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NZIER has released an “Insight” on internalities – specifically stating that this is one way we could justify some of the costs in the BERL alcohol report as being policy relevant. Eric Crampton discussed the release here. What are internalities? Internalities is the name for the cost associated with not being able to “commit” to […]
Following today’s discussion on an addiction study I have realised that I must have an addition. For the last 2 months I have been painfully addicted to a horrendous substance – not drinking (except for this one intervention that was staged about 3 weeks ago). It has had all the negative impacts associated with addiction: […]
Ed Prescott has written some pretty brainy stuff in his time. I’m particularly a fan of his work on dynamic inconsistency in economics with Finn Kydland. But, here we see why you should not make heroes of people.
Over at the Standard they discuss Bill English’s statement that we will become a “nation of savers”. Now their attack line is relatively weird, especially given that he is just saying that if we need a bigger deposit to buy a house we will have to save it – he doesn’t say we should take […]
How do we think the introduction of Kiwisaver has influenced the current economic environment? Well, Kiwisaver will have worked through a number of channels but fundamentally, in the short term, it would have propped up savings (note, when I say savings I am talking about PRIVATE savings, not NATIONAL savings) and thereby reduced CONSUMPTION. Where […]
When I drink on Friday I suffer from a commitment problem (likely stemming from my own time inconsistency *). Fundamentally, before drinking I don’t want to go into town and drink too much (as I have work to do on Saturday), the next day I would prefer it if I hadn’t drunk a lot, but […]