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National has announced policy to support first home buyers to take on more debt. It will have an entirely predictable outcome: higher house prices and higher debt. This will drastically increase the cost of the homes, which are as of now being sold. I recently took the assistance of a company to sell my house […]
The discussion about Milton Friedman going on at the moment is great fun – with a bunch of people discussing whether Friedman was Keynesian and what this even means. It all starts with Krugman attacking Friedman’s obsession with monetary aggregates.
Netflix makes a lot of money from understanding your viewing preferences and one thing they’ve learned is that ratings don’t matter, only viewing behaviour is predictive: Why do I see so many three- or even two-star movies in my recommendations? Gomez-Uribe: People rate movies like Schindler’s List high, as opposed to one of the silly […]
Saturday Morning Breakfast Cereal is so so good. And this cartoon is golden. Reminds me clearly on the description of economics given here – and why the determination to “make predictions” is a bit dodge. I see Barry Ritholz is also chatting on these things, I will be posting about that at some point! And […]
An interesting paper by Acemoglu and Robinson, who have long discussed the interaction between economics and politics. The basic point is that economists cannot afford to ignore politics when they make policy prescriptions. It’s well-known that policy prescriptions based on partial equilibrium models can be risky. A&R take that a step further and point out […]
Economists love wagers on beliefs – say as a tax on bullsh*t. We have seen a wager in the past here between a series of economists on inflation. Well here is a wager between journalists – Rob Hosking (NBR) saying that the RBNZ will lift the OCR by Christmas, and Bernard Hickey (Interest.co.nz, Herald columnist) […]