Opposing Austerity

Thinking about our fiscal woes, I keep returning to the fallacy of composition. Here it is: When one farmer harvests a huge crop and sells it, her profits soar. But if every farmer grows more and sell…

Greek (Debt) Myths

Maybe sell some islands and an ancient ruin or two? In Boomerang, Blind Side author Michael Lewis repeats what German politicians were suggesting in 2009 when they heard that the Greek debt was much l…

Heed the Herd

By Mira Korber, guest blogger. Just the other day, I walked outside to find all six of my horses facing the exact same direction, muscles tensed, ears pricked, nostrils flared…Clearly their hors…

A First For Denmark

Denmark just became the first country in the world to have a fat food tax. That means butter, milk, pizza, any food with more than 2.3% saturated fat content is more expensive. To be precise, for ever…

Benford's Law and Greece

Does it matter that low first digits occur more frequently? First some history. During the 1920s, Frank Benford, a physicist at GE, noticed that “one” appeared more frequently as the first…

"Deficit Bias"

If anyone asks you about the “fiscal woes” facing the U.S., Japan and the EU, just say, “deficit bias.” The 13th Geneva Report on the World Economy explains “deficit bias…

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