nhaliday + econotariat   679

More arguments against blockchain, most of all about trust - Marginal REVOLUTION
Auditing software is hard! The most-heavily scrutinized smart contract in history had a small bug that nobody noticed — that is, until someone did notice it, and used it to steal fifty million dollars. If cryptocurrency enthusiasts putting together a $150m investment fund can’t properly audit the software, how confident are you in your e-book audit? Perhaps you would rather write your own counteroffer software contract, in case this e-book author has hidden a recursion bug in their version to drain your ethereum wallet of all your life savings?

It’s a complicated way to buy a book! It’s not trustless, you’re trusting in the software (and your ability to defend yourself in a software-driven world), instead of trusting other people.
econotariat  marginal-rev  links  commentary  quotes  bitcoin  cryptocurrency  blockchain  crypto  trust  money  monetary-fiscal  technology  software  institutions  government  comparison  cost-benefit  primitivism  eden-heaven 
april 2018 by nhaliday
Theories of humor - Wikipedia
There are many theories of humor which attempt to explain what humor is, what social functions it serves, and what would be considered humorous. Among the prevailing types of theories that attempt to account for the existence of humor, there are psychological theories, the vast majority of which consider humor to be very healthy behavior; there are spiritual theories, which consider humor to be an inexplicable mystery, very much like a mystical experience.[1] Although various classical theories of humor and laughter may be found, in contemporary academic literature, three theories of humor appear repeatedly: relief theory, superiority theory, and incongruity theory.[2] Among current humor researchers, there is no consensus about which of these three theories of humor is most viable.[2] Proponents of each one originally claimed their theory to be capable of explaining all cases of humor.[2][3] However, they now acknowledge that although each theory generally covers its own area of focus, many instances of humor can be explained by more than one theory.[2][3][4][5] Incongruity and superiority theories, for instance, seem to describe complementary mechanisms which together create humor.[6]

...

Relief theory
Relief theory maintains that laughter is a homeostatic mechanism by which psychological tension is reduced.[2][3][7] Humor may thus for example serve to facilitate relief of the tension caused by one's fears.[8] Laughter and mirth, according to relief theory, result from this release of nervous energy.[2] Humor, according to relief theory, is used mainly to overcome sociocultural inhibitions and reveal suppressed desires. It is believed that this is the reason we laugh whilst being tickled, due to a buildup of tension as the tickler "strikes".[2][9] According to Herbert Spencer, laughter is an "economical phenomenon" whose function is to release "psychic energy" that had been wrongly mobilized by incorrect or false expectations. The latter point of view was supported also by Sigmund Freud.

Superiority theory
The superiority theory of humor traces back to Plato and Aristotle, and Thomas Hobbes' Leviathan. The general idea is that a person laughs about misfortunes of others (so called schadenfreude), because these misfortunes assert the person's superiority on the background of shortcomings of others.[10] Socrates was reported by Plato as saying that the ridiculous was characterized by a display of self-ignorance.[11] For Aristotle, we laugh at inferior or ugly individuals, because we feel a joy at feeling superior to them.[12]

Incongruous juxtaposition theory
The incongruity theory states that humor is perceived at the moment of realization of incongruity between a concept involved in a certain situation and the real objects thought to be in some relation to the concept.[10]

Since the main point of the theory is not the incongruity per se, but its realization and resolution (i.e., putting the objects in question into the real relation), it is often called the incongruity-resolution theory.[10]

...

Detection of mistaken reasoning
In 2011, three researchers, Hurley, Dennett and Adams, published a book that reviews previous theories of humor and many specific jokes. They propose the theory that humor evolved because it strengthens the ability of the brain to find mistakes in active belief structures, that is, to detect mistaken reasoning.[46] This is somewhat consistent with the sexual selection theory, because, as stated above, humor would be a reliable indicator of an important survival trait: the ability to detect mistaken reasoning. However, the three researchers argue that humor is fundamentally important because it is the very mechanism that allows the human brain to excel at practical problem solving. Thus, according to them, humor did have survival value even for early humans, because it enhanced the neural circuitry needed to survive.

Misattribution theory
Misattribution is one theory of humor that describes an audience's inability to identify exactly why they find a joke to be funny. The formal theory is attributed to Zillmann & Bryant (1980) in their article, "Misattribution Theory of Tendentious Humor", published in Journal of Experimental Social Psychology. They derived the critical concepts of the theory from Sigmund Freud's Wit and Its Relation to the Unconscious (note: from a Freudian perspective, wit is separate from humor), originally published in 1905.

Benign violation theory
The benign violation theory (BVT) is developed by researchers A. Peter McGraw and Caleb Warren.[47] The BVT integrates seemingly disparate theories of humor to predict that humor occurs when three conditions are satisfied: 1) something threatens one's sense of how the world "ought to be", 2) the threatening situation seems benign, and 3) a person sees both interpretations at the same time.

From an evolutionary perspective, humorous violations likely originated as apparent physical threats, like those present in play fighting and tickling. As humans evolved, the situations that elicit humor likely expanded from physical threats to other violations, including violations of personal dignity (e.g., slapstick, teasing), linguistic norms (e.g., puns, malapropisms), social norms (e.g., strange behaviors, risqué jokes), and even moral norms (e.g., disrespectful behaviors). The BVT suggests that anything that threatens one's sense of how the world "ought to be" will be humorous, so long as the threatening situation also seems benign.

...

Sense of humor, sense of seriousness
One must have a sense of humor and a sense of seriousness to distinguish what is supposed to be taken literally or not. An even more keen sense is needed when humor is used to make a serious point.[48][49] Psychologists have studied how humor is intended to be taken as having seriousness, as when court jesters used humor to convey serious information. Conversely, when humor is not intended to be taken seriously, bad taste in humor may cross a line after which it is taken seriously, though not intended.[50]

Philosophy of humor bleg: http://marginalrevolution.com/marginalrevolution/2017/03/philosophy-humor-bleg.html

Inside Jokes: https://mitpress.mit.edu/books/inside-jokes
humor as reward for discovering inconsistency in inferential chain

https://twitter.com/search?q=comedy%20OR%20humor%20OR%20humour%20from%3Asarahdoingthing&src=typd
https://twitter.com/sarahdoingthing/status/500000435529195520

https://twitter.com/sarahdoingthing/status/568346955811663872
https://twitter.com/sarahdoingthing/status/600792582453465088
https://twitter.com/sarahdoingthing/status/603215362033778688
https://twitter.com/sarahdoingthing/status/605051508472713216
https://twitter.com/sarahdoingthing/status/606197597699604481
https://twitter.com/sarahdoingthing/status/753514548787683328

https://en.wikipedia.org/wiki/Humour
People of all ages and cultures respond to humour. Most people are able to experience humour—be amused, smile or laugh at something funny—and thus are considered to have a sense of humour. The hypothetical person lacking a sense of humour would likely find the behaviour inducing it to be inexplicable, strange, or even irrational.

...

Ancient Greece
Western humour theory begins with Plato, who attributed to Socrates (as a semi-historical dialogue character) in the Philebus (p. 49b) the view that the essence of the ridiculous is an ignorance in the weak, who are thus unable to retaliate when ridiculed. Later, in Greek philosophy, Aristotle, in the Poetics (1449a, pp. 34–35), suggested that an ugliness that does not disgust is fundamental to humour.

...

China
Confucianist Neo-Confucian orthodoxy, with its emphasis on ritual and propriety, has traditionally looked down upon humour as subversive or unseemly. The Confucian "Analects" itself, however, depicts the Master as fond of humorous self-deprecation, once comparing his wanderings to the existence of a homeless dog.[10] Early Daoist philosophical texts such as "Zhuangzi" pointedly make fun of Confucian seriousness and make Confucius himself a slow-witted figure of fun.[11] Joke books containing a mix of wordplay, puns, situational humor, and play with taboo subjects like sex and scatology, remained popular over the centuries. Local performing arts, storytelling, vernacular fiction, and poetry offer a wide variety of humorous styles and sensibilities.

...

Physical attractiveness
90% of men and 81% of women, all college students, report having a sense of humour is a crucial characteristic looked for in a romantic partner.[21] Humour and honesty were ranked as the two most important attributes in a significant other.[22] It has since been recorded that humour becomes more evident and significantly more important as the level of commitment in a romantic relationship increases.[23] Recent research suggests expressions of humour in relation to physical attractiveness are two major factors in the desire for future interaction.[19] Women regard physical attractiveness less highly compared to men when it came to dating, a serious relationship, and sexual intercourse.[19] However, women rate humorous men more desirable than nonhumorous individuals for a serious relationship or marriage, but only when these men were physically attractive.[19]

Furthermore, humorous people are perceived by others to be more cheerful but less intellectual than nonhumorous people. Self-deprecating humour has been found to increase the desirability of physically attractive others for committed relationships.[19] The results of a study conducted by McMaster University suggest humour can positively affect one’s desirability for a specific relationship partner, but this effect is only most likely to occur when men use humour and are evaluated by women.[24] No evidence was found to suggest men prefer women with a sense of humour as partners, nor women preferring other women with a sense of humour as potential partners.[24] When women were given the forced-choice design in the study, they chose funny men as potential … [more]
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april 2018 by nhaliday
Who We Are | West Hunter
I’m going to review David Reich’s new book, Who We Are and How We Got Here. Extensively: in a sense I’ve already been doing this for a long time. Probably there will be a podcast. The GoFundMe link is here. You can also send money via Paypal (Use the donate button), or bitcoins to 1Jv4cu1wETM5Xs9unjKbDbCrRF2mrjWXr5. In-kind donations, such as orichalcum or mithril, are always appreciated.

This is the book about the application of ancient DNA to prehistory and history.

height difference between northern and southern europeans: https://westhunt.wordpress.com/2018/03/29/who-we-are-1/
mixing, genocide of males, etc.: https://westhunt.wordpress.com/2018/03/29/who-we-are-2-purity-of-essence/
rapid change in polygenic traits (appearance by Kevin Mitchell and funny jab at Brad Delong ("regmonkey")): https://westhunt.wordpress.com/2018/03/30/rapid-change-in-polygenic-traits/
schiz, bipolar, and IQ: https://westhunt.wordpress.com/2018/03/30/rapid-change-in-polygenic-traits/#comment-105605
Dan Graur being dumb: https://westhunt.wordpress.com/2018/04/02/the-usual-suspects/
prediction of neanderthal mixture and why: https://westhunt.wordpress.com/2018/04/03/who-we-are-3-neanderthals/
New Guineans tried to use Denisovan admixture to avoid UN sanctions (by "not being human"): https://westhunt.wordpress.com/2018/04/04/who-we-are-4-denisovans/
also some commentary on decline of Out-of-Africa, including:
"Homo Naledi, a small-brained homonin identified from recently discovered fossils in South Africa, appears to have hung around way later that you’d expect (up to 200,000 years ago, maybe later) than would be the case if modern humans had occupied that area back then. To be blunt, we would have eaten them."

Live Not By Lies: https://westhunt.wordpress.com/2018/04/08/live-not-by-lies/
Next he slams people that suspect that upcoming genetic genetic analysis will, in most cases, confirm traditional stereotypes about race – the way the world actually looks.

The people Reich dumps on are saying perfectly reasonable things. He criticizes Henry Harpending for saying that he’d never seen an African with a hobby. Of course, Henry had actually spent time in Africa, and that’s what he’d seen. The implication is that people in Malthusian farming societies – which Africa was not – were selected to want to work, even where there was no immediate necessity to do so. Thus hobbies, something like a gerbil running in an exercise wheel.

He criticized Nicholas Wade, for saying that different races have different dispositions. Wade’s book wasn’t very good, but of course personality varies by race: Darwin certainly thought so. You can see differences at birth. Cover a baby’s nose with a cloth: Chinese and Navajo babies quietly breathe through their mouth, European and African babies fuss and fight.

Then he attacks Watson, for asking when Reich was going to look at Jewish genetics – the kind that has led to greater-than-average intelligence. Watson was undoubtedly trying to get a rise out of Reich, but it’s a perfectly reasonable question. Ashkenazi Jews are smarter than the average bear and everybody knows it. Selection is the only possible explanation, and the conditions in the Middle ages – white-collar job specialization and a high degree of endogamy, were just what the doctor ordered.

Watson’s a prick, but he’s a great prick, and what he said was correct. Henry was a prince among men, and Nick Wade is a decent guy as well. Reich is totally out of line here: he’s being a dick.

Now Reich may be trying to burnish his anti-racist credentials, which surely need some renewal after having pointing out that race as colloquially used is pretty reasonable, there’s no reason pops can’t be different, people that said otherwise ( like Lewontin, Gould, Montagu, etc. ) were lying, Aryans conquered Europe and India, while we’re tied to the train tracks with scary genetic results coming straight at us. I don’t care: he’s being a weasel, slandering the dead and abusing the obnoxious old genius who laid the foundations of his field. Reich will also get old someday: perhaps he too will someday lose track of all the nonsense he’s supposed to say, or just stop caring. Maybe he already has… I’m pretty sure that Reich does not like lying – which is why he wrote this section of the book (not at all logically necessary for his exposition of the ancient DNA work) but the required complex juggling of lies and truth required to get past the demented gatekeepers of our society may not be his forte. It has been said that if it was discovered that someone in the business was secretly an android, David Reich would be the prime suspect. No Talleyrand he.

https://westhunt.wordpress.com/2018/04/12/who-we-are-6-the-americas/
The population that accounts for the vast majority of Native American ancestry, which we will call Amerinds, came into existence somewhere in northern Asia. It was formed from a mix of Ancient North Eurasians and a population related to the Han Chinese – about 40% ANE and 60% proto-Chinese. Is looks as if most of the paternal ancestry was from the ANE, while almost all of the maternal ancestry was from the proto-Han. [Aryan-Transpacific ?!?] This formation story – ANE boys, East-end girls – is similar to the formation story for the Indo-Europeans.

https://westhunt.wordpress.com/2018/04/18/who-we-are-7-africa/
In some ways, on some questions, learning more from genetics has left us less certain. At this point we really don’t know where anatomically humans originated. Greater genetic variety in sub-Saharan African has been traditionally considered a sign that AMH originated there, but it possible that we originated elsewhere, perhaps in North Africa or the Middle East, and gained extra genetic variation when we moved into sub-Saharan Africa and mixed with various archaic groups that already existed. One consideration is that finding recent archaic admixture in a population may well be a sign that modern humans didn’t arise in that region ( like language substrates) – which makes South Africa and West Africa look less likely. The long-continued existence of homo naledi in South Africa suggests that modern humans may not have been there for all that long – if we had co-existed with homo naledi, they probably wouldn’t lasted long. The oldest known skull that is (probably) AMh was recently found in Morocco, while modern humans remains, already known from about 100,000 years ago in Israel, have recently been found in northern Saudi Arabia.

While work by Nick Patterson suggests that modern humans were formed by a fusion between two long-isolated populations, a bit less than half a million years ago.

So: genomics had made recent history Africa pretty clear. Bantu agriculuralists expanded and replaced hunter-gatherers, farmers and herders from the Middle East settled North Africa, Egypt and northeaat Africa, while Nilotic herdsmen expanded south from the Sudan. There are traces of earlier patterns and peoples, but today, only traces. As for questions back further in time, such as the origins of modern humans – we thought we knew, and now we know we don’t. But that’s progress.

https://westhunt.wordpress.com/2018/04/18/reichs-journey/
David Reich’s professional path must have shaped his perspective on the social sciences. Look at the record. He starts his professional career examining the role of genetics in the elevated prostate cancer risk seen in African-American men. Various social-science fruitcakes oppose him even looking at the question of ancestry ( African vs European). But they were wrong: certain African-origin alleles explain the increased risk. Anthropologists (and human geneticists) were sure (based on nothing) that modern humans hadn’t interbred with Neanderthals – but of course that happened. Anthropologists and archaeologists knew that Gustaf Kossina couldn’t have been right when he said that widespread material culture corresponded to widespread ethnic groups, and that migration was the primary explanation for changes in the archaeological record – but he was right. They knew that the Indo-European languages just couldn’t have been imposed by fire and sword – but Reich’s work proved them wrong. Lots of people – the usual suspects plus Hindu nationalists – were sure that the AIT ( Aryan Invasion Theory) was wrong, but it looks pretty good today.

Some sociologists believed that caste in India was somehow imposed or significantly intensified by the British – but it turns out that most jatis have been almost perfectly endogamous for two thousand years or more…

It may be that Reich doesn’t take these guys too seriously anymore. Why should he?

varnas, jatis, aryan invastion theory: https://westhunt.wordpress.com/2018/04/22/who-we-are-8-india/

europe and EEF+WHG+ANE: https://westhunt.wordpress.com/2018/05/01/who-we-are-9-europe/

https://www.nationalreview.com/2018/03/book-review-david-reich-human-genes-reveal-history/
The massive mixture events that occurred in the recent past to give rise to Europeans and South Asians, to name just two groups, were likely “male mediated.” That’s another way of saying that men on the move took local women as brides or concubines. In the New World there are many examples of this, whether it be among African Americans, where most European ancestry seems to come through men, or in Latin America, where conquistadores famously took local women as paramours. Both of these examples are disquieting, and hint at the deep structural roots of patriarchal inequality and social subjugation that form the backdrop for the emergence of many modern peoples.
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march 2018 by nhaliday
My March 28 talk at MIT - Marginal REVOLUTION
What happens when a simulated system becomes more real than the system itself?  Will the internet become “more real” than the world of ideas it is mirroring? Do we academics live in a simulacra?  If the “alt right” exists mainly on the internet, does that make it more or less powerful?  Do all innovations improve system quality, and if so why is a lot of food worse than before and home design was better in 1910-1930?  How does the world of ideas fit into this picture?
econotariat  marginal-rev  links  quotes  presentation  hmm  simulation  realness  internet  academia  gnon  🐸  subculture  innovation  food  trends  architecture  history  mostly-modern  pre-ww2 
march 2018 by nhaliday
Strategic height adjustment - Marginal REVOLUTION
Professor Bogin’s study, carried out in collaboration with Dr Christiane Scheffler, at the University of Potsdam, and Professor Michael Hermanussen, from the University of Kiel, also explored a second phenomenon called competitive growth — where the ruling social classes adjust their height to exceed the subordinate population.

