The Nobel Memorial Prize in Economics in 2001 "for laying the foundations for the theory of markets with asymmetric information" with George A. Akerlof and A. Michael Spence.
Before the advent of models of imperfect and asymmetric information, the traditional neoclassical economics literature had assumed that markets are efficient except for some limited and well defined market failures. More recent work by Stiglitz and others reversed that presumption, to assert that it is only under exceptional circumstances that markets are efficient.
Problems of information are central to understanding not only market economics but also political economy.
Wiki
Tuesday, August 28, 2012
Friday, August 24, 2012
A long bright future - medicare
Some 30 to 40 percent of medical procedures are ineffective or redundant.
An estimated thirty thousand Medicare patients die each year from unnecessary or unproven care.
Peter Orzag, former director of Congressional Budget Office and Office of Budget and Management maintains that ineffective or redundant medical procedures cost the nation roughly $700 billion each year.
It's time to consider not just evidence about the effectiveness of procedures, but their cost effectiveness.
Independent health care board consist of health economists and physicians who would consider the cost effectiveness of new and existing technologies, medications, and procedures.
An estimated thirty thousand Medicare patients die each year from unnecessary or unproven care.
Peter Orzag, former director of Congressional Budget Office and Office of Budget and Management maintains that ineffective or redundant medical procedures cost the nation roughly $700 billion each year.
It's time to consider not just evidence about the effectiveness of procedures, but their cost effectiveness.
Independent health care board consist of health economists and physicians who would consider the cost effectiveness of new and existing technologies, medications, and procedures.
SEC canceled vote on money market fund rules
Industry lobby won today. Now it falls on the Fed to do the right thing.
remember this day - a historical evidence that private business always put their own interest before the stability of the entire system. And this is the exact reason why we need strong institutions. Don't let those libertarians tell you that government should always be as small as possible. Those comments are self-serving at best.
To me, disclosing NAV is nothing more than telling the truth. Saying NAV will never break the buck is a lie, and institutional investors know it. That is why the savvy investors pulled their money out of Reserve Primary before unwitting retail investors could.
Facing vested interest at a sum of $2.6 trillion, even telling the truth can not muster enough vote. That is the tradedy of the day. I hope retail investors are paying attention. Market rules aren't always fair. And if you don't have the resources or the time to monitor quickly changing situations, you can be left to hold a stinky bag of bad assets, sold to you as " as safe as a bank deposit".
http://www.sec.gov/news/press/2012/2012-166.htm
remember this day - a historical evidence that private business always put their own interest before the stability of the entire system. And this is the exact reason why we need strong institutions. Don't let those libertarians tell you that government should always be as small as possible. Those comments are self-serving at best.
To me, disclosing NAV is nothing more than telling the truth. Saying NAV will never break the buck is a lie, and institutional investors know it. That is why the savvy investors pulled their money out of Reserve Primary before unwitting retail investors could.
Facing vested interest at a sum of $2.6 trillion, even telling the truth can not muster enough vote. That is the tradedy of the day. I hope retail investors are paying attention. Market rules aren't always fair. And if you don't have the resources or the time to monitor quickly changing situations, you can be left to hold a stinky bag of bad assets, sold to you as " as safe as a bank deposit".
http://www.sec.gov/news/press/2012/2012-166.htm
Friday, August 10, 2012
The U.S. trade balance in June shrank to $42.9B
The U.S. trade balance in June shrank, again thanks in part to lower oil prices but also from a general import dip. The trade deficit decreased to $42.9 billion from $48.0 billion in May. Exports advanced 0.9 percent, following a 0.3 percent rise in May. Imports shrank 1.5 percent after a 0.8 percent decrease in May.
The narrowing in the trade gap was led by the non-petroleum goods gap which narrowed to $34.4 billion from $37.5 billion in May. With help from lower prices, the petroleum deficit decreased to $22.5 billion in June from $24.8 billion the prior month. The services surplus slipped to $14.6 billion from $14.9 billion.
On a not seasonally adjusted basis, the June figures showed surpluses, in billions of dollars, with Hong Kong $2.6 ($2.9 for May), Australia $1.9 ($1.7), Singapore $1.2 ($1.0), among others. Deficits were seen, in billions of dollars, with China $27.4 ($26.0), OPEC $8.5 ($11.2), European Union $8.4 ($10.5), Japan $6.0 ($6.4), Mexico $5.9 ($6.3), Germany $4.1 ($4.9), Ireland $2.6 ($2.7), Canada $1.5 ($2.0), among others.
The narrowing in the trade gap was led by the non-petroleum goods gap which narrowed to $34.4 billion from $37.5 billion in May. With help from lower prices, the petroleum deficit decreased to $22.5 billion in June from $24.8 billion the prior month. The services surplus slipped to $14.6 billion from $14.9 billion.
On a not seasonally adjusted basis, the June figures showed surpluses, in billions of dollars, with Hong Kong $2.6 ($2.9 for May), Australia $1.9 ($1.7), Singapore $1.2 ($1.0), among others. Deficits were seen, in billions of dollars, with China $27.4 ($26.0), OPEC $8.5 ($11.2), European Union $8.4 ($10.5), Japan $6.0 ($6.4), Mexico $5.9 ($6.3), Germany $4.1 ($4.9), Ireland $2.6 ($2.7), Canada $1.5 ($2.0), among others.
Treasury Budget
The Treasury's deficit in July is $69.6 billion for the lowest July deficit since 2007. Calendar effects did move about $12 billion of spending into June and boosted receipts for July by about $6 billion.
Ten months into the fiscal year, the Treasury's deficit, at $973.8 billion, is 11.5 percent smaller than the prior year. Receipts are up 6.1 percent so far this fiscal year with corporate income taxes, at $182.4 billion, showing the largest gain at 29.8 percent. Individual income taxes, at $928.2 billion, are up 4.2 percent. In contrast, the outlay side shows little change with a only 0.4 percent decline. Defense spending, at $564.4 billion, shows the largest decline at 3.2 percent.
Ten months into the fiscal year, the Treasury's deficit, at $973.8 billion, is 11.5 percent smaller than the prior year. Receipts are up 6.1 percent so far this fiscal year with corporate income taxes, at $182.4 billion, showing the largest gain at 29.8 percent. Individual income taxes, at $928.2 billion, are up 4.2 percent. In contrast, the outlay side shows little change with a only 0.4 percent decline. Defense spending, at $564.4 billion, shows the largest decline at 3.2 percent.
Sunday, August 05, 2012
compare US healthcare cost with OECD countries
http://assets.opencrs.com/rpts/RL34175_20070917.pdf
http://online.wsj.com/article/SB10001424052748704409004576146520257051938.html
http://online.wsj.com/article/SB10001424052748704696304575538112856615900.html
http://online.wsj.com/article/SB10001424052748704457604576011382824069032.html
http://online.wsj.com/article/SB10001424052748704409004576146520257051938.html
http://online.wsj.com/article/SB10001424052748704696304575538112856615900.html
http://online.wsj.com/article/SB10001424052748704457604576011382824069032.html
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