New Music on the Left

Governor Perry's World

Rick Perry lives in a fantasy land supported by his fat cat, ethically challenged cronies. He has plenty of money to give to his friends and campaign supporters, but nothing for ordinary Texans. The Burnt Orange Report has juxtaposed Perry's view of the state of the State with responses from politicians and interest groups.

Republicans Attack Medicare

If you are a senior or are about to be one, you better up your savings rate. If the Republicans get their way and change the Medicare rules, your current level of care is going to cost more out of your pocket. Republican "freedom of choice" means you are free to choose a lower level of care or free to choose to pay more for the same level of care.

Top Economics Articles in the Last 100 Years

This list comprises the top 20 articles in the economics profession's main scholarly journal. The list is interesting for a number of reasons. But for me, chief among them is the fact that Peter Diamond is cited twice for articles on public debt and taxation. This is the same Peter Diamond on whom chief Senate moron Richard Shelby put a hold as a nominee to the Federal Reserve Board because he didn't think he was qualified. Of course, public debt and taxation are not currently important economic issues. Yes, this is the same Peter Diamond who just won the Nobel Prize in Economics. Who elects these Republican yahoos anyway?

We May All Need This Soon

Shelter From the Storm

A Climate Change Primer

To help explain why a cold January in Texas (and less golf for Craig) doesn't mean global warming isn't happening. The probability distribution of weather events.

Speculation and Markets

Paul Krugman supplies the clearest explanation why speculators can't move commodity prices--unless they are willing to actually take delivery. Commodity prices are driven by actual supply and demand. What many people don't understand is that it often takes significant price changes to reduce the quantity demanded of some commodities (price inelasticity).

Simple Gifts

Simple Gifts

Photos from a Shaker village in Massachusetts. I took these in 2005 when we visited western Massachusetts. This post was inspired by a recent post from Paul Krugman.

And the beautiful movement from Aaron Copeland's "Appalachian Spring," with photos from Ansel Adams.

Thought Experiments in Economics

It seems too many economists (or economist wannabes) don't even engage in thought, much less thought experiments. Here's a piece by Paul Krugman on some simple economic thought experiments that can lead to clear economic insights.

The Rich Get Richer (Compared to the Rest of Us)

This seems a contentious issue. While there can no longer be any doubt that income is becoming increasingly skewed in the US, a significant number of us seem to think that this is OK. Maybe it's a belief that we can preserve an opportunity for each of us to climb into the top ranks. Aside from winning the lottery, this seems a vain hope for anyone over 40 and a decreasing likelihood for most people under 40, given the declining amounts we seem willing to spend on things (like education) that are most likely to provide opportunity. For myself, I have a feeling that the increase in disparity is due to factors that reflect poor social allocation of resources.

For those who don't believe this trend is real, here are some data.