Prof Bogin said: “This is when the mean height of colonial or military migrants, who become the socially dominant group in the conquered country, surpasses the average height of the both the conquered people and the origin population.”

In one example, the researchers found that the height of Dutch colonial masters in Indonesia in the 19th and early 20th centuries was greater than the Indonesians they ruled, and also greater than social upper classes back in the Netherlands.

“This was also the case for English colonial masters in North America,” said Prof Bogin.

“We find that it is the superior social status of the conquerors that promotes their greater height.
econotariat  marginal-rev  study  summary  links  quotes  anthropology  sociology  embodied  environmental-effects  status  conquest-empire  expansionism  history  mostly-modern  early-modern  usa  britain  europe  germanic 
march 2018 by nhaliday
The Falling Price of Fat | Pseudoerasmus
Summary : There are too many baroque explanations for the increased prevalence of obesity. I suggest a simple mechanism : falling food prices, rising incomes.
econotariat  broad-econ  pseudoE  economics  supply-demand  food  obesity  trends  explanans  cynicism-idealism  money  compensation  cost-benefit  backup  epidemiology  public-health  roots 
february 2018 by nhaliday
Effects of Education on Political Opinions: An International Study | International Journal of Public Opinion Research | Oxford Academic
Education and Political Party: The Effects of College or Social Class?: https://www.jstor.org/stable/2778029
The impact of education on political ideology: Evidence from European compulsory education reforms: https://www.sciencedirect.com/science/article/pii/S0272775716301704
correlation is with leftism, causal effect is shift to right

Greg thinks there are some effects: https://pinboard.in/u:nhaliday/b:5adca8f16265

https://twitter.com/GarettJones/status/964209775419457536
https://archive.is/oFELz
https://archive.is/f1DBF
https://archive.is/5iiqn

http://econlog.econlib.org/archives/2008/12/education_ideol.html

https://twitter.com/pseudoerasmus/status/963451867912130561
https://archive.is/sHI7g
https://archive.is/B5Gdv
https://archive.is/hFERC
https://archive.is/8IUDm
Bryan Caplan has written a very persuasive book suggesting that retention/transfer of learning is very low. how do we know it’s not the same with the “PoMo ethos”
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february 2018 by nhaliday
Adam Smith, David Hume, Liberalism, and Esotericism - Call for Papers - Elsevier
https://twitter.com/davidmanheim/status/963071765995032576
https://archive.is/njT4P
A very good economics journal--famously an outlet for rigorous, outside the box thinking--is publishing a special issue on hidden meanings in the work of two of the world's greatest thinkers.

Another sign the new Straussian age is upon us: Bayesians update accordingly!
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february 2018 by nhaliday
Reid Hofmann and Peter Thiel and technology and politics - Marginal REVOLUTION
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february 2018 by nhaliday
Why Sex? And why only in Pairs? - Marginal REVOLUTION
The core conclusion is that mutations continue to rise with the number of sex-participating partners, but in simple Red Queen models the limiting features of the genotypes is the same whether there are two, three, or more partners.

Men Are Animals: http://www.overcomingbias.com/2018/06/men-are-animals.html
I agree with all the comments citing motility/sessility.
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january 2018 by nhaliday
Self-Serving Bias | Slate Star Codex
Since reading Tabarrok’s post, I’ve been trying to think of more examples of this sort of thing, especially in medicine. There are way too many discrepancies in approved medications between countries to discuss every one of them, but did you know melatonin is banned in most of Europe? (Europeans: did you know melatonin is sold like candy in the United States?) Did you know most European countries have no such thing as “medical school”, but just have college students major in medicine, and then become doctors once they graduate from college? (Europeans: did you know Americans have to major in some random subject in college, and then go to a separate place called “medical school” for four years to even start learning medicine?) Did you know that in Puerto Rico, you can just walk into a pharmacy and get any non-scheduled drug you want without a doctor’s prescription? (source: my father; I have never heard anyone else talk about this, and nobody else even seems to think it is interesting enough to be worth noting).

...

And then there’s the discussion from the recent discussion of Madness and Civilization about how 18th century doctors thought hot drinks will destroy masculinity and ruin society. Nothing that’s happened since has really disproved this – indeed, a graph of hot drink consumption, decline of masculinity, and ruinedness of society would probably show a pretty high correlation – it’s just somehow gotten tossed in the bin marked “ridiculous” instead of the bin marked “things we have to worry about”.
🤔🤔
ratty  yvain  ssc  commentary  econotariat  marginal-rev  economics  labor  regulation  civil-liberty  randy-ayndy  markets  usa  the-west  comparison  europe  EU  cost-disease  medicine  education  higher-ed  error  gender  rot  lol  aphorism  zeitgeist  rationality  biases  flux-stasis 
january 2018 by nhaliday
What explains the formation and decay of clusters of creativity? - Marginal REVOLUTION
Creativity is often highly concentrated in time and space, and across different domains. What explains the formation and decay of clusters of creativity? In this paper we match data on thousands of notable individuals born in Europe between the XIth and the XIXth century with historical data on city institutions and population. After documenting several stylized facts, we show that the formation of creative clusters is not preceded by increases in city size. Instead, the emergence of city institutions protecting economic and political freedoms facilitates the attraction and production of creative talent.

IOW, the opposite of what Dick Florida said.
econotariat  marginal-rev  links  commentary  study  economics  growth-econ  broad-econ  cliometrics  innovation  stylized-facts  contrarianism  urban-rural  europe  the-great-west-whale  history  medieval  political-econ  institutions  microfoundations  roots  policy  nascent-state  creative  civil-liberty  randy-ayndy  polisci  regulation  capitalism  markets  mokyr-allen-mccloskey  enlightenment-renaissance-restoration-reformation  reflection  track-record 
january 2018 by nhaliday
Team *Decorations Until Epiphany* on Twitter: "@RoundSqrCupola maybe just C https://t.co/SFPXb3qrAE"
https://archive.is/k0fsS
Remember ‘BRICs’? Now it’s just ICs.
--
maybe just C
Solow predicts that if 2 countries have the same TFP, then the poorer nation should grow faster. But poorer India grows more slowly than China.

Solow thinking leads one to suspect India has substantially lower TFP.

Recent growth is great news, but alas 5 years isn't the long run!

FWIW under Solow conditional convergence assumptions--historically robust--the fact that a country as poor as India grows only a few % faster than the world average is a sign they'll end up poorer than S Europe.

see his spreadsheet here: http://mason.gmu.edu/~gjonesb/SolowForecast.xlsx
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december 2017 by nhaliday
The rate of return on everything - Marginal REVOLUTION
Here is what I learned from the paper itself:

1. Risky assets such as equities and residential real estate average about 7% gains per year in real terms.  Housing outperformed equity before WWII, vice versa after WWII.  In any case it is a puzzle that housing returns are less volatile but about at the same level as equity returns over a broader time span.
2. Equity and housing gains have a relatively low covariance.  Buy both!
3. Equity returns across countries have become increasingly correlated, housing returns not.
4. The return on real safe assets is much more volatile than you might think.
5. The equity premium is volatile too.
6. The authors find support for Piketty’s r > g, except near periods of war.  Furthermore, the gap between r and g does not seem to be correlated with the growth rate of the economy.

I found this to be one of the best and most interesting papers of the year.
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december 2017 by nhaliday
The Grumpy Economist: Bitcoin and Bubbles
Bitcoin is not a very good money. It is a pure fiat money (no backing), whose value comes from limited supply plus these demands. As such it has the huge price fluctuations we see. It's an electronic version of gold, and the price variation should be a warning to economists who long for a return to  gold. My bet is that stable-value cryptocurrencies, offering one dollar per currency unit and low transactions costs, will prosper in the role of money. At least until there is a big inflation or sovereign debt crisis and a stable-value cryptocurrency not linked to government debt emerges.

https://twitter.com/GarettJones/status/939242620869660672
https://archive.is/Rrbg6
The Kareken-Wallace Cryptocurrency Price Indeterminacy theorem will someday receive the attention it deserves

https://www.mercatus.org/system/files/cryptocurrency-article.pdf
Cryptocurrencies also raise in a new way questions of exchange rate indeterminacy. As Kareken and Wallace (1981) observed, fiat currencies are all alike: slips of paper not redeemable for anything. Under a regime of floating exchange rates and no capital controls, and assuming some version of interest rate parity holds, there are an infinity of exchange rates between any two fiat currencies that constitute an equilibrium in their model.

