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Category Archives: Public Policy

“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 […]

The nonsense debate over whether the Islamic State is Islamic

Despite claims that political correctness is merely about politeness and not offending folk, the Virtue-signalling that underlies political correctness corrupts public debate in various ways–it puts a criteria (status-as-Virtuous) above facts, it elevates intent over consequences and it sets up various taboos and ludicrous moral distinctions. Such as, for example, the claim that there is some great moral difference between “coloured […]

Why, in the PC universe, there is a paucity of bad Muslims.

Jeffrey Herf (Professor of History, University of Maryland) recently suggested that President Obama apply the same standards to Christianity and Islam. This is a delightfully naive suggestion. First, there seems to be a belief among various Western leaders that criticising any strain within Islam is somehow a criticism of all Muslims. This is, of course, pathetically condescending, […]

The revolutionary status quo Power

Based on a comment I originally made here. The US is at once both a revolutionary and a status quo Power. It is a revolutionary Power in the straightforward sense that it is the only contemporary state seriously trying to export its revolution, apart from the Islamic Republic of Iran. It is also a revolutionary Power […]

Good appeasement and bad appeasement

Appeasement–in the form of conciliatory concessions–can be a perfectly reasonable way of dealing with folk. It entirely depends on how limited their aims are. Mixed past So, the Middle Realm‘s Sons of Heaven used appeasement successfully for centuries in dealing with the steppe nomads to their north, the only open border of a unified China (with the partial […]

Domain states, tax states and fiscal states

Have been reading a Ph.D dissertation by Wenkai He on the consolidation of a modern fiscal state in C18th England and late C19th Japan and the failure to do so in late Qing China. (The dissertation has since become a book.) The dissertation references history of public finance literature I was previously largely unaware of. The literature covers domain states and fiscal […]

States and gangs

Having previously defined the state as (a structure of) systematic coercion requiring hierarchy to operate and revenues to sustain itself extracted from a given territory, an obvious question is: what about criminal gangs? They engage in systematic coercion, have a hierarchy which they use to extract revenue to sustain themselves from a given territory. One objection might be that criminal […]

A regulatory wrinkle from rational expectations

The rational expectations hypothesis can be understood in various ways. One is as an equilibrium condition in a model–the model is in equilibrium when expectations of agents in the model align with the predictions of the model (though that does not mean it is a stable equilibrium). Another is that expectations of agents within the model should not be set differently […]

How do you keep an exploited socialist economy going?

You sell people you don’t want (via): East Germany’s economy was in free fall. Many skilled workers and intellectuals had fled and the Soviet Union was stripping the country of its resources. By 1964 the fiscal situation had become so dire that the authorities developed a scheme to sell political prisoners to West Germany. They called it haeftlingsfreikauf. […]

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 […]