From the monthly archives:

March 2009

Here’s the latest in my series on theoretical and policy doctrines in economics that have been refuted, or at least rendered highly problematic by the global financial crisis. Mainly of technical interest, I think, but I’m posting it here to keep numbering continuous.

The idea that central banks can and should act independently of governments is, fairly clearly, inoperative for the duration of the crisis in many countries. The combination of massively increased liquidity provision and large-scale bank bailouts requires close co-ordination between central banks and national treasuries, though the form of this co-ordination is inevitably different in different countries.
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It’s an outrage!

by Michael Bérubé on March 18, 2009

No, not AIG.  Women’s Studies!

Shorter <a href=http://www.mindingthecampus.com/originals/2009/03/the_left_reacts_to_horowitz.html>Mark Bauerlein</a>: When David Horowitz is right, he’s right.  And he’s right to be outraged that the web site of the Women’s Studies program at Penn State proclaims that “as a field of study, Women’s Studies analyzes the unequal distribution of power and resources by gender.”

<i>My reply</i>: I used to be on the left.  But when I heard that the web site of the Women’s Studies program at Penn State proclaims that “as a field of study, Women’s Studies analyzes the unequal distribution of power and resources by gender,” I got really outraged by Mary Daly.

<strike>Shorter</strike>Verbatim Mark Bauerlein: “what if biased attitudes prevail only in a half-dozen departments? If academics accept those levels, then they exercise a lower standard of accountability than any other profession.”

<i>My reply</i>: My studies show that Women’s Studies is responsible for tainted peanut butter, Rod Blagojevich, <a href=http://www.msnbc.msn.com/id/29142654/>juvenile court payoffs</a>, and especially, <i>especially</i> AIG.  Which makes academe the most corrupt profession ever, times infinity.

Plastic Paddies

by Maria on March 17, 2009

With the day that’s in it, I have a few random complaints to lash together into a not-too-coherent post. First off, it sucks to be Irish in the US on St. Patrick’s Day. Sorry, I know it’s churlish, and on my better days I agree that all the enthusiasm and interest and desire to party is actually quite sweet, but there it is. If I have to smile politely at one more person telling me they’re Irish (really? whip out your passport, then.), giggle appreciatively at one more crap – invariably Scottish – accent, or spend one more penny listening to Loreena McKinnit or some similarly bogus disneyfied version of Oirish music in the ladies’ loo of the Culver City Radisson where I am already suffering through a full-day operations planning session, I may stab someone. I know the day is not about celebrating Ireland, but about Irish Americans, who are a fine bunch of people now that their Noraid-supporting and parade-homophobia days are behind them. Another thing, no one I have ever known in Ireland has ever eaten corned beef. Ever. It’s the most Enid Blyton food there is, and not remotely Irish. Just saying.

Secondly, I groaned out loud when I heard on the radio that our current Taoiseach, Brian Cowen, was in the White House to meet President Obama. Again, I’m not saying I’m proud of it, but my immediate response was ‘Oh no, once he meets Biffo, Barack won’t think we’re cool any more!’. But I’ve got to hand it to Reuters. They’ve put out a picture of the ceremonial handing over of the green muppet skin where President Obama looks an even bigger nob than Brian Cowen.

Finally, Bono. [click to continue…]

Tom Slee on monopoly populism and cultural niches

by Henry Farrell on March 17, 2009

“This”:http://whimsley.typepad.com/whimsley/2009/03/online-monoculture-and-the-end-of-the-niche.html is a really interesting post.