The question of exchange rate indeterminacy is both more and less striking between cryptocurrencies than between fiat currencies. It is less striking because there are considerably more differences between cryptocurrencies than there are between paper money. Paper money is all basically the same. Cryptocurrencies sometimes have different characteristics from each other. For example, the algorithm used as the basis for mining makes a difference – it determines how professionalised the mining pools become. Litecoin uses an algorithm that tends to make mining less concentrated. Another difference is the capability of the cryptocurrency’s language for programming transactions. Ethereum is a new currency that boasts a much more robust language than Bitcoin. Zerocash is another currency that offers much stronger anonymity than Bitcoin. To the extent that cryptocurrencies differ from each other more than fiat currencies do, those differences might be able to pin down exchange rates in a model like Kareken and Wallace’s.

On the other hand, exchange rate indeterminacy could be more severe among cryptocurrencies than between fiat currencies because it is easy to simply create an exact copy of an open source cryptocurrency. There are even websites on which you can create and download the software for your own cryptocurrency with a few clicks of a mouse. These currencies are exactly alike except for their names and other identifying information. Furthermore, unlike fiat currencies, they don’t benefit from government acceptance or optimal currency area considerations that can tie a currency to a given territory.

Even identical currencies, however, can differ in terms of the quality of governance. Bitcoin currently has high quality governance institutions. The core developers are competent and conservative, and the mining and user communities are serious about making the currency work. An exact Bitcoin clone is likely to have a difficult time competing with Bitcoin unless it can promise similarly high-quality governance. When a crisis hits, users of identical currencies are going to want to hold the one that is mostly likely to weather the storm. Consequently, between currencies with identical technical characteristics, we think governance creates something close to a winner-take-all market. Network externalities are very strong in payment systems, and the governance question with respect to cryptocurrencies in particular compounds them.

https://twitter.com/GarettJones/status/939259281039380480
https://archive.is/ldof8
Explaining a price rise via future increases in the asset's value isn't good economics. The invisible hand should be pushing today's price up to the point where it earns normal expected returns. +
I don't doubt the likelihood of a future cryptocurrency being widely used, but that doesn't pin down the price of any one cryptocurrency as the Kareken-Wallace result shows. There may be a big first mover advantage for Bitcoin but ease of replication makes it a fragile dominance.

https://twitter.com/netouyo_/status/939566116229218306
https://archive.is/CtE6Q
I actually can't believe governments are allowing bitcoin to exist (they must be fully on board with going digital at some point)

btc will eventually come in direct competition with national currencies, which will have to raise rates dramatically, or die

http://www.thebigquestions.com/2017/12/08/matters-of-money/
The technology of Bitcoin Cash is very similar to the technology of Bitcoin. It offers the same sorts of anonymity, security, and so forth. There are some reasons to believe that in the future, Bitcoin Cash will be a bit easier to trade than Bitcoin (though that is not true in the present), and there are some other technological differences between them, but I’d be surprised to learn that those differences are accounting for any substantial fraction of the price differential.

The total supplies of Bitcoins and of Bitcoin Cash are currently about equal (because of the way that Bitcoin Cash originated). In each case, the supply will gradually grow to 21 million and then stop.

Question 1: Given the near identical properties of these two currencies, how can one sell for ten times the price of the other? Perhaps the answer involves the word “bubble”, but I’d be more interested in answers that assume (at least for the sake of argument) that the price of Bitcoin fairly reflects its properties as a store of value. Given that assumption, is the price differential entirely driven by the fact that Bitcoin came first? Is there that much of a first-mover advantage in this kind of game?

Question 2: Given the existence of other precious metals (e.g. platinum) what accounts for the dominance of gold as a physical store of value? (I note, for example, that when people buy gold as a store of value, they don’t often hesitate out of fear that gold will be displaced by platinum in the foreseeable future.) Is this entirely driven by the fact that gold happened to come first?

Question 3: Are Questions 1 and 2 the same question? Are the dominance of Bitcoin in the digital store-of-value market and the dominance of gold in the physical store-of-value market two sides of the same coin, so to speak? Or do they require fundamentally different explanations?

https://twitter.com/GarettJones/status/944582032780382208
https://archive.is/kqTXg
Champ/Freeman in 2001 explain why the dollar-bitcoin exchange rate is inherently unstable, and why the price of cryptocurrencies is indeterminate:

https://twitter.com/GarettJones/status/945046058073071617
https://archive.is/Y0OQB
Lay down a marker:
And remember that the modern macro dogma is that monetary systems matter little for prosperity, once bare competence is achieved.
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december 2017 by nhaliday
The Long-run Effects of Agricultural Productivity on Conflict, 1400-1900∗
This paper provides evidence of the long-run effects of a permanent increase in agricultural productivity on conflict. We construct a newly digitized and geo-referenced dataset of battles in Europe, the Near East and North Africa covering the period between 1400 and 1900 CE. For variation in permanent improvements in agricultural productivity, we exploit the introduction of potatoes from the Americas to the Old World after the Columbian Exchange. We find that the introduction of potatoes permanently reduced conflict for roughly two centuries. The results are driven by a reduction in civil conflicts

http://marginalrevolution.com/marginalrevolution/2017/12/monday-assorted-links-135.html#comment-159746885
#4 An obvious counterfactual is of course the potato blight (1844 and beyond) in Europe. Here’s the Wikipedia page ‘revolutions of 1848’ https://en.wikipedia.org/wiki/Revolutions_of_1848
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december 2017 by nhaliday
The Power of Abortion Policy - Marginal REVOLUTION
I provide new evidence on the relative “powers” of contraception and abortion policy in effecting the dramatic social transformations of the 1960s and 1970s. Trends in sexual behavior suggest that young women’s increased access to the birth control pill fueled the sexual revolution, but neither these trends nor difference-in-difference estimates support the view that this also led to substantial changes in family formation. Rather, the estimates robustly suggest that it was liberalized access to abortion that allowed large numbers of women to delay marriage and motherhood.
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december 2017 by nhaliday
Understanding differences in life expectancy inequality - Marginal REVOLUTION
The life expectancy gap at age 40 between high income and low income individuals is substantial. I explore how medical expenditures and unhealthy behaviors account for the life expectancy gap. The data reveals the following. First, low income individuals tend to spend more on healthcare than high income individuals at all ages. Moreover, health disparities by income is salient due to differences in unhealthy behaviors such as heavy smoking. To answer how much dierences in access to medical services and unhealthy behaviors can explain in light of these stylized facts, I construct a life cycle model. The distinctive features of the model are that it flexibly incorporates unobserved, potentially correlated initial human and health capital stocks and embed unhealthy behaviors. Furthermore, the model includes two health systems: private health insurance and Medicare. The main findings are i) differences in access to medical care driven by income inequality potentially accounts for 12.5% of the life expectancy gap, ii) health insurance increases longevity for low income individuals, but modestly, iii) the health condition when young shapes the trend in average medical expenditures by income groups and iv) the impact of differences in unhealthy behaviors is predominant in understanding the life expectancy gap.

Health spending negatively correlated with health outcomes: http://www.arnoldkling.com/blog/health-spending-negatively-correlated-with-health-outcomes/
Pointer from Tyler Cowen. In the paper, Katera argues that the lower life expectancy of lower-income individuals reflects differences in their behavior rather than differences in access to medical services. My thoughts:

1. This seems consistent with Hansonian medicine, in which on average the benefits of more health care spending are about zero. But it also could suggest a counter to the Hanson view. That is, it could be that at the margin everyone benefits from more health care spending, but because the people who spend more tend to be people who behave in unhealthy ways, the benefits of more spending are difficult to tease out from the data. It is like trying to measure the relationship between policing and crime. If areas with a lot of crime tend to require more police, then a simple correlation analysis might suggest that adding police does not help to reduce crime.

2. Katera’s findings are not politically correct. I am on the record as saying that academic economics is headed toward a state in which findings like this will make one almost unemployable. Imagine trying to get Katera hired in a sociology department. Katera’s experience as a job candidate will be help to indicate how far along we are on this path.
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november 2017 by nhaliday
Disaggregating the economy: cost of living | askblog
here are the US states color-coded according to per capita GDP with an adjustment for Regional Price Parities: that is, it’s a measure of income adjusted for what it actually costs to buy housing and other goods. With that change, California, New York, and Maryland are no longer in the top category. Hoever, a number of midwestern states like Kansas, Nebraska, South Dakota, and my own Minnesota move into the top category. A number of states in the mountain west and south that were in the lowest-income category when just looking at per capita GDP move up a category or two when the Regional Price Parities are taken into account.
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november 2017 by nhaliday
Indiana Jones, Economist?! - Marginal REVOLUTION
In a stunningly original paper Gojko Barjamovic, Thomas Chaney, Kerem A. Coşar, and Ali Hortaçsu use the gravity model of trade to infer the location of lost cities from Bronze age Assyria! The simplest gravity model makes predictions about trade flows based on the sizes of cities and the distances between them. More complicated models add costs based on geographic barriers. The authors have data from ancient texts on trade flows between all the cities, they know the locations of some of the cities, and they know the geography of the region. Using this data they can invert the gravity model and, triangulating from the known cities, find the lost cities that would best “fit” the model. In other words, by assuming the model is true the authors can predict where the lost cities should be located. To test the idea the authors pretend that some known cities are lost and amazingly the model is able to accurately rediscover those cities.
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november 2017 by nhaliday
The Constitutional Economics of Autocratic Succession on JSTOR
Abstract. The paper extends and empirically tests Gordon Tullock’s public choice theory of the nature of autocracy. A simple model of the relationship between constitutional rules governing succession in autocratic regimes and the occurrence of coups against autocrats is sketched. The model is applied to a case study of coups against monarchs in Denmark in the period ca. 935–1849. A clear connection is found between the specific constitutional rules governing succession and the frequency of coups. Specifically, the introduction of automatic hereditary succession in an autocracy provides stability and limits the number of coups conducted by contenders.

Table 2. General constitutional rules of succession, Denmark ca. 935–1849

To see this the data may be divided into three categories of constitutional rules of succession: One of open succession (for the periods 935–1165 and 1326–40), one of appointed succession combined with election (for the periods 1165–1326 and 1340–1536), and one of more or less formalized hereditary succession (1536–1849). On the basis of this categorization the data have been summarized in Table 3.

validity of empirics is a little sketchy

https://twitter.com/GarettJones/status/922103073257824257
https://archive.is/NXbdQ
The graphic novel it is based on is insightful, illustrates Tullock's game-theoretic, asymmetric information views on autocracy.

Conclusions from Gorton Tullock's book Autocracy, p. 211-215.: https://astro.temple.edu/~bstavis/courses/tulluck.htm
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october 2017 by nhaliday
Dollar General Hits a Gold Mine in Rural America - Bloomberg
“It reminds me of a craps table,” Brown, the commercial real estate analyst, says. “Essentially what the dollar stores are betting on in a large way is that we are going to have a permanent underclass in America. It’s based on the concept that the jobs went away, and the jobs are never coming back, and that things aren’t going to get better in any of these places.”

HOW DOLLAR GENERAL BECAME RURAL AMERICA’S STORE OF CHOICE: https://www.wsj.com/articles/how-dollar-general-became-rural-americas-store-of-choice-1512401992

The Supply Chain In Lieu Of The Welfare State: https://gnxp.nofe.me/2017/12/04/the-supply-chain-in-lieu-of-the-welfare-state/

http://marginalrevolution.com/marginalrevolution/2018/01/u-s-fact-day-2.html
“Over the last five years a new Dollar General opened every four-and-a-half hours…”

That is from The Economist. The article attributes much of the success of the chain to its location decisions, such as opening near churches, schools, highways, and post offices.
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october 2017 by nhaliday
“Editor’s Introduction to The New Economic History and the Industrial Revolution,” J. Mokyr (1998) | A Fine Theorem
I taught a fun three hours on the Industrial Revolution in my innovation PhD course this week. The absolutely incredible change in the condition of mankind that began in a tiny corner of Europe in an otherwise unremarkable 70-or-so years is totally fascinating. Indeed, the Industrial Revolution and its aftermath are so important to human history that I find it strange that we give people PhDs in social science without requiring at least some study of what happened.

My post today draws heavily on Joel Mokyr’s lovely, if lengthy, summary of what we know about the period. You really should read the whole thing, but if you know nothing about the IR, there are really five facts of great importance which you should be aware of.

1) The world was absurdly poor from the dawn of mankind until the late 1800s, everywhere.
2) The average person did not become richer, nor was overall economic growth particularly spectacular, during the Industrial Revolution; indeed, wages may have fallen between 1760 and 1830.
3) Major macro inventions, and growth, of the type seen in England in the late 1700s and early 1800s happened many times in human history.
4) It is hard for us today to understand how revolutionary ideas like “experimentation” or “probability” were.
5) The best explanations for “why England? why in the late 1700s? why did growth continue?” do not involve colonialism, slavery, or famous inventions.
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october 2017 by nhaliday
The rise of robots in the German labour market | VOX, CEPR’s Policy Portal
Recent research has shown that industrial robots have caused severe job and earnings losses in the US. This column explores the impact of robots on the labour market in Germany, which has many more robots than the US and a much larger manufacturing employment share. Robots have had no aggregate effect on German employment, and robot exposure is found to actually increase the chances of workers staying with their original employer. This effect seems to be largely down to efforts of work councils and labour unions, but is also the result of fewer young workers entering manufacturing careers.
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september 2017 by nhaliday
GOP tax plan would provide major gains for richest 1%, uneven benefits for the middle class, report says - The Washington Post
https://twitter.com/ianbremmer/status/913863513038311426
https://archive.is/PYRx9
Trump tweets: For his voters.
Tax plan: Something else entirely.
https://twitter.com/tcjfs/status/913864779256692737
https://archive.is/5bzQz
This is appallingly stupid if accurate

https://www.nytimes.com/interactive/2017/11/28/upshot/what-the-tax-bill-would-look-like-for-25000-middle-class-families.html
https://www.nytimes.com/interactive/2017/11/30/us/politics/tax-cuts-increases-for-your-income.html

Treasury Removes Paper at Odds With Mnuchin’s Take on Corporate-Tax Cut’s Winners: https://www.wsj.com/articles/treasury-removes-paper-at-odds-with-mnuchins-take-on-corporate-tax-cuts-winners-1506638463

Tax changes for graduate students under the Tax Cuts and Jobs Act: https://bcide.gitlab.io/post/gop-tax-plan/
H.R.1 – 155th Congress (Tax Cuts and Jobs Act) 1 proposes changes to the US Tax Code that threatens to destroy the finances of STEM graduate students nationwide. The offending provision, 1204(a)(3), strikes section 117(d) 2 of the US Tax Code. This means that under the proposal, tuition waivers are considered taxable income.

For graduate students, this means an increase of thousands of dollars in owed federal taxes. Below I show a calculation for my own situation. The short of it is this: My federal taxes increase from ~7.5% of my income to ~31%. I will owe about $6300 more in federal taxes under this legislation. Like many other STEM students, my choices would be limited to taking on significant debt or quitting my program entirely.

The Republican War on College: https://www.theatlantic.com/business/archive/2017/11/republican-college/546308/

Trump's plan to tax colleges will harm higher education — but it's still a good idea: http://www.businessinsider.com/trump-tax-plan-taxing-colleges-is-a-good-idea-2017-11
- James Miller

The Republican Tax Plan Is a Disaster for Families With Children: http://www.motherjones.com/kevin-drum/2017/11/the-republican-tax-plan-is-a-disaster-for-families-with-children/
- Kevin Drum

The gains from cutting corporate tax rates: http://marginalrevolution.com/marginalrevolution/2017/11/corporate-taxes-2.html
I’ve been reading in this area on and off since the 1980s, and I really don’t think these are phony results.

Entrepreneurship and State Taxation: https://www.federalreserve.gov/econres/feds/files/2018003pap.pdf
We find that new firm employment is negatively—and disproportionately—affected by corporate tax rates. We find little evidence of an effect of personal and sales taxes on entrepreneurial outcomes.

https://www.nytimes.com/2017/11/26/us/politics/johnson-amendment-churches-taxes-politics.html
nobody in the comments section seems to have even considered the comparison with universities

The GOP Tax Bills Are Infrastructure Bills Too. Here’s Why.: http://www.governing.com/topics/transportation-infrastructure/gov-republican-tax-bills-impact-infrastructure.html
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september 2017 by nhaliday
Autocratic Rule and Social Capital: Evidence from Imperial China by Melanie Meng Xue, Mark Koyama :: SSRN
This paper studies how autocratic rule affects social capital. Between 1660-1788, individuals in imperial China were persecuted if they were suspected of holding subversive attitudes towards the state. A difference-in-differences approach suggests that these persecutions led to a decline of 38% in social capital, as measured by the number of charitable organizations, in each subsequent decade. Investigating the long-run effect of autocratic rule, we show that persecutions are associated with lower levels of trust, political engagement, and the under provision of local public goods. These results indicate a possible vicious cycle in which autocratic rule becomes self-reinforcing through a permanent decline in social capital.
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september 2017 by nhaliday
Who Emigrates From Denmark? – LaborEcon
Ilpo Kauppinen, Panu Poutvaara, and I have just finished a paper that examines the selection characterizing emigrants from Denmark, one of the richest and most redistributive European welfare states.

The paper makes a neat theoretical contribution. It derives the conditions that determine whether the skill distribution of the emigrants stochastically dominates (or is stochastically dominated by) the skill distribution of the stayers. Because the rewards to skills in Denmark are low (relative to practically all possible destinations), the model predicts that the emigrants will be positively selected, and that the skill distribution of the movers will stochastically dominate that of the stayers.

Our analysis of administrative data for the entire Danish population between 1995 and 2010 strongly confirms the implications of the model. Denmark is indeed seeing an outflow of its most skilled workers. And that is one of the consequences that a very generous welfare state must learn to live with.

