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Garett Jones: November 2012

An Author Archive by Month (14 entries)
Bryan takes me to task for my prediction that free market airline security would still be rigorous and intrusive.  His prediction:'s one massive cost-cutting, convenience-raising change I'd predict in a free market: Profiling.  Private security firms would still claim to... MORE

Mark Carney: Like William of Orange, a Political Import

Labor Mobility, Immigration, Outsourcing
Garett Jones
You've heard the news already that the Bank of England is importing a high-quality central banker from Canada.  This continues the tradition begun in 1688 (or was it 1066? or AD 43?) of importing the best talent rather than pushing for... MORE

Driving the Cool Kids Out

Business Economics
Garett Jones
Abercrombie and Fitch doesn't carry jeans with a waist size larger than 36 inches.  But the Centers for Disease Control reports that the median American male has a 40 inch waist. Why does A&F give up on so many potential... MORE

In an excellent Singapore econ-travelogue, Scott Sumner writes:My theory is that leftists don't really mind a place where income is unequal, they don't like places where income looks unequal. This is close to what pioneering blogger Mickey Kaus has been pushing... MORE

TARP: A Gift for the Bondholders

Garett Jones
When the federal government bought shares in the biggest banks, who benefited most: Shareholders or bondholders?  According to co-blogger Luigi Zingales and U Chicago professor Pietro Veronesi, the answer is clear: bondholders. They estimate the total benefit to banks at $131... MORE

Alex and some of the internet are noting that airline security might cost lives and does cost liberty. Yglesias asks one counterfactual: How many airplanes would be "blown up by terrorists" if there were no airline security?  I might have... MORE

Bloomberg's Moshinsky and Brunsden report: The shadow banking industry has grown to about $67 trillion, $6 trillion bigger than previously thought...The [Financial Stability Board, FSB], a global financial policy group comprised of regulators and central bankers, found that shadow banking grew... MORE

The Mouse's Power: Popularity or Cash?

Public Choice Theory
Garett Jones
Alex notes that once again, the Mouse appears to have won a copyright battle (he won a big one back in 1998).  So, is this evidence that most political outcomes are driven by cash?  Is this evidence that, contrary to... MORE

Would the Private Sector Make You Wear an Airplane Seatbelt?

Behavioral Economics and Rationality
Garett Jones
This week I tweeted:What argument do defenders of government-mandated airline seatbelt paternalism use? It can't be that plane crashes aren't salient to buyers.Note that I'm asking why the government has to mandate seatbelt usage.  Since people overestimate the chance of... MORE

Tax hikes, according to IMF research praised by Paul Krugman. The surprising thing is this is an IMF study that usually gets cited to show that spending cuts don't grow the economy---that "expansionary austerity" is a mere theorist's dream.  But this same research also provides evidence... MORE

Money Has Little Influence on U.S. Politics

Public Choice Theory
Garett Jones
Yesterday I tweeted:Will the reality-based community vocally embrace the repeated finding that money has little influence in U.S. politics? The link is to Tyler's discussion of a great lit review on money in politics.  Levitt has another good lit review with more... MORE

Brinksmanship and the Obama-Bush Tax Cuts

Fiscal Policy
Garett Jones
Matt Yglesias is claiming that POTUS and Congressional Democrats can safely ignore John Boehner: To take the bargaining process seriously at this point you have to believe that come 2013, House Republicans would actually refuse to cut taxes on the grounds... MORE

China's Empty Cities: A Family Affair?

Public Choice Theory
Garett Jones
This week I returned from a trip to Shanghai and Nanchang; the latter is in Jiangxi province, and as a GMU aside, the food in Jiangxi was stunning.  I was in Nanchang to give some lectures at Jiangxi University of... MORE

William of Orange, Political Import

Public Choice Theory
Garett Jones
In the corporate world, it's common for top executives to be recruited from outside the firm, even outside the industry.  But in American politics, convention and sometimes law require politicians to have longstanding ties to the geographic areas they ostensibly... MORE

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