Quotulatiousness

March 14, 2012

The red meat of medical churnalism

Filed under: Food, Health, Media, Science — Tags: , , — Nicholas @ 11:38

Rob Lyons on the latest red meat scare from the medical press, who “churn out scary-sounding studies about steak and bacon faster than McDonald’s produces Big Macs”.

It’s official, it seems: red meat — particularly processed red meat — will be the death of you. ‘Small quantities of processed meat such as bacon, sausages or salami can increase the likelihood of dying early by a fifth, researchers from Harvard School of Medicine found. Eating steak increases the risk of early death by 12 per cent’, declared the Daily Telegraph yesterday. BBC1 Breakfast’s resident GP, Dr Rosemary Leonard, told millions of viewers the link was ‘very, very clear’.

[. . .]

The topline results were that, after adjustment for major lifestyle and dietary risk factors, there was a 13 per cent increase in the risk of death for each portion of red meat eaten per day and a 20 per cent increase in mortality for each portion of processed meat consumed per day. This is not the first study to suggest that eating meat is bad for you. But that might simply mean that this study shares many of the same problems that all the other studies have had.

However, before we get to the problems, here’s some brighter news. At the end of the study, the members of the two groups studied had, on average, reached the grand old age of 75. How many had died along the way? Less than 20 per cent. Those who started the study were four times more likely than not to reach 75. So, whatever your eating habits when it comes to eating red meat or processed meat, the most important lesson is that most people live a long time these days. ‘Early death’ is very much a relative concept.

The authors claim that 9.3 per cent of deaths in men and 7.6 per cent of deaths in women could be avoided by eating little or no red meat. To put that into some back-of-an-envelope statistical perspective: multiplying that 9.3 per cent by the 20 per cent who actually died shows that about 1.8 per cent of red-meat eaters would die by the time they were 75 because of their meat-eating habit. Even if that claim were absolutely accurate (and even the authors call it an estimate), would you really give up your favourite foods for decades on the slim possibility of an extra year or two of old age?

March 13, 2012

El Neil on Limbaugh’s “show of weakness”

Filed under: Liberty, Media, Politics — Tags: , , , , , , , — Nicholas @ 10:01

L. Neil Smith weighs in on the Rush Limbaugh “apology” to Sandra Fluke and the media feeding frenzy it perpetuated:

Please understand that I am not a conservative of any kind. As a more or less lifelong libertarian, and a proud, battle-scarred (and, I like to think, highly decorated) veteran of America’s 1960s Sexual Revolution (which actually began in the 1920s), I’m very much in favor of individuals finding joy, and generally doing whatever they desire with their own lives. Love (or whatever floats your boat) is such a rare commodity that they ought to revel in it whenever they can. What I am vehemently opposed to, however, is making other people pay for it.

But then, despite the basic truth behind what he’d said about her, Limbaugh decided — far more likely it was decided for him — to apologize.

John Wayne became famous, among other things, for declaring, in several of his movies, “Never apologize. It’s a sign of weakness.” Mark Harmon has said it, too, in the role of Leroy Jethro Gibbs of NCIS. And there’s a basic, Darwinistic truth in what they’ve both said, as illustrated by what happened next to the Formerly Fat Flumpus.

When his ideological enemies began screaming about what Limbaugh had said, if he’d told them to stick it where the sun don’t shine and break it off, their screaming would have subsided and finished with a whimper.

But the minute he apologized, the minute he rolled over on his back, sticking his paws in the air and exposing his belly, they fell on him like wolves. With the ladies and gentlemen of the evening who constitute our news media cheering them along, public figures called for removing him from the air the way they had Don Imus — and Imus, true to the sad, broken figure of Winston Smith he had become, joined in.

“Do it to Limbaugh!”

Meanwhile animals and barbarians of all kinds showered Limbaugh with death threats and other worst-wishes, and the Internet writhed like a pit of snakes with vile, anonymous accusations of every kind against him. Clearly free speech in this country is supposed to be reserved to the creatures who call themselves “progressives” because they’ve dirtied the word “liberal” to the point it can’t be used any more.