The paper is forthcoming in the Economic Journal.
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september 2017 by nhaliday
American income statistics aren't quite what people are saying they are — Adam Smith Institute
not very convincing rebuttal to wage stagnation, frankly (yes a few products have gotten cheaper/better, but do you have some sort of rigorous PPP adjustment via a representative basket of goods? healthcare is probably not all that much better...)
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september 2017 by nhaliday
Culture, Ethnicity, and Diversity - American Economic Association
We investigate the empirical relationship between ethnicity and culture, defined as a vector of traits reflecting norms, values, and attitudes. Using survey data for 76 countries, we find that ethnic identity is a significant predictor of cultural values, yet that within-group variation in culture trumps between-group variation. Thus, in contrast to a commonly held view, ethnic and cultural diversity are unrelated. Although only a small portion of a country’s overall cultural heterogeneity occurs between groups, we find that various political economy outcomes (such as civil conflict and public goods provision) worsen when there is greater overlap between ethnicity and culture. (JEL D74, H41, J15, O15, O17, Z13)

definition of chi-squared index, etc., under:
II. Measuring Heterogeneity

Table 5—Incidence of Civil Conflict and Diversity
Table 6—Public Goods Provision and Diversity

https://twitter.com/GarettJones/status/924002043576115202
https://archive.is/oqMnC
https://archive.is/sBqqo
https://archive.is/1AcXn
χ2 diversity: raising the risk of civil war. Desmet, Ortuño-Ortín, Wacziarg, in the American Economic Review (1/N)

What predicts higher χ2 diversity? The authors tell us that, too. Here are all of the variables that have a correlation > 0.4: (7/N)

one of them is UK legal origin...

online appendix (with maps, Figures B1-3): http://www.anderson.ucla.edu/faculty_pages/romain.wacziarg/downloads/2017_culture_appendix.pdf
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september 2017 by nhaliday
Peer review is younger than you think - Marginal REVOLUTION
I’d like to see a detailed look at actual journal practices, but my personal sense is that editorial review was the norm until fairly recently, not review by a team of outside referees.  In 1956, for instance, the American Historical Review asked for only one submission copy, and it seems the same was true as late as 1970.  I doubt they made the photocopies themselves. Schmidt seems to suggest that the practices of government funders nudged the academic professions into more formal peer review with multiple referee reports.
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september 2017 by nhaliday
The Complacent Intellectual Class | David V. Johnson
I WOULD LIKE TO COIN A PHRASE, the complacent intellectual class, to describe the overwhelming number of pundits, thought leaders, and policy wonks who accept, welcome, or even enforce slovenly scholarship. These people might, in the abstract, like research that maintains the highest standards, they might even consider themselves academics or bona fide researchers, when in fact they have lost the capacity of maintaining even the most basic standards of rigor.

I am motivated to do so after reading Tyler Cowen’s new book The Complacent Class: The Self-Defeating Quest for the American Dream. I propose the term with some trepidation. Cowen—a George Mason University economist, libertarian theorist, and “legendary blogger” (to quote the book’s inset)—is often a smart commentator who puts his finger on a lot of interesting social phenomena, introduces novel ideas, and proves worth reading from time to time.

But books are different from blog posts and op-eds. And this book fails so glaringly that it makes me despair for this country’s literary culture and intellectual life in general. So let me use Cowen’s latest venture to illustrate what we should all demand from the work of our intellectual class, lest our nation continue to vegetate in the pretend-thinking of #AspenIdeas pseudo-academia.
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september 2017 by nhaliday
Ideas were not enough | Aeon
- Mark Koyama
some funny art here: https://en.wikipedia.org/wiki/Catholic_League_(French)
The Difficulty of Ruling over a Diverse Nation (1578): https://publicdomainreview.org/collections/the-difficulty-of-ruling-over-a-diverse-nation-1578/
16th-century Dutch engraving depicting a fantastical animal with the heads of various other animals sprouting from its body: an allegory for the difficulty of ruling over a diverse nation. In the background, watching on, can be seen a small mob or leaders, both secular and religious. This work by Antwerp-based artist Pieter van der Borcht the Elder, with its image of a confused and troubled body politic, is perhaps just as relevant now as it was then.
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september 2017 by nhaliday
My Retort to the Adam Spliff Institute's Latest Effusion of Drivel - Mail Online - Peter Hitchens blog
It’s time to rename the ‘Adam Smith Institute’, now captured by drug legalisers. Something tells me the Scotch moralist wouldn’t have thought a stupefied and acquiescent population the best basis for civilisation, wealth or morality.

So I suggest calling this screeching nest of mentally pubescent drug zealots

The Adam Spliff Institute

I am moved to this suggestion by their latest attempt to debate the drug issue. I say ‘attempt’ because they really have very little idea of how to argue.
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august 2017 by nhaliday
Stolen generations | West Hunter
Someone was quoted as saying that if you adopted an Australian Aborigine kid and raised him in England, he’d do just fine. This is a standard prediction, or maybe really an assumption, of most social scientists: people are the same everywhere. Let me put it more precisely: If you adopted a random draw of such kids just after birth, and then treated them in the same way that local native kids were treated, they’d end up with the same adult IQ, on average. And the same rate of alcoholism, and so forth. Same with any other racial group, the prediction says.

But is this actually true? The same people would say that one-day-old babies from different groups ought to act the same, and that’s certainly not true.

I would think that there was a lot of adoption of Australian Aborigines going on in Australia, back in the day. What were the results?

https://westhunt.wordpress.com/2014/03/15/stolen-generations/#comment-23715
I don’t see how you could spend a lot of time on this (aboriginal education) and not see the pattern in front of you. But people do, certainly in the US as well. Here’s a fun quote: “There is no logical reason to expect that the number of minority students in gifted programs would not be proportional to their representation in the general population. ” (p. 498) Frasier 1997
Of course this never happens, never has happened, but still it’s gotta happen.

This is secondhand, but an interesting story. There was once a graduate student in anthropology at UNM who was very interested in Australian Aboriginal education. I believe that’s what he wanted to do when he got out. He did a lot of digging into the subject, including mimeographed stuff that never got published, and much against his will came to the conclusion that Aboriginals really were different from Europeans, really did have significantly lower intelligence. It drove him nuts – he actually had to be hospitalized. Dropped out of the program.

https://westhunt.wordpress.com/2014/03/15/stolen-generations/#comment-23811
It’s easier than you think. Just threaten the members of the IRB – they generally have no honor.

The long-term effects of American Indian boarding schools: http://marginalrevolution.com/marginalrevolution/2017/09/long-term-effects-american-indian-boarding-schools.html
http://www.sciencedirect.com/science/article/pii/S0304387817300664
Combining recent reservation-level census data and school enrollment data from 1911 to 1932, I find that reservations that sent a larger share of students to off-reservation boarding schools have higher high school graduation rates, higher per capita income, lower poverty rates, a greater proportion of exclusively English speakers, and smaller family sizes. These results are supported when distance to the nearest off-reservation boarding school that subsequently closed is used as an instrument for the proportion of past boarding school students. I conclude with a discussion of the possible reasons for this link.

...

Last, the link drawn here between higher boarding school share and assimilation should not be misinterpreted as an endorsement of coercive assimilation.
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august 2017 by nhaliday
Reckonings; A Rent Affair - The New York Times
Economists who have ventured into the alleged real world often quote Princeton's Alan Blinder, who has formulated what he calls ''Murphy's Law of economic policy'': ''Economists have the least influence on policy where they know the most and are most agreed; they have the most influence on policy where they know the least and disagree most vehemently.'' It's flip and cynical, but it's true.
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august 2017 by nhaliday
The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade
Adjustment in local labor markets is remarkably slow, with wages and labor-force participation rates remaining depressed and unemployment rates remaining elevated for at least a full decade after the China trade shock commences. Exposed workers experience greater job churning and reduced lifetime income. At the national level, employment has fallen in the US industries more exposed to import competition, as expected, but offsetting employment gains in other industries have yet to materialize.

Slicing the Pie: Quantifying the Aggregate and Distributional Effects of Trade: http://www.nber.org/papers/w23737
We find that the China shock increases average welfare but some groups experience losses as high as five times the average gain. Adjusted for plausible measures of inequality aversion, gains in social welfare are positive and only slightly lower than with the standard aggregation.

The Surprisingly Swift Decline of US Manufacturing Employment: https://www.aeaweb.org/articles?id=10.1257/aer.20131578
- Justin R. Pierce, Peter K. Schott
This paper links the sharp drop in US manufacturing employment after 2000 to a change in US trade policy that eliminated potential tariff increases on Chinese imports. Industries more exposed to the change experience greater employment loss, increased imports from China, and higher entry by US importers and foreign-owned Chinese exporters. At the plant level, shifts toward less labor-intensive production and exposure to the policy via input-output linkages also contribute to the decline in employment. Results are robust to other potential explanations of employment loss, and there is no similar reaction in the European Union, where policy did not change.