Online merchants such as Amazon, iTunes and Netflix may stock more items than your local book, CD, or video store, but they are no friend to “niche culture”. Internet sharing mechanisms such as YouTube and Google PageRank, which distil the clicks of millions of people into recommendations, may also be promoting an online monoculture. … Whenever I make these claims someone says “Well I use Netflix and it’s shown me all kinds of films I didn’t know about before. It’s broadened my experience, so that’s an increase in diversity.” And someone else points to the latest viral home video on YouTube as evidence of niche success. So this post explains why your gut feel is wrong. … a paper by Daniel M. Fleder and Kartik Hosanagar called Blockbuster Culture’s Next Rise or Fall: The Impact of Recommender Systems on Sales Diversity. …

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Mont Pelerin in Iceland

by John Q on March 16, 2009

A reader has pointed me to this fascinating site showing the impact of the Mont Pelerin Society on Iceland. According to the material prepared for its 2005 conference in Reykjavik, the Society’s intellectual influence directly guided those responsible for making Iceland what it is today.

Aigamemnon (A Fragment)

by Kieran Healy on March 16, 2009

CLYTAEMNESTRA
Citizens of Argos, you Elders present here, I shall not be ashamed to confess in your presence my fondness for my CEO, billions of dollars of losses notwithstanding.

First and foremost, it is a terrible evil for a wife to sit forlorn at one of her several homes, severed from her husband, always hearing many malignant rumors, and for one messenger after another to come bearing tidings of disaster, each worse than the last, and cry them to the household. Because of such malignant tales as these, many times others have had to loose the high-hung halter from my neck, held in its strong grip. It is for this reason, in fact, that our boy, Timmy, does not stand here beside me, as he should. For he is in the protecting care of well-intentioned taxpayers, who warned me of trouble on two scores—your own peril beneath Ilium’s walls, and then the chance that the people in clamorous revolt might nationalize everything, as it is natural for men to trample all the more upon the fallen. Truly such an excuse supports no guile.

CASSANDRA
Are you sure you should be paying out this money?

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The Times of Harvey Milk

by Jon Mandle on March 16, 2009

The 1984 documentary “The Times of Harvey Milk” is available for free on hulu.com – you just have to be prepared for the commercial interruptions. I remember seeing it in a theater when it came out – I must have been 17 or 18 – and being devastated. The opening shot, the famous footage of Dianne Feinstein announcing the assassination of Mayor Moscone and Supervisor Milk, is still shocking. But more shocking to me was the verdict in the Dan White trial – guilty of manslaughter. I knew about Milk’s death going into the theater, and I’m pretty sure I had heard of the “Twinkie Defense” but I hadn’t put them together. At one point in the film, Jim Elliot – a previously homophobic auto machinist who got to know Milk through his union work – comments on the verdict: “if it had just been Moscone that got killed, I think he [White] would have been guilty of murder and he would have been at San Quentin the rest of his life. But, sad to say, I think there’s a lot of people in this world that still think that if you kill a gay, you’re doing a service to society. I think I’d have thought that too if I hadn’t been associated with Harvey and the gay community – I probably would have felt the same way.” I distinctly remember thinking: “that’s absolutely right.” I don’t think I had any (out) gay friends at the time, and it was a shocking revelation to me that gays faced this kind of attitude as a matter of course.

It’s interesting to compare “The Times of Harvey Milk” to “Milk.” Despite Sean Penn’s amazing performance, I like the documentary much better – but this very well could reflect my own failings in film appreciation. Some footage is used in both – including the Feinstein announcement. But the clips don’t always serve the same purpose. In “Milk”, they show President Carter telling an audience to “vote against proposition 6” – the 1978 California initiative to prohibit gays and lesbians (and arguably anyone who supported gay rights) from teaching in public schools. But “The Times of Harvey Milk” shows more. Carter had finished his speech, and began to leave the podium. Off-mike, Governor Jerry Brown says to him: “and Ford and Reagan have already come out against it, so it’s perfectly safe.” Carter leans back to the mike and says: “Also, I want to ask everybody to vote against proposition 6.” He smiles, and walks off. Anyway, whether or not you’ve seen “Milk,” you should find 1-1/2 hours, brace yourself, and watch “The Times of Harvey Milk.”

