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Short essays by Angus Deaton
Find them here, hat tip to Tim Harford.
Posted by Tyler Cowen on July 16, 2008 at 02:55 PM in Economics | Permalink
Comments
"Most of the benefits of tax cuts have gone to the wealthy..."
Brilliant.
Not.
Posted by: M. Hodak at Jul 16, 2008 5:42:58 PM
I read the (slightly old) one on the Stern report and just realised how inadequate it is for a senior economist. In addition to the daft ethical transitivity assumptions, I've got a few "investments" that should fit his preference for a zero discount rate nicely....
Of course, with zero discount rates, an arbitrary number of silly yet "profitable" public policy options can be conjured into being. The point, which Stern and his defenders seem to consistently ignore, is not whether public policy investment X is "profitable" under these ridiculous assumptions, but that it has to be most profitable relative to all its alternatives (Or a least in a finite basket of the most profitable). Decision theory 101.
All the critics have to do is find a single investment which yields greater returns under the same assumption set. Take...Oh, I don't know....Malaria eradication, for example. Watch as I save billions of lives over an arbitarily long time span! I'm gobsmacked that a senior economist could advance this nonsense, but I'm sure Stern will get his knighthood....good fellows with fine suits like him have a way of gliding effortlessly through the quango state...
Posted by: Alistair Morley at Jul 16, 2008 9:28:00 PM
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