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Category Archives: Australia

“Over-valued” is the wrong metric about “bubbles”–housing or otherwise.

Thinking about asset price stability is pervaded by incorrect framings. Particularly if folk start throwing around the term “bubble”. Not the fault of the central banks One incorrect framing is “the central banks did it”; with the finger usually pointed at low interest rates and clams of “easy money” fuelling “bubbles”.  Low interest rates are […]

Don’t mention the inconvenient

So, a black guy with a long criminal record, a history of mental illness and attempted suicide, attempts to murder his girlfriend, kills two cops in Brooklyn and then shoots himself. A mainstream newspaper provides details on his life, ignoring an obvious one; he was Muslim (his name being Ismaayil Abdullah Brinkley is something of a hint). […]

Culture and rationality: or why South Asian call centres can be so infuriating

I recently read Kenneth Pollack’s Ph.D dissertation on The Influence of Arab culture on Arab Military Effectiveness (which later became a book). It is a very fine piece of social science which, alas, I doubt any important member of either the Obama or Bush II Administrations has read. The burden of his analysis is that Arab culture strongly […]

Ebola, Ferguson and political narratives

The Ebola virus reaching the US and the ongoing troubles and controversy over a police shooting in Ferguson, Missouri display the power and the dangers of political narratives from all sides, both of US politics and more broadly. Thus, one of the more tired and embarrassing responses to Ebola mis-steps in the US has to […]

Ahistorical pomposity and gnostic sneering: why academics write deep crap about “neoliberalism”

Humanities and social science academics write a remarkable amount of nonsense about “neoliberalism”, typically understanding neither the reasons for the general shift in public policy nor the motivations and ideas behind it. A nice example of such nonsense is provided in a post by philosopher Robin James: neoliberals think everything in the universe works like a […]

Short observations

Maverick Philosopher tells us that arguments don’t have testicles.  But they do have perspectives built into them. Including (in some ways especially) legal arguments. We should be wary of dismissing the importance of perspective, especially as a great deal of bigotry rests precisely on denying the legitimacy of particular perspectives. *** Currently reading an excellent popularisation […]

Migration, history and countries as club goods

This is based on comments I made here and here. Thin conceptions There is a line of argument which holds that if free trade in goods and services is good for economies, if free trade in capital is good for economies, then surely free trade in labour would also be good for economies. So, just as one should […]

Memories of Ray Evans (1935-2014)

I was greatly saddened to learn, via email, of the death of Ray Evans.  I first met Ray sometime in the 1980s, when he was an indefatigable fighter for labour market reform. The attempt by the new Hawke Government, via the Hancock Report, to expand even further the legal privileges of the union movement inspired him to co-found the H […]

Hard money is not the same as sound money

A post by Jonathan Finegold on sound money pointed me towards how to express an important distinction–that hard money is not the same as sound money. JF defines sound money thusly: a monetary system that best promotes coordination between market agents. Unsurprisingly, a somewhat “Austrian” definition, but clear enough. I would go with the money that maximises its transaction […]

Too big not to fail: the rise and fall of Fannie Mae

The debate over the role (if any) of the Community Reinvestment Act (CRA) in the sub-prime crisis, and thus the Global Financial Crisis (GFC), often seems to be a stand-in for other issues. In particular, to what extent was either financial meltdown the consequences of government regulation (or the lack thereof). The answer to the former question is: almost entirely, […]