Michael Giberson And if Andrew Kleit thinks that the Pennsylvania state government is toying with a bad idea (see previous post), look what is going on next door in New Jersey and Maryland. In New Jersey: “Utilities challenge New Jersey law while preparing to reap its benefits.” In January the Governor signed a law which … More Meanwhile, More “Power Market and the State” Battles in New Jersey and Maryland
Michael Giberson Also in the Spring 2011 issue of Regulation magazine is Andrew Kleit’s article on a proposed Pennsylvania Power Authority. In the course of explaining why such a state power agency would be a bad idea, Kleit explains a lot about how the wholesale power market works in Pennsylvania (and elsewhere). Noteworthy is Kleit’s … More Would a ‘pennsylvania Power Authority’ Be Good for Pennsylvanians?
Michael Giberson The Spring 2011 issue of Regulation magazine carries my article, “The Problem with Price Gouging Laws.” One bit: Economists and policy analysts opposed to price gouging laws have relied on the simple logic of price controls: if you cap price increases during an emergency, you discourage conservation of needed goods at exactly the time they are in … More “The Problem with Price Gouging Laws”
Michael Giberson A fool and his money are soon parted. –Thomas Tusser. Potassium iodide supplies in the United States have run low and the price shoots up. What sold for $10 or $20 dollars a week ago is now priced from $30 to $75 and more. Some cry “price gouging!” Regulation magazine has just published an … More Price Gouging for Potassium Iodide Pills
At http://feedproxy.google.com/~r/marginalrevolution/feed/~3/ycq8YZirYR0/is-economics-a-science-liquidity-trap-edition.html Marginal Revolution today, Tyler Cowen asks this question, does some research on empirical analyses of the existence (or not) of liquidity traps, and comes up with a conclusion in which I concur: economics is not a science of the researcher cares about the outcomes of the analyses. By the way, apologies for any … More Is Economics a Science? (liquidity Trap Edition)
Lynne Kiesling For your weekend intellectual stimulation and viewing pleasure … I cannot recommend this highly enough: Deirdre McCloskey’s recent talk at George Mason University about her new self-recommending book Bourgeois Dignity, the second in what’s likely to be a 4-volume re-examination of Western economic history. I guarantee you will learn more, and think more, … More Deirdre Mccloskey on Bourgeois Dignity
Lynne Kiesling As a celebration of impending spring, I give you economics journalist Olaf Storbeck’s sound analysis of the economics of bike lanes. His prompt for writing was a rant from John Cassidy in the New Yorker about the tradeoff between bike lanes and “free” street parking spaces. Storbeck’s analysis is thorough, and goes beyond … More The Economics of Bike Lanes
Lynne Kiesling Will Wilkinson is sick of talking about the broken windows fallacy (as are we all …), and has instead written a very nice overview of the academic literature on the economics of disasters. He gives some good pointers to articles to read, and points out that we simply don’t know the likely economic … More Will Wilkinson on the Economics of Disasters
Michael Giberson Last September I asked, “Will faking a consumer cartel help make power markets more efficient?“, “Does FERC really want to go down this path?” and “Do they really think that faking a consumer cartel will help make wholesale power markets work more efficiently?” The answer to the first question is “no, it won’t make markets … More Update on “Will Faking a Consumer Cartel Help Make Power Markets More Efficient?”
Michael Giberson I know that Netflix’s recommendation engine has some serious computation behind it, and it often offers up interesting and useful suggestions. But occasionally it puzzles me, and I wonder if it is incredibly deep in its analysis or simply somewhat random. Case in point: Suggested: American Experience: Into the Deep Because you enjoyed: It Might … More Netflix Recommendations: Deep or Random?