March 6, 2012

Nick Gillespie: Short memories and shorter tempers

Filed under: Humour, Media, Politics, USA — Tags: , , , — Nicholas @ 12:34

A very funny trip down a memory lane not quite in the same dimension as we currently occupy:

With Super Tuesday upon us like a plague of 24-hour locusts that threaten not just the GOP but the very fabric of the nation itself (a wool and Lycra blend explicitly forbidden in Leviticus, btw) which is being stripped more bare than the bride by her bachelors even or the dessert bar near closing time at a Golden Corral buffet, it’s as good a time as any to wonder:

Was it just four years ago that The New York Times was running stories about the deleterious effects of a long, drawn-out, bruising fight for the Democratic presidential nod?

[. . .]

Good god, how does the nation ever survive the primary process? Isn’t it a scientific fact that nobody has ever won the presidency after having gone through a difficult nominating race? Obama was forced to visit all 57 states (by his count) multiple times until he kept fainting on stage from exhaustion like that guy from the Black Crowes who used to be famous.

After all, hasn’t a poll just scientifically proved that the GOP is hurting its “brand” (you know: Depends-wearing, anti-government crackers who only leave their houses on the Medicare-purchased personalized motor scooters to cruise to the mailbox to pick up their Social Security checks and oil-company dividend checks) by not immediately appointing the candidate most likely to get smoked by Obama in November?

The only subgroup of Americans who have weaker memories than high school seniors (99 percent of whom contend that the War of 1812 was fought between the Crips and the Bloods over the last Cabbage Patch doll between 1983-1986) are political journalists, many of whom, you may recall, took Donald Trump and Herman Cain seriously.

March 1, 2012

The plight of Britain under austerity

Filed under: Britain, Economics, Government, Media — Tags: , , , , , — Nicholas @ 10:03

Vuk Vukovic wonders why the notion that the British government has imposed austerity still has any traction in the media:

The UK had the one of the strongest fiscal stimuli (relative to the size of its economy) in the world as a response to the crisis, during the premiership of Gordon Brown. The result was making the situation much worse with a rising public debt and the third highest budget deficit in the world behind only Greece and Egypt in 2011, and behind Greece and Iceland in 2010. This comparison is striking since these countries were doing much worse than the UK at the time and were countries with highly unstable economies – Iceland before the restructuring, Greece whenever, and Egypt after a year-long revolution which saw the downfall of a dictator and an inability to consolidate ever since.

So the argument of Keynesians is that this wasn’t enough, and that Britain is crippled with austerity. The media is supporting the former view as well. Britain is running the hardest austerity policy in Europe and this is resulting in terrible growth performance and the inability to start up the recovery. However, Britain is far from austerity. Yes, some painful cuts have been made, tuitions were rising, unions were hit, wages in the public sector are stagnant, a lot of public sector workers have been laid off, but what does the government do with this saved up money? It “invests” in credit easing, housing subsidies, the youth contract and infrastructural projects. On the other hand, it’s guiding private sector investment and centrally planning credit, it announces an increase of the minimum wage, abolishing of the default retirement age, more regulation after claiming to remove regulation, the 50p tax rate and so on. None of these policies are policies aimed at growth. They are all part of a Keynesian response to the crisis.

After all, if one would just observe the spending data for the UK, it is still increasing, both relatively (as percent of GDP) and absolutely.

“You keep using that word. I do not think it means what you think it means.” To call a situation where government’s share of GDP is rising as “austerity” requires a brand new definition for the word.

February 27, 2012

David Friedman: The boy who cried wolf

Filed under: Media, Science — Tags: , , , , , , — Nicholas @ 09:15

Although it mentions the global warming debate, it’s really more about being skeptical in general:

A number of political commenters have compared the current Republican contestants unfavorably with Barry Goldwater. The current crop, we are told, are religious nutcases, or possibly pretending to be. Goldwater, on the other hand, was an intelligent and reasonable man, even if not on the right side of every issue.

I have been reading my parents’ autobiography, and recently got to the Goldwater campaign. Their description fits my memory. What we were being told then — by people almost none of whom could have done a competent job of explaining Goldwater’s positions or the arguments for them — was that he was a dangerous madman. There was even a piece by some large number of psychiatrists, none of whom had ever examined the candidate, explaining how crazy he was. And the TV ad with the little girl, the countdown, and the mushroom cloud.

[. . .]

