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.



>> Click Here for Historical Wall Post Listing <<

What We Read Today 12 November 2015

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.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).

BECOME A GEI MEMBER - IT's FREE!

Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

The rest of this post is available only the GEI Members.  Membership is FREE -  click here.

Articles about events, conflicts and disease around the world

Global

  • Surge in Protectionist Measures Blamed for Sapping Trade (The Wall Street Journal)  By now, almost everyone following economic news knows that global trade is swooning this year, buffeted by low commodity prices, an uncertain transition in China and a decelerating world economy.  But some of the biggest countries in the world are compounding the problem with a slew of protectionist measures, ranging from higher tariffs to government bailouts of exporters, according to a report published Thursday by the Center for Economic Policy Research in London.  India, Russia and the U.S. have imposed the most “trade-distorting” measures since 2008. In fact, Russia and India have hit no fewer than nine of the other top 20 global economies more than 150 times since November 2008.

trade.restrictions.since.2008.g20

U.S.

  • Watchdog: IRS used bad Java in PPACA system (LifeHealthPro)  The Internal Revenue Service (IRS) rushed a major Patient Protection and Affordable Care Act (PPACA) tax form checking system into use earlier this year without putting it through a complete security assessment process, a watchdog agency official says.  In addition, because of IRS PPACA system project management problems, the tax form checker was using outmoded, potentially dangerous versions of the Java Runtime Environment program when the IRS started using the tax form checker.  Michael McKenney, the deputy inspector general for audit, an official at the Treasury Inspector General for Tax Administration (TIGTA), presented those conclusions today. 

  • HealthCare.gov signs up 543,000 in week one, outpacing 2014 results (HealthLifePro)  Obamacare has 17% more enrollments in the first week of the open enrollment period this year than last.  The numbers aren’t perfectly comparable to the 2014 numbers, because Hawaii is now using HealthCare.gov for enrollment rather than its own state-based enrollment system.

  • Deportation Didn't End Illegal Migration in the '50s – Legal Immigration Did (Foundation for Economic Education)  Note:  "Bracero" refers to a temporary visa for agricultural work, a common type of work permit for legal entry to the U.S.  When these were issued in greater numbers the deportation of undocumented immigrants declined - see Figure 1.  And as the guest worker program built up the number of voluntary repatriations shot up dramatically - see Table 1.

guest.workers.permits.vs.deportations

foreign.workers.1946.1952

EU

Lebanon

Iraq

  • Amid offensive, Iraqi Kurds cut Islamic State supply line (Associated Press)  Supported by U.S.-led airstrikes, Kurdish Iraqi troops on Thursday seized part of a highway that is used as a vital supply line by the Islamic State group, a key initial step in a major offensive to retake the strategic town of Sinjar from the militants.  The town was overrun by the extremists as they rampaged across Iraq in August 2014, leading to the killing, enslavement and flight of thousands of people from the minority Yazidi community.

Russia

  • Russia reveals giant nuclear torpedo in state TV 'leak' (BBC News)   The Kremlin says secret plans for a Russian long-range nuclear torpedo - called "Status-6" - should not have appeared on Russian TV news.  The leak happened during a report on state-run Channel One about President Vladimir Putin meeting military chiefs in the city of Sochi.  One general was seen studying a diagram of the "devastating" torpedo system.  Launched by a submarine, it would create "wide areas of radioactive contamination", the document says, designed to "destroy important economic installations of the enemy in coastal areas and cause guaranteed devastating damage to the country's territory by creating wide areas of radioactive contamination, rendering them unusable for military, economic or other activity for a long time".

