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from Lars Syll Ce qui fait l’unité de la discipline est plutôt l’identification causale, c’est-à-dire un ensemble de méthodes statistiques qui permettent d’estimer les liens de cause à effet entre un facteur quelconque et des résultats économiques. Dans cette perspective, la démarche scientifique vise à reproduire in vivo l’expérience de laboratoire, où l’on peut distinguer aisément la différence de résultat entre un groupe auquel on administre un traitement et un autre groupe semblable...

from Asad Zaman Milton Friedman was a powerful magician. His words charmed people into believing that night was day, against the evidence of their own eyes. Friedman’s maxim that “inflation is everywhere and always a monetary phenomenon” is widely believed by economists, even though it is abundantly obvious that costs of production, especially energy costs, play a major role in creating inflation.                                              Pinochet meets Friedman (STF/AFP/Getty...

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...

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...

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...

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...

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...

“Open thread Nov. 18, 2022,” Angry Bear, angry bear blog.

“Open thread Nov. 15, 2022,” Angry Bear, angry bear blog