Quotulatiousness

December 8, 2011

What early Xmas gift can you give to your favourite NFL quarterback?

Filed under: Football — Tags: , , , — Nicholas @ 12:30

If you really want to have your team’s quarterback enjoy an early Christmas gift, there’s nothing better than setting up a date with the Minnesota Vikings pass defence: your quarterback’s stats will improve dramatically after just one game!

The Vikings head to Detroit to challenge the Lions’ fifth-ranked passing attack with a depleted secondary that’s been embarrassing the past seven games.

How embarrassing?

Well, for starters, it’s allowed quarterbacks to complete 71 percent of their passes with 18 touchdowns and no interceptions. And the Vikings have one of the best pass rushes in the league.

Of course, it doesn’t help that the Vikings have used four left cornerbacks, three free safeties and been forced to use nine different combinations in the secondary.

“We talked in depth about it the last couple of days and what we can do to try and help our guys on the back end,” Frazier said Wednesday. “We’ll try some things. You can only do what you can do, but we’ll try to offset what’s happening with some of the quarterbacks that we’re facing. This is a pass offense that we’re facing (on Sunday).

This week’s lucky recipient of a possibly career record passing game? None other than Detroit’s Matthew Stafford. Next week, it’ll be Drew Brees racking up a personal best passing performance for the New Orleans Saints.

The Law of Misguided Subsidies

Filed under: Economics, Government, Media, Politics — Tags: , , , , , — Nicholas @ 09:44

T.J. Rogers explains the latest corollary to the well-known Law of Unintended Consequences (for examples of that law in operation, see your local, regional, or national government):

Wall Street understands how to make money, up-market or down. “Margin Call” may fuel Occupy movement ire, but in creating mortgage-backed securities, Wall Street did nothing other than facilitate home-financing access to the next tier of less-qualified home buyers, as demanded by every president since Bill Clinton. After that, the bankers did exactly what their shareholders wanted: bundle those risky loans into securities, sell them to lock in the profits, and dump the risk right back onto the federal government — where it belonged.

My purpose is not to debate the morality of mortgage-backed securities but to update the Law of Unintended Consequences with the corollary Law of Misguided Subsidies: Whenever Washington disrupts a market by dumping subsidies into it, Wall Street will find a way to pocket a majority of the money while the intended subsidy beneficiaries are harmed by the resulting market turmoil.

Rogers also explains why so many “special Limited Liability Corporations (LLCs)” are getting into the solar power business — not the manufacturing side, but the retail side. The profit margins are obscene. If the government hadn’t set up the market to work this way with their subsidies, the profit margins would be much lower.

“Pure socialism” in the Soviet Union

Filed under: Economics, History — Tags: , , , — Nicholas @ 08:53

Nicholas Snow summarizes the only serious attempt to implement “pure socialism” in the first years after the Russian revolution:

The closest the Soviet Union came to actual pure socialism was the period known as War Communism, 1918 to 1921. This period is unanimously seen as a disaster, even among socialists. Production fell in most if not all industries, and millions starved to death. From then on the Communist Party struggled to keep hold of both their Marxist ideology and their power. Naturally the latter took precedence, and as a result the price system, which they originally wanted to abolish, took on a larger and larger role. [. . .]

The Soviets certainly liked to keep up appearances. At a glance the Soviet economy looked centrally planned. The planning board for each industry set output levels, and the State owned de jure all means of production. A closer look, however, revealed a different story. As Boettke and Anderson pointed out, the Soviet economy was closer to that of a mercantilist economy, a heavily regulated market economy effectively run by rent-seeking government officials and factory managers. De facto, the factory managers were the owners and residual claimants. They paid the State for the right to run the factory, and in return the State created a monopoly for them, just as in the mercantilist system of old.

Middlemen, known as the Tolkachi, worked on behalf of the State enterprises to sell surplus commodities on the one hand and purchase needed products on the other. They essentially created a market that allowed for economic calculation not possible under a pure socialist system.

Health advocates argue in advance of the data in new cancer study

Filed under: Britain, Health, Media — Tags: , , , , — Nicholas @ 08:36

Rob Lyons on the latest cancer study, which makes unsubstantiated claims about the “lifestyle” causes of cancer:

The essential idea we are being sold here is that medical experts know that certain behaviours — like smoking, drinking alcohol, eating read meat and not eating enough fruit and vegetables — increase your risk of developing cancer by a certain percentage. So, all we need to do is work out how many people would have got cancer if no one did any of those things, take that number away from the number of people who do get cancer, and the remainder is how many people that ‘unhealthy living’ is killing. Simple, right?

According to the report, If you do all the ‘right’ things — if you are a cigarette-dodging, skinny teetotaller who avoids all red meat, barely goes out in the sun (except, perhaps, to take the prescribed 30-minute sessions of exercise five times per week), gets lashings of fibre, cuts down on salt, avoids infectious diseases and ionising radiation, and so on — then you can cut your cancer risk by over 40 per cent. On that basis, you may avoid cancer but die of boredom instead.

More specifically, even in this report there’s a huge gulf between the widely acknowledged risk of smoking — which is estimated here to cause 19.4 per cent of all cancers — and other risk factors. Smoking accounts for nearly half the lifestyle risk of 43 per cent claimed in the report. The next biggest factors suggested are overweight and obesity (5.5 per cent), lack of fruit and veg (4.7 per cent), alcohol (4.0 per cent), occupation (3.7 per cent) and sunlight (3.5 per cent). No other single factor, according to the report, is responsible for more than three per cent of cancers. Some oft-quoted examples like salt (0.5 per cent) and physical exercise (one per cent) have little effect at all. Even avoiding red meat altogether would only avoid 2.5 per cent of cancers, says the report.

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