QUOTE OF THE DAY
"…perhaps one can speak of a third [world] war, one
fought piecemeal, with crimes, massacres, destruction," Pope Francis on terror
CHART OF THE DAY
Player Efficiency Rating: Steph Curry as a Black Swan
SOCIETY AND CAPITAL
Rethinking Robin Hood, Angus Deaton. "When citizens believe that the elite
care more about those across the ocean than those across the train tracks,
insurance has broken down, we divide into factions, and those who are left
behind become angry and disillusioned with a politics that no longer serves
them."
Solar Is the Fastest-Growing Energy, Says Top Fossil FuelMajor, Bloomberg. "The world’s
growing fleet of solar panels generated a third more electricity in 2015 than a
year earlier, making power captured from the sun the world’s fastest growing
source of energy"
For Blacks And Hispanics, The Economic Glass Is StillHalf-Full. Fivethirtyeight.com.
The Crisis of Affordability in Real Estate, Lee, MSCI.
"…housing for people in the middle of the income pyramid is unaffordable
in most cities and countries that we studied."
It’s Not Just Millennials Who Aren't Buying Homes, Fed of
Atlanta. " Are millennials to
blame? Yes. But so is everyone else under the age of 65."
Restrictions on Payday Loans Hurt the Poor, Bloomberg. "The unpopularity of payday loans
doesn't mean they serve no function. In the words of an October post on the
blog of the New York Fed, the loans are hated by everyone except “the ten to twelve million people who use them
every year.”
Economics of Stop and Frisk, ConversableEconomist. " stop-and-frisk can be a useful tool
for police work, but when it comes to criminal possession a weapon, it's a tool
that's being overused."
Lottery Winners Don't Get Healthier, John Cochrane. "This story is a gorgeous example of the
one central thing you learn when doing empirical economics: Correlation is not
causation. Always look for the reverse possibility, or that the two things
correlated are both outcomes of something else, and changing A will not affect
B."
Income differences across countries: Is the gap closing? St.
Louis Fed (U Penn).
"The graph shows strong…signs of convergence…[but] Overall, the
evidence on Solow convergence is mixed. Some assumptions important for the
theory may not hold…"
From Modern Trader: Stephen Curry is a Black Swan,
Finalternatives.com. " What do the
rise of the Internet, the sinking of the Titanic, 9/11, and Stephen Curry have
in common? They are all Black Swans."
Income Inequality and Access to the Financial System. TheConversableEconomist. "…for many
low-income Americans, the financial system imposes additional costs that make
it a harder for households that are already struggling to make ends meet."
ISIL’s psychotic ambitions.
Salil Mehta at Ritholtz.com.
" What makes ISIL disturbingly stand out, versus other terrorist
groups, is in the speed with which they have been violent on a mass scale. Generally terror networks from a prior
generation took years to create mass violence.
But ISIL, in only its first full year, has committed more butcherings
than any other terror outfits had during their peak year."
Pope Francis warns 'piecemeal' World War III has begun,
[2014] CNBC. "Humanity needs to
weep and this is the time to weep,"
The Death of the Virtuous Cycle, Michael Lebowitz. "The elegant virtuous cycle that propelled
Western economies to prosperity has been quietly dismantled and replaced with
an unproductive imitation. This new, un-virtuous cycle euthanizes discipline
and prudence in exchange for the immediate gratification of debt-fueled
consumption…. When the financial environment discourages savings, the
investment and production components of the virtuous cycle suffer, which also
negatively affects productivity and income. That is precisely what we are
seeing."
Ego is the Enemy: The Legend of Genghis Khan,
FarnamStreetBlog. "A barbarian
conqueror, fueled by bloodlust, terrorizing the civilized world…[yet] he was a
perpetual student, whose stunning victories were often the result of his
ability to absorb the best technologies, practices, and innovations of each new
culture his empire touched. In fact, if there is one theme in his reign and in
the several centuries of dynastic rule that followed, it’s this: appropriation."
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