Category: Economics

Well, No One I Know…

April 1, 2015 / / 0 Comments

For today’s bullshit story, we have a sociology professor complaining that economics majors – and even those who have just take economics – are bad people.

Her proof? A study that looked at the donating habits of college students. Except, it didn’t look at all the donating habits, just whether or not the student checked the box to donate to a liberal political group or a “nonpartisan” group trying to lower tuition. 

[Head pounds desk] 

For someone who is supposedly educated, Professor Fruit Loops seems oblivious to the glaring flaw in that conclusion. 

And the kicker:

Sociologist Amitai Etzioni takes a stab at an answer. He argues that neoclassical economics isn’t a problem in itself. Instead, the problem may be that there are no “balancing” classes, ones that present a different kind of economics. In other part of the academy, he argues â€” specifying social philosophy, politicalscience, and sociology– there is “a great variety ofapproaches are advanced, thereby leaving students witha consolidated debasing exposure and a cacophony ofconflicting pro-social views.”

Being exposed to a variety of views, including ones that question the premises of neoclassical economics, may be one way to make economists more honest and kind. And doing so isn’t just about sticking one to econ, it’s an issue of grave seriousness, as the criminal and immoral behavior of our financial leaders is exactly what triggered a Great Recession once… and could again.

Listen, Dr. Dipshit, the Great Recession was caused because technocrats decided they knew what was better for society and forced banks to make bad loans. What resulted was exactly what neoclassical economics predicted when government interferes with market forces.

People like these make it hard for me to take sociology seriously. 

FSM, I wish this was an April Fools post.

Austin, the Only City in Texas Trying to Get Rid of BBQ

March 31, 2015 / / 0 Comments

According to this story, the city of Austin has decided that barbecue joints need more regulatin’. I’m sure that those behind this measure will say it’s because of the environment, and how can these evil business people begrudge spending $20K to protect the future. [Insert sarcastic face].

I also have a sneaking suspicion that those behind this measure find barbecue on the “icky” side and really don’t care if some of the businesses go under because of their measure. 

Here’s hoping my favorite joint, the Ironworks, is still around the next time I make it to Austin. 

H/t Battleswarm 

There’s Gold in Them There…Sewage?

March 30, 2015 / / 0 Comments

According to this article in the Guardian, scientists are looking at extracting valuable metals from human waste.

Sewage sludge contains traces of gold, silver and platinum at levels that would be seen as commercially viable by traditional prospectors. “The gold we found was at the level of a minimal mineral deposit,” said Kathleen Smith, of the US Geological Survey.
Smith and her colleagues argue that extracting metals from waste could also help limit the release of harmful metals, such as lead, into the environment in fertilisers and reduce the amount of toxic sewage that has to be buried or burnt.

Bad jokes aside, this is actually an interesting concept. It also reinforces the concept that as the price for a commodity rises, human ingenuity will come up with new ways to access those commodities. 

In this case, the commode. (Sorry, couldn’t help myself).

Friday Quote – Steven Dubner

March 6, 2015 / / 0 Comments

People respond to incentives, although not necessarily in ways that are predictable or manifest. Therefore, one of the most powerful laws in the universe is the law of unintended consequences.

Steven Dubner

H/t Chris Byrnes on the Book of Face

Um, I Don’t Think You Understand What You’re Asking…

March 5, 2015 / / 0 Comments

My brother loves to cook. Loves to cook. He’s also very particular about getting the ingredients he uses in his cooking. (If we meet in meatspace, I’ll tell you the feta story.)

One of the companies he uses for spices is Penzeys Spices. Earlier this week, they sent out an email to their customers, the full text of which I’ve posted below. They’re making a big deal for Pi Day and want to make it into a day for science. Honestly, not a bad idea. They also want to combat the anti-science that’s so prevalent in society. Also not a bad idea. Here’s the part that triggered this post:

Where we still really need your help is in finding an economist or two to speak to why our deficit spending has left our economy and our humanity in so much better shape than what Europe is facing today. 

If Europe has proved anything, it’s that the Keynsian economic model of deficit spending doesn’t work. America’s economy has done well despite of the increased government spending, not because of it. In order for governments to spend more money, they must first take it from the private sector. 

What has government spending done for the economy? Propped up companies that should have failed and reinforced bad business practices. Taken funding away from innovation and investing. 

