The Economist (June 4)
“For the past two years Recep Tayyip Erdogan, Turkey’s president, has pursued a zany policy of trying to bring down inflation by making borrowing cheaper. It is precisely the opposite of what any mainstream economist would advise, and it was never going to work.” His new cabinet “includes Mehmet Simsek, a voice of economic orthodoxy.” The new treasury and finance minister has said “Turkey has no choice left but to return to a rational basis” for policymaking. “Such words will be music to the ears of many foreign investors, who have given up on Turkey over the past couple of years. But they will not count for much unless they are backed up by concrete steps to fix the country’s economy.”
Tags: Borrowing, Cabinet, Cheaper, Economist, Erdogan, Finance Minister, Inflation, Mainstream, Orthodoxy, Policy, Rational, Simsek, Treasury, Turkey
New York Times (August 12)
“In a purely rational world, Japan would lead a democratic alliance with South Korea, Taiwan and much of Southeast Asia to balance the might of China. In a world fueled by historical passions, America’s retreat will almost certainly drive South Korea even closer to China, while Japan… might pull back behind its sea walls, hoping to be left alone by untrustworthy alien powers.”
Tags: China, Democratic alliance, Japan, Might, Passions, Rational, Retreat, South Korea, Southeast Asia, Taiwan, U.S.
The Independent (July 3)
“Any plan to rely on American trade to make up for the loss of EU benefits caused by Brexit are now merely a fantasy. Ironically, the push to remain in the EU might benefit from the US’s lurch toward insanity; the Brexit vote came when people assumed America would have a rational leader at the helm.”
The Atlantic (July/August Issue)
Although Donald Trump called Kim “a madman with nuclear weapons,” North Korea’s leader “appears to be neither suicidal nor crazy.” In fact, “he has acted with brutal efficiency to consolidate that power; the assassination of his half brother is only the most recent example. As tyrants go, he’s shown appalling natural ability…. his moves have been nothing if not deliberate and even cruelly rational.” With only bad options for dealing with the North, this is “perhaps the most reassuring thing.”
Tags: Appalling, Assassination, Brutal, Crazy, Deliberate, Efficiency, Kim, Madman, North Korea, Nuclear weapons, Rational, Reassuring, Suicidal, Trump, Tyrants
The Atlantic (July/August Issue)
Although Donald Trump called Kim “a madman with nuclear weapons,” North Korea’s leader “appears to be neither suicidal nor crazy.” In fact, “he has acted with brutal efficiency to consolidate that power; the assassination of his half brother is only the most recent example. As tyrants go, he’s shown appalling natural ability…. his moves have been nothing if not deliberate and even cruelly rational.” With only bad options for dealing with the North, this is “perhaps the most reassuring thing.”
Tags: Ability, Assassination, Brutal efficiency, Deliberate, Kim, Madman, North Korea, Nuclear weapons, Power, Rational, Reassuring, Trump, Tyrant
Financial Times (February 18)
The conditional deal between Saudi Arabia and Russia delivered “maximum rhetorical impact for the minimum genuine commitment.” Ultimately, it “will not take a single barrel of oil off the market to ease the glut that has driven crude prices down about 70 per cent since the summer of 2014.” The deal reveals “nervousness among the world’s two largest oil producers. But the fact that Saudi Arabia is not already cutting its output, in spite of mounting signs of financial strain, shows that while its strategy might be painful, it is still rational.”
Tags: Deal, Financial strain, Glut, Market, Oil, Output, Producers, Rational, Russia, Saudi Arabia, Strategy
Bloomberg (July 29)
We need to treat climate change like fire. “You insure your house against fire not because you are certain it will burn down but to guard against the risk that it might. Yes, climate change involves various costs known with reasonable confidence—but it also creates big risks. It’s only rational to insure against them.
Tags: Climate change, Confidence, Costs, Fire, Insurance, Rational, Risk
Washington Post (October 15)
“A reopening, for now, of government, a postponement for a few months of a possible default on federal debts, a promise to negotiate again over fiscal disagreements — in a rational, functional world, these meager accomplishments would not be cause for celebration. In today’s Washington, they would count as achievements.”“A reopening, for now, of government, a postponement for a few months of a possible default on federal debts, a promise to negotiate again over fiscal disagreements — in a rational, functional world, these meager accomplishments would not be cause for celebration. In today’s Washington, they would count as achievements.”
Tags: Achievements, Celebration, Default, Federal debt, Functional, Government, Rational, Reopening, Washington
The Economist (April 27, 2013)
Economics has long been defined by choices made by rational beings. These mythical creatures, however, account for many of the field’s shortcomings. “Economics should draw much more heavily on fields such as psychology, neuroscience and anthropology.” Economists should “accept that evidence from other disciplines does not just explain those bits of behaviour that do not fit the standard models. Rather, what economists consider anomalous is the norm.”
Tags: Anomalies, Anthropology, Choices, Economics, Neuroscience, Norms, Psychology, Rational, Standard models
