Not Trampis: 2016

He writes on economic history. This is a subject I like and believe most people should be aware of. As Satayana said if people do not understand the past they will merely repeat them again or words to that effect.
The people who comment make very intelligent contributions indeed sometimes the comments are as good as the posts. This reminds me of David Glasner's blog in this aspect
He has a fantastic blog roll. Between the boxing day and New year test I will go through all of them!

I only got onto to this blog this week as firstly Jim Rose and then Brad De Long highlighted posts from him. Both posts are in tomorrows Around the Traps of course.

Enjoy

Tuesday, 27 December 2016

I got to this post courtesy of Jim Rose. Pseudoerasmas ( love that name) writes a post which clearly shows the Nazis were a right wing party not a left wing one.

A good post to read to boost the brain cells during the Christmas break.

Monday, 26 December 2016

The Gold Standard

David Glasner opens up on Cecchetti and Schoenholtz who do not understand the Gold Stanard.
David most certainly does. This is a lengthy article but highly enjoyable and educational.

Sunday, 25 December 2016

Why do we have hot lunches/dinners in Australia on Christmas day?

When I was growing up my standard question was why are we having a roast on a stinking hot day!

When I got married My wife was on the same wavelength.
So on Christmas day there is plenty of fruit to start with , Watermelon and Pineapple fantastic when it is bloody hot, then come the meal antipasto, smoked salmon and trout and plenty of different salads.
This goes well with Champers but also Moscato which is the only wine my wife drinks.

Hot dinners were a silly relic from England that should have been ditched given our climate. One of the great things Australia has gained from multiculturalism is the wide array of food we can both have and enjoy.

Christmas now can be quite enjoyable at meal time.

Thursday, 22 December 2016

Around the Traps 23/12/16 Christmas edition

It is Christmas again and stinking hot in the best country in the world.

Time for Around the Traps for some reading whilst enjoying the festivities.

Aussie,Aussie,Aussie,Oy,Oy,Oy

Charles Livingstone on coles-wants-1-maximum-bets-for-pokies-so-why-wont-the-pokie-makers-play-ball
Ross Guest on whats-behind-the-numbers-myefo-in-seven-charts
Mathew Thomas on Waiting_periods
The Kouk on coalition-s-policy-ineptitude-exposed-as-myefo-points-to-multiple-credit-downgrades , aussie-economy-faces-significant-downside-risks-in-early-2017
John Edwards on there-are-two-big-political-problems-buried-in-the-latest-budget-update
Allan Gyngell on fighting-america-its-how-we-fight
John Quiggin on if-the-productivity-commission-puts-ideology-ahead-of-evidence-do-we-still-need-it , privatisation-and-education-re-re-re-post , fuel-efficiency-standards-could-help-curb-australias-persistently-growing-emissions
Croaking Cassandra on not-bucking-the-longer-term-trends , not-many-good-tidings
Marion Terrill et al on myefo-was-just-another-example-of-politicians-playing-favourites-on-infrastructure
Jonathon Morris on why-we-should-be-concerned-with-the-rise-and-rise-of-early-planned-births
Renae Barker on australians-have-an-increasingly-complex-yet-relatively-peaceful-relationship-with-religion
Simon Darcy and Paul Jonson on no-other-recourse-but-to-sue-the-implications-of-alex-mckinnons-lawsuit-against-the-nrl
Nicolas Suzor and Shereen Parvez on productivity-commission-re-ignites-copyright-wars-by-recommending-fair-use
Ross Gittins on why-i-wish-wed-had-our-credit-rating-downgraded-this week , were-on-way-to-peak-everything
Roland Wen and Richard Buckland on lessons-in-trust-from-americas-experience-with-electronic-voting
Susan Hutchinson on the-interpreter/neil-prakash-more-just-terrorist
Ken Parish on stop-the-youth-detention-royal-commission-now
Greg Jericho on even-though-myefo-figures-might-cost-us-our-aaa-rating-the-coalition-faces-greater-dangers

