- Most important post of the day goes to Tyler Cowen:
In a nutshell, we're watching the most pitched, highest-stakes, most determined battle between politics and finance which has been staged. I am expecting finance to win. It's not just about PIGS and the future of the eurozone, it's settling a very general question about the relative power of politics and finance. Either way, it is an event of momentous importance.Kling follows up.
- Very close second, for speculation is: Consistency loses? from Robin Hanson:
time inconsistent subjects earn significantly more money, in statistical and economic terms. So do expected utility violators. Positive returns to inconsistency extend outside the domain in which inconsistencies occurs, with time-inconsistent subjects earning more on risky choice items, and expected utility violators earning more on time-tradeoff items. The results seem to call into question whether axioms of internal consistency—and violations of these axioms that behavioral economists frequently focus on—are economically relevant criteria for evaluating the quality of decision making in human populations.
- Isegoria and Don Boudreaux address the original Thanksgiving. Pilgirms gave up the communism that they started with, and therefore didn't starve. Thanks be to private property.
- Athol Kay discusses the failure of marriage counseling from an HBD standpoint, ending with this lovely line:
[...] one of the vocations with the highest divorce rates is marriage counselors! Isn't talking to a marriage counselor about your marriage like going to a dentist that has crappy teeth?
- The interview illusion by Dan Heath
- Monkeybrains predicts this result easily: Upper class folks see emotion less. HT: Insty
The virtue of excellence