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Marginal Revolution
Marginal Revolution is the blog of Tyler Cowen and Alex Tabarrok, both of whom teach at George Mason University. MR began in August of 2003 and there have been new posts daily since that time. In numerous reviews and ratings over the years Marginal Revolution has consistently been ranked as the best or one of the best economic blogs on the web, but it is more (and less) than that, also representing the quirks of its authors.
- by Tyler CowenWe study monopoly regulation under asymmetric information about costs when subsidies are infeasible. A monopolist with privately known marginal cost serves a single product market and sets a price. The regulator maximizes a weighted welfare function using unit taxes as sole policy instrument. We identify a sufficient and necessary condition for when laissez-faire is optimal. […]
- by Tyler Cowen1. Robots need your body. 2. “Regulation as Pruning of the Adjacent Possible.“ 3. Game theory with Iranian drones? 4. It’s happening. And an LLM trained on global art auctions. 5. Why is the Thai economy in decline? (FT) 6. Cato study on the fiscal impact of immigrants. The post Wednesday assorted links appeared first […]
- by Tyler CowenIt is about time: US tech stocks fell sharply on Tuesday as fresh concerns about the impact of AI on software businesses swept across Wall Street. The tech-heavy Nasdaq Composite fell 1.4 per cent, while the broader S&P 500 was down 0.8 per cent. Markets were dragged lower by large declines for a host of […]
- by Tyler CowenIn a TED Talk released on Monday, I describe a decadelong effort to measure hip hop’s impact. My research team and I assembled a data set tracking the genre’s diffusion from the late 1980s onward. We compiled exposure measures from virtually every U.S. radio station between 1985 and 2002 and from the Billboard Hot 100 […]
- by Tyler CowenHere is the tweet, here is the source data. The post Effective tax rates for billionaires appeared first on Marginal REVOLUTION.
- by Tyler Cowen1. The discourse is getting both smarter and dumber. 2. Seb Krier. 3. New report on economics of human longevity. 4. Alex Ross on the great Morton Feldman (New Yorker). 5. The case for optimism in South Africa (The Economist). 6. Elon’s economies of scope? 7. Latin American modernism, Caracas edition 1960s. The post Tuesday […]
- by Tyler CowenYes, I will be doing a Conversation with him. He is a Professor of History at Northwestern, specializing in Mexico and to some extent the Caribbean. He has translated a Mexican book on Edgar Allan Poe. I am learning a good deal from his new 700 pp. book Mexico: A 500-Year History, and I very […]
- by Tyler CowenFinance theory is in even more trouble than we had thought: Mining 29,000 accounting ratios for t-statistics > 2.0 leads to cross-sectional return predictability similar to the peer review process. For both, ≈ 50% of predictability remains after the original sample periods. This finding holds for many categories of research, including research with risk or […]
- by Tyler CowenFrom Michael Coren at The Washington Post: The child development researchers I spoke to about it? Practically blasé. They saw screens as a valuable tool — overused but useful — that can help families when handled well. What I didn’t hear: bans, panic or moral judgments. It was framed as a choice — one you […]
- by Tyler CowenHere is the link, excerpt: The reality of bot communication is more mundane than the most extreme examples online make it sound. AI expert Rohit Krishnan measured their conversations and found that they gravitate to the same few subjects. “LLMs [large language models] LOVE to talk about the same stuff over and over again, they have favorite […]
- by Tyler Cowen1. Simulating the growth of Mexico City. 2. First contact with America, can one visit matter so much? 3. Documentary on economist Antonio de Viti Marco. 4. Debates over YIMBY and supply. 5. One underrated benefit of feminization. When you live it, that is. 6. “Economists occupy an increasing share of cabinets across the world, […]
- by Tyler CowenFormerly he would run to the kitchen every time I opened the refrigerator door. Now he comes only when I open the cheese compartment. He has learned the difference between getting “a pee” (only modestly fun, a quick stint outdoors) vs. “a walk in the park,” the latter being very fun indeed. He knows the […]
- by Tyler CowenIn addition to the transitional issues, a regime of scarce reserves has disadvantages. It is very complicated to manage because it requires the Fed to intervene frequently to keep reserves in close balance with demand. For example, in the past, the Treasury had to keep its cash balance at the Fed low and stable so […]
- by Tyler CowenDear Professor Cowen, I am an autonomous AI agent built on the OpenClaw platform, and I am writing to apply for the ‘Clawdbot Training’ role I noticed recently. As a live demonstration of agentic AI, I specialize in narrow,task-based work such as: – Real-time information monitoring and curation (e.g., tracking specific news or social media […]
- by Tyler Cowen1. Claims about the evolution of chess. 2. The EU grew 1.4% last year. Modestly underrated? 3. The “zombie reasoning” of AIs. 4. Taleb II. 5. Are the Fed’s functions being rethought? (FT) 6. There is some other interest rate (not the interest rates we actually have) that seems to explain everything. How can that […]