India: Links for 18th November, 2019

  1. ““In the end it was this access to unlimited reserves of credit, partly through stable flows of land revenues, and partly through collaboration of Indian moneylenders and financiers, that in this period finally gave the Company its edge over their Indian rivals. It was no longer superior European military technology, nor powers of administration that made the difference. It was the ability to mobilize and transfer massive financial resources that enabled the Company to put the largest and best-trained army in the eastern world into the field””
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    An excerpt that itself was excerpted, but too delicious to resist – Alex Tabarrok writes an excellent review of William Dalrymple’s latest book on the East India Company.
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  2. “The problem is that, rather than examining independent indicators of economic activity, the Bretton Woods’ forecasts appear to be based primarily on (a) extrapolation of the official growth figures, and (b) some subjective adjustment based on staff’s assessment of policy changes.”
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    CGDEV on reporting of India’s growth numbers.
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  3. “Is all this working? Economists have talked about the possibility of green shoots of recovery in the second half of this financial year. However, looking at the data for July to September 2019, for now the slowdown is well and truly in place.”
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    Vivek Kaul isn’t impressed with the state of the Indian economy.
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  4. And perhaps with good reason: Somesh Jha on the fall(!) in rural demand.
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    “Consumer spending fell for the first time in more than four decades in 2017-18, primarily driven by slackening rural demand, according to the latest consumption expenditure survey by the National Statistical Office (NSO).”
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  5. Slate Star Codex on 1991, and the difficulty of using statistics. Econ nerds only!
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    “…”we need to study and raise awareness of the history of democratic, comparatively “nice” countries that did nothing worse than overregulate business a bit – and investigate whether even these best-case scenarios still doomed millions of people to live in poverty. My (biased) guess is that careful study will show this to be true.”

Video for 17th November, 2019

Tweets for 16th November, 2019

 

 

Etc: Links for 15th November, 2019

  1. Bibek Debroy about Abhijit Banerjee’s father. This was fascinating!
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    “There were people who didn’t have an exceptional publication record. They were simply superb teachers.Dipak Banerjee was one of them. Except for a paper on utility he wrote while he was at LSE (London School of Economics), he rarely published. He was an exceptional teacher who produced exceptional students. Bhaskar Dutta, Subhashis Gangopadhyay, Dilip Mukherjee and Debraj Ray should be familiar names. They (all Dipak Banerjee’s students) edited a collection of essays in his honour in 1990. Mihir Rakshit primarily taught us macroeconomics and Dipak Banerjee primarily taught us microeconomics. Mihir babu’s teaching was precise. He never deviated from the topic. Dipak babu’s teaching was also precise, but he deviated from the topic and told us “stories”, especially at tutorials. In the course of these stories, we learnt he had two sons. He wasn’t worried about his younger son, who was “street smart”. But he worried about his elder son, who wasn’t that street smart. We learnt this elder son was called Jhima and that he had a middle name of Vinayak because he was born in Mumbai and because his mother (Nirmala Banerjee) was a Maharashtrian.”
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  2. A short article about the “perils” of Amazon Prime
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    “”Because of multiple Prime orders, Amazon has had to think more about packaging. Recognizing some customers’ “wrap rage,” they are using more bubble envelopes. Aware that the excessive space occupied by smaller inexpensive items increases transport costs, they’ve been developing algorithms that match box size to contents to avoid “over-boxing.” And they want manufacturers to know that online packaging needs to be compact rather than attractive.”
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  3. “We therefore predicted that reactivating previously unsolved problems could help people solve them. In the evening, we presented 57 participants with puzzles, each arbitrarily associated with a different sound. While participants slept overnight, half of the sounds associated with the puzzles they had not solved were surreptitiously presented. The next morning, participants solved 31.7% of cued puzzles, compared with 20.5% of uncued puzzles (a 55% improvement).”
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    Fascinating is an understatement – Alex Tabarrok on being productive while sleeping.
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  4. “For me, sleep is the #1 important factor for my cognitive productivity. I typically get between 6½–7¼ hours per night. Much less, and I feel my brain turning to goo when I try to do anything cognitively demanding. I track my sleep with a fitness tracker so I can anticipate when I should expect a “bad day” and plan accordingly.”
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    On the importance of sleep, and holidays. Please look up Jensen’s inequality as well.
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  5. “…music streaming subscriptions are typically far cheaper in emerging markets than they are in the US and Europe, but hardware built to play that music – often from the very same companies running the music services – is significantly more expensive.”
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    I pay 179 INR per month for Spotify – for six family members. INR 189 per month for YouTube Premium – for six family members.

