Tuesday , November 29 2022
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Tag Archives: Uncategorized

Sam Bankman-Fried’s truly effective philanthropy: teaching

from Dean Baker We should all recognize that Sam Bankman-Fried is much smarter than the rest of us. After all, outwardly he looks to be one of the biggest frauds of all time. By the age of 30 he amassed a fortune that dwarfs that of your average billionaire. He did it by running a crypto Ponzi-scheme. While claiming to be using his wealth to support philanthropies that were carefully selected to maximize human welfare, he was actually living a high life-style with his friends. Now that...

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Another nuclear renaissance?

And did environmentalists kill the last one? There has been a lot of talk lately about a revival of nuclear power, partly in response to the need to replace the energy previously supplied by Russia, and partly as a longer-term response to climate change. To the extent that this means avoiding premature closure of operational nuclear plants, while coal is still operating, this makes sense. But new nuclear power does not. The misconception that nuclear makes economic sense remains...

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No new coal

Thanks to the efforts of Environmental Justice Australia (EJA) and the Environment Council of Central Queensland (EcoCeQ,), Environment Minister Tanya Plibersek reopened the environmental assessment process for 16 coal mines and two gas projects that had previously been approved. To take part, it was necessary to submit new information not available at the time of the original approvals. I wrote the same comment for all of the coal projects*. I wish to draw attention to the...

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On models and simplicity

from Lars Syll When it comes to modelling yours truly does see the point emphatically made time after time by e. g. Paul Krugman about simplicity — at least as long as it doesn’t impinge on our truth-seeking. ‘Simple’ macroeconomic models may of course be an informative heuristic tool for research. But if practitioners of modern macroeconomics do not investigate and make an effort of providing a justification for the credibility of the simplicity assumptions on which they erect their...

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The pandemic treaty, crypto, and inequality

from Dean Baker The World Health Organization is in the early phases of putting together an international agreement for dealing with pandemics. The goal is to ensure both that the world is prepared to fend off future pandemics by developing effective vaccines, tests, and treatments; and that these products are widely accessible, including in low-income countries that don’t have large amounts of money available for public health expenditures. While the drafting of the agreement is still in...

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Macroeconomics and the Friedman-Savage ‘as if’ logic

from Lars Syll An objection to the hypothesis just presented that is likely to be raised by many … is that it conflicts with the way human beings actually behave and choose. … Is it not patently unrealistic to suppose that individuals … base their decision on the size of the expected utility? While entirely natural and under- standable, this objection is not strictly relevant … The hypothesis asserts rather that, in making a particular class of decisions, individuals behave as if they...

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The monetary policy fallout for developing countries

from C.P. Chandrasekhar and Jayati Ghosh The monetary policies of the major advanced economies have been obsessively nationalist for more than two decades now, with hardly any genuine international cooperation beyond some coordination among G7 economies. These policies in turn have had all sorts of impacts—often very negative—in the rest of the world, and particularly in the low and middle income countries referred to collectively as emerging and developing economies (EMDEs). After the...

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