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Blog Profile / Marginal Revolution


URL :http://marginalrevolution.com/
Filed Under:Academics / Political Science
Posts on Regator:6803
Posts / Week:36.5
Archived Since:July 6, 2011

Blog Post Archive

Institutions are not always so important (or easy to measure properly?)

Jinfeng Luo and Yi Wen from the St. Louis Fed have a new working paper (pdf), “Institutions Do Not Rule: Reassessing the Driving Forces of Economic Development”: We use cross-country data and instrumental variables widely used in the literature to show that (i) institutions (such as property rights and the rule of law) do not […]

Assorted links

1. Scott Sumner on Keynesian excuses. 2. Alan Krueger working for Uber.  And dating average is over.  And rendering Tyler Cowen obsolete. 3. Newspapers are still deep in a financial hole. 4. Divorce machine gun markets in everything.  And Croatia wants to peg to the Swiss franc (!) for mortgage protection. 5. Department of Uh-Oh: […]

The Supply Curve

Here is our video introducing the supply curve from our principles of micro-economics course at MRUniversity. Supply, Demand and Equilibrium are available now. Next week, elasticity!

How to read fast, I mean really fast markets in everything

As part of a publicity stunt, author James Patterson is giving away 1,000 self-destructing digital advance copies of his latest novel, Private Vegas. If you score one, you have 24 hours to finish the entire book before the text vanishes forever. And if that’s just not risky enough, Patterson is selling a real self-destructing copy […]

Toward a new, gender-based economic theory of the Indian caste system

This is just published in the Journal of Development Economics, from Chris Bidner and Mukesh Eswaran, and the title is “A Gender-Based Theory of the Origin of the Caste System of India”: We propose a theory of the origins of India’s caste system by explicitly recognizing the productivity of women in complementing their husbands’ occupation-specific […]

Elsewhere in central banking news…here are the real stories…

Fighters for one of the factions battling for control of Libya seized the Benghazi branch of the country’s central bank on Thursday, threatening to set off an armed scramble for the bank’s vast stores of money and gold, and cripple one of the last functioning institutions in the country. The central bank is the repository […]

What we really need to know about QE

From the letters page of the FT: Sir, Whether the European Central Bank chooses to embark on a programme of sovereign QE (or quantitative easing, as it used to be known) is of little day-to-day interest to most citizens of the EU. Whether the compilers of dictionaries accept that QE is now a word in […]

Arrived in my pile

Ian Morris, Foragers, Farmers, and Fossil Fuels: How Human Values Evolve. A Tanner Lecture, with comments by Richard Seaford, Jonathan D. Spence, Christine Korsgaard, and Margaret Atwood, and edited by Stephen Macedo.  Due out March...

John Bayley has passed away

An Oxford Don, he wrote one of my all-time favorite books: “Elegy for Iris” — titled “Iris: A Memoir” in Britain — appeared in 1998, when Murdoch was in the final stages of her disease. She died in February 1999 at age 79. One obituary is here, more are here.  The book is here.

Why is deflation continuing in Europe and Japan?

Here is an update from Japan: Four years after the Bank of Japan set a 2 percent inflation target, price gains may still be coming up short, according to a survey of economists by Bloomberg News. Consumer prices will rise an average 1.4 percent the fiscal year through March 2017, after failing to reach 2 […]

A tale of two false estimates?

1. Toilet paper is shrinking, the individual sheets that is.  (That is probably the closest we will get to hyperinflation.)  Does the average American really use 46 sheets a day?  That sounds like an overstatement. In contrast to this commodity, I usually want for food portion sizes — especially ice cream — to be downsized. […]

Assorted links

1. In praise of The Upshot.  And profile of Pearson (the textbook and testing company). 2. A good OECD report on which policy changes actually would help overcome “secular stagnation.” 3. Japanese owl cafes. 4. How to induce people to like surrealistic art more.  Remind them of death. 5. The crowded cemeteries of Hong Kong.

Is your car’s engine noise a lie?

Stomp on the gas in a new Ford Mustang or F-150 and you’ll hear a meaty, throaty rumble — the same style roar that Americans have associated with auto power and performance for decades. It’s a sham. The engine growl in some of America’s best-selling cars and trucks is actually a finely tuned bit of […]

Assorted links

1. My 2006 post on how to read fast. 2. Henry Manne biography and appreciation. 3. How L.A. became a powerhouse for Chinese food. 4. Previous MR posts on Yemen. 5. Arnold Kling is right: few people understand the non-dictatorship axiom either, or the portfolio separation theorem.  And political philosopher markets in everything. 6. An […]

SNB tweets to ponder

It’s funny how faculty who work at universities with large endowments can’t understand the decisions of the Swiss National Bank… That one is from me.  In this kind of status-driven, bureaucratic environment, the incentive is to extend your cushion, not run it down and have to print up new money to replenish it, thereby receiving […]

Is the “split benefit” a feasible way to reduce health care costs?

The excellent Kevin Lewis has pointed my attention to this paper by Robertson, Yokum, Sheth, and Joiner:.  The idea will sound like common sense to an economist, namely give people some cash if they turn down special treatments of uncertain value.  The funnier thing is, there is now some evidence it might actually work: Traditional […]

China (Venezuela) fact of the day

China started to lend massively to Venezuela in 2007. Since then it has lent more than $45bn, of which about $20bn is still outstanding. That is from Ricardo Hausmann at the FT.

The Chinese money supply

Derek Scissors reports: Broad money M2 breached $20tn at the end of December, a staggering 70 per cent larger than in the US, where monetary policy has hardly been tight. There’s a tremendous amount of liquidity, the problem is no one is using it. Growth in narrow money M1 has collapsed. It was a dangerously […]

Broadband Norwegian average is over

Here is the new paper by Akerman, Gaarder, and Mogstad on how Norwegian broadband access has helped the higher earners and largely hurt unskilled labor: Does adoption of broadband internet in firms enhance labor productivity and increase wages? And is this technological change skill biased or factor neutral? We exploit rich Norwegian data to answer […]

The commodification and litigation of niños

Here is the latest: It was not what Derek Nash expected to find in his 5-year-old’s school bag: A bill demanding a “no-show fee” for another child’s birthday party. Nash said the bill from another parent sought 15.95 pounds ($24.00) because his son Alex had not attended the party at a ski center in Plymouth, […]

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