Yves here. Many experts have described how stock buybacks reflect perverse incentives by allowing corporate executives to engage in stock price manipulation for the benefit of their own paychecks and stock incentive deals. The SEC made the mistake of authorizing...
Yves here. We have warned for some time that for the Fed to stop this inflation, they would have to kill the economy stone cold dead. The recent bout of price rises was not the result of the stereotypical wage-driven...
“Due to its potential size and volume of operations, Peru’s Chancay mega-port is destined to become a nerve centre of international trade.” And it will be exclusively controlled by Cosco. Peru appears to be on the verge of becoming a...
Australia is having a debate over nuclear power. Hamilton and Heeney weigh in with an important perspective: On the basis of many conversations about Australian energy policy over the years, we can divide the proponents of nuclear energy into three...
The Painful Truth About ‘Healing’ Crystals Wall Street Journal (Li) The Case for Not Sanitizing Fairy Tales The Plough (Anthony L) The falling birthrate threatens a disaster so costly no politician dares think about it Guardian (Kevin W). Shows a...
We study the macroeconomic implications of narratives, defined as beliefs about the economy that spread contagiously. In an otherwise standard business-cycle model, narratives generate persistent and belief-driven fluctuations. Sufficiently contagious narratives can “go viral,” generating hysteresis in the model’s unique...
Estonian edition: After the Citizenship Act was enacted in 1992, 90% of ethnic-Estonians automatically became citizens while only 8-10% of non-Estonians gained citizenship. This is due to a law that granted citizenship to those who were living in Estonia before...
By Lambert Strether of Corrente If you know the enemy and know yourself, you need not fear the result of a hundred battles. –Sun Tzu Project 2025, a project organized by the so-called “scholars” at the Heritage Foundation, is in...
In 2021, researchers were asked how smart AI would be in 2022. They predicted 12% pass-rate on the MATH dataset; AI outperformed significantly, scoring 50%. Now it’s at 90%. Here is the link, including to background material. The post AI...
By Lambert Strether of Corrente Patient readers, what you see is what you get today; I must hustle along and finish a post on Project 2025. –lambert Bird Song of the Day Eastern Meadowlark, County Roads SE of Thrall, Williamson,...
