1
Opinion
Too Hot to Be Safe
Researchers uncover new dangers from smoking superheated electronic cigarettes.
3
The Upshot
Obama’s Top Economist Has Some Problems With Piketty’s Book
Jason Furman weighed in on an influential book by a French economist, the first time a senior administration official has discussed it in detail.
4
U.S.
After Tornado, Obama Visit Puts Politics on Pause in Arkansas
President Obama’s visit drew support even from Senator Mark Pryor, who is running for re-election and has tried to distance himself from the new health care law, which is unpopular in his state.
5
U.S.
Rhode Island: Circus Accident Linked to Metal Fastener
Fire officials in Providence said an accident that injured nine performers with the Ringling Brothers and Barnum & Bailey Circus on Sunday apparently occurred when a metal fastener snapped.
6
Business Day
Industry Executives Say Cable Merger Would Hinder Choice
Witnesses at a House antitrust panel spoke of consolidated control and decreasing diversity in opposing the proposed deal between Comcast and Time Warner Cable.
8
N.Y. / Region
The Enquirer Is Returning to Where It All Started
The newspaper, which started as The New York Enquirer, has a new editor in chief and is relocating to Lower Manhattan after more than 40 years in Florida.
9
World
Hamas Executes 2 Men Accused of Aiding Israel
The Hamas government executed two men convicted of collaborating with Israel, highlighting a stark difference between its rule in the Gaza Strip and the Palestinian Authority’s in the West Bank.
10
The Upshot
In Tepid Wage Growth, a Potent Sign of a Still-Fragile Economy
A new paper argues that the slow pace of wage growth is the clearest indicator that the recovery is still far from robust.
United States Economy; Labor and Jobs; Wages and Salaries; Inflation
(Economics); Interest Rates; Recession and Depression; Unemployment
http://krugman.blogs.nytimes.com/2014/05/08/predictions-and-prejudice/
http://krugman.blogs.nytimes.com/2014/05/08/predictions-and-prejudice/
Predictions and Prejudice
The 2008 crisis and its aftermath have
been a testing time for economists — and the tests have been moral as
well as intellectual. After all, economists made very different
predictions about the effects of the various policy responses to the
crisis; inevitably, some of those predictions would prove deeply wrong.
So how would those who were wrong react?
The results have not been encouraging.
Brad DeLong
reads Allan Meltzer in the Wall Street Journal, issuing dire warnings
about the inflation to come. Newcomers to this debate may not be fully
aware of the history here, so let’s recap. Meltzer began banging the
inflation drum five full years ago, predicting that the Fed’s expansion
of its balance sheet would cause runaway price increases; meanwhile, some of us
pointed both to the theory of the liquidity trap and Japan’s experience
to say that this was not going to happen. The actual track record to
date:
Tests in economics don’t get more decisive; this is where you’re supposed to say, “OK, I was wrong, and here’s why”.
Not a chance. And the thing is, Meltzer isn’t
alone. Can you think of any prominent figure on that side of the debate
who has been willing to modify his beliefs in the face of overwhelming
evidence?
Now, you may say that it’s always like this —
but it isn’t. Consider the somewhat similar debate in the 1970s over
the “accelerationist” hypothesis on inflation — the claim by Friedman
and Phelps that any sustained increase in inflation would cause the
unemployment-inflation relationship to worsen, so that there was no
long-run tradeoff. The emergence of stagflation appeared to vindicate
that hypothesis — and the great majority of Keynesians accepted that
conclusion, modifying their models accordingly.
So this time is different — and these people
are different. And I think we need to try to understand why. Were the
freshwater guys always just pretending to do something like science,
when it was always politics? Is there simply too much money and too much
vested interest behind their point of view?"
11
Opinion
Can a Pope Help Sustain Humanity and Ecology?
The two science academies under Pope Francis hold a rare joint meeting to chart paths to sustainable development.
12
Business Day
At the U.N., a Free-for-All on Setting Global Goals
The only thing keeping the world from agreeing on a new set of development objectives is the involvement of the whole world.
13
Health
The Silence of Doctors Around Alzheimer's
Dementia is not something we doctors talk much about. We all have many patients with dementia — and more every year — but we never seem to chat about it the way we discuss kidney disease or cancer treatment.
14
Opinion
Supreme Injustice
In political cases, does the Roberts Court have different standards for the rich and the poor?
15
Opinion
The Global Polio Threat, Back Again
The hope that polio would be eradicated was dimmed this year when three countries allowed the virus to be carried beyond their borders.
16
Health
Hurt Before the Birth
Maternal health and genes, not just a lack of oxygen during delivery, can play a role in causing brain injuries in full-term newborns, a new report emphasizes.
17
Business Day
Moviefone Will Add Broadcast and On-Demand TV Information
Type in any title, and broadcast times and on-demand viewing options will pop up, allowing viewers to turn on a television at the appointed time or click a button and watch immediately.
18
N.Y. / Region
Taxpayers’ Bill in Bridge Inquiry Soars
The cost to New Jersey taxpayers for Gov. Chris Christie’s internal inquiry into lane closings at the George Washington Bridge is likely to reach several million dollars, outpacing early estimates.It is his bill and not mine.
I think Crystie guilty.
19
World
After Failed Peace Talks, Pushing to Label Israel as Occupier of Palestine
Palestinian leaders have plans to join the International Criminal Court in The Hague, which experts say could prosecute Israel for settlement building in territories that Palestinians claim.
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