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TOTM With all the talk about the CFPB, Elizabeth Warren has been in the news lately. The blogs too. Most of the discussion has been about . . .
With all the talk about the CFPB, Elizabeth Warren has been in the news lately. The blogs too. Most of the discussion has been about whether or not Timothy Geithner is a friend or foe to the Democrats’ preferred option of getting Warren nominated as the first chief of the CFPB. Today, Megan McArdle started on what is a less interesting political topic, but a more interesting one for this blog with a long and detailed post on Elizabeth Warren taking on then-Professor Warren’s use of theory and data in the Two Income Trap and her controversial work on medical bankruptcies. McArdle later doubled-up with a be re-posting Todd Zywicki’s WSJ op-ed pointing out the odd manner in which tax data are presented in Two Income Trap. Put directly, Zywicki provides some evidence that the presentation (made in an attempt to show the increasing burdens of mortgage, car and health obligations) presents the data percentage terms in order to obfuscate the fact that changes in tax obligations play a much larger role in the economic burden facing the middle class than convenient for the story told in the book.
Read the full piece here.
Popular Media When we leave our houses, cars, money, children and bodies in others’ hands we might worry whether they will be there when we return or . . .
When we leave our houses, cars, money, children and bodies in others’ hands we might worry whether they will be there when we return or wake up. We can protect ourselves, as did primitive societies, by never leaving, bolting the doors or sticking with a small circle of friends and relatives. But delegating responsibility and control frees us to do what we enjoy or do best. Expert professionals and business people find new ways of keeping us healthy and making us money. Our willingness to buy and use the unfamiliar–to expand our circle of trust–encourages innovation.
TOTM Josh has recently discussed his thoughts about the intellectual trajectory of the newly-minted CFPB and how that intellectual trajectory might influence the selection of the . . .
Josh has recently discussed his thoughts about the intellectual trajectory of the newly-minted CFPB and how that intellectual trajectory might influence the selection of the Bureau’s first director–presumed to be either Michale Barr or Elizabeth Warren. His is a brief, dispassionate and intellectually-honest assessment. But given Simon Johnson’s brief, intemperate and intellectually-devoid assessment of the issue, I’m afraid Josh may be a bit naive.
TOTM I’ve been, for some time, a behavioral law and economics skeptic. Sometimes this position is confused with skepticism about behavioral economics, as in — believing . . .
I’ve been, for some time, a behavioral law and economics skeptic. Sometimes this position is confused with skepticism about behavioral economics, as in — believing that behavioral economics itself offers nothing useful to economic science or is illegitimate in some way. That’s not true. Now, I have some qualms about the explanatory power of some of the behavioral models as well — but the primary critique (in my view) has always been the threat that behavioral economics will be used as the intellectual cover for regulation judged by the preferences of the regulators rather than rigorous economic analysis of any sort.
TOTM Part 1 of this short blog series on “Nudging Antitrust,” focused on defining Commissioner Rosch’s recently articulated vision of behavioral economics as it relates to . . .
Part 1 of this short blog series on “Nudging Antitrust,” focused on defining Commissioner Rosch’s recently articulated vision of behavioral economics as it relates to antitrust and competition policy and its differences with more “conventional” economic approaches that are bound by the rationality assumption. By the way, one should note that these more conventional approaches include both Chicago and game-theoretic Post-Chicago approaches, though the Commissioner reserves most of his ire for the former. Today, in Part 2, I’ll turn to Commissioner Rosch’s vision for antitrust policy informed by a particular version of behavioral economics focuses on the Commissioners case against the critiques of behavioral economics as he interprets them.
TOTM The new Consumer Financial Protection Bureau is right around the corner Talk has now turned to who might run the powerful agency and what it . . .
The new Consumer Financial Protection Bureau is right around the corner Talk has now turned to who might run the powerful agency and what it might do. The WSJ names names…
TOTM Judge Posner offers his thoughts on financial reform, mostly negative, at Bloomberg. The thrust of the essay is that the financial regulation produced by the . . .
Judge Posner offers his thoughts on financial reform, mostly negative, at Bloomberg. The thrust of the essay is that the financial regulation produced by the political process has, at best, a poor nexus to the actual causes of the economic crisis, and that what we are left with is primary reorganization and reshuffling to look busy. Judge Posner discusses the political advantages to reshuffling as a response to government failure…
TOTM I don’t know. But apparently, industry analysts preliminarily think not. I tend to disagree. At least, I think its far too early to be . . .
I don’t know. But apparently, industry analysts preliminarily think not. I tend to disagree. At least, I think its far too early to be confident in either direction. Press reports, such as this one, are primarily relying on the report of an analyst who correctly points out that Apple’s market share would be an obstacle for a case against Apple…
TOTM Intel’s rebates are apparently given rise to a potentially whole new class of suits based on the notion recipients of the rebates at the center . . .
Intel’s rebates are apparently given rise to a potentially whole new class of suits based on the notion recipients of the rebates at the center of the Commission’s antitrust action should have been disclosed. The WSJ reports…
