Quotulatiousness

July 17, 2018

Juul threat

Filed under: Health, Technology, USA — Tags: , , , , , — Nicholas @ 05:00

John Tierney on the good news/bad news in the most recent smoking statistics in the United States:

Tobacco-company stocks have plunged this year — along with cigarette sales — because of a wonderful trend: the percentage of people smoking has fallen to a historic low. For the first time, the smoking rate in America has dropped below 15 percent for adults and 8 percent for high school students. But instead of celebrating this trend, public-health activists are working hard to reverse it.

They’ve renewed their campaign against the vaping industry and singled out Juul Labs, the maker of an e-cigarette so effective at weaning smokers from their habit that Wall Street analysts are calling it an existential threat to tobacco companies. In just a few years, Juul has taken over more than half the e-cigarette market thanks to its innovative device, which uses replaceable snap-on pods containing a novel liquid called nicotine salt. Because the Juul’s aerosol vapor delivers nicotine more quickly than other vaping devices, it feels more like a tobacco cigarette, so it appeals to smokers who want nicotine’s benefits (of which there are many) without the toxins and carcinogens in tobacco smoke.

It clearly seems to be the most effective technology ever developed for getting smokers to quit, and there’s no question that it’s far safer than tobacco cigarettes. But activists are so determined to prohibit any use of nicotine that they’re calling Juul a “massive public-health disaster” and have persuaded journalists, Democratic politicians, and federal officials to combat the “Juuling epidemic” among teenagers.

The press has been scaring the public with tales of high schools filled with nicotine fiends desperately puffing on Juuls, but the latest federal survey, released last month, tells a different story. The vaping rate last year among high-school students, a little less than 12 percent, was actually four percentage points lower than in 2015, when Juul was a new product with miniscule sales. As Juul sales soared over the next two years, the number of high-school vapers declined by more than a quarter, and the number of middle-school vapers declined by more than a third — hardly the signs of an epidemic.

Australian General John Monash I WHO DID WHAT IN WW1

Filed under: Australia, Britain, History, Military, WW1 — Tags: , , — Nicholas @ 04:00

The Great War
Published on 16 Jul 2018

John Monash was one of the most capable commanders of World War 1 but his rise to fame didn’t come unopposed.

Women to be eligible to join British army Gurkha units in 2020

Filed under: Britain, Military — Tags: , , — Nicholas @ 03:00

The BBC reports on a recently announced change in Gurkha recruiting:

Screencap of the Royal Gurkha Rifles page at the British Army website

The Gurkhas will recruit women for the first time from 2020, and the selection process will be the same as for men.

Women hoping to join will have to pass gruelling physical tests – including racing 3.1 miles (5km) uphill carrying 55lb (25kg) of sand in a wicker basket.

Gurkhas, who are Nepalese, have been part of the Army for more than 200 years.

Defence Secretary Gavin Williamson said it was “right” women were given the chance to serve in “this elite group”.

The change in direction comes three years after Nepal – traditionally a male-dominated society – elected its first female president, Bidhya Devi Bhandari.

To be considered for the selection process, applicants must weigh more than 50kg (7.9 stone), be taller than 158cm (5ft 1in) and “be able to complete eight underarm heaves”, the Army website says.

The recruitment process takes place in Pokhara, central Nepal. Successful applicants are then flown to Catterick, North Yorkshire, for a 10-week training programme.

[…]

At its peak, during World War Two, 112,000 men were in the Gurkhas. More than 230,000 fought across both world wars, but their numbers have fallen dramatically since.

Currently, there are about 3,000 Gurkhas – most are in the infantry but some are engineers, logisticians or signals specialists.

The regiment, whose motto is “Better to die than be a coward,” still carry into battle their traditional weapon – an 18-inch (46cm) long curved knife known as a kukri.

A Kukri (Top) with the traditional Karda (middle) and Chakmak (bottom). The Karda and Chakmak are used as a utility knife and a sharpening tool respectively
Via Wikimedia Commons.

Measuring Inflation

Filed under: Economics — Tags: , , — Nicholas @ 02:00

Marginal Revolution University
Published on 10 Jan 2017

Inflation is common in a modern economy. Shifts in supply and demand for goods and services cause prices to change accordingly. When the average level of prices rises, that’s inflation. It means that you’ll need more money to purchase the same stuff.

Inflation in the United States can be measured using the Bureau of Labor Statistics’ Consumer Price Index (CPI) – a weighted average of the price increases. We can calculate the inflation rate by the percentage change in the CPI over a given period of time.

How much do prices actually change? Well, using FRED, we can see that, over the past thirty-three years, prices have more than doubled. That may seem like a lot. However, wages have also risen, on average, by more than prices during that time period. Inflation doesn’t necessarily mean that we’re worse off.

The inflation rate in the United States has averaged at about 2.5% per year since 1980, which is fairly low and indicative of a stable economy. Prices may be increasing, but the changes are small. Wages have time to catch up. You can be confident that the $5 in your pocket isn’t going to be worth drastically less in a year.

Let’s take a look at a different scenario — one that’s playing in Venezuela right now. As the country faces an economic crisis, inflation is skyrocketing. Rates reached 180% in 2015 and have continued to rise since. 5 bolívar in your pocket could be worth less even by the end of the day.

But Venezuela still doesn’t compare to the hyperinflation that Zimbabwe experienced in the 2000s, reaching dizzying rates of billions of a percent per month. (See MRU’s previous video for more!)

While some inflation is perfectly normal, high rates of inflation make it difficult for consumers to use a nation’s currency. If the value is changing a lot by the week, day, or even minute, people don’t want to hold onto or accept the currency for goods and services — leading to a full blown currency crisis.

Up next, we’ll take a deeper dive into what causes inflation and its consequences.

QotD: The incentive problem for universities

Filed under: Economics, Education, Government, Quotations, USA — Tags: , , — Nicholas @ 01:00

Incentives matter. This is a fundamental tenet of economics: People respond to their incentives. If something in a market seems to be going wrong, it’s because the incentives have gotten screwed up.

Looking at the market for education, it’s hard not to think that there’s something wrong with the incentives. Tuition keeps going up and so does debt. The percentage of people who are not paying off that debt — either because they are in default, deferment, or an income-based repayment program — is staggering. Naturally, a lot of folks would like to get the government in there to start tweaking those incentives until the market stops being so crazy.

One issue involves the incentives that schools have to ensure that their graduates get value out of their degrees. At the moment, a school can enroll you in practically any program, and the government will lend you money for tuition and living expenses, whether or not that degree is likely to produce the means to repay the loan. Since schools are often in a better position to know the economic value of their degrees than naive potential students, that twists the incentives. Eventually, the student will pay, either with money or trashed credit. If the loan defaults, taxpayers will pay too. The school has the most information about the transaction and yet it has the least at stake. No wonder we have such high tuition, so many dubious degree programs and such a troubling rate of default.

Megan McArdle, “Don’t Make Colleges Pay for Student-Loan Defaults”, Bloomberg View, 2016-09-07.

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