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Arnold Kling: July 2005
An Author Archive by Month (18 entries)
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July 31, 2005
Alternative Economics
Arnold Kling
Michael Blowhard summarizes two books attacking mainstream economics. For most of the "Changing Face" crowd, the field needs some correction, but nothing fundamental. One mathematical-modeling whiz says straight-out that there's nothing wrong with mathematical modeling that better mathematical modeling can't... MORE
Energy, Environment, Resources
Arnold Kling
is still in the future, according to Daniel Yergin. There will be a large, unprecedented buildup of oil supply in the next few years. Between 2004 and 2010, capacity to produce oil (not actual production) could grow by 16 million... MORE
July 29, 2005
Cost-benefit Analysis
Arnold Kling
In this essay, I argue that in the wake of the London bombings that screening passengers is still not cost effective. I am pretty sure that any cost-benefit analysis of "equal-opportunity" screening would reach an adverse determination. Crude racial profiling... MORE
July 27, 2005
Growth: Causal Factors
Arnold Kling
In the second essay in a series, I write, Think of the economy as a restaurant, or, better yet, as a Food Court. Behind the Food Court there is a farm, where plants and animals grow spontaneously in adequate but... MORE
July 25, 2005
Books: Reviews and Suggested Readings
Arnold Kling
In this essay, I continue to praise Perry Mehling's biography of Fischer Black. Thanks to an outstanding new intellectual biography by Perry Mehrling, I have been reminded of Fischer Black's distinctive perspective on finance and economics. I want to use... MORE
July 24, 2005
Economics of Health Care
Arnold Kling
Stephen Cha attacks the pharmaceutical industry's practice of showering gifts on physicians. Food, trinkets, pens and coffee mugs were being handed out to the whole office staff, about 20 people including med students and doctors -- all courtesy of Merck... MORE
July 22, 2005
Income Distribution
Arnold Kling
Catching up on a week's worth of blog reading, the best thing I missed appears to be this post by Will Wilkinson. Richard Layard points out that one's perceived position in the income distribution is a better predictor of self-reported... MORE
July 21, 2005
Behavioral Economics and Rationality
Arnold Kling
The Wall Street Journal reports on a neuroeconomics experiment that compared emotionally-impaired investors with normal investors. The 15 brain-damaged participants that were the focus of the study had normal IQs, and the areas of their brains responsible for logic and... MORE
July 20, 2005
Books: Reviews and Suggested Readings
Arnold Kling
A while back, Tyler Cowen recommended Perry Mehrling's book on finance theorist Fischer Black. I read it while on vacation this past week. I strongly endorse Tyler's recommendation. Black co-developed a formula for option pricing which garnered a Nobel Prize,... MORE
July 14, 2005
Economics of Health Care
Arnold Kling
The Wall Street Journal reports on a new form of health insurance. The illnesses covered under the policies vary. Policies typically insure for certain forms of cancer, heart disease and stroke, but some cover a far longer list of ailments,... MORE
July 13, 2005
Income Distribution
Arnold Kling
Robert J. Samuelson writes, Since 1970 the size of the average home has increased 55 percent (to 2,330 square feet), while the size of the average family has decreased 13 percent... the new American home is a residential SUV. It's... MORE
Economics of Health Care
Arnold Kling
This news story reports, Hospitals in Pennsylvania are underreporting a serious infection problem that, by their estimates, last year sickened 11,668, killed 1,793 and added $2 billion to the bill. ... Charles Inlander, a local consumer advocate and member of... MORE
July 8, 2005
Income Distribution
Arnold Kling
In this essay, I offer some advice for people who care about African poverty. 1. The world is a complex place. The farther you are removed from a situation, the less likely that your intervention there will do good and... MORE
July 7, 2005
Regulation and Subsidies
Arnold Kling
What do the Kelo decision and eugenics have in common? In this essay, I argue that both involve a faith in government to manage social good while overturning individual rights. we are entitled to hope that our legislators and appointed... MORE
July 6, 2005
Income Distribution
Arnold Kling
While the consistently pessimistic and erroneous Louis Uchitelle is reassuring elitists that America's middle class is insecure and in need of help, economist Steve Rose is crunching some numbers. The approach used here tracks family incomes over 15 years for... MORE
July 5, 2005
Social Security
Arnold Kling
Allan Sloan praises General Motors. the company traded that implicit pension obligation for explicit debt with an interest rate of 7.5 percent and an average maturity of 19 years... GM says that without the big 2003 deal, it would have... MORE
Economic Philosophy
Arnold Kling
James Q. Wilson and I offer similar criticisms of the economics book that became a best-seller. Wilson writes, My advice is this: if you find something that intrigues you in Freakonomics, do not rely on the book to give you... MORE
July 4, 2005
Economics of Health Care
Arnold Kling
Following up on Bryan's post, a couple of points. He quotes Robin Hanson to the effect that a RAND study found that people who reduced health care spending by 25 or 30 percent showed little benefits, although "Blood pressure may... MORE
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