A Very Grey Swan Keynes and Knight famously simultaneously in 1921 identified the concept of fundamental uncertainty as a situation not understandable by using a probability distribution, an idea popularized by Nassim Taleb just as the 2008 crash happened as a “black swan.” Taleb defined white swans as situations describable by Gaussian normal distributions. For […]
by Ken Melvin Are capitalism and democracy compatible? Both Capitalism and Democracy are complicated, complex concepts with varying interpretations. Beginning with a working definition of democracy: Democracy — A government formed of representatives popularly elected by the enfranchised citizenry of the governed entity. Webster’s : a government in which the supreme power is vested in the people […]
Potential Pricing for Remdesivir The FDA has approved Remdesivir for emergency use and Gilead Science will denote its current 1.5 million vials, which could potentially treat 300 thousand patients as it takes 5 to 10 treatments per patient. The WHO wants more Remdesivir: The World Health Organization said Monday that it will speak with the U.S. government […]
by Joseph Joyce Is There a Future for FDI? Among the economic consequences of the coronavirus pandemic will be a drop in foreign direct investment activity. The latest issue of the OECD’s FDI In Figures forecasts a decline of more than 30% in 2020 in FDI flows, even under an optimistic scenario of a recovery in the […]
A good Anne Appelbaum read here at The Atlantic to which I subscribe to in print and via computer. The print-version makes for a brief case stuffer when I am flying somewhere far away. The Youtube depicts China as a Lego terra-cotta warrior with a low masculine voice and the United States as a Lego […]
(Dan here…Great comments for this post at Econospeak) Planet of the Humans: A De-Growth Manifesto Planet of the Humans, directed by Jeff Gibbs but featuring Michael Moore as its “presenter”, has been viewed by almost five and a half million people since it popped up on YouTube last month. In case you haven’t heard, it’s […]
Donald Trump Goes Absolutely Bonkers Over China (Last Thursday) President Trump erupted with a series of demands and threats against China, focusing on various claims about its role in the current pandemic. I have here noted some issues with China’s conduct, but Trump makes it completely impossible that there will be any of the much-needed […]
On April 20th Georgia Governor Kemp called for “reopening more of the state’s economy to minimize the ‘terrible impact of Covid-19 on public health and the pocketbook.’” It would apply to certain non-essential businesses. Kemp, who was later told by Trump it was too early to reopen Georgia’s economy, was following Trump’s lead to begin […]
Arnold Kling writes (my bold): Yesterday’s post on lockdown socialism was unusual for me, in that it was not aimed at persuading someone who might disagree. Let me approach the topic by trying to make the best case for the other side. If I were a lockdown socialist, I would argue as follows. We want […]
The widely followed IHME model of coronavirus cases has been much too optimistic The IHME model by the University of Washington has gotten a lot of attention in the past month, most likely because it has always forecast a much lower number of total deaths caused by coronavirus than, for example the Imperial College […]