Arnold’s post is this: “Timothy Taylor writes, Married households with children were 40.3% of all US households in 1970; in 2012, that share had fallen by more than half to 19.6%. Interestingly, the share of households that were married without children has stayed at about 30%. Other Family Households, usually meaning single-parent families with children, […]
As usual, I’m in a sort of triangle, where I don’t agree with either side. But FWIW, here’s how I’d respond to Arnold Kling’s new post: Cowen’s stagnation story is that the pace of innovation has slowed, resulting in declining growth in aggregate supply. In contrast, Summers’ story is one of a permanent shortfall of [...]
He makes some good additional points: Here are some criticisms that come to mind. 1. If “the” full-employment real interest rate is negative, then why do we need quantitative easing? Why does not the excess of saving over investment not by itself drive long-term rates to zero? 2. Summers wants to claim that full employment […]
1. Robot deer outsmart hunters. 2. The coming of higher skilled jobs to Mexico. 3. Arnold Kling on health care implementation. 4. Some good blog posts on regulatory reform. 5. The culture that is German chicken foot soup, by Brendan Greeley.
Here’s Arnold Kling discussing the Great Inflation and its aftermath: Let me throw a third hypothesis into the mix. There was a fair amount of money illusion in financial markets in the 1970s. That is, people looked at high nominal interest rates and thought that this would slow down inflation. In fact, interest rates were [...]
Economist Arnold Kling developed and sold a start-up web company in the 1990s. Before that he worked at Freddie Mac and the Federal...
1. Josh Barro on health insurance as fiscal policy. The private market may be more statist than you think. 2. Arnold Kling on when the ACA exchanges will be working. Maybe never, or possibly very soon. 3. Chris Conover on how many people will have to change their health insurance plans? There is some exaggeration […]
Arnold Kling diagnoses what went wrong with the new healthcare exchange website.
Somebody who had experience with creating a health insurance brokerage business would know that the systems problems are more complicated than just putting up a web site. In the background, the system needs to communicate with the systems at several government agencies and at the insurance companies. That changes it from a simple technical project […]
Mark Thoma: Economist's View: Ideology and Macroeconomics: >Arnold Kling…. >>In theory, there should be economists who, as they argued for more stimulus in 2009, should at the same time have been arguing for entitlement reform or other reductions in future spending. Show More Summary
Here’s Arnold Kling: Scott Sumner writes, I am amazed by how many proponents of fiscal policy don’t understand that it’s symmetrical. Fiscal policy doesn’t mean more government; it means more government during recessions and less government during booms, with no overall change in the average level of government. Anyone who doesn’t even get to that [...]
Arnold Kling: Ideology and Macroeconomics, by Arnold Kling: Scott Sumner writes, I am amazed by how many proponents of fiscal policy don’t understand that it’s symmetrical. Fiscal policy doesn’t mean more government; it means more government during recessions and less...
Yves here. I have to confess that I love this title. It serves as a reminder that the meme that lenders in the crisis were somehow victimized by borrowers is a lame defense of rank incompetence or worse. The basic rule of lending is that all you have is downside from a credit perspective. Show More Summary
Arnold Kling has a new post that contains several misconceptions about “money multipliers.” He starts by citing a paper with the following phrase contained in the title: Does the Money Multiplier Exist? This is a misleading title, equivalent to asking: “Does the velocity of circulation exist?” Clearly what the authors meant to say was; “Is [...]
The review is here, here is one excerpt: For me, the most interesting chapter was the one on education. Tyler points out that the content-supplying and testing/grading functions of a professor can be automated relatively easily. The main role for humans is to supply motivation, coaching, and inspiration. I am reminded of an experiment in […]
Arnold Kling sent me a long speech by Thomas Sargent. Although he’s a great economist, he’s not a good speaker. It wasn’t easy to figure out the points he was trying to make. One theme was the difference between the”real bills doctrine” championed by Adam Smith, and the “Quantity Theory of Money,” championed by Milton [...]
…maybe City Hall is not your friend [Arnold Kling, Nick Sibilla/IJ, earlier here and here] Tweet Tags: competition through regulation, hotels, social networking If your city suppresses social-lodging options like AirBnB… is a post from Overlawyered - Chronicling the high cost of our legal system
1. Sinkholes, including one bovine example. 2. Julio Rotemberg, with a new theory of Fed policy (pdf, via Arnold Kling). 3. Can this big orange ball save you? 4. Tokyo does live snail facial therapy. 5. What is happening to serendipity and browsing in the on-line world?, by Virginia Postrel: “…consumers are more than twice [...]
Arnold Kling recently made the following claim: I would add myself to the list of economists who have some ‘splainin’ to do. I am always willing to be counted among those who doubt the Fed’s power over interest rates, especially long-term real rates. By the way, Scott Sumner used to say that a rise in [...]
(June 20, 2013 12:18 AM, by Bryan Caplan) Arnold Kling pointed me to Lester Therow's 1972 Public Interest piece on "Education and Economic Equality." In Therow's lingo, the "wage competition view" roughly equals the human capital model and the "job competition view" roughly equals the signaling model. It's... (0 COMMENTS)