I am not competent to judge the climate science behind global warming, but I am suspicious of orthodoxies pushed relentlessly in the popular media, orthodoxies that claim that everyone competent agrees on an urgent problem which requires drastic action immediately if not sooner. I remember when we were being assured that it was simply a scientific fact that overpopulation was the cause of poverty and a near term threat to our own well being, if not survival. Also when we were assured that the only way to get the poor countries of the world up to our level was central planning, if possible supported by generous foreign aid.

When I see news headlines about global warming having shrunk horses to the size of cats, along with a picture comparing a cat sized dog to a modern Morgan — you have to read down a bit to discover that the ancestral horses shrank to the size of cats from the size of dogs, from 12 pounds to 8 1/2 pounds, and spent tens of thousands of years doing it — I suspect that what I am seeing is driven at least as much by what people want other people to believe as by the evidence for believing it.

February 24, 2012

Argentina, like China, publishes unreliable economic statistics

Filed under: Americas, Economics, Government, Media — Tags: , , — Nicholas @ 11:27

The Economist has finally decided to stop using “official” economic statistics from Argentina:

Imagine a world without statistics. Governments would fumble in the dark, investors would waste money and electorates would struggle to hold their political leaders to account. This is why The Economist publishes more than 1,000 figures each week, on matters such as output, prices and jobs, from a host of countries. We cannot be sure that all these figures are trustworthy. Statistical offices vary in their technical sophistication and ability to resist political pressure. China’s numbers, for example, can be dodgy; Greece underreported its deficit, with disastrous consequences. But on the whole government statisticians arrive at their figures in good faith.

There is one glaring exception. Since 2007 Argentina’s government has published inflation figures that almost nobody believes. These show prices as having risen by between 5% and 11% a year. Independent economists, provincial statistical offices and surveys of inflation expectations have all put the rate at more than double the official number. The government has often granted unions pay rises of that order.

What seems to have started as a desire to avoid bad headlines in a country with a history of hyperinflation has led to the debasement of INDEC, once one of Latin America’s best statistical offices. Its premises are now plastered with posters supporting the president, Cristina Fernández de Kirchner. Independent-minded staff were replaced by self-described “Cristinistas”. In an extraordinary abuse of power by a democratic government, independent economists have been forced to stop publishing their own estimates of inflation by fines and threats of prosecution. Misreported prices have cheated holders of inflation-linked bonds out of billions of dollars.

February 18, 2012

Even hardcore pro-Tory cheerleaders hate the new Internet bill

Filed under: Cancon, Government, Liberty, Media, Technology — Tags: , , , , — Nicholas @ 12:27

The Sun chain of newspapers is without a doubt the most pro-Conservative media voice in Canada. When even they are calling Bill C-30 “seriously flawed”, you’ve got to hope that the government will give up:

The legislation, Bill C-30, tabled this week as the Protecting Children from Internet Predators Act, had virtually no safeguards to protect law-abiding Canadians, including the media, from being spied upon by police, bureaucrats, CSIS — even the competition bureau.

Until Prime Minister Stephen Harper punted the bill straight to committee for a badly-needed overhaul, his government appeared unconcerned about its own inconsistency.

Earlier this week, for example, the long-gun registry was finally put down, killed by the Harper majority for one reason and one reason alone.

It was rightly deemed to be an intrusion into the privacy of law-abiding Canadians.

This leaves Bill C-30 indefensible in its present form.

Requiring telecommunications providers to hand over personal information — without a warrant — to law-enforcement agencies opens the door to incredible abuses, and not just by Big Brother.

“This is going to be like the Fort Knox of information that the hackers and the real bad guys will want to go after,” said Ann Cavoukian, Ontario’s privacy commissioner.

The bill also includes a lovely little gag order provision that prevents your ISP from telling you when your information has been turned over to “inspectors” under the bill (and that doesn’t limit itself to the police: anyone could be appointed as an inspector by the ministry).

February 10, 2012

Lorne Gunter: Toronto Star imagines oil just “bubbles up out of the ground and we Westerners just run out with buckets to collect it?”

Filed under: Cancon, Economics, Media — Tags: , , , , , — Nicholas @ 10:30

Lorne Gunter in the National Post:

As I read the Toronto Star’s editorial about Statistics Canada’s recently released 2011 census population data, it was hard for me not to imagine a plump, aging diva reclining on a brocade-covered chaise wailing, “I’m still beautiful! Really, I am.”

