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Garett Jones: February 2013

An Author Archive by Month (11 entries)
Citing an OECD study, Yglesias notes:...America has the highest-paid general practitioners in the world. Why is this?  Presumably American MDs are great at using credentialism to restrict the supply of labor, but there's another possible reason that deserves your attention. Really, a... MORE

The Washington Post reports that if the sequester happens...About 800,000 Defense Department civilians could face 22 unpaid leave days, spread out over as many weeks, amounting to a 20 percent pay cut over that period.Because work requirements will not fall,... MORE

Bowles-Simpson: Don't Fight the Focal Point

Fiscal Policy
Garett Jones
In today's US News Debate Club, I offer my views on the latest deficit reduction outline offered by Clinton Administration official Erskine Bowles and former GOP Senator and current curmudgeon Alan Simpson.  My closing sentence: We could do worse than the latest... MORE

Part of the reason money growth predicts real economic growth is because banks are in the business of being ahead of the curve: They lend money when they think a boom is likely in the near future, and they cut... MORE

Town Without Traffic Lights II

Garett Jones
In 2010, Alex wrote:Here's a video of a small town in Britain that turned its traffic lights off.  Order ensued.It's 2013.  Here's a video of another small town in Britain, Poynton, that turned its traffic lights off in the heart... MORE

The first rule of empirical social science is that correlation isn't causation: Purchases of baby strollers predict childbirth but few of us believe baby strollers cause childbirth. We're all trained in the post hoc fallacy, we're often looking for solutions... MORE

The Wall Street Journal's Mary Kissel tweets: Blocking Hagel sets a bad precedent & lets Obama label the GOP obstructionist. And what happens when the Rs take back the White House?[More on the Hagel non-filibuster here]Do precedents matter? Does my behavior... MORE

Assorted Tweets

Monetary Policy
Garett Jones
1.  "OK, who thinks sequestration would cause the Fed to boost QE?"If you're raising your hand, then you think the zero nominal bound on interest rates isn't a zero nominal bound on looser monetary policy.  And you think that the... MORE

The new Econ Journal Watch piece by David Cushman checks this claim that Krugman made in March is right to expect high growth in future if the economy is depressed now. I'm not writing about that quote, since Cushman and... MORE

You've heard the expression "retire in place": You stop putting in a real effort at work because your employer never fires anyone. The web is full of anecdotes about cushy jobs where you can retire in place and spend your... MORE

Government Hiring: An Axiomatic Stabilizer

Fiscal Policy
Garett Jones
Last week I said: It would be great to measure how much reported GDP volatility would fall if we calculated the whole thing the same way we calculate the government part of GDP. Since the government doesn't report profits, and since... MORE

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