Income inequality is a bad thing. It’s a suboptimal scenario. This isn’t something that is debatable. It follows from a few fairly fundamental principles: Wealth demonstrates diminishing marginal returns. This is evidenced through risk aversity and other empirical studies Happiness does generally increase with wealth, but at a decreasing rate. There’s plenty of evidence that…
Ok, it’s not exactly the Prisoner’s Dilemma, but it tastes the same. Members of prediction market Intrade, have to decide whether to cooperate or be selfish. The exchange is insolvent. It seems like the operator didn’t separate member money from its own money and then spent it. This basically makes it a ponzi scheme. It…
From a number of sources (CNN, USAToday, FT) No Eurozone country, since the creation of the Euro, has ever instituted capital controls. It’s not really allowed, except in exceptional circumstances. Which goes to show the value of rules with exceptions for “exceptional circumstances”. Which is to say, not much. The cost to large depositors Deposits…
Unfortunate technical catastrophe, but still irrelevant. (I’m referring to Bitcoins. Are you new here?)
Vavi has disappointed me with his call for a R4,500 minimum wage. There is no question that higher pay is better, all else being equal. I expect the overwhelming majority of eyes that have ever glanced at this blog belong to beings that earn more than R4,500 a month. There is no question that lower…
I’m not a fan of Nutella, but it seems students at Columbia University are. The story is a little bizarre and, frankly, a little bizarrely written, but the message is interesting. Nutella is provided at Columbia University Dining Halls. Students can eat as much Nutella as they can (or at least, as much as there…
Everyone has totally lost the plot. The proportion of people who speak sense has declined to the lowest level recorded since ever. “If Eskom puts up its prices too high we’ll have higher inflation. Inflation is bad therefore Eskom shouldn’t put up electricity prices so much.” Oh really? What happens to the cost of producing…
Hmph, how can the Italian election cause new Euro jitters when there never were any jitters, eh?
