My Two Cents

My Two Cents

The common thread running through this series is human psychology: how we think, what we think, and how we can be led astray by our thoughts and those of others. Here we cover: questionable science, current politics, provocative statistics, predictable incentives, and more.
Feb
25
Bread and Circuses (Newsletter 035)

Bread and Circuses (Newsletter 035)

We often mistake advances in technology with advances in the human condition itself.
5 min read
Dec
10
I Want It Now! (Newsletter 024)

I Want It Now! (Newsletter 024)

It seems like many politicians view themselves as entertainers first, and legislators or representatives a distant second. After all, you must be popular to be elected, the thinking goes
6 min read
Nov
26
Is Your Country A GDPaholic? (Newsletter 022)

Is Your Country A GDPaholic? (Newsletter 022)

People all over the world are telling us something about their well-being that is not being captured in measures of GDP. They are telling us this loudly and clearly if you look for the data, and policymakers are largely ignoring them.
8 min read
Nov
23
Where Does The 2% Inflation Target Come From Anyway?

Where Does The 2% Inflation Target Come From Anyway?

Would you rather have greater purchasing power, or "output that is close to the economy's maximum sustainable level of output"?
7 min read
Nov
16
Aspirin Recommendations Make My Head Hurt

Aspirin Recommendations Make My Head Hurt

How could so many experts have been so wrong about something that everyone believed for decades?
5 min read
Oct
26
Hold Fast To Truth

Hold Fast To Truth

Holding fast to truth is not an easy path, but it is the least difficult of all other alternatives. This is a tribute to Alexander Solzhenitsyn's 1974 essay "Live Not By Lies"*
7 min read
Oct
15
You Get What You Incentivize (Newsletter 016)

You Get What You Incentivize (Newsletter 016)

If your appetite is unlimited, no amount will ever be sufficient to satisfy your wants. No amount of tax is "fair" when there is no limit on what you aim to spend and redistribute.
7 min read
Oct
13
Don’t Be An Idiot!

Don’t Be An Idiot!

5 min read
Oct
10
America, We're Failing The Marshmallow Test

America, We're Failing The Marshmallow Test

The dynamics of delayed gratification help explain why as individuals and as a nation we spend beyond our means. Consumption today is worth more than consumption tomorrow.
3 min read
Oct
06
If You Did Your Performance Review Like A Central Bank

If You Did Your Performance Review Like A Central Bank

This one is for everyone who's wondering what's up with "core inflation" and "transitory" inflation.
3 min read