econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



What We Read Today 20 December 2014

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

Too Big to Tax: Settlements Are Tax Write-Offs for Banks (Lynnley Browning, Newsweek)  Hat tip to Rob Carter.  The settlements agreed to by the big banks in compensation for fraud they have committed are not what they seem.  The are,in fact, tax deductions.  They are treated very much as would business expenses, deducted from taxable income.  So the assertion that banks are treating the settlements as a cost of doing business is in fact, well, a fact.

Facebook’s Popularity Among Teens Dips Again (Sarah Frier, Bloomberg)  In 2012 95% of 13-27 year-olds using social media were Facebook members,  In 2013 it was 94% and this year down to 88%.  What is gaining?  Twitter and messaging apps.


Superiority or Elitism? The Standing of Economics in the Social Sciences (Alan Harvey, Institute for Dynamic Economic Analysis)  Alan Harvey has contributed to GEI.  See also the next article. Here are two excerpts from his conclusion:

The summary image is of an insular profession, guarded by a tribal hierarchy, dominated by a few schools, which adheres to a narrow ideology, and teaches largely the same material. Economists have achieved a place of prominence and influence in the world unmatched by other social sciences, and in this position of superiority have declined to engage in a wider discussion. Many will recognize this image as applying also within economics, where devastating critiques go unacknowledged, bad practices go unchanged and self-confidence is unchecked. 
 
The final irony is that a whole institutional structure – from newspapers through congressional committees to international policy circles – looks to economists for answers in crisis, even when they have been proven wrong.

....

When compensation, prestige and tribal discipline replace results and intellectual debate, we have a reform that cannot be won on scientific terms. 

The Superiority of Economists (Marion Fourcade, Etienne Ollion, and Yann Algan, Max Planck Sciences Po Center on Coping with Instability in Market Societies)  This is a research study with real data.  For example, a table on interdisciplinary attitudes of social scientists is shown below.  But the most interesting (and insightful) part of the entire paper is the conclusion:

If economists could manage to get themselves thought of as humble, competent people, on a level with dentists, that would be splendid!,” Keynes (1963[1932]: 373) famously wrote. Most modern economists have a strong practical bent. They believe in the ideal of an expert-advised democracy, in which their competence would be utilized and on display in high profile, non-elective positions in government and other institutions. But democratic societies are deeply suspicious of (non-democratic) expertise, and economic advice, unlike dentistry, can never be humble. The fact is that – in some ways true to its philosophical origins – economics is a very moral science after all. Unlike atoms and molecules, the “objects” upon which economists seek to act have a perspective on the world, too. Human life is messy, never to be grasped in its full complexity or shaped according to a plan: people act in unanticipated ways, politics makes its own demands, cultures (which economists do not understand well) resist. Thus the very real success of economists in establishing their professional dominion also inevitably throws them into the rough and tumble of democratic politics, forcing them to try to manage a hazardous intimacy with economic, political, and administrative power. It takes a lot of self-confidence to put forward decisive expert claims in that context. That confidence is perhaps the greatest achievement of the economics profession – but it is also its most vulnerable trait, its Achilles heel.

interdisiplinary-attitudes-social-science


Articles about events, conflicts and disease around the world

Ferguson and Related News

NSA / CIA

Ebola

Turkey

Iraq

Ukraine

Belarus

Russia

Pakistan

North Korea

Cuba


Do not miss "Other Economics and Business Items of Note", the final section every day.

Please support all that we do at Global Economic Intersection with a subscription to our premium content "behind the wall".

There are between 75 and 100 articles reviewed most weeks. That is in addition to the 140-160 articles of free content we provide.

You get a full year for only $25.




The rest of the post is for our premium content subscribers - Click here to continue reading. If you have forgotten your login or password - send an email to info at econintersect.com.










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.





Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.






Econintersect Behind the Wall



search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
The Problem With Obamacare Is That It Did Little To Reduce Overall Healthcare Spending
Joan Robinson’s Critique of Marginal Utility Theory
News Blog
Joe Sixpack's Situation in 3Q2016: The Average Joe Is Better Off
Why Are Some People More Delinquent On Loans Than Others? - Part 1
Gravity Returns To San Francisco Housing Market
Violent Bond Selloff: An Eye-Opening Perspective
Infographic Of The Day: Identity Theft: You Should Be Worried
Early Headlines: Russia Hacked GOP, Trump To Drain Energy 'Swamp'?, New Sec'y Of State Candidate, India IP Shrinks, India Has World's New Largest Solar Plant , China GDP Hides Volatility And More
Most Coup Attempts In Recent Years Have Failed
The Global Cost Of Diabetes
The Universities Churning Out The Most Billionaires
Five Amazing Ways Plants Have Created New Technologies
Where U.S. Weekly Wages Go The Furthest
What We Read Today 09 December 2016
How To Stop Using Filler Words Like Um And Uh
Investing Blog
The New Art Of Utility Investing
Investing,com Weekly Wrap-up 09 December 2016
Opinion Blog
Trickle-down Economics, Trump Edition
Looking At Everything: Trump's $1 Trillion Infrastructure Plan
Precious Metals Blog
Silver Prices Rebounded Today: Where They Are Headed
Live Markets
09Dec2016 Market Close: Wall Street Closes On A New High, Trump Sugar High, Crude Prices Testing Resistance, US Dollar Melts Higher
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved