Category Archives: Econ & Money

The Way We Live Now

Posted on February 28, 2012 by Michael Froomkin

Ten years ago, one in fourteen American consumers were pursued by debt collectors. Today it’s one in seven.

via naked capitalism, Matt Stoller: Towards a Creditor State – One in Seven Americans Pursued by Debt Collectors.

Posted in Econ & Money | Comments Off on The Way We Live Now

Bitcoin & Gresham’s Law & Botnets

Posted on February 22, 2012 by Michael Froomkin

Philipp Güring and Ian Grigg have e-published Bitcoin & Gresham’s Law – the economic inevitability of Collapse (PDF):

Abstract. The Bitcoin economy exhibits remarkable and predictable stability on the supply side based on the power costs of mining. However, that stability is challenged if cost-curve assumption is not solely expressed by the fair cost of power. As there is at least one major player, the botnets, that can operate at a power-cost-curve of zero, the result is a breach of Gresham’s Law: stolen electricity will drive out honest mining. This has unfortunate effects for the stability of the Bitcoin economy, and the result is inevitable collapse.

via Financial Cryptography.

Previously: Checking In With Bitcoin (10/25/11).

Posted in Cryptography, Econ & Money | 1 Comment

Open Access Research – The Money Quote

Posted on February 16, 2012 by Michael Froomkin

The NIH public-access policy has substantially increased public access to research results with benefits as described below that far outweigh the costs. Similar benefits can be expected from extending such a public access policy to other major federal funders.

from Committee for Economic Development, The Future of Taxpayer-Funded Research: Who Will Control Access to the Results? issued last week.

Posted in Econ & Money, Internet, Law: Copyright and DMCA, Readings | 1 Comment

Solid Proof

Posted on February 11, 2012 by Michael Froomkin

Daily Kos says it’s Undisputable evidence of Obama’s socialism.

Of course what it really shows is that Obama is a Rockefeller Republican.

Posted in Econ & Money, Politics: US | 1 Comment

The Real Dr. Martin Luther King, Jr.

Posted on January 16, 2012 by Michael Froomkin

Today’s Visionary: An Illustrated Guide to Dr. King’s 21st Century Insights from Crooks & Liars.

Posted in Civil Liberties, Econ & Money | Comments Off on The Real Dr. Martin Luther King, Jr.

Could a Top *Marginal* Tax Rate of Over 80% Be Efficient?

Posted on December 9, 2011 by Michael Froomkin

It is somewhat counter-intuitive, but a lot of good economics has that property.

The top 1% of US earners now command a far higher share of the country’s income than they did 40 years ago. This column looks at 18 OECD countries and disputes the claim that low taxes on the rich raise productivity and economic growth. It says the optimal top tax rate could be over 80% and no one but the mega rich would lose out.

Piketty, Saez and Stantcheva: Taxing the 1% – Why the Top Tax Rate Could be Over 80% — guest posting at Naked Capitalism.

Posted in Econ & Money | 2 Comments