- 28 Aug 2011
- 2:15am EST
- 24 Aug 2011
- 1:07am EST
So the Krugman post was a hoax, albeit a funny one. So while Krugman didn’t say that Tuesday’s East Coast quake could’ve been an economic stimulant, this Nobel laureate did, in fact, say this about the Japanese earthquake in March:
And yes, this does mean that the nuclear catastrophe could end up being expansionary, if not for Japan then at least for the world as a whole. If this sounds crazy, well, liquidity-trap economics is like that — remember, World War II ended the Great Depression.
And this, about 9/11:
Nonetheless, we must ask about the economic aftershocks from Tuesday’s horror.These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack — like the original day of infamy, which brought an end to the Great Depression — could even do some economic good.
So yeah, it’s not beyond the realm of possibility that he’d say something like that. As a commenter on the hoax-exposing post says:
The dude 0wns [sic] the Broken Window Fallacy. We should rename it in his honor to the Broken Krugman Fallacy.
Original post after the jump.
- 5 Aug 2011
- 1:17am EST
- Pop Culture & Memes
For those in the Northeast Corridor, the WSJ explains why NYC’s three area airports suck so hard:
In 2008, the FAA imposed restrictions on airline scheduling at Newark, similar to limits placed on New York’s other two major airports, Kennedy and La Guardia. At Newark, airlines can’t schedule more than 81 “operations”—takeoffs and landings combined—per hour. But because airlines schedule to the maximum limit, any delay during the day pushes the next hour over its capacity limit, then the next and the next. There’s little ability for the airport to catch up unless airlines cancel flights, which they have been doing more often, sacrificing regional airlines and their small-jet flights for takeoff and landing slots for larger jets with more passengers.
And earlier in the same article, now it’s not just New York’s airspace that’s the bottleneck:
Much of the bottleneck is in Washington, D.C. Both flights out of Newark have to fly through heavily congested airspace in the Washington area, Delta says, where much of the traffic headed into and out of the Northeast meshes together, creating a choke point for the nation’s air travel.
The reason the limits were imposed is that air traffic controllers are using decades-old equipment that requires more padding between flights in a given airspace to avoid collisions. If this weren’t a government operation, Mother Jones would have done eighteen stories on ATC’s negligence and how it’s killing babies, puppies, and immigrant mothers. And Matt Taibbi would’ve been full of anti-capitalist butthurt to boot.
- 3 Aug 2011
- 4:35pm EST
The authors conclude that the surge in Chinese imports was responsible for about 15 percent of European technological change for the whole period from 2000 to 2007, but the impact now seems to be growing stronger. … This suggests that increased import competition with China has caused a significant technological upgrading in European firms in the affected industries through both faster diffusion and innovation.”
Competition makes us stronger.
- 1 Aug 2011
- 3:06pm EST
- & Cetera
- 29 Jul 2011
- 11:35am EST
Blogging the ‘Boys has good news from the first days of Cowboys training camp:
Also, in what is sure to be a crowd pleaser among Cowboys fans, [Cowboys HC Jason] Garrett has taken the stars off of the rookies helmets. His message to these players is simple: “Earn them first!”
No more Wade Philips Kamp Kreampuff.
A bullet train crash in China killed 39 people last weekend, and the Chinese government handled the disaster pretty much as one might expect:
Officials were slow to explain how one train crashed into the rear of the other. On July 28th they finally blamed signal failure. Most astonishingly, the ministry appeared in unseemly haste to remove the wreckage and, mystifyingly, even bury some of it.
In defiance of an order from rail staff, police reportedly persisted with their search through one badly damaged carriage and found a two-year-old survivor hours after the ministry had said there were no more signs of life. A video clip widely circulated online shows what some viewers say were two bodies falling out of carriages as they were being moved away from the line. Officials have also been criticised for allegedly offering victims’ families extra money if they agree to quick compensation deals.
Somewhere, Thomas Friedman has had to stop pleasuring himself to high-res pictures of Chinese transportation projects, and he is very angry about this. I don’t know why, though—this seems like exactly the model of opaque, unrealistic infrastructure development we need.