Yves here. This post, while informative, omits a critical piece of the calculus made by the West (or at least the US, in pushing Europe to fall into line) in its escalation of the conflict in Ukraine.
Friday, August 29, 2014
Is the “Consumer Confidence” index really a good proxy for the health of “the economy”?
The Organised Crime and Corruption Reporting Project recently (21st August) published one of their periodic investigations, concerning a rather large moneylaundering scheme: Call it the Laundromat. It’s a complex system for laundering more than $20 billion in Russian money stolen from the government by corrupt politicians or earned through organized crime activity. It was designed to not only […]
Reader Deontos sent a link to a provocative article on SSRN, The Lawyer-Rent Seeker Myth, by Teresa Schmid. Schmid focuses explicitly on the impact of economic theory on how legal services are delivered. Using county-level data in Oregon, Schmid make a persuasive case that lack of access to legal representation isn’t just a social justice issue but is also an economic problem, since it exacerbates poverty and inequality.
Medicare prices are set by the AMA’s Relative Value System Update Committee, which incentivizes procedures instead of primary care, leading to greater costs and more invasive care.
I would have liked to see some table pounding and shouting about pseudo-scientific constructs like the “Natural Rate of Unemployment” — what’s “natural” about it? — or a heartfelt plea for a well-funded study to find out how the permanently disemployed actually eat, and find shelter, and stay alive — System D? — or even a dim recognition that regulating the economy by throwing people out of work is just as barbaric and inhumane as the medieval remedy of bloodletting.
The question of why graduates of prestigious undergraduate schools still wind up, in disproportionate numbers, at places like Goldman and McKinsey may seem so obvious as to be unworthy of notice. Yet perversely, the students aren’t keen about these jobs despite having competed fiercely to land them.
ECB President Mario Draghi is recognizing that the recovery in the Euro area remains uniformly weak.
Yves here. Readers responded positively to Pilkington’s anthropological take on the economics tribe, so we are continuing with his series. This post focuses on dodgy econometricians and economic forecasting.
Topics: Guest Post
Posted by David Dayen at 3:30 am |
David Sirota has carved out a much-needed niche lately by poking around in the unseemly deals between public pension funds and Wall Street predators, and he brings yet another scoop, this time in New Jersey:
I don’t know that I’d go so far to say it was Paul Krugman-induced, but the French government has been dissolved, primarily because two senior ministers dared speak the unspeakable and criticize Francois Hollande’s continued commitment to austerity, in the face of evidence of its failure.
Bill Black on Bank Fraud: The Wall Street Journal’s Choleric Rant about Cholera and Bank Fraud Epidemics
I was struck by the title of a choleric rant by the Wall Street Journal entitled “Banking in a Time of Cholera.”
The WSJ’s title is a play on words on the title of a novel, “Love in the Time of Cholera,” by Colombia’s greatest writer, Gabriel García Márquez (“Gabo”). The novel is set in a city that appears to be based on Cartagena, the city famous for being looted repeatedly by pirates. In this first of several columns responding to the WSJ rant I discuss its failed literary allusions and tie these failures to some of the WSJ’s analytical and factual errors that render their rant risible.
Topics: Guest Post
Posted by David Dayen at 2:00 am |