Ec101: Links for 14th November, 2019

Four of one today, and one of the other.

 

  1. “In their new book, The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay, economists Emmanuel Saez and Gabriel Zucman challenge seemingly every fundamental element of conventional tax policy analysis. Given the attention the book has generated, it is worth stepping back and considering their sweeping critique of conventional wisdom. Spoiler: My goal here is to present these issues, not resolve them.”
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    William G. Gale on the public economics topic du jour, tax policy as per Saez and Zucman.
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  2. “I find this episode appalling, and I hope The New York Times is properly upset at having been “had.”#TheGreatForgetting”
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    Strong language from Prof. Cowen is an underrated signal by definition. He is less than happy about this article.
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  3. A Twitter thread that only econ nerds should read – but econ nerds really should read it.
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  4. And finally, another post about it from MR.
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    “”This is quite remarkable. If the sensible way of defining tax rates involves excluding transfers from the denominator (as they claim), the fact that it leads to very high rates by construction at the bottom should be because this is a sensible summary of reality. Yet, in their own words, it’s a problem. Rather than switching method, they drop the people at the very bottom which conveniently covers up the problem (but leaves a less severe version of the problem in their remaining lower income sample). Of course, they could have just used the standard definition which includes transfers in the denominator, but doing this destroys the entire headline result.”
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  5. And because we can all have more than our fair share of public economics and taxes, here’s Gulzar Natarajan wondering aloud, as he puts it, about the Indian economy.
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    “”Therefore public spending has to be tailored to maximise the boost to consumption and investment. In other words, it should seek to target instruments with the highest fiscal multipliers and target population or consumption groups with the highest marginal propensity to consume.”

RoW: Links for 13th November, 2019

  1. From a while ago – Peter Baker on Trump’s pullout of troops:
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    “”The Taliban have wanted the United States to pull troops out of Afghanistan, Turkey has wanted the Americans out of northern Syria and North Korea has wanted them to at least stop military exercises with South Korea.

    President Trump has now to some extent at least obliged all three — but without getting much of anything in return. The self-styled dealmaker has given up the leverage of the United States’ military presence in multiple places around the world without negotiating concessions from those cheering for American forces to leave.”
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  2. “As a tribute to the bunnies who lived between the wall, in 1999 artist Karla Sachse installed 120 rabbit silhouettes near the area they once roamed so freely. Unfortunately, in the decades since, quite a few of the brass bunnies are now buried beneath new layers of asphalt. It’s unknown how many still exist, though you can spot some along Chausseestraße.”
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    On the bunnies of the Berlin wall.
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  3. “Young people, many of whom had seen their schooling opportunities delayed for more than a decade, hastily dusted off their textbooks and began studying to prepare for the college entrance exams. That year, 5.7 million entered their names for the exams, and 273,000 were enrolled. Because the number of applicants far exceeded the expected figure, for a time the authorities could not procure enough paper to print the exam papers. The problem was not resolved until the central authorities made the urgent decision to ship in all the paper previously allocated for the printing of the fifth volume of the Selected Works of Mao Zedong.”
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    Andrew Batson on the class of ’77. I cannot improve upon the title of his post, by the way.
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  4. “The upgrade of the China–Sri Lanka relationship to a “strategic cooperative partnership” in 2013 demonstrated the geopolitical consequences of China’s generous support to Sri Lanka. By 2015 Chinese companies had completed infrastructure projects there worth $ 10 billion. In 2016, China overtook India to become Sri Lanka’s biggest trading partner with its $ 4.43 billion trade pipping the $ 4.37 billion of India.”
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    About the upcoming elections in Sri Lanka, and the associated geopolitical factors.
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  5. “But there were signs of trouble from the start. In 2014, a mountainside glass walkway cracked under the weight of too many hikers. In 2015, a glass bridge fractured and had to be closed after a visitor dropped a thermos on it. A year later, the Zhangjiajie Bridge, a 1,400-foot span that hangs 1,000 feet over a gorge, had to be closed after it was mobbed by visitors far in excess of its designed capacity, a mere 13 days after opening. The next year, it was pummeled by falling rocks.”
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    On China’s bubble in building, uh, bridges made of glass.

Tech: Links for 12th November, 2019

I have used some of these resources partially, and none of these completely. More as a bookmark to come back to for me (and maybe for you), these are five free resources to help you learn how to code.

  1. Grasshopper by Google.
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  2. The Odin Project, fully open source.
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  3. Lectures from Harvard University on Computer Science.
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  4. edX courses on coding.
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  5. … and finally, Khan Academy on coding.