In any movement, there are players with differing amounts of enthusiasm, who give differing amounts of support to the movement. Some may be provocative in their actions, while others though generally opposed to the outcome of the movement, may be counted as supporters by their silence. The silence may be due to fear of reprisal or because life gives them more important things to concentrate on.
By Alasdair Macleod – Re-Blogged From http://www.Silver-Phoenex500.com
Finance ministers in the Eurozone appear to have had a free lesson in game theory from Professor Yanis Varoufakis, the Greek finance minister. At the time of writing Greece’s future in the Eurozone is far from secured, but it appears that Greece has achieved something.
He gave his fellow finance ministers a deal they dared not refuse, though it still has to be ratified by some parliaments, including Germany’s today. Varoufakis almost certainly understands that the Eurozone is in a weaker position than the bureaucrats and finance ministers themselves believed. It was important for them to become aware of this reality, which was central to his approach.
Many Americans, liberal and conservative, have never read the US Constitution. It’s not taught in the public schools, except to say that it exists.
Of those Americans who have at least a clue of what our Founding Document says, many, especially on the liberal side, frequently interpret the actual words written in the Constitution to mean the opposite of what they say. This can have both Economic ramifications and Liberty issues.
A very odd thing happened in Science. Turns out a famous weatherman has been forecasting highs in the 60s then 70s for New York City all winter long. But the temperature never rose above the single digits, teens, twenties, and thirties.
One day a writer at the New York Post wrote an article telling people not to trust the weatherman, who, it turned out, had issued a prediction for the following day for a “High of 80!”
Climatologists stationed at NASA on the Upper West Side were incensed that a non-scientist would interfere with Science. So the climatologists
spoke with the weatherman, who said he was basing his predictions on a sophisticated computer model. The weatherman admitted his difficulties, but said his model would have performed great if only he had better measures of surface snow cover.
Let’s imagine for a moment.
A scientist discovers a new insect which can produce a new kind of fiber. But, not just a mere fiber, it comes out as a full sheet of cloth!
Some commercial enthusiasts of the new discovery say that, since there is zero processing cost to take the fiber from rough to thread to cloth sheet, it is a free supply of material. They do acknowledge that setting up a colony of the insects is expensive and the colony covers a broad swath of land.
By ROBERT P. MURPHY – Re-Blogged From http://www.FEE.org
Just about everyone agrees that incentives affect behavior, but economists really mean it. That’s because economists take the logic of incentives further than most other people are willing to. Such analysis often reveals that government policies have unintended consequences that seem shocking to the average person. The list includes welfare programs that lead to higher rates of birth out of wedlock, seatbelt laws that lead to more pedestrian deaths, and even the possibility of changes in estate taxation that lead to people strategically timing their deaths.
The “Audit the Fed” proposal of Senator Rand Paul (R-Ky.) elicits a surprising amount of emotion, from opponents and supporters alike. Why should this be?
“Monetary policy” purposefully sounds technical and dull—you like it that way if you want to keep it the domain of supposedly objective experts who don’t want any mere politicians interfering in their elite central banking club. But money affects everybody and is an emotional topic, especially if the Fed is on purpose crushing you, as it currently is doing to savers, in order to benefit borrowers and speculators.