The constraint that shall not be named

The big problem with this system is that it doesn’t appeal to politicians who want to fiddle with everything in sight. — Daniel Lakeland

Got what I came for

The first sentence of Vernon Smith’s Rationality in Economics: The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium state implied by economic theory, under information conditions far weaker than specified in the theory.

Have a small identity

[Y]ou can have a fruitful discussion about a topic only if it doesn’t engage the identities of any of the participants. What makes politics and religion such minefields is that they engage so many people’s identities… The most intriguing thing about this theory, if it’s right, is that it explains not merely which kinds of […]

Starvation or Porkulus: Sentence of enduring value

I’m sure this feat of psychological needle-threading can be achieved with laser-like accuracy by deploying the virtuoso mood-management skills of Obama’s first-rate team of applied mathematicians — Will Wilkinson

Sentences of enduring value

Others say that we should have a fiscal stimulus to “give people confidence,” even if we have neither theory nor evidence that it will work. This astonishingly paternalistic argument was tried once with the TARP. Nobody could say how it would work in any way that made sense, but it was supposed to be important […]

“Republicans should try to be the party of investment, because Democrats are basically the party of consumption.”

That is all. PS – I’m a democrat, but this sounds like good economics not to mention good politics.

“nationalist liberal egalitarianism is morally unserious arbitrary nonsense”

That is all.

Sentence of enduring value

[F]iscal stimulus is a solution, rather than a way of buying time, only under some particular assumptions that are at the very least rather speculative. — Paul Krugman Those particular assumptions are that the economy is in a lower output equilibrium, that fiscal policy is temporary and it is large enough to bump it to […]

Sentences of Enduring Value

If you actually want to persuade folks who haven’t made up their mind already on ideological grounds — that is, the crowd that is open to persuasion –invective won’t cut it. You need real arguments, and you need credibility, and you can get that only by taking arguments seriously and evaluating them on the merits […]

Nomination for the most wrong sentence of the year

In any case the analogy [between money and communion wafers] doesn’t hold because money does not involve magical transformation through ritual, its value is an agreement, not a miracle. — Righteous Bubba