What We Read Today 07 January 2014

January 7th, 2014
in econ_news, syndication

Econintersect: Click Read more >> below graphic to see today's list.

The top of today's reading list asks why do we pay taxes (and the answers may surprise some) ........ and the tenth article is a satirical spoof about the start of recreational marijuana sales in Colorado.  The bonus (11th article) discusses the explosive growth of local government debt in China.

Follow up:

  • Why do we pay taxes? (Walter Kirtz, Sober Look) Prof. L. Brownstein, University of Leeds, says federal taxes paid in in countries like the UK, the U.S. and Japan (just three examples) have no functional relationship to federal spending, deficits or national debt. Read the fourth article today by Warren Mosler as a companion to this.
"What Mr Snowden has revealed is the new tension at the very foundations of modern-day capitalism and democratic life. A bit more imagination is needed to resolve it."


  • The Birds (Jonathan Rosen, The New Yorker) Why the passenger pigeon became extinct.
  • Spread in model climate sensitivity traced to atmospheric convective mixing (Steven C. Sherwood, Sandrine Bony and Jean-Louis Dufresne, Nature) Hat tip to Sig Silber. Link is to abstract only. Purchase or subscription necessary for full access. This is wonkish but worthwhile. The article proposes a mechanism for the wide range of estimates of future climate warming based on a multi-level atmospheric mixing process that is not properly understood. Sig wrote:
The article offers an explanation for the wide range of estimates of future climate warming which according to the authors is the result of an inadequate representation withing the current climate models of multi-level atmospheric mixing processes. The article provides its own interpretation of these atmospheric ocean-coupled processes which if confirmed to be correct would result in the narrowing of the range of estimates of future warming by eliminating or reducing the likelihood of the lower part of the confidence interval. Thus this is a very significant article.

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