Northern America

Calculated Risk on comments-on-november-housing-starts , a-few-comments-on-november-existing-home-sales , review-ten-economic-questions-for-2016
Kruggers on will-fiscal-policy-really-be-expansionary
David Glasner on the-trump-rally
Stephen Grenville on does-trump-threaten-federal-reserve-independence
James Hamilton on back-to-normal
Brad De Long on no-larry-kudlow-is-not-an-economist
Jonathon Chait on trump-turns-to-always-wrong-pseudo-economist-lawrence-kudlow Thanks Brad
Noah Smith on kudlow-is-a-troubling-economics-adviser-for-trump
Timothy Taylor on americans-are-moving-less , ventilating-some-us-labor-market-controversies
Nate Silver on democrats-need-to-win-elections-not-flip-electors
Laurence Tribe on donald-trump-violate-us-constitution-inauguration-day
Mohamed El Erian on international-cooperation-for-trumps-economic-plan
James Kwak on jeb-hensarling-and-the-allure-of-economism, larry-kudlow-and-economics-in-the-trump-administration Thanks Mark
Lauren Lucia and Ken Jacobs on californias-projected-economic-losses-under-aca-repeal Thanks Brad
Sam Wang on defenses-of-institutionalism-and-the-year-ahead
Barkely Rosser on did-obama-save-world-from-second-great-depression
Brad Setser on appreciate-the-disaggregated-dollar Thanks Mark
Menzie Chinn on guest-contribution-five-key-factors-for-2017 , a-10-across-the-board-tariff
Mark Bognanni and John Zito on the-connection-between-work-and-dignity Thanks Mark
Frances Woolley on economists-dont-get-sshrc-money-grad-student-edition
John Weeks on why-donald-trumps-china-policy-is-a-trade-war-in-the-making
Ben Casselman on trump-would-need-larry-kudlow-to-be-focused-on-economics-not-politics

Europe

Kevin O'Rourke on independent-ireland-in-comparative-perspective-wp
Chris Dillow on the-decline-of-public-service
Patricia Hogwood on why-berlin-christmas-market-attack-puts-new-pressure-on-angela-merkel
Natalia Piotrowska on turkey-and-russias-relationship-is-strong-enough-to-survive-ambassadors-murder
Simon Wren-Lewis on when-is-economic-recovery-not-recovery
Menzie Chinn on post-brexit-out-of-sample-forecasted-electricity-consumption
Lisa Louis on fillon-frontrunner-french-presidencys-world-view
Mathew Dal Santo on russias-revolutionary-centenary

Asia

Tom Fawthrop on fight-salween-mighty-river-still-running-free
Toni Erskine on after-aleppo-vows-that-this-can-never-happen-again-must-actually-mean-something
Jim Molan on aleppo-time-west-acknowledge-assad-has-won
Mirwais Jalalzai on afghanistan-big-power-disagreements-add-instability
Bonney Bley on asias-educational-arms-race

Wonk

Simon Wren-Lewis on why-populism-should-be-no-surprise , understanding-free-trade
Timothy Taylor on thomas-schelling-and-agent-based-discrimination-checkerboard
Robert Ayson on why-we-are-poorer-without-thomas-schelling
Lorenzo on how-the-rhetoric-of-denunciation-distorts-public-affairs-2
Vincent Geloso on on-quasi-rents-and-the-minimum-wage Thanks Jim Rose
Cecchetti and Schoenholtz on why-a-gold-standard-is-a-very-bad-idea Thanks Mark
Roger Shanahan on tis-season-be-wary
Philip Engler and Juha Tervala on hysterisis and fiscal policy Thanks Mark
Nick Rowe on staghunt-and-the-irs
John Quiggin on the-economics-of-open-borders , monopoly-and-regulation-excerpt-from-two-lessons-book-2
Chris Dillow on an-appeal-for-ground-truth , against-busyness
Noah Smith on the-connection-between-work-and-dignity , the-case-for-protecting-infant-industries , the-fundamental-fallacy-of-pop-economics
Coppolla comment on market-failure
Kruggers on dont-blame-macroeconomics-wonkish-and-petty

General

Daniel Little on menon-and-callender-on-physics-of-phase
Donna Lamframboise on our-ignorance-is-breathtaking-we-should-be-humble Thanks Jim Rose
Kobe Martin and Tracey Rogers on why-do-elephants-bellow-but-whales-squeak-like-a-mouse
Tim Harford on the-economists-guide-to-gift-giving
James Choi on bayes-theorem-began-as-defense-of-christianity Thanks Mark
Peter Ellerton on a-very-diplomatic-christmas-how-to-avoid-a-coup-at-the-dinner-table-this-year
Philip Clark et al on heart-attack-deaths-more-likely-at-christmas
David Anderson on /how-the-american-civil-war-cemented-modern-christmas-traditions

Climate

Stoat on surface-melting-an-increasing-factor-in-east-antarctica
and Then Theres Physics on no-stabilising-emissions-will-not-stabilise-concentrations , why-should-anyone-care
Tamino on how-sheldon-walker-views-global-warming/#more , a-winters-day, sea-level-rise
Real Climate on climatology-and-meteorology-are-your-friends
Critical Angle on temperature-anomalies-2016-and-2017
Hotwhopper on flashback-to-1883-burning-coal-is-polluting-the-atomsphere , another-court-victory-for-michael-mann
Andrew King on yes-the-arctics-freakishly-warm-winter-is-due-to-humans-climate-influence
Greg Laden on michael-mann-wins-court-decision
Variable Variability on donald-trump-fiddle-climate-temperature-data

Andrew Gelman (mainly stats)

Genial Dave Giles (econometrics)

not-all-measureds-of-gdp-are-created-equal
top-new-posts-of-2016
Marc Bellamare on testing for mechanisms Thanks Mark

Dianne Coyle (quirky + book reviews)

more-2017-books
rescuing-macroeconomics
have-we-run-out-of-innovations
another-2017-book-to-look-forward-to
when-michael-lewis-came-to-dinner
accounting-for-knowledge
Chris Bertram onopen-thread-best-books-of-2016
lowy-institute-books-year-2016-part-one
lowy-institute-books-year-2016-part-two
Doverbeach on weekday-reading , christmas-reading
George Orwell on book reviewers Thanks Brad
Tim Harford on the-undoing-project-book-review
Branco Milanovic on liberation-from-shackles-of-space Thanks Mark

Vox Wonk

Wednesday, 21 December 2016

Bayes' theorem began as a defense of Christianity

From the marvelous Mark Thoma's daily links. James Choi informs us that Fans of Bayes theorem ( such as Andrew Gelman , Dave Giles and John Quiggin to name but three wonderful bloggers who would know) should know that Bayes did this as a defence of Christianity.

Read the whole thing , it isn't large.

Serendipity

Tuesday, 20 December 2016

A short note on the happenings in Germany.

The attack in Germany shows both how easy it should have been to stop it and how hard it is to know about what is coming.

Firstly after France A truck should always be checked. A dead driver in it is a give away in a a whole range of ways. This can only be put down to police not security incompetence. ) Merkel will get hammered heavily on this just like Holland did)

Secondly however it is a lone wolf attack ,as most attacks 'claimed 'by ISIS are. There was no planning. No-one should be able to murder a truck driver and then drive the said truck with the murdered driver in it to a spot to kill people anywhere in Europe.
Lone wolf attacks can be easy to detect because they are so stupid as we have found thus far in Australia or very hard to detect as little communication is involved unlike Al Qaeda's attacks used to be.

George Bush's illegal invasion of Iraq is having a lot of ongoing repercussions. He and the idiots who supported him like John Howard should be held to account.

Monday, 19 December 2016

MYEFO

MYEFO was released yesterday by the Government.

Both Greg Jericho and the Kouk have commented on it. As has John Edwards

I have a few thoughts on seeing it. Why has spending increased since the change of Government? Whilst I doubt if the government has increased the structural deficit I doubt if it has decreased it since it gained office.

Too much can be made of this. We do know fiscal policy is powerful, possibly more powerful than monetary policy. Evidence since the GFC has made this abundantly clear. Indeed We have Wayne Swan's last budget to show for this here.

Thus any attempt to reduce the structural deficit in a significant way whilst the economy is not strong is bound to be a negative to the economy as Wayne Swan found out. He also found out lower interest rates simply does not cut the mustard and thus is not an offset.
You need to target the Structural deficit with nominal GDP. As nominal GDP reaches its trend then you reduce the structural deficit.
A government which made it a policy to get back to trend nominal GDP and was successful would find the budget in balance a quite easy task.

The other thing people like to talk about are the ratings agencies and whether they will downgrade Australian government debt. One thing people need to realise here is that it is how is Australia is going RELATIVE to other Countries on a AAA rating.
If Australia was downgraded but Canada and Holland was not then it would be ludicrous.

Update:
I should have emphasised ~~two~~ three things.
1) Firstly expenditure is way higher than what the Liberals inherited. It is either a weaker economy or deliberate spending ( i.e. a higher structural deficit).
2) The economy is the main game in town not the budget. When the economy gets back to normal conditions the budget will be in balance. This is because the cyclical factors outweigh the structural factors. It is very easy to cut then indeed it is beneficial.
3) the actual numbers are not the important ones they will go up it is the ratio to GDP that is important and they are declining ,not as much as previously 'projected' but still declining.

Sunday, 18 December 2016

Rising Power bills in Australia

Hugh Saddler writes an article I put in Around the Traps on Friday entitled rising-power-bills-signal-the-end-of-an-era-for-australias-electricity-grid.

I merely note his last comments.

"For most of this period, average wholesale prices in this oversupplied market have been well below the cost of new power stations. They are now expected to move gradually up towards that replacement cost level, when it will be economic to add more power stations to the market.

It is ironic that conservative voices who blame the RET for forcing coal-fired power stations to close are often the same voices who claim that higher electricity prices are forcing businesses to close and contributing to the cessation of demand growth.

If they had their way and there was no wind generation, and the Kurri Kurri and Point Henry aluminium smelters had not closed, then demand would have outstripped supply some years ago.

This would allow higher-cost power stations to be competitive, and wholesale prices would have already been at or above the levels projected by the AEMC in this report.

And what would have been the lowest-cost generation technology available (which hasn’t been competitive in the over-supplied market until now)? Based on the most recent data, probably wind."

Thursday, 15 December 2016

Around the Traps 16/12/16

It is time for Around the Traps again.

Aussie,Aussie,Aussie,Oy,Oy,Oy

Alan Morris on why-secure-and-affordable-housing-is-an-increasing-worry-for-age-pensioners
Vincent Geiger on or-australia-to-improve-in-maths-policymakers-need-to-make-a-plan-and-stick-to-it
Ross Guest on its-not-just-a-drop-in-gdp-that-should-worry-us
Hugh White on fighting-america-making-hard-choices
Ann Kallies on chief-scientists-report-lays-a-solid-foundation-for-reforming-australias-electricity-network
Suzanne rice on naplan-results-reveal-little-change-in-literacy-and-numeracy-performance-here-are-some-key-takeaway-findings
Alexandra Merrett on woolworths-case-loss-raises-questions-about-the-acccs-supermarket-strategy
Croaking Cassandra on immigration-and-the-macroeconomy , cities
The Kouk on is-low-inflation-a-bonus-or-burden
Charles Livingstone on gambling-industry-finds-plenty-of-political-guns-for-hire-to-defend-the-status-quo
Greg Jericho on on-climate-change-and-the-economy-were-trapped-in-an-idiotic-netherworld , investors-are-back-the-uneven-housing-market-interest-rates-and-what-the-rba-can-do , good-debt-hopefully-this-means-the-end-of-the-dumbest-economic-narrative-of-our-times
Hugh Saddler on rising-power-bills-signal-the-end-of-an-era-for-australias-electricity-grid
Ross Guest on pbo-report-shows-blowout-in-cost-of-the-governments-loans-to-the-nbn
Mark the Graph on employment-figures
Richard Holden on vital-signs-treasurer-morrison-is-about-to-face-a-reality-check
Thas Nirmalathas on how-to-choose-the-best-nbn-plan-for-your-needs
Ross Gittins on experts-agree-emissions-intensity-scheme-is-the-way-to-go, whats-happening-in-labour-market
Michael Klapdor on Polygamy_and_welfare

Northern America

Menzie Chinn on us-financial-conditions-and-emerging-market-stress , prices-of-imports-from-china-are-falling, when-tax-cuts-meet-mass-deportations
Sam Wang on the-comey-effect
David Warsh on mad hot Eisenhower
Mark Thoma gives us Tim Duy on fed-watch-december-fomc-preview , fed-watch-fed-turns-hawkish
Noah Smith on u-s-companies-were-hurt-by-trade-with-china-too , a-college-comes-with-a-side-of-economic-stimulus , four-ways-to-help-the-midwest
Cecchetti and Schoenholtz on dodd-frank-the-choice-act-and-small-banks Thanks Mark
Calculated Risk on update-prime-working-age-population , key-measures-show-inflation-close-to-2%-in-november
Kevin Bonham on poll-roundup-2016-year-in-review
Simon Wren-Lewis on reactionary-keynesianism
Timothy Taylor on the-post-office-board-of-governors-is-now-zero
Francess Woolley on saving-albertas-future
Nick Bunker on what-could-boost-u-s-business-investment Thanks Brad
Kruggers on notes-on-the-macroeconomic-situation
Mathew Yglesiais on trump-literally-and-seriously Thanks Brad
Brad De Long on the-2017-economic-report-of-the-president-whitehousegov
Progrowth liberal on the-current-account-deficit-low-national-savings-redux
Clare Marlone how-trumps-white-house-could-mess-with-government-data
Hannah Wurf on president-trump-and-decline-multilateralism
Jared Bernstein on kudlow-for-cea Thanks Mark
Larry Wall on impact-of-extraordinary-policy-on-interest-foreign-exchange-rates Thanks Mark

Europe

Riccardo Alcaro on italy-pressure-popular-vote-force-electoral-law-reform
Tony Yates on carney-calls-for-goverment-to-redistribute-more
Kevin O'Rourke on the-uk-house-of-lords-on-brexit-and-ireland
Chris Dillow on the-productivity-silence , tories-target-fetishism
Maurice Onstfiled and Poul Thomsen on the-imf-is-not-asking-greece-for-more-austerity Thanks Mark
Lauren Williams on merkel-pays-price-bold-stance-refugees

Asia

David Andalfatto on some-recent-economic-developments-in-Japan
Vivienne Chow on christmas-comes-early-hong-kong-leungs-sign
Roger Shanahan on what-exactly-did-rebel-defence-east-aleppo-achieve
Marika Sosnowksi on aleppos-fall-marks-a-turning-point-not-the-end-of-the-syrian-war
Robert Kelly on northeast-asia-five-big-security-shifts-2016

Wonk

David Glasner on larry-white-on-the-gold-standard-and-me
Simon Wren-Lewis on the-public-analyst-in-crazy-times , what-are-populist-policies
Coppolla comment on the-in-betweeners
Nick Rowe on from-islm-to-nk-macro , price-level-vs-inflation-rate
Gene Kindburg and David Young on the-world-trade-slowdown-redux Thanks Mark
Dan Nixon on mind-over-matter-is-scarcity-as-much-about-psychology-as-it-is-economics Thanks Mark
Branko Milanovic on should-some-countries-cease-to-exist Thanks Mark
Croaking Cassandra on brexit-trump-and-all-that
Rajiv Sethi on thomas-schelling-methodological-subversive Thanks Mark
Noah Smith on academic-signaling-and-post-truth-world
Barry Eichengreen on age-of-hyper-uncertainty Thanks Mark
Tony Yates on qe-leads-to-looser-or-tighter-fiscal-policy
Chris Bertram on conscription-and-the-media-narrative-on-refugees
Chris Dillow on more-evidence-for-voter-irrationality
Lars Chrisdtensen on forget-about-hawks-and-doves-what-we-need-is-a-monetary-constitution Thanks Jim Rose
Brad Setser on why-doesnt-apple-export-more-services-wonky Thanks Mark
Dietrich Vollrath on Causality Thanks Mark
David Beckworth on the-trump-shock-and-interest-rates

General

Jee Hyun Kim on comic-explainer-how-memory-works
Daniel Little on more-on-cephalopod-minds thanks Mark
Bronwen Neil on how-did-we-come-to-celebrate-christmas
Xavier Symons on euthanasia-and-palliative-sedation-are-distinct-concepts

Climate

Tamino on climate-denier-david-does-it-again, arctic , state-of-the-climate
and Then Theres Physics on rose-down-the-rabbit-hole
Real Climate on defending-climate-science , what-has-science-done-for-us
The Idiot Tracker on where-climate-disaster-sits
various on climate-change-played-a-role-in-australias-hottest-october-and-tasmanias-big-dry-in-2015
Moyhu on current-global-temps-compared-with-cmip , giss-rose-007-in-november
hotwhopper on its-still-hot-second-hottest-november-in-the-NASA Gistemp-record

Andrew Gelman (mainly stats)

Genial Dave Giles (econometrics)

stephen-e-fienberg-1942-2016
No Hesitations on varieties-of-rct-extensibility

Dianne Coyle (quirky + book reviews)

knowledge-as-a-public-good-honest
Doverbeach on weekend-reading
David Beckworth on macro-musings-podcasts-macroeconomics-of-star wars -and -star trek

Vox Wonk

Wednesday, 14 December 2016

Trump could be playing with fire

Apropos yesterday's post on viewing the last Presidential election Menzie Chinn looks at potential GDP in the USA and finds Trump does not have a lot of leeway to play with so to speak.

Even a mildly expansionary fiscal policy ( and remember Obama's fiscal policy at present is in fact contractionary) would mean an uptick in inflation as output cannot rise ~~any~~ much further.
this means Trump will be fighting the Fed (who will not fight back).

It is further evidence the markets are wildly optimistic on what Trump will do.

However there is a strong caveat to all of this.

It is always wise to wait and see what politicians actually do rather than listen to their talk.
Trump after all has shown himself to be a typical politician since his win. His policy stance was all over the place. Will it be so when he is in office if not what exactly will he ditch?

At this stage we simply do not know and therefore are making a lot of assumptions.

I am with Brad De Long and Simon Wren-Lewis (See yesterday's post) on Trump's fiscal policy but everyone should admit we are all in the dark. What if Trump actually changes his expenditure to what Clinton advocated?

Update

I am further reminded markets would get very nervous when the Executive targets the Fed. Yes indeed I do think that is one thing markets can count on.

Tuesday, 13 December 2016

Simon Wren-Lewis on Trump

Simon Wren-Lewis writes about Trump's fiscal policy.

He essentially agrees with Bradford De Long and myself that the policy might not be as stimulatory as the markets think.

I might just add how ironic to see 'conservative' commentators supporting fiscal expansion. It goes like this. Let us take the USA. Republicans love fiscal expansion in office .See Reagan or Bush no-2 but revert to supporting classical economics in Opposition upbraiding Democrat p[residents for not doing enough to reduce the deficit ( which they supported).

they have no shame.

On a completely different point. What is wrong with Trump's eyes? He looked both terrible and weird in his fox news 'interview'.

Monday, 12 December 2016

Further post Presidential election comment

From my excellent Around the Traps we had:

The inimitable Andrew Gelman on 19-things-learned-from-2016-election and 5-more-things-learned-from-2016-election
Sam Wang on the-comey-effect ( okay this is on Friday's Around the traps)
Harry Enten on its-not-all-about-clinton-the-midwest-was-getting-redder-before
An added bonus Brad De Long on will-the-us-economy-boom-over-the-next-four-years

Sunday, 11 December 2016

Politicalisation of the public service and a complete waste of money.

Ross Gittins has a grest article on how the Liberalas love to politicise the public service. He does not emphasize how this started with Howard. He sacked a lot of department heads. In one truly stand out case of incompetence they sacked the wrong person!

Neither Hawke nor Rudd did this.

What brought this to a head was some imbecile actually paid money to Tony Makin a fifth rate academic to write about Australia's policy in fighting the GFC.
I wrote about Makin's pathetic attempts previously.

There is no way Treasury would have authorized this given the demolition they did of Makin's Mineral council's paper. ( Another hint is where it is found as well.)

Somehow Makin did not even understand he said China's stimulus worked bit ours didn't.
He also didn't see the currency falling and then rising as commodity prices did the same thing. I am also wondering how come the MF theory only affected us and not the 18 other countries that had fiscal stimulus.

He also will probably forget the IMF and OECD have found fiscal multipliers were higher then previously assumed. Posen for example showed in Japn in the 90s when fiscal polisy was expansionary the economy rose when it was contractionary the economy fell. fiscal policy was infact quite potent.
Makin and his trumpian lot simply ignore the data and like the bourbons learned nothing and forgotten nothing.

This was a complete and utter waste of money.

Malcolm Turnbull lacks guts!

Steve from Brisbane wrote about this on Friday.

What is mind blowing in all this is that an emissions intensity scheme is totally compatible with the Coalition's direct action policy.

It is not an ETS as it does not impose a price on carbon. The government gains no revenue.Why didn't Turnbull point this out to the ignorant.

The Chief Scientist supports the scheme, Australia's premier think thank supports the scheme. Industry supports the scheme yet Turnbull meekly succumbs to ignorant pressure.

As it is since the Coalition got rid of the ETS the previous Labor government had put on carbon emissions have risen as everyone knew they would.

If Turnbull cannot even explain this to anyone then he cannot do anything.

Update:

Turnbull stands for nothing. This is unfortunate. He stills thinks it was mediscare that brought the Liberal numbers down when it clearly wasn't as discusses before. He therefore cannot argue ,correctly, it was only a change of leadership that kept the Liberals in government.

Irony

Thursday, 8 December 2016

Around the Traps 9/12/16

It is time for Around the Traps again

Aussie,Aussie,Aussie,Oy,Oy,Oy

Croaking Cassandra on superannuation-choices , eight-(more)-wasted-years , steven-joyce-as-minister-of-finance, debt to income limits
various on great-barrier-reef-needs-far-more-help-than-australia-claims-in-its-latest-report-to-unesco
Paul Graham on australians-can-have-zero-emission-electricity-without-blowing-the-bill
Gillian Dooley on the-limits-of-empathy-matthew-flinders-encounters-with-indigenous-australians
Ross Gittins on education-efficiency-should-start-with-Grattan-compromise , how-to-tell-if-recession-looms
Greg Jericho on the-backpacker-tax-is-a-textbook-case-of-how-not-to-develop-policy ,are-workers-right-to-be-sceptical-about-productivity-improvements
The Kouk on are-aussie-interest-rates-about-to-hike
Stuart Riddle and Bob Lingard on pisa-results-dont-look-good-but-before-we-panic-lets-look-at-what-we-can-learn-from-the-latest-test
Nick Gruen on the-artists-resale-royalty
Thomas the Think Engine on i-asked-the-general-public-to-contribute-their-ideas-about-australias-productivity-challenges-you-wont-believe-what-happened-next
Mark the Graph on gdp-hiccup
Tony Wood and David Blowers on emissions-trading-for-electricity-is-the-sensible-way-forward
Bruce Chapman on the-case-for-a-fixed-15-fee-on-all-student-loans

Northern America

Calculated Risk on poor-gretchen-on-fannie-and-freddie , a-few-comments-on-seasonal-pattern-for-housing-prices , annual-employment-gains-some-early-thoughts on 2017
Mark Thoma gives is Tim Duy on desperately-searching-for-a-new-strategy
Menzie Chinn on president-elect-trump-hints-at-bretton-woods-iii , manufacturing-employment-and-three-episodes-of-dollar-appreciation , raise-the-yuan-implications-for-the-treasury-spread
Kruggers on Trade-and-Manufacturing-Employment Thanks Mark
Robert Waldmann on my-advice-to-macroeconomists Thanks Mark
Paul Van der Water on to-repeat-medicare-isnt-going-bankrupt Thanks Mark
Noah Smith on what-trump-didn-t-learn-from-the-financial-crisis
Thomas Piketty et al on economic-growth-in-the-united-states-a-tale-of-two-countries Thanks Mark
Kevin Drum on obamacare-repeal-doomed-pre-existing-conditions Thanks Brad
Menzie Chinn on guest-contribution-the-yellen-rules
Richrd Green on the-trouble-with-dti-as-underwritingl Thanks Mark
David Leonhardt on the-american-dream-quantified-at-last Thanks Mark
Josh Marshall on critical-for-understanding-medicare-s-fate Thanks Brad
Barry Ritholtz on putting-minimum-wage-debate-context Thanks Brad
Progrowth Liberal on boeing-trade-policy-and-trump-tweeting
Jonathon Chait on donald-trump-has-proven-liberals-right-about-the-tea-party Thanks Brad
Brad De Long on will-the-us-economy-boom-over-the-next-four-years
Jared Bernstein and Dean Baker on trump-trade-deficit Thanks Mark
Edward Cavanagh on why-trump-shouldnt-weaken-us-sanctions-russia-part-2
Harry Enten on its-not-all-about-clinton-the-midwest-was-getting-redder-before-2016
Timothy Taylor on women-in-us-labor-market
Jared Bernstein on sorry-mr-puzder-no-correlation-between-exchange-premiums-and-restaurant-employment

Europe

Simon Wren-Lewis on hitting-back , the-obr-and-impact-of-brexit
Luigi Zingales on italys-referndum-call-populism-call-democracy Thanks Mark
Mathew Del Santo on renzis-referendum-and-future-euro
Eric Lonergan on renzis-referendum-europes-future
Tony Yates on carney-calls-for-goverment-to-redistribute-more

Asia

Kathleen Walsh on financial-wizardry-alone-wont-stave-off-a-chinese-debt-crisis
Roger Shanahan on first-we-take-aleppo-then-we-take-idlib
Angela Han on why-chinese-economic-diplomacy-working-southeast-asia
Brad Setser on do-not-tell-anyone-but-the-case-for-naming-taiwan-a-manipulator-is-stronger-than-the-case-for-naming-china Thanks Mark
J Michael Cole on taiwan-not-us-will-likely-pay-price-trump-tsai-call
Andrew Seith on aung-san-suu-kyis-fall-from-grace
Alice De Jonge on why-capital-is-fleeing-china-and-what-it-means-for-australia

Wonk

Sam Geal on beware-carbon-bubble
James Hamilton on factors-in-low-real-interest-rates
Henry Farrell on consumer-sovereignty-is-a-postulate-not-a-given
Timothy Taylor on youth-and-future-of-arab-states , economics-of-gentrification
Stephen Grenville on unbundling-globalisation
Larry Summers on its-time-for-a-reset Thanks Mark
Carola Binder on the-future-is-uncertain-but-so-is-past
Cecchetti and Schoenholtz on better-capitalized-banks-lend-more-and-lend-better Thanks Mark
Mohammed El Erian on the-central-banks-alone-cant-save-us Thanks Mark
Nick Rowe on why-is-is-a-bad-place-to-start-doing-macro-again , green-bitcoin-vs-redgreen-lets
Chris Dillow on why-not-centrism , the-populist-paradox
David Glasner on a-primer-on-equilibrium
Noah Smith on more-about-econ-101-theory-of-labor-markets
Progrowth Liberal on the-auerbach-tax-trade-distortion-and-transfer-pricing
Nick Gruen on wellbeing-more-please
Simon Wren-Lewis on the-reporting-of-market-ups-and-downs
Dani Rodrik on no-mourning-dead-trade-agreements Thanks Mark
Noah Smith on a-better-theory-to-explain-financial-bubbles , economists-pretend-they-don-t-pick-winners-and-loser
Francesco Saraceno on a-plea-for-semi-permanent-government-deficits Thanks Mark

General

Janie Maxwell on can-we-blame-climate-change-for-thunderstorm-asthma
Frances Wooley on will-legalization-reduce-marijuana-use-among-youth
Tony Yates on rethinking-science
Amy Brown on guide-to-the-classics-the-arthurian-legend
Tim Harford on game-changers-the-importance-of-the-puzzle
Noah Smith on is-twitter-dystopian-technology

Climate

Tamino on how-much-from-el-nino , global-warming-and-el-nino , climate-denial-from-david-rose-the-gift-that-keeps-on-giving
and Then There's Physics on poor-roger
Moyhu on where-do-ghcn-monthly-numbers-come-from , global-templs-unchanged-in-november-sea
Bob Henson and Jeff Masters on climate-change-wont-stop-in-2016-despite-misleading-reports
The arctic sea ice blog on piomas-december-2016
variable variability on scott-adams-non-expert-problem-climate-change
David Appell on arctic-sea-ice-volume-now-down-45%

Andrew Gelman (mainly stats)

Genial Dave Giles (econometrics)

december-reading-list
monte-carlo-simulation-basics-iii
No Hesitations on exogenous-vs-endogenous-volatility-dynamics

Dianne Coyle (quirky + book reviews)

Vox wonk

Not Trampis

Thursday, 29 December 2016

Around the Traps 30/12/16 New Year Edition

Wednesday, 28 December 2016

Pseudoerasmas is a great blog

Tuesday, 27 December 2016

Nazi Political Economy

Monday, 26 December 2016

The Gold Standard

Sunday, 25 December 2016

Why do we have hot lunches/dinners in Australia on Christmas day?

Thursday, 22 December 2016

Around the Traps 23/12/16 Christmas edition

Wednesday, 21 December 2016

Bayes' theorem began as a defense of Christianity

Tuesday, 20 December 2016

A short note on the happenings in Germany.

Monday, 19 December 2016

MYEFO

Sunday, 18 December 2016

Rising Power bills in Australia

Thursday, 15 December 2016

Around the Traps 16/12/16

Wednesday, 14 December 2016

Trump could be playing with fire

Tuesday, 13 December 2016

Simon Wren-Lewis on Trump

Monday, 12 December 2016

Further post Presidential election comment

Sunday, 11 December 2016

Politicalisation of the public service and a complete waste of money.

Malcolm Turnbull lacks guts!

Thursday, 8 December 2016

Around the Traps 9/12/16

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