China-Like Wages Now Part Of U.S. Employment Boom: https://www.forbes.com/sites/kenrapoza/2017/08/04/china-like-wages-now-part-of-u-s-employment-boom/

U.S. Companies Were Hurt by Trade With China Too: https://www.bloomberg.com/view/articles/2016-12-12/u-s-companies-were-hurt-by-trade-with-china-too
David Autor and David Dorn are two human wrecking balls smashing the edifice of economics consensus. For decades, the one big thing economists could agree on was that free trade, on balance, was good for the U.S. economy. Now, in a series of papers with a variety of co-authors, Autor and Dorn have shown that the dramatic increase in U.S. trade with China in the 2000s was a different and far more destructive beast -- a phenomenon commonly called the China Shock.

The first of these papers showed that the China Shock left deep and lasting scars on huge swathes of the American workforce. The second demonstrated that the China Shock increased political polarization. Now, together with Gordon Hanson, Pian Shu, and Gary Pisano, the wrecking-ball duo have a third paper, showing that the China Shock decreased U.S. corporate innovation.

Importing Political Polarization?: The Electoral Consequences of Rising Trade Exposure: http://economics.mit.edu/files/11499
Trade-exposed districts with an initial majority white population or initially in Republican hands became substantially more likely to elect a conservative Republican, while trade-exposed districts with an initial majority-minority population or initially in Democratic hands became more likely to elect a liberal Democrat.

The China Shock was Matched by a China Boom: http://marginalrevolution.com/marginalrevolution/2018/01/china-shock-matched-china-boom.html
Our results fit the textbook story that job opportunities in exports make up for jobs lost in import-competing industries, or nearly so. Once we consider the export side, the negative employment effect of trade is much smaller than is implied in the previous literature. Although our analysis finds net job losses in the manufacturing sector for the US, there are remarkable job gains in services, suggesting that international trade has an impact on the labour market according to comparative advantage. The US has comparative advantages in services, so that overall trade led to higher employment through the increased demand for service jobs.
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august 2017 by nhaliday
Population Growth and Technological Change: One Million B.C. to 1990
The nonrivalry of technology, as modeled in the endogenous growth literature, implies that high population spurs technological change. This paper constructs and empirically tests a model of long-run world population growth combining this implication with the Malthusian assumption that technology limits population. The model predicts that over most of history, the growth rate of population will be proportional to its level. Empirical tests support this prediction and show that historically, among societies with no possibility for technological contact, those with larger initial populations have had faster technological change and population growth.

Table I gives the gist (population growth rate scales w/ tech innovation). Note how the Mongol invasions + reverberations stand out.

https://jasoncollins.org/2011/08/15/more-people-more-ideas-in-the-long-run/
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august 2017 by nhaliday
Is the economy illegible? | askblog
In the model of the economy as a GDP factory, the most fundamental equation is the production function, Y = f(K,L).

This says that total output (Y) is determined by the total amount of capital (K) and the total amount of labor (L).

Let me stipulate that the economy is legible to the extent that this model can be applied usefully to explain economic developments. I want to point out that the economy, while never as legible as economists might have thought, is rapidly becoming less legible.
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august 2017 by nhaliday
The Determinants of Trust
Both individual experiences and community characteristics influence how much people trust each other. Using data drawn from US localities we find that the strongest factors that reduce trust are: i) a recent history of traumatic experiences, even though the passage of time reduces this effect fairly rapidly; ii) belonging to a group that historically felt discriminated against, such as minorities (black in particular) and, to a lesser extent, women; iii) being economically unsuccessful in terms of income and education; iv) living in a racially mixed community and/or in one with a high degree of income disparity. Religious beliefs and ethnic origins do not significantly affect trust. The latter result may be an indication that the American melting pot at least up to a point works, in terms of homogenizing attitudes of different cultures, even though racial cleavages leading to low trust are still quite high.

Understanding Trust: http://www.nber.org/papers/w13387
In this paper we resolve this puzzle by recognizing that trust has two components: a belief-based one and a preference based one. While the sender's behavior reflects both, we show that WVS-like measures capture mostly the belief-based component, while questions on past trusting behavior are better at capturing the preference component of trust.

MEASURING TRUST: http://scholar.harvard.edu/files/laibson/files/measuring_trust.pdf
We combine two experiments and a survey to measure trust and trustworthiness— two key components of social capital. Standard attitudinal survey questions about trust predict trustworthy behavior in our experiments much better than they predict trusting behavior. Trusting behavior in the experiments is predicted by past trusting behavior outside of the experiments. When individuals are closer socially, both trust and trustworthiness rise. Trustworthiness declines when partners are of different races or nationalities. High status individuals are able to elicit more trustworthiness in others.

What is Social Capital? The Determinants of Trust and Trustworthiness: http://www.nber.org/papers/w7216
Using a sample of Harvard undergraduates, we analyze trust and social capital in two experiments. Trusting behavior and trustworthiness rise with social connection; differences in race and nationality reduce the level of trustworthiness. Certain individuals appear to be persistently more trusting, but these people do not say they are more trusting in surveys. Survey questions about trust predict trustworthiness not trust. Only children are less trustworthy. People behave in a more trustworthy manner towards higher status individuals, and therefore status increases earnings in the experiment. As such, high status persons can be said to have more social capital.

Trust and Cheating: http://www.nber.org/papers/w18509
We find that: i) both parties to a trust exchange have implicit notions of what constitutes cheating even in a context without promises or messages; ii) these notions are not unique - the vast majority of senders would feel cheated by a negative return on their trust/investment, whereas a sizable minority defines cheating according to an equal split rule; iii) these implicit notions affect the behavior of both sides to the exchange in terms of whether to trust or cheat and to what extent. Finally, we show that individual's notions of what constitutes cheating can be traced back to two classes of values instilled by parents: cooperative and competitive. The first class of values tends to soften the notion while the other tightens it.

Nationalism and Ethnic-Based Trust: Evidence from an African Border Region: https://u.osu.edu/robinson.1012/files/2015/12/Robinson_NationalismTrust-1q3q9u1.pdf
These results offer microlevel evidence that a strong and salient national identity can diminish ethnic barriers to trust in diverse societies.

One Team, One Nation: Football, Ethnic Identity, and Conflict in Africa: http://conference.nber.org/confer//2017/SI2017/DEV/Durante_Depetris-Chauvin.pdf
Do collective experiences that prime sentiments of national unity reduce interethnic tensions and conflict? We examine this question by looking at the impact of national football teams’ victories in sub-Saharan Africa. Combining individual survey data with information on over 70 official matches played between 2000 and 2015, we find that individuals interviewed in the days after a victory of their country’s national team are less likely to report a strong sense of ethnic identity and more likely to trust people of other ethnicities than those interviewed just before. The effect is sizable and robust and is not explained by generic euphoria or optimism. Crucially, national victories do not only affect attitudes but also reduce violence. Indeed, using plausibly exogenous variation from close qualifications to the Africa Cup of Nations, we find that countries that (barely) qualified experience significantly less conflict in the following six months than countries that (barely) did not. Our findings indicate that, even where ethnic tensions have deep historical roots, patriotic shocks can reduce inter-ethnic tensions and have a tangible impact on conflict.

Why Does Ethnic Diversity Undermine Public Goods Provision?: http://www.columbia.edu/~mh2245/papers1/HHPW.pdf
We identify three families of mechanisms that link diversity to public goods provision—–what we term “preferences,” “technology,” and “strategy selection” mechanisms—–and run a series of experimental games that permit us to compare the explanatory power of distinct mechanisms within each of these three families. Results from games conducted with a random sample of 300 subjects from a slum neighborhood of Kampala, Uganda, suggest that successful public goods provision in homogenous ethnic communities can be attributed to a strategy selection mechanism: in similar settings, co-ethnics play cooperative equilibria, whereas non-co-ethnics do not. In addition, we find evidence for a technology mechanism: co-ethnics are more closely linked on social networks and thus plausibly better able to support cooperation through the threat of social sanction. We find no evidence for prominent preference mechanisms that emphasize the commonality of tastes within ethnic groups or a greater degree of altruism toward co-ethnics, and only weak evidence for technology mechanisms that focus on the impact of shared ethnicity on the productivity of teams.

does it generalize to first world?