Managing

by Harry on March 14, 2009

Somewhere back in the mists of time, I seem to remember our own Daniel criticized academics for not taking seriously the fact that management is a job, something that can be done badly or well (the only cite I can find is here, but I’ll link to the long version if someone finds it for me, if, that is, it isn’t something I just dreamed). I suspect that there are two (respectable) reasons for this. One is that academic managers are drawn from the ranks of academics and given little if any training. This narrow pool has already selected out a lot of people who might actually be good at it, and as a result academics rarely get to experience good management directly. Second, management is something that is much easier to recognise as a real and important skill if you have seen some good examples of it than if you have only seen bad or indifferent examples. (I think of it as a bit like my experience with dental work; the first time I had work done with a good anaesthetic it was something I couldn’t possibly have imagined before).

Here’s a long post from aaron swartz which I recommend to all who doubt that management is an important skill, and recommend, even more, to anyone who is being thrown into management tasks without much training or help, especially in an environment with unclear lines of authority and/or an anti-authority culture. If you’re planning to become principal of a school its all useful, but you might especially want to look at Point 2a and Point 9.

Survey data on Internet uses

by Eszter Hargittai on March 14, 2009

New Pew Internet & American Life siteThe Pew Internet & American Life Project (PIP), a very important source on data about Americans’ Internet uses, has completely revamped its Web site. Among other things, it is now even easier to download their data than before. These are made available in SPSS format only. I use StatTransfer in such cases (for conversion to Stata), any other tools that have worked well for folks?

They also have a handy tool for searching their data base of questions. We’ve been working on something similar in my lab for a bunch of Internet-related surveys although stopped the process due to lack of funding. Pew was smart to work with the Roper Center for Public Opinion Research at UCONN on this since they have so much experience in this domain. Perhaps worthy of note is the fact that a search on the same term on the Roper and the PIP sites does not yield the same results. While some Pew data seem to be available through the Roper site, these seem to originate from the Pew Research Center for the People & the Press and not from PIP. That’s something to keep in mind when looking for Internet-related data.

For those not interested in accessing the raw data directly, PIP’s full reports continue to be easily available by topic on the site as are some stand-alone figures from these. Overall, the amount of material PIP is making easily available is a wonderful resource so many thanks to the great folks there!

Nerd alert

by John Q on March 14, 2009

According the Wikipedia front page yesterday “… author Guillaume Prévost created The Book of Time series to help children understand that history can be fascinating?”

I wonder how many readers, at the critical point in this sentence, expected “econometrics” in the place of “history”? I think I need to get out more.

Weird

by John Holbo on March 14, 2009

Didn’t feel like bidding in that other auction I linked? Maybe this one, then.

Bonds beat stocks

by John Q on March 14, 2009

This Bloomberg story gets the headline (“Bonds beat stocks in earth-shattering reversal”) right., but the lead (or lede) wrong. The intro “Buying 30-year Treasuries is returning more than stocks for the first time since Jimmy Carter was president. ” is wrong – bonds have beaten stocks in quite a few years since then.

Bonds beat stocks (Bloomberg)

Bonds beat stocks (Bloomberg)

The finding in the chart is much more dramatic, to the point that “earth-shattering” is justifiable hyperbole. What it shows is that, over the entire period since 1979, a strategy of buying 30-bonds (trading so that the portfolio always holds the most recently issued bond) has outperformed the strategy of buying stocks and reinvesting the dividends.

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Tools Down Tools

by Kieran Healy on March 13, 2009

Finally, a move toward strike action from the right-hand side of the chattering classes. I really hope they don’t figure out that by staying at home and doing nothing they might actually be doing everyone a favor, because that would mean they were engaging in a kind of altruism.

A bit out of my price range, but very nice …

by John Holbo on March 13, 2009

Link.

Lewd and Prude, the Scalpel or the Hoe

by John Holbo on March 13, 2009

It’s time to discuss chapter 5 of Cohen’s Rescuing Justice and Equality. This is the chapter in which Lewd and Prude make their walk-on appearance on the stage of the main argument. Let me start with a few afterthought about that. [click to continue…]