David Glasner.

———————————-

————————-

“In this paper I revisit the question of coordination – of plans by prices and other social institutions. Prices contain ambiguous information that requires interpretation. How are they, in spite of this, able to coordinate plans and actions? The answer given in this paper is that they are not – they do not. I suggest that a closer examination of plan-coordination indicates that some plans should not be coordinated, at least as regards their outcomes. Coordination applies to the ‘rules’, the institutions, and not to the outcomes that occur from following them. This follows from the obvious notion that there must be room for creativity. While this may seem like a trivial point, made many times, it is not clear, at least as concerns the role of prices, that it has been fully digested.”

Peter Lewin. 2015. “Plan-coordination: Who needs it?” Review of Austrian Economics.

—————————-

Browsing Catharsis – 04.23.15

Against Strunk & White’s ‘The Elements of Style’,” by Eugene Volokh.

—————————

More Nic Cage…. things here.

——————————

“‘Moneyball for Government’ Needs ‘Moneyball’ Politicians,” a review by Sam Batkins.

——————————-

Browsing Catharsis – 04.22.15

Robert Solow on Sustainability,” by Arnold Kling.

—————————-

———————————–

Gordon Tullock. 1967. “The General Irrelevance of the General Impossibility Theorem.” Quarterly Journal of Economics 81, no. 2: 256-270.

————————————

The following I appreciate for its slapping people for being nostalgic.

Browsing Catharsis – 04.21.15

The Case for Crony Capitalism,” by Paul Rubin and Joseph Rubin.

——————————–

————————————–

“This paper investigates recent claims that ‘neoliberal’ policies and reforms are associated with higher homicide rates and other types of crime. Using a panel of the 50 US states observed between 1981 and 2011 and the Economic Freedom Index of the Fraser Institute, results show that there is no direct association between changes in economic policies as measured by this index and homicide rates. The results nevertheless show that other non-violent types of crime decrease with spending or tax policy.”

Christian Bjørnskov. 2015. “Does economic freedom really kill? On the association between ‘Neoliberal’ policies and homicide rates.” European Journal of Political Economy 37: 207-219.

—————————————

The following is very complicated but fascinating if you can follow what is going on, once it actually gets started.

Mancur Olson on Hipsters

“Even Bohemian or other nonconformist groups often are made up of individuals who are very similar to one another, however much they differ from the rest of society.”

Mancur Olson, The Rise and Decline of Nations, p. 24.

Browsing Catharsis – 04.20.15

Thin harvest: Investment in biofuels is dwindling and scepticism is growing,” The Economist.

————————————

———————————–

“Which has a greater gravitational pull on me: the Sun, or spiders? Granted, the Sun is much bigger, but it is also much further away, and as I learned in high school physics, the gravitational force is proportional to the square of the distance.”

A question posed to Randall Munroe.

————————————

Browsing Catharsis – 04.19.15

The Lightening Hands of Mookie Betts,” by Owen Watson.

————————-

—————————————-

“We study loss aversion in majority voting. First, we show a status quo bias. Second, loss aversion implies a moderating effect. Third, in a dynamic setting, the effect of loss aversion diminishes with the length of the planning horizon of voters; however, in the presence of a projection bias, majorities are partially unable to understand how fast they will adapt. Fourth, in a stochastic environment, loss aversion yields a significant distaste for risk, but also a smaller attachment to the status quo. The application of these results to a model of redistribution leads to empirically plausible implications.”

Alberto Alesina and Francesco Passarelli. 2015. “Loss Aversion in Politics.” NBER Working Paper no. 21077.

—————————————-

Notes from APEE, 2015.

Here are four things I scribbled down while attending APEE:

Data envelopment analysis.

———————–

Academia in Anarchy: An Economic Diagnosis.

———————–

Renewal in the University How Academic Centers Restore the Spirit of Inquiry.

————————

Against autonomy: justifying coercive paternalism.

Browsing Catharsis – 04.12.15

This will be the last catharsis until Thursday, at least. I will be attending APEE.

————————

An Evolutionary Perspective on Behavioral Economics,” by Jason Collins.

————————-

——————————

“Third, even where Austrian writers have successfully addressed environmental problems, it is hard to say that their successes spring from their unique Austrian paradigm. There is not always a great practical difference between the conclusions reached by Austrians and those reached by others who ground their approach to property rights in the neoclassical tradition. The one case where I see the possibility of a uniquely Austrian approach—a version of emissions trading based on Rothbardian homesteading—has been completely neglected.”

Edwin Dolan. 2014. “The Austrian Paradigm in Environmental Economics: Theory and Practice.” Quarterly Journal of Austrian Economics 17, no. 2: 197-217.

——————————-

The Social Justice Warrior: Calling them out,” by Idrees M. Kahloon.

Browsing Catharsis – 04.11.15

The Insipid Years of Rice and No Salt,” by Razib Khan.

——————————–

———————————–

“We mine two public choice traditions for insights into intellectual property rights: the Virginia school, centered on James Buchanan and Gordon Tullock, and the Bloomington or Institutional Analysis and Development school, centered on Elinor Ostrom and Vincent Ostrom. We apply the perspectives of each school to issues of intellectual property and develop new insights, questions, and focuses of attention. We also explore tensions and synergies between the two schools on issues of intellectual property.”

Eli Dourado and Alex Tabarrok. 2015. “Public choice perspectives on intellectual property.” Public Choice 163, no. 1-2: 129-151.

————————————–

The Tax Deductions Economists Hate,” by Ben Casselman.

Follow

Get every new post delivered to your Inbox.

Join 793 other followers