Higher Intelligence Groups Have Higher Cooperation Rates in the Repeated Prisoner's Dilemma: https://ideas.repec.org/p/iza/izadps/dp8499.html
The initial cooperation rates are similar, it increases in the groups with higher intelligence to reach almost full cooperation, while declining in the groups with lower intelligence. The difference is produced by the cumulation of small but persistent differences in the response to past cooperation of the partner. In higher intelligence subjects, cooperation after the initial stages is immediate and becomes the default mode, defection instead requires more time. For lower intelligence groups this difference is absent. Cooperation of higher intelligence subjects is payoff sensitive, thus not automatic: in a treatment with lower continuation probability there is no difference between different intelligence groups

Why societies cooperate: https://voxeu.org/article/why-societies-cooperate
Three attributes are often suggested to generate cooperative behaviour – a good heart, good norms, and intelligence. This column reports the results of a laboratory experiment in which groups of players benefited from learning to cooperate. It finds overwhelming support for the idea that intelligence is the primary condition for a socially cohesive, cooperative society. Warm feelings towards others and good norms have only a small and transitory effect.

individual payoff, etc.:

Trust, Values and False Consensus: http://www.nber.org/papers/w18460
Trust beliefs are heterogeneous across individuals and, at the same time, persistent across generations. We investigate one mechanism yielding these dual patterns: false consensus. In the context of a trust game experiment, we show that individuals extrapolate from their own type when forming trust beliefs about the same pool of potential partners - i.e., more (less) trustworthy individuals form more optimistic (pessimistic) trust beliefs - and that this tendency continues to color trust beliefs after several rounds of game-play. Moreover, we show that one's own type/trustworthiness can be traced back to the values parents transmit to their children during their upbringing. In a second closely-related experiment, we show the economic impact of mis-calibrated trust beliefs stemming from false consensus. Miscalibrated beliefs lower participants' experimental trust game earnings by about 20 percent on average.

The Right Amount of Trust: http://www.nber.org/papers/w15344
We investigate the relationship between individual trust and individual economic performance. We find that individual income is hump-shaped in a measure of intensity of trust beliefs. Our interpretation is that highly trusting individuals tend to assume too much social risk and to be cheated more often, ultimately performing less well than those with a belief close to the mean trustworthiness of the population. On the other hand, individuals with overly pessimistic beliefs avoid being cheated, but give up profitable opportunities, therefore underperforming. The cost of either too much or too little trust is comparable to the income lost by forgoing college.

...

This framework allows us to show that income-maximizing trust typically exceeds the trust level of the average person as well as to estimate the distribution of income lost to trust mistakes. We find that although a majority of individuals has well calibrated beliefs, a non-trivial proportion of the population (10%) has trust beliefs sufficiently poorly calibrated to lower income by more than 13%.

Do Trust and … [more]
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august 2017 by nhaliday
Immigrants and Everest, Bryan Caplan | EconLog | Library of Economics and Liberty
Immigrants use less welfare than natives, holding income constant. Immigrants are far less likely to be in jail than natives, holding high school graduation constant.* On the surface, these seem like striking results. But I've heard a couple of smart people [Garett Jones] demur with an old statistics joke: "Controlling for barometric pressure, Mount Everest has the same altitude as the Dead Sea." Sometimes controls conceal the truth rather than laying it bare.
https://twitter.com/GarettJones/status/897153018503852033
https://archive.is/9k2Ww
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august 2017 by nhaliday
加雷特•琼斯 on Twitter: "The hottest take would be Krehbiel's Legislative Organization angle: Five members are more than enough if they're on the same subcommittee. https://t.co/kebW0la9bF"
https://archive.is/fur9V

https://twitter.com/GarettJones/status/893504340496961537
https://archive.is/fur9V
As if more than five members of Congress could understand this.

Don't know! I know that we're all supposed to endorse open government, but that presumption should be interrogated.

Bring Back the Smoke-Filled Rooms: http://web.archive.org/web/20150503211359/http://cookpolitical.com/story/8407

https://twitter.com/GarettJones/status/893506016905752577
https://archive.is/LGtHN
Lowi's End of Liberalism & McCubbins/Schwartz 🔥 Alarms haunt CBO oversight:
Members won't get expertise: Delegation is the only option.

Lowi: https://medium.com/amor-mundi/ted-lowi-in-memoriam-of-his-work-bc88822b3419
basically the managerial state

A second, and more dangerous form of bureaucracy, is “government by decree.” It is a government that sees the law as a hindrance, an obstacle to be overcome in the bureaucratic effort to govern the people directly. Decrees are anonymous. They give the impression of constant action. It is government that eschews principles for the quick and personalized response to ever-changing circumstances. Arendt writes, “People ruled by decree never know what rules them because of the impossibility of understanding decrees in themselves and the carefully organized ignorance of specific circumstances and their practical significance in which all administrators keep their subjects.”

Reflecting Arendt, Lowi argues that liberalism has led in the United States to a government of “policy without law,” something like a government by decree. An essential part of this government by decree is the abandonment by the Congress of its governing responsibility, which it has increasingly delegated to the administrative state. The effort of liberal government, Lowi argues, is to “avoid enunciating a rule” and to replace clear rules and standards with “the principle of bargaining on each decision.” This is in fact Lowi’s overarching thesis: That liberalism replaces power with bargaining. “Liberal governments cannot plan. Planning requires the authoritative use of authority. Planning requires law, choice, priorities, moralities. Liberalism replaces planning with bargaining. Yet at bottom, power is unacceptable without planning.”

In the second edition of The End of Liberalism, Lowi added a subtitle, “The Second Republic of the United States.” The book tells a story of the transformation from the First to the Second Republic. In the First Republic, which goes from 1787 until about 1960, the states did most of the governing. The national government was both small and, more importantly, did very little governing. To the extent the federal government did govern, government was “Congress-centered.” The Congress was the main legislative arm of government. It was where the power of the Federal government was located.

...

The result of such a government by administration is what Lowi calls “socialism for the organized, capitalism for the unorganized.” It is a system that favors bigger and more organized businesses, unions, and interest groups. “It is biased not so much in favor of the rich as in favor of the established and the organized…. Above all it respects the established jurisdictions of government agencies and the established territories of private corporations and groups.” In short, the Second Republic offers a kind of politics that is “supportive of the clientele it seeks to deal with,” the organized interest groups that make claims upon it.

The Strength of a Weak State: The Rights Revolution and the Rise of Human Resources Management Divisions: http://scholar.harvard.edu/files/dobbin/files/1998_ajs_sutton.pdf

related: https://pinboard.in/u:nhaliday/b:e295cdb33beb

'police patrol' vs. 'faire alarms': https://www.unc.edu/~fbaum/teaching/PLSC541_Fall08/mcubbins_schwartz_1984.pdf
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august 2017 by nhaliday
Inherited Trust and Growth - American Economic Association
This paper develops a new method to uncover the causal effect of trust on economic growth by focusing on the inherited component of trust and its time variation. We show that inherited trust of descendants of US immigrants is significantly influenced by the country of origin and the timing of arrival of their forebears. We thus use the inherited trust of descendants of US immigrants as a time-varying measure of inherited trust in their country of origin. This strategy allows to identify the sizeable causal impact of inherited trust on worldwide growth during the twentieth century by controlling for country fixed effects. (JEL N11, N12, N31, N32, O47, Z13)

key data:
Table 1, Figure 1, Figure 3, Figure 4

Trust Assimilation in the United States, Bryan Caplan: http://econlog.econlib.org/archives/2017/05/trust_assimilat.html

How Durable are Social Norms? Immigrant Trust and Generosity in 132 Countries: http://www.nber.org/papers/w19855
We find that migrants tend to make social trust assessments that mainly reflect conditions in the country where they now live, but they also reveal a significant influence from their countries of origin. The latter effect is one-third as important as the effect of local conditions. We also find that the altruistic behavior of migrants, as measured by the frequency of their donations in their new countries, is strongly determined by social norms in their new countries, while also retaining some effect of the levels of generosity found in their birth countries. To show that the durability of social norms is not simply due to a failure to recognize new circumstances, we demonstrate that there are no footprint effects for immigrants’ confidence in political institutions. Taken together, these findings support the notion that social norms are deeply rooted in long-standing cultures, yet are nonetheless subject to adaptation when there are major changes in the surrounding circumstances and environment.

The autocratic roots of social distrust: http://sci-hub.tw/https://www.sciencedirect.com/science/article/pii/S0147596717300951
This paper identifies a new source of social distrust: an individual’s autocratic
origin.
 Individuals whose ancestors migrated from countries with higher autocracy
levels are less likely to trust others and to vote in presidential elections in the
U.S.
 The impact of autocratic culture on trust lasts for at least three generations
whereas the impact on voting disappears after one generation.
 The results are not driven by selection into migration or other factors such as the
GDP, education, or the strength of family ties in home countries in the U.S.
 Autocratic culture also has similar impacts on trust and voting across Europe.
study  economics  growth-econ  broad-econ  cultural-dynamics  anthropology  trust  cohesion  social-capital  causation  endo-exo  natural-experiment  history  early-modern  pre-ww2  mostly-modern  migration  usa  🎩  pdf  piracy  putnam-like  social-norms  s:*  cliometrics  econometrics  civic  culture  microfoundations  europe  nordic  mediterranean  germanic  regression  the-great-west-whale  occident  n-factor  africa  latin-america  divergence  britain  anglo  anglosphere  gallic  EU  india  asia  outliers  data  variance-components  correlation  path-dependence  general-survey  cooperate-defect  econ-metrics  macro  multi  charity  altruism  flux-stasis  volo-avolo  econotariat  cracker-econ  org:econlib  rhetoric  assimilation  analysis  axelrod  attaq  endogenous-exogenous  branches  authoritarianism  antidemos  age-generation  elections  polisci  political-econ  hari-seldon  alignment  time 
july 2017 by nhaliday
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