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From Tyler Cowen, comes this beaut: A while ago a few people drew a contrast between a more dispassionate style of (blog) analysis and a more explicitly moralizing approach. I would frame it differently. Pluralism reigns and there are many different moral values of import. The moralizing approach tends to leave a writer stuck in […]
An excellent post over at Marginal Revolution on this. The points raised are: 1. If a more expansionary monetary policy helps an economy recover, yes it may well raise the risk of a later bubble. We should then be cautious, but that is no reason to turn down the prospect of a recovery. Anything leading […]
In the past couple of days I’ve run into a couple of places in the internet that left we confused. First, via Education Directions I noticed this article on the way of “valuing assets” that takes into account social value. The claim is that: Western accounting needs to recast the narrow, individualistic and economically bound […]
With the unemployment rate coming in at 6.8% in the June quarter, the unemployment rate has been “persistently high”. There are three broad mechanisms we can “blame”this on: A “supply shock” across the economy (eg high fuel prices, financial crisis) A requirement for a reorganisation in the skills needed in the labour market (eg the […]
Over at Offsetting, Eric mentions that there is a view that we need to start banning fast food advertisements. Personally I think this is a dumb idea, but when it’s people’s job to make up arbitrary interventions to “save the world” they will. More importantly, it reminds me of one of the first posts I […]
Here is a good post on VoxEU, that aim to give a strong conceptual framework for justifying macroprudential policies: The purpose of macroprudential policy is to reduce ‘systemic risk’ … It is common to distinguish two key aspects of systemic risk. One is the “time-series dimension”: the procyclicality of the financial system, that manifests in […]