17 February 2016

The Constitution was designed to weed out demagogues. Now it encourages them.

Andrew Sabl


Hillary Clinton and the audacity of political realism

What Clinton is relearning in the snows of Iowa and New Hampshire is that there's nothing audacious about hope. Hope is the one commodity every voter wants to buy. It's pragmatism that you can't sell.

Ezra Klein


16 February 2016

The Republican establishment can fix its problems by picking a name out of a hat

In the language of game theory, this is a focal point problem. If all the establishment voters/donors could agree on one of the “establishment four” candidates, that candidate could be a viable competitor to Trump and Cruz. But establishment voters/donors are uncertain about which one of the four that will be — and so votes and money get split.

Joshua Tucker

Potemkin Ideologies

Paul Krugman

12 February 2016

Book Review: "Economics Rules"

Noah Smith

City Upon A Hill: A History Of American Exceptionalism [audio]

In his final State of the Union address, President Obama called America "the most powerful nation on Earth," saying, "When it comes to every important international issue, people of the world do not look to Beijing or Moscow to lead—they call us." President Obama is hardly the first leader to talk about American exceptionalism. But just how "exceptional" is America? And why does it matter? In this episode of BackStory, we'll go behind the rhetoric to unpack the history and meaning of the term and assess the changing meanings of "American exceptionalism" over time.

BackStory

05 February 2016

101ism

Noah Smith

The Theory of Everything and Then Some

In complexity theory, physicists try to understand economics while sociologists think like biologists. Can they bring us any closer to universal knowledge?

David Auerbach

18 January 2016

Mutual Funds Enrich the Financial Services Industry at Your Expense

Channel Warren Buffett and invest in low-cost index funds instead.

Helaine Olen and Harold Pollack

Retiring members of Congress illustrate the problems with the campaign finance system

And here's the problem: Regardless of what you think about the influence of campaign contributions on policy outcomes, or about the free speech value of money, fundraising clearly takes up an awful lot of members' time.
This is time they could be spending reading briefing binders, attending hearings, getting to know colleagues — exactly the kinds of things you'd expect members of Congress to do. Instead, they spend countless hours depressingly dialing for dollars, listening sympathetically to wealthy and generally partisan donors.
Perhaps even worse, who the hell wants to sign up for this job in the first place? Who wants to self-telemarket for hours on end? It takes abnormal amounts of narcissistic hubris, which most thoughtful people just don't have. Frankly, Congress could probably use a little more self-doubt. It might open up members to more alternative viewpoints.

11 January 2016

Making And Using Models

What, after all, are economic models for? They are definitely not Truth. They are, however, a way to make sure that the stories you tell hang together, that they involve some plausible combination of individual behavior and interaction of those plausibly behaving individuals.

Paul Krugman

Marco Rubio’s terrible new idea

Paul Waldman

07 January 2016

06 January 2016

The elusive 2% inflation target

The FRED Blog

To anyone who believes that the inflation target of the Board of Governors of the Federal Reserve is actually 2%: Conscience Warrior has a bridge for sale in Brooklyn...

Long Road to Hell: America in Iraq [audio]

01 January 2016

This is a crucial and underappreciated point about why defeating ISIS is so difficult

"Every country in the Middle East is at war with ISIS. Yet none of them see ISIS as their primary enemy. In their view, Knights explains, the war against ISIS is merely a precursor to what they believe will be far more important battles to come, often against one another. 'In many cases actors are fighting the Islamic State purely to better position themselves for these other conflicts,' he writes. 'The many wars within the war against the Islamic State ... are already beginning.'"

Max Fisher

Why medicine costs so much in America

Julia Belluz

21 December 2015

America’s biggest housing program is run by the IRS, and it’s a huge giveaway to rich people

Dylan Matthews

One depressing quote perfectly sums up our relationship with gun violence

The regularity of mass killings breeds familiarity. The rhythms of grief and outrage that accompany them become — for those not directly affected by tragedy — ritualised and then blend into the background noise. That normalisation makes it ever less likely that America's political system will groan into action to take steps to reduce their frequency or deadliness.

Those who live in America, or visit it, might do best to regard them the way one regards air pollution in China: an endemic local health hazard which, for deep-rooted cultural, social, economic and political reasons, the country is incapable of addressing.

This may, however, be a bit unfair. China seems to be making progress on pollution.

The Economist, via Christopher Ingraham