Who decides what statistical offices measure and how they measure it? And what are the implicit values embedded in these decisions? Recently, the ILO issued a new manual on measuring productivity. Below, I´ll discuss the questions posed. But for starters, it is essential to realize that economists measure monetary productivity, not physical productivity, which leads to problems with ever-changing prices. This will be part of the discussion. The ILO (International Labour Organization)...

The 2 per cent central bank fetich The 1990s had witnessed the widespread adoption of official inflation targets by central banks … Not only did the major central banks in the developed world now have a target, but they all coalesced around the same number: 2 per cent acquired talismanic significanc … After 2008, central bankers’ pursuit of inflation targets became as obsessive as their fear of deflation. “The ultimate and the only mandate that we have to...

Another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. I’m now using Substack as a blogging platform, and for my monthly email newsletter. For the moment, I’ll post both at this blog and on Substack. You can also follow me on Mastodon here. Share this:Like Loading...

My short piece for Dollars & Sense on Milei's economic program is out now, here. An early version is available here. Btw, this is the 50th anniversary issue. By coincidence, 20 years ago, a piece of mine on Brazil (and the Lula government back then) was also published on Dissent on their 50th anniversary issue.The Milei piece was written in June and revised around September. Now it seems more clear that they might receive some fresh money from the IMF, which will allow them to continue...

[unable to retrieve full-text content]Trumps 2017 Tax Break Extension chart and explanation . . . Sources: CBO (for most provisions), *JCT( R&E provision), **CRFB (Interest provision) New estimates from the Congressional Budget Office (CBO) put a price tag of nearly $5 trillion on extending all the Trump-GOP tax law, which is mostly scheduled to expire at the end of 2025. That is more […] The post Extending Trumps 2017 Tax Cuts appeared first on Angry Bear.

[unable to retrieve full-text content]I am going to write a series of posts on Kahneman, Twersky, and their many many followers They will be posted on the principle that something is better than nothing. “Citation needed” would often appear on Wikipedia as I will cite as “I vaguely recall reading somewhere.” Also the reverse chronologicical order will create problems […] The post Some Thoughts on Psychology of Heuristics and Biases appeared first on Angry Bear.

[unable to retrieve full-text content]Dean Baker: “Story telling attracts attention and sells newspapers.” I was reading at another site which was making the argument of Medicare Advantage plans being less costly than Traditional Medicare. It cites a truism that Medicare Advantage offers Part D and Supplemental in its package while Traditional Medicare does not. That is true. However, Medicare […] The post Being atypical is “not representative of a type, group, or...

[unable to retrieve full-text content]If it bleeds, it leads. CNN has a piece about Ramon Rivera, who randomly stabbed three people in NYC. He was mentally ill, in and out of Rikers and mental health facilities. He’s like a drunk driver who has a history of alcoholism. “New York City Mayor Eric Adams described Rivera as a homeless man […] The post The economics of mental illness appeared first on Angry Bear.

The victims of honour culture To Fadime Sahindal, born April 2, 1975, in Turkey, murdered by her own father on January 21, 2002, in Sweden. Culture, identity, ethnicity, gender, and religiosity should never be accepted as a basis for intolerance in political and civic aspects. In a modern democratic society, people belonging to these different groups must be able to rely on society to protect them against the abuses of intolerance. All citizens must have...

[unable to retrieve full-text content]Why The Gaetz Defeat Really Matters The first step of defiance is the hardest. Senate Republicans took it. William Kristol and Andrew Egger Earlier this week, we reported on Robert F. Kennedy Jr.’s 2020 dalliance with the “plandemic” conspiracy theory. Turns out that dalliance goes deeper than we previously knew. The social media account Patriot […] The post The Appointments appeared first on Angry Bear.