Entitled, “Census shows a fading Ontario? Don’t count on it,” the editorial makes the argument that it is “too simplistic” to claim “Ontario’s day is over.”

No one is making the case that Ontario can be dismissed as an afterthought. That is a concern without a cause.

[. . .]

But before anyone jumps to the conclusion that I, an Albertan, am pleased by Ontario’s decline, I’ll add that any trend that bodes ill for Ontario, eventually bodes ill for the country as a whole.

Canada needs a strong, prosperous, confident heartland. The West may be the new engine of the national economy, but that doesn’t mean the country can afford to have the old engine — Ontario — be idle.

The Star insults the West’s ingenuity and determination when it scoffs that “it’s relatively easy to grow based on resource extraction. Ontario does not have the luxury of sitting on gas and oil fields, so the task here is much harder.” Really? Have the paper’s editorial writers ever tried to find, extract, transport and refine oil and natural gas? Do they imagine the stuff bubbles up out of the ground and we Westerners just run out with buckets to collect it?

February 9, 2012

Paul Wells: Harper’s trip to China is going well

Filed under: Cancon, China, Economics, Media — Tags: , , , — Nicholas @ 11:22

In his Maclean’s column, Paul “Inkless” Wells talks about the state of play in prime minister Stephen Harper’s visit to China:

The old-timers in the press gallery know how to defuse an announcement like this. We dust a toolkit from the early Chrétien days off. A Canadian prime minister shows up in a fancy Beijing ballroom with a bunch of business executives wielding Montblanc pens. A big number is being tossed around — say, “$3 billion.” But if we subtract the deals that would have happened anyway, and then subtract the deals that aren’t really deals — then we can wear that number down to some innocuous nub.

But while individual elements of Stephen Harper’s signing ceremony Thursday night in a fancy Beijing ballroom may not pan out, at some point the weight of evidence starts to suggest something real is going on. The evidence at hand comes, not just from Canadian sources, but from Chinese.

The first source of the morning was the semi-official English-language China Daily, which reserves real excitement for vice-premier Xi Jingping’s upcoming trip to the United States but which has been respectful, and a little more than that, toward Stephen Harper all week.

Later in the day came Harper’s bilateral meeting with Hu Jintao. Here, no trace of scolding for time spent posturing in the early years of Harper’s term as prime minister. Now, Hu said, “Mr. Prime Minister, you put a lot of value on Canada’s relationship with China and are strongly committed to promoting the practical cooperation between our two countries. I appreciate your efforts.” Translation: You’re out of the doghouse. Come here, ya big lug.

Update: David Akin contrasts the glowing reviews Harper is getting in the Chinese press this time with his 2009 visit:

I’ve travelled to a lot of spots around the world covering Prime Minister Stephen Harper’s international travels and I cannot recall him ever generating the kind of positive press he’s getting in this morning’s China Daily, the English-language state-run daily newspaper here.

A picture of Harper chatting with Chinese chess players during a visit Wednesday to the Temple of Heaven is the front-page top-of-the-fold main art here with a generally positive article about the two countries improving trade relationship. Inside, there’s two other pieces involving Canada and Harper.

[. . .]

Read between the lines here and China’s government is approvingly showing Canada’s prime minister to be a decent, pious individual deserving of China’s friendship and support.

That’s a sharp contrast to the China Daily‘s coverage of Harper’s 2009 visit. There was front-page coverage then too — of how Premier Wen dressed down Harper for letting the China-Canada relationship languish. The narrative in 2009 was that the Canadian prime minister was a wayward supplicant coming to China to seek forgiveness for his sins. Not this time: He is being profiled in the press as the leader “of a strong delegation of five ministers and 40 business leaders” who, along with Wen, witnessd “the signing of nine deals.” The reader of the China Daily on this Harper visit is meant to be impressed.

February 7, 2012

Terrorist training camp just north of Toronto!

Filed under: Cancon, Media, Politics — Tags: , , , , — Nicholas @ 10:58

According to former Toronto Star editor and Ryerson professor John Miller, we’ll be in the grip of terror later in February:

Here is an extended quote from his rant to show that I’m not taking this out of context one bit:

    “Makes you wonder when was the last time a group of ideological warriors went north to train in the backwoods and plot to storm Parliament, blow up the CBC, seize the airwaves and spread terror across the land. Oh yeah, the Toronto 18 did that. Didn’t police arrest the lot of them and call them the gravest threat to our democracy?

