If I don't say this, somebody else will. For people in the middle class and up, the "administrative burdens" mostly come from what we laughingly refer to as the "private sector." Who is easier to deal with: the cable company or the local Department of Motor Vehicles?
The thing about state administrative burdens is that they can exist for zero reason. Partly as an exercise I did my own paperwork of obtaining permission from the city to repair a small wall that fell and blocked the sidewalk in from of my house. Yes, the admirative burden ~ 2 months, was large, but no such permission should have been required.
There seems to be a lot of deliberate burdens to dissuade uptake. hence the repeated finings that there is far less than 100% take up of state welfare benefits. In other areas, it is even worse. Namely navigating asylum. I gather it is impossible for Afghanis in Afghan to get to Britain (surprise, surprise). Not easy for the US either. OTOH, I worked as a volunteer to help seniors in CA navigate what they should receive from Medicare and MediCal and sort our problems. We helped remove administrative burdens, although the paid managers seemed to resist any ideas on how to streamline teh process. Job protection?
This is often the case with "work requirements." [That said, Congress should have accepted Manchin's demand for work requirements on the CTC and let the Administration work out how to minimize the burden.]
"Thus it is not a mechanism that raises inequality so much as a burden that existing inequality makes much heavier on the poor than on the rich—that insulating themselves from government-imposed administrative burdens is another one of the things the rich can and do buy with their money."
Bingo! Ask anyone in a "developing" country. The rich tend to have their "contacts" that get things done, while most others have to stand in queues, very long queues. Also, Ziggy's comment below is spot on. Government offices in the US are far easier to deal with than, say, a bank or an insurance company office: "Press the # key to speak to an associate," wait long to repeatedly hear that "your call is valuable to us, so hang on;" and then "leave a message and our associate will call you" (an associate that will later leave a message to dial the same numbers you dialed before).
Administrative burden - I get a sense of "The law, in its majestic equality, forbids rich and poor alike to sleep under bridges, to beg in the streets, and to steal their bread." here. One of the popular moves these days is to add new administrative burdens to existing programs, the expectation being that a significant percentage of the users won't actually navigate them successfully (or, perhaps, even be aware of them).
Klein/Authers A slow down of growth anywhere has an opportunity cost for the rest of the world, but I sense the authors have Keynesian demand creation in mind and so the answer is "no." Countries with independent monetary policies can offset the effect of lower demand from China for their exports,
That whole Einstein letter seems to apply to Economics too. This part, in particular, should be sent to people who do "experimental economics" as well as to econometricians that wouldn't settle for anything that weren't a "randomized trial" or a "natural experiment" of some sort. "You are the only contemporary physicist, ...., who sees ... reality as something independent of what is experimentally established. "
I don't see the relevance, but that may be because I think Einstein was wrong here. "Reality" is an emergent phenomenon of quantum field theory, not fundamental even though QFT is incomplete.
so true about administrative burden falling unequally. I will bet from my own experience of unemployment insurance in the 80s and EBT in the early aughts, where I saw people not like me (well-educated white guy with experience of government) just give up because they couldn't understand what they had to do to get what they needed and nobody helped them. I think the system is designed that way, to push people away and not serve them unless they are really persistent.
CAPE. Unless inflation is a rough and ready proxy for bonds, CAPE is not a good means to determine valuation. Having said that, there is this secular upward trend in averaged CAPE and PE ratios which probably should be used as part of the leverage adjustments. Isn't this an obvious target for AI/ML to attack?
If I don't say this, somebody else will. For people in the middle class and up, the "administrative burdens" mostly come from what we laughingly refer to as the "private sector." Who is easier to deal with: the cable company or the local Department of Motor Vehicles?
The thing about state administrative burdens is that they can exist for zero reason. Partly as an exercise I did my own paperwork of obtaining permission from the city to repair a small wall that fell and blocked the sidewalk in from of my house. Yes, the admirative burden ~ 2 months, was large, but no such permission should have been required.
There seems to be a lot of deliberate burdens to dissuade uptake. hence the repeated finings that there is far less than 100% take up of state welfare benefits. In other areas, it is even worse. Namely navigating asylum. I gather it is impossible for Afghanis in Afghan to get to Britain (surprise, surprise). Not easy for the US either. OTOH, I worked as a volunteer to help seniors in CA navigate what they should receive from Medicare and MediCal and sort our problems. We helped remove administrative burdens, although the paid managers seemed to resist any ideas on how to streamline teh process. Job protection?
This is often the case with "work requirements." [That said, Congress should have accepted Manchin's demand for work requirements on the CTC and let the Administration work out how to minimize the burden.]
"Thus it is not a mechanism that raises inequality so much as a burden that existing inequality makes much heavier on the poor than on the rich—that insulating themselves from government-imposed administrative burdens is another one of the things the rich can and do buy with their money."
Bingo! Ask anyone in a "developing" country. The rich tend to have their "contacts" that get things done, while most others have to stand in queues, very long queues. Also, Ziggy's comment below is spot on. Government offices in the US are far easier to deal with than, say, a bank or an insurance company office: "Press the # key to speak to an associate," wait long to repeatedly hear that "your call is valuable to us, so hang on;" and then "leave a message and our associate will call you" (an associate that will later leave a message to dial the same numbers you dialed before).
Administrative burden - I get a sense of "The law, in its majestic equality, forbids rich and poor alike to sleep under bridges, to beg in the streets, and to steal their bread." here. One of the popular moves these days is to add new administrative burdens to existing programs, the expectation being that a significant percentage of the users won't actually navigate them successfully (or, perhaps, even be aware of them).
Klein/Authers A slow down of growth anywhere has an opportunity cost for the rest of the world, but I sense the authors have Keynesian demand creation in mind and so the answer is "no." Countries with independent monetary policies can offset the effect of lower demand from China for their exports,
Brown: Bummer that the abstract didn't give the answer:
1. Aren't EV subsidies of purchase of the capital good rather than the CO2 not emitted an example of how "industrial policy" can fail?
2. Isn't the exclusion of foreign suppliers of the subsidized capital good another example?
3. Shouldn't Tinbergen be part of the Econ 101 curriculum?
That whole Einstein letter seems to apply to Economics too. This part, in particular, should be sent to people who do "experimental economics" as well as to econometricians that wouldn't settle for anything that weren't a "randomized trial" or a "natural experiment" of some sort. "You are the only contemporary physicist, ...., who sees ... reality as something independent of what is experimentally established. "
I don't see the relevance, but that may be because I think Einstein was wrong here. "Reality" is an emergent phenomenon of quantum field theory, not fundamental even though QFT is incomplete.
so true about administrative burden falling unequally. I will bet from my own experience of unemployment insurance in the 80s and EBT in the early aughts, where I saw people not like me (well-educated white guy with experience of government) just give up because they couldn't understand what they had to do to get what they needed and nobody helped them. I think the system is designed that way, to push people away and not serve them unless they are really persistent.
The ERP makes a lot more sense than the CAPE which ignores bond yields.
"And diminishing the weight on your stock portfolio has, in the long run, been disastrous."
This sounds like advice, but it's actually just observation -- right?
CAPE. Unless inflation is a rough and ready proxy for bonds, CAPE is not a good means to determine valuation. Having said that, there is this secular upward trend in averaged CAPE and PE ratios which probably should be used as part of the leverage adjustments. Isn't this an obvious target for AI/ML to attack?