As for our humanity? I’m not convinced that indoctrinating people to believe that they can only succeed if their lord and masters in the government is beneficial to humanity. Take a look at the levels of private charity donations between the United States and European nations. 

In short, Penzeys is asking for data to confirm their biases, not a truly scientific measure of economics.

——— Forwarded message ———-

From: Penzeys Spices <penzeys@penzeys.com>
Date: Tue, Mar 3, 2015 at 7:54 PM
Subject: We need your help
The Pi Day of the century, 3.14/15 is only a little over a week away. For a time now Pi Day has been all about fun and of course pie, but with the way in recent years, science and even reality itself have come more and more under attack, I’m thinking maybe this year it’s time for Pi Day to emerge as something more than just fun. 
For so much of our history, the people of our country and the world have benefited greatly from the science-based reality that has shaped America’s future. Science may be based on numbers, but science’s actual value is in its humanity. It’s beyond doubt that through science and the honest representation of reality our lives have become safer, healthier and happier. 
Yet today the very science that has done so much to reduce suffering in our lives is now under attack. From the climate, to vaccines, to Wisconsin’s own Governor Walker’s belief that there are more votes in denying evolution than there are in embracing it, clearly somewhere something has gone very wrong. There is more than enough blame to go all around for how we got here, but maybe this is one of those times that where we are is not nearly as important as where we need to be.
Maybe rather than a debate of our differences, what we need is a celebration of what we share. At Penzeys we think Pi Day could grow into just the holiday we need. There really is no time to lose to get on to celebrating the truth of science-based reality and the math behind it. And there is also no time better than now to get back to celebrating the kindness, compassion and the nurturing nature of our shared humanity that has always been behind the very best that science has brought to our lives.
In Pi, the number is all the value and beauty and wonder that is at the heart of the reality science holds. In the gift of a good slice of pie, the desert is all the kindness and compassion that our shared humanity encompasses. Pi Day really is ready to become so much more. And could there be a better day to relaunch Pi Day as the holiday we truly need than 3.14/15; the Pi Day of the Century?
So we are reaching out to our customers for help. We need your stories and a recipe or two. We already have good stories in the works for living with climate change, the value of vaccines, evolution, and the psychology/brain chemistry of why as humans we are so resistant to seeing the certainty of climate change.
Where we still really need your help is in finding an economist or two to speak to why our deficit spending has left our economy and our humanity in so much better shape than what Europe is facing today. And we could also use one more person with the knowledge to speak to the monetary cost and the human cost of sending to prison people who simply need treatment instead.
For recipes we are flexible. Pies are great but not necessary. Maybe you have another baked good you like to share. Or possibly you have a way you like to make some other circular item: a sliced carrot recipe, scallops are always popular, or even a beet salad that’s an old family tradition would do the trick. We really are flexible.
The important thing is if you have the science, or the numbers, or the knowledge that is needed for good policy making in the fields of economics or restorative justice please actually contact us. Don’t wait for someone else to do it. Just email a phone number where we can reach you and I will have one of our friendly writers give you a call.
It’s time to get off the sidelines. We can’t let science and all the goodness it can bring to our lives be a victim of our cultural wars. I don’t mean to be overly dramatic, but the future really is at stake here. With your help 3.14/15 could be the turning point the world so very much needs.
We realize we are looking for a needle in a haystack here, and on short notice. If you know someone who fits what we are looking for, please forward this email to them, or better yet, give them a call.
Thanks,
Bill Penzey

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FDIC Shuts Down Operation Choke Point

January 30, 2015 / / 0 Comments

The FDIC is now telling banks that they don’t have to close accounts of legitimate businesses the .gov doesn’t like.

And it’s writing new rules to stop it from happening again!

To address concerns raised about Operation Choke Point, the FDIC will now require bank examiners to put in writing any recommendation or requirement for an account termination.

The examiner will also be required to indicate what law or regulation they believe the bank or the customer of the bank is violating.

Problem 1: Someone’s rung the bell. We are going to have to watch to ensure that subsequent administrations don’t pull the same trick.

Problem 2: Banks are, by and large, conservative organizations. Having been stung once for dealing with gun and gun-related industries, they may decide the risk is not worth the reward.

Make no mistake, this is a win for liberty and RKBA. The question is whether the damage can be repaired.