    “I think a weekend with Ezra and friends could be something just like that.

    “The only thing that sets them apart from the Muslim extremists is that Sun Media will be charging you admission.”

Sorry, we’re not planning to storm Parliament. Maybe we’ll talk about writing some letters to our MPs. We’re not planning to blow up the CBC. We just want to privatize it. And we don’t believe in spreading terror across the land. In fact, we support our Canadian troops in the war against terror, and don’t want that little terrorist Omar Khadr let back in from Guantanamo Bay.

Miller ended by saying “the only thing” that makes us different from those terrorists is that we charge admission.

What a disgusting man.

Why did he liken me, my fellow Sun personalities and Sun readers to terrorists? For one reason only: We’re conservative, and we refuse to go along with him and the rest of the consensus media.

The fact that someone as vile as Miller has held senior posts at journalism schools and the largest newspaper in Canada is not surprising. Because both the Star and every j-school in the country believe in a uniform, official left-wing view.

They believe in every type of diversity — racial, sexual, ethnic — except for intellectual diversity.

February 4, 2012

“Fake the oath” to become the new “Jump the shark”

Filed under: Cancon, Government, Media — Tags: , , — Nicholas @ 12:26

Chris Selley wonders why anyone outside the Ottawa media bubble would care about the Sun Media (or as Paul Wells usually spells it in his tweets, “Sun Meida”) faking the citizenship ceremony for a TV broadcast:

“Let’s do it. We can fake the Oath.” That is the universally accepted money quote, courtesy of a Sun News producer, to come out of this week’s fracas involving the fledgling cable news network, the Ministry of Citizenship and Immigration and a citizenship ceremony that wasn’t quite what it seemed. On Oct. 19, during Citizenship Week, Sun viewers were told they were watching 10 people become Canadian citizens. Instead they were watching 10 citizens, six of whom were federal bureaucrats, reaffirm their Canadian citizenship.

“Congratulations to all of the new Canadians here,” co-host Alex Pierson gushed. “Ten of you here at Sun News Network, finally Canadian citizens!”

“Fake the Oath” certainly has the ring of legend. I think it could be to the Canadian media what “jump the shark” is to situation comedy. An example: “Oh for God’s sake, [insert media outlet], a talking dog on YouTube is news now? You guys have finally faked the Oath!”

But having gone through the documents behind this story, which were obtained by Canadian Press through Access to Information, I’m struggling to understand the amount of coverage this story got. Well, OK, I sort of understand it: Pointing and laughing at Sun Media is a national pastime among journalists and liberals these days. What I can’t figure out is how this matters.

In praise of Her Majesty the Queen

Filed under: Britain, Cancon, History, Media — Tags: , , , — Nicholas @ 11:33

Conrad Black goes full monarch in his latest column:

The Queen has an outstanding record of absolutely unblemished service, through tumultuous changes and always having to endure suggestions of impending obsolescence — not just of the monarchy itself, but of its various separate functions, especially the ambiguous positions of head of the Commonwealth and supreme governor of the Church of England.

The 1950s were a constant round of independence ceremonies, mainly for countries that had a very rocky start and little aptitude for premature emancipation from unfashionable colonials status. This made for ever larger and more incongruous Commonwealth meetings, as the shared British traditions that supposedly united the “British Dominions, realms and territories beyond the seas” frayed and became always more threadbare except, perhaps, among the former so-called “white Dominions.”

In this present time of glaring, intrusive, nasty media, it is hard to imagine the proportions of the Queen’s achievement in serving 60 years, every one of them as one of the most prominent and publicized people in the world, without one gaffe, one embarrassing photograph, one injudicious utterance or slip on a banana peel, literal or metaphoric.

[. . .]

Queen Elizabeth II has personified the British middle-class virtues: moderation, unflamboyant consistency and unflappable reliability. It hasn’t always been exciting, and in satirical magazines such as Private Eye and on the BBC, she has paid a price for that and was lampooned for decades for stiff formality and stilted phrases — “My husband and I,” etc.

