==> David R. Henderson replies (or did he issue a rejoinder?) on the question of a stock market bubble. Let me clarify my position: I am saying it wouldn’t surprise me (and indeed would be a repeat of recent history) if the market crashed in the next few years, then the Fed blew up another bubble, and then (say a dozen years from now) the market crashed again. In that scenario, David’s retirement plans would be in serious jeopardy, even if his suggested wager with me panned out the way he hopes.
==> Speaking of David, here’s his post on Thaler rediscovering Hayek. I also have to agree with David’s assessment that Thaler is mischaracterizing neoclassical search theory. In such models, you don’t keep looking for a new job every day you go to work. Rather, when you are unemployed and looking, then you adopt a rule setting out the minimum threshold at which you will accept a job offer. So although I applaud people–especially insiders–for being able to step back and make fun of the economics profession, on this narrow point it didn’t ring true to me. (Oh, you don’t feel like clicking the link? Well actually Thaler is parodying economist search models in the context of dating. More interested now? You shouldn’t be.)
==> I’ve seen lots of people on Facebook etc. (plus Tyler Cowen at MR) link to this funny story about a young guy who legally changed his name rather than pay an airline to fix a booking error on his ticket. But what’s really awesome is that he had to change his legal name to “Adam West.”
==> You know how the most vocal of the “consensus scientists” were biting the heads off of anyone who referred to the “pause” or “hiatus” in global warming? Well, now the new rhetorical move is to say, “Yes, using the old data there appeared to be a pause or hiatus, but now we’ve corrected the errors in the data and the pause/hiatus is gone.” Anyway, here’s Pat Michaels, Richard Lindzen, and Chip Knappenberger on it, plus Judith Curry.