Gongol.com Archives: March 2019
March 5, 2019
Deutsche Welle: "Three suspicious packages were found on Tuesday at Heathrow Airport, London City Airport and Waterloo railway station in the British capital."
There's cheap, and then there's Midwestern Cheap
Regarding a promotion that pegs the price of a Runza sandwich to the temperature in winter: "[Y]ou would be shocked at what we sell if it is 20 cents or 5 cents. There's a huge difference in the quantity that we move."
March Madness: When Madisonian Federalism gets its biggest stage?
James Madison: "Many considerations, besides those suggested on a former occasion, seem to place it beyond doubt that the first and most natural attachment of the people will be to the governments of their respective States." ■ But do we see that outside of the NCAA tournament season? Despite the silly framing, it's a serious question.
Forecasting is really good -- now, to figure out public messaging
Marshall Shepherd: "A good forecast is not good if it is not received and acted upon. Even as meteorologists point out how good the forecast was, the sad reality is that people still died. We are in the business of saving lives and property; not self-affirmation." ■ Atmospheric science has made giant strides -- permitting forecasters to see severe storm outbreaks days in advance, and to issue high-quality warnings when the storms arrive. Now, it's time for social science to make similar strides. This is actually an area where economists can have a surprising impact: Behavioral econ is all about questions of risk and expectations. If people are irrational in their personal risk-reward calculations, then there's probably room for economists to hold hands with meteorologists and start figuring out ways to help people make smarter decisions.
"Modern monetary theory" is just another economic fraud
Larry Summers: "As with any tax, there is a limit to the amount of revenue that can be raised via such an inflation tax." ■ Inflation is a tax. It is always a tax. And modest, predictable inflation is a necessary tax. But as with medication, the dose matters.
"The most old-man Millennial ever" finds his doppelganger
...in the 1800s
