Quotes & Links #45


1) medium.com/bull-market: In defence of can-kicking

Measured as share of tax revenues, Greek government interest payments are now lower than when Greece joined the Euro.

2) medium.com/bull-market: The Magnitude of Inequality
Good graphs.

3) spiegel.de: Erfindungen – Die Entdeckung der Zeit

Dadurch waren die Stunden je nach Jahreszeit unterschiedlich lang, eine Tagstunde etwa dauerte im Sommer bis zu 80, im Winter dagegen nur rund 40 Minuten.

4) brahmanstream.co.uk: Greece – a simple maceconomic guide

In the end, the IMF was only able to secure agreement for the Greek bailout to prevent a breakdown of the global financial system resulting from a disorderly Greek default and not to ease the pace of adjustment.

A good reminder on the economic and more so political realities at that time. Even if the best economic solution is obvious, it’s not always political achievable. Personally, I’m not sure that a slow adjustment is actually much better than a sudden one (guess, I should search for some literature). A slow adjustment might lead to even more insecurity in the medium-term or makes the organization of opposition easier, which then undermines any future adjustment. If your goal is to have 30% adjustment of whatever then it might be easier and more feasible to do it as quickly as possible.

5) nature.com: Physicists make ‘weather forecasts’ for economies
An interesting model. I’m not too convinced that it’s much better than the ones we have yet, but we’ll see.

6) washingtonpost.com/wonkblog: Patricia Arquette gets it: The real gender wage gap is for moms

What’s more, while the overall gender wage gap has been shrinking in the United States, the discrepancy for mothers has been growing, and it gets wider with every additional child.

I really liked this graph, too.

7) timharford.com: Overconfidence man

Perhaps that’s true, although a paper published by the decision scientists Max Henrion and Baruch Fischhoff, almost 15 years after Feynman’s lecture, found that same pattern of gradual convergence in other estimates of physical constants such as Avogadro’s number and Planck’s constant.

8) macromarketmusings.com: The Eurozone Counterfactual

So once again, the evidence points to something unique to the Eurozone that affects both the economy and fiscal policy. The Eurozone’s tight monetary policy over this period fits the billing.

I wish Kantoos would be still in the game. He had some nice graphs how tight monetary policy also threw Germany under the bus in the early 2000s. The debate him and Varoufakis was also quite interesting. Alas…

9) spectator.co.uk: How do bright schoolgirls fall for jihadis? The same way they fall for Justin Bieber

10) pando.com: The War Nerd – Why did Mohammed Emwazi become Jihadi John? (via @Noahpinion)

He’s not a victim, he’s not a hero, he’s just an ordinary dumb young man who translated his family history into a religious grudge—a common move—and rode it to cheap stardom making snuff videos, with a cheap dime-novel death coming up any day now.

11) sciencebasedmedicine.org: Psychology Journal Bans Significance Testing

However, the p-value was never meant to be the sole measure of whether or not a particular hypothesis is true. Rather it was meant only as a measure of whether or not the data should be taken seriously.

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