Does climate change affect economic growth? Melissa Dell, Benjamin Jones, and Benjamin Olken, VoxEU
Revenge of the Nerd Newsweek (hat tip reader Richard). On quants and Paul Wilmott.
U.S. Jobs Propaganda Gets More Desperate Jeff Nielson
U.S. Pushed Fiat Deal on Chrysler Wall Street Journal
Alabama County Set to Halt Services, Shut Buildings Bloomberg. Jefferson County has been peculiarly loath to declare bankruptcy, and I suspect that a suit would expose the serious conflicts of interest (and no doubt worse) of the officials who entered into this deal.
Citi delayed raising $33bn in capital Financial Times
The Age of Diminishing Endowments Wall Street Journal
Surge in Labor Force Shows U.S. Workers Gaining Confidence Bloomberg. Reader Jerry shredded this headline: “I can’t believe their conclusions, and the inferences they draw from this stat. It’s absolutely mind-boggling.”
1. Did they not consider that perhaps people are becoming so desperate, they may need a job just to put food on the table or to afford some sort of meager shelter?
2. Did they consider any demographic factors that may be involved?
3. Did they read the BLS report this morning that showed incomes dropping among those who are working, perhaps driving their stay-at-home spouses into the labor pool?
4. What evidence do they have that people who quit looking are now reentering the labor pool because they are “gaining confidence their search will pay off”?
5. Did they not factor in that unemployment insurance lasts longer now, so people who ordinarily would drop off the rolls sooner are now included for a longer period of time?
6. Did they even consider that maybe, just maybe, millions of retirees who have lost their life savings have HAD to reenter the labor force to support themselves?
Antidote du jour: