Archive for the ‘Politics’ Category

People on third base claiming they hit a triple, or marginal product theory at work…not!

July 3rd, 2015

One of the less defensible assumptions of microeconomics is that people get paid their “marginal product,” i.e., their wage equals the value of the output they produce. Thus, according to the theory, if the last worker hired is being paid an hourly wage less than the value of the firm’s output per hour, if would… Read more

The curse of American optimism

June 22nd, 2015

On my way in this morning, I was listening to a talk show about the mass slaying at the Emanuel AME Church in Charleston, SC. The host asked an expert on such things whether there was anything we could do to prevent the next one of these horrific episodes. I fully expected him to go on… Read more

Three reasons why polls are increasingly wrong

June 21st, 2015

I found this to be an important bit of analysis from this AMs NYT. It’s a piece on three reasons why polling is increasingly failing to accurately predict electoral outcomes: the growth of cell phones, lower response rates, and greater difficulty predicting who are the likely voters (i.e., getting turnout wrong). For reasons explained in the… Read more