Other Economics and Business Items of Note and Miscellanea

  • The fabricated myth of the invisible hand (Critical Truth Lives)  Economics is and has always been a battleground dominated by factions trying to prevail over each other. However, the battle is not about the pursuit of truth or adherence to scientific methods, but about ideology. Nowhere is this more visible than in our perception of the invisible hand, the most famous idea in economics, attributed to the father of economics, Adam Smith.  The common belief about the invisible hand is that individuals are attempting to maximize their well being, and by doing so will further the interests of society without intending it. The argument essentially is that individual and selfish greed will automatically lead to a harmonious society just as if every individual was guided by an invisible hand.  But this is not related to anything that Adam ever wrote.  The contexts of the three times he mentioned the term "invisible hand" are reviewed in this article.  See also discussion by Steve Keen in a lecture to beginning economics students:  Documentary Of The Week: The Mainstream And Why General Equilibrium Is Unstable.

  • The blinkered economics of the 2016 GOP presidential candidates (The Washington Post)  After offering a few "that was not so bad" observations, Daniel W. Drezner, a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University, said that "economic musings" were “so God-awful and wrong that even GOP-friendly observers were nauseated”.  See next article.

  • Goldbugs Take Center Stage at Republican Debate (Bloomberg)  Megan McCardle is a conservative journalist with an MBA from the University of Chicago.  Read this article to find why she found the economics discussed at this week's debate incongruous.

  • A Decisive Monetary Policy Approach Is About More Than Economics (ValueWalk)  We are now concerned that the authorities steering these central bank decisions (The Fed, the ECB and the BoJ) need to get to grips with these signaling issues that may have opposite economic consequences to those that the policies in place are designed to bring about.  The author argues that from an objective point of view, macroeconomic data are still at a level at which the Fed should begin to remove extraordinary monetary measures - and the ECB should give better signals that it intends to continue extraordianry policies.  Why?

 "... in our view, a more certain monetary policy environment from a global perspective would more likely encourage global growth than discourage it. And, we think that makes taking a more decisive approach the right thing to do."  

  • The Ideological Bedrock of Economics (World Policy Blog)  Since economics was created during the 1870s as an offshoot of political economy, it has rested on a handful of bedrock propositions that unassailably define it. These key propositions are derived from widely adopted core assumptions of all the standard economic models. As I mentioned last week, these assumptions are rarely subject to empirical tests, but are simply assumed as necessary starting points.  In chapter three of my book, International Political Economy: The Business of War and Peace, I refer to three core propositions as the Three Golden Pillars of economics. These three are the conclusions that capitalist economies are stable, efficient, and fair. Models that do not embed these conclusions in their assumptions are mostly ignored in textbooks and sidelined within the profession.  Economists claim that they have proved these three, but they have done no such thing. They have simply discovered a set of assumptions, no matter how ridiculous or bizarre these assumptions are, under which these three pillars would hold. They cement these assumed results by barring admittance to their guild, as much as possible, to anyone not willing to presume these ideological conclusions. Economics today functions as more of a cult than a science.


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
Why Long-Run Theories of Profit and Accumulation Fall Short
Brexit - Who Wins and Loses
News Blog
Most Read Articles Last Week Ending 22 April
GOP Healthcare Plan Would Cost The Poor And Old The Most
These Amazing Creative Animals Show Why Humans Are The Most Innovative Species Of All
Earnings And Economic Reports: Week Starting 24 April 2017
What Americans Think About Climate Change
What We Read Today 23 April 2017 - Special Public Edition
What We Read Today 23 April 2017
What Would A Civilization 1 Billion Years Older Than Us Be Like
Understanding The Downward Trend In Labor Income Shares
Why Renegotiating NAFTA Could Disrupt Supply Chains
Public Relations Nightmares
Catch Me If You Can
U.S. Consumer Debt Rises Overall, Housing Debt Drops
Investing Blog
Market And Sector Analysis 23 April 2017
Markets Rally As Expected
Opinion Blog
America's Gilded Age 2: On The Rocks
What Does The Strong Q1 Growth Mean For China?
Precious Metals Blog
Three Gold Plays For The New Era Of Chaos
Live Markets
21Apr2017 Market Close: US Stocks Slipped Moderately, WTI Crude Slips On Renewed Concerns Of Increasing U.S. Production, Industrial Businesses' Cash Outflows Concern Investors
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































 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 - 2017 Econintersect LLC - all rights reserved