Open thread February 7, 2023, Angry Bear, angrybearblog.com Tags: open thread

 Funny … and sad.Sometimes it’s hard to talk about economists about this sort of thing because they get all defensive about it.Statistical Modeling, Causal Inference, and Social ScienceContradictions within economic theory. All well known but still important and, I think, not taken as seriously as they should be.Andrew Gelman | Professor of Statistics and Political Science and Director of the Applied Statistics Center, Columbia University

 New resource that complements Michael Hudson's Junk Economics.Tax Research UKThe glossary is liveRichard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum

Iran turns East (along with Russia), forsaking former ambitions with the West after being rejected. China is waiting with open arms to take advantage of Kissinger's nightmare scenario now become a reality.However, this is not a military alliance (yet) but rather an economic benefit for all sides, including other countries in the region, not the least of which is India, which will receive Eurasian resources through the New Silk Road (BRI) that is being developed, although the West is trying...

He ain’t heavy, he’s my brother (personal) .[embedded content] In loving memory of my older brother Peter Pålsson (1955-2001) But in dreams, I can hear your name. And in dreams, We will meet again. When the seas and mountains fall And we come to end of days, In the dark I hear a call Calling me there I will go there And back again.

From My Lovely And Talented Wife®My Ukranian friend just sent me a photo of a supermarket that was leveled to the ground during the Russian invasion and massacre in Bucha in March, 2022. She looks out on this from her nearby 14th floor window, and she is heartened by the fact that the area is now being cleared for rebuilding. Such efforts are everywhere, she tells me. People are hard at work to bring the city back to what it was.I just met my lively...

Contrary to the tenets of orthodox economists, contemporary research suggests that, rather than seeking always to maximise our personal gain, humans still remain reasonably altruistic and selfless. Nor is it clear that the endless accumulation of wealth always makes us happier. And when we do make decisions, especially those to do with matters of principle, we seem not to engage in the sort of rational “utility-maximizing” calculus that orthodox economic models take as a...

Figure 1: Wage Curves and Rent for an Example of Extensive Rent I more-or-less have a draft research article in five posts: post 1 post 2 post 3 post 4 post 5. I suggest that the current post can replace the fourth post. It is a variant on on this post. The analysis of the choice of technique in models of extensive rent can be based on the construction of wage curves, even though the outer envelope does not represent the cost-minimizing technique. The orders of fertility and rentability...

Ok fixed the gas supply…. FTSE at all time highs and STOXX just shy of it….  ECB close to terminal rate… So now the drunk neo-Soviet commies are just left with their war… Futures have plunged by more than 80% from their August peak when Russia’s gas cuts hit Europe with about $1 trillion in energy costs, hammering the region’s economy and pushing inflation to the highest in decades. Now, the continent is seeing a sharp turnaround as relatively mild weather, efforts to reduce fuel consumption...

Real average wages and real aggregate payrolls for nonsupervisory workers through January  – by New Deal democrat With no new data today, to close out the week let’s update real average wages and aggregate payrolls for nonsupervisory workers. This is the best way, based on monthly data, to see how average Americans are doing financially. While average nonsupervisory wages increased 0.2% in January, consumer inflation increased more, at 0.5%,...