February 3, 2012

Walter Kirn profiles Gingrich

Filed under: Media, Politics, USA — Tags: , , — Nicholas @ 09:50

A new column in GQ on the 2012 presidential race:

There are some things you don’t know you want until you get them and some that you don’t know you don’t until they’re yours. Take perfection. Now that Republicans have found in Romney pretty much all the qualities they’ve clamored for in modern presidential candidates—an aura of personal and public decorum, a record of civic-minded accomplishment backed by a record of fierce free-market self-enrichment, all wrapped up in a senior-edition beach bod and a profile fit for a gold coin—they don’t seem as wild for them as as they once were. Sure, they’re proving willing to accept Mitt (largely on the assumption that others will like him, which is how social-climbing teens choose prom dates) but what many of them now lust for in their hearts, as do certain non-Republicans who’ve caught the fever despite themselves, is something they never imagined tolerating, let alone secretly, irresistibly craving: a primordial walking gargoyle of pre-monogamous political id. Newt Gingrich, who seems to inhabit a middle state between swamp thing and statesman, frog and prince, is an arresting specimen in his own right, but as the fascination of a party whose base holds that man was created in God’s image without any scaled or beaked transitional versions, he’s an unaccountable astonishment.

He’s also an unshakable addiction. Like a drunken traveling salesman who hits on a freaky new sexual position during a night of Motel Six carnal fumbling, Newt has managed to put his stubby finger on a collective pleasure center—some undiscovered orgasmic political ganglia—that will require quadrennial stimulation from here on out. Whether he wins even one more delegate hardly matters in the screwy new scheme of things. As a style, as an archetype, he’s already prevailed, changing forever the nature of the game and earning the love of everyone who’s felt the game becoming sclerotic recently, the way games do when the money grows enormous, the press coverage relentless, and the players remain the same. Just as JFK and Reagan accustomed Americans to a higher standard of dashing glamor in Oval Office types, Newt has habituated a numbed electorate to a new level of effervescent perversity. He’s probably unelectable, it’s true. He’s entirely unforgettable, that’s truer. He has opened a process that’s routinely disparaged as a mere horse race, shallow and routine, to a whole new animal: the bred-for-mayhem Georgia kicking mule.

January 30, 2012

The battle of the stereotypes over the “Page 3 girls”

Filed under: Britain, Liberty, Media — Tags: , , — Nicholas @ 10:01

In spiked, Gabrielle Shiner explains that she doesn’t want or need the “Turn Your Back on Page 3” campaigners to pre-select what she’s allowed to see in the newspaper:

With the Leveson Inquiry currently insisting that the press bares all, campaign groups such as Turn Your Back on Page 3 have spotted an opportunity to force the tabloid’s topless ladies to cover themselves up. And all in the name of protecting girls like me from being terrorised by tits.

The campaign to get bare chests banned is certainly not short of grand claims. Apparently, Page 3 and its like perpetuate sexism by, ‘at best, encouraging and endorsing negative attitudes towards us and within us, and at worst, [encouraging and endorsing] acts of violence committed against us’. According to campaigners, the government therefore has a responsibility to satiate these campaigners’ appetite for paternalism, which they believe equates to ‘stamping out sexism once and for all’.

The Turn Your Back on Page 3 campaigners are right about one thing: an offensive misrepresentation of women exists in society. But it is this group of self-appointed saviours that has offended. The group parades itself as representative of women in order to justify forcing its views on the public. But if these supposed advocates of women’s rights were serious about liberties, they would not condone such bans.

And it is not just that the campaigners are unjustified in speaking on behalf of women — they have also misrepresented women and men. These campaigners present women as pitiful animals teeming with self-loathing. Men are depicted as uncontrollable beasts who are so mesmerised by the breasts on Page 3 that these images, at best, define their perception of women for evermore and, at worst, turn them to violence.

January 26, 2012

What is really meant by the term “market failure”

Filed under: Economics, Media, Politics — Tags: , , , , , — Nicholas @ 11:10

Posting on the Institute of Economic Affairs blog, Tom Papworth tries to clarify what the term “market failure” actually means, in comparison to how it’s commonly used by politicians and journalists:

Firstly, it seems to blur the distinction between ‘the market’ and ‘the markets’ — a very common error in current discourse. The market is an economic concept that describes the myriad of choices and exchanges that take place between people every day; the markets are the very real institutions created for handling major financial transactions. It is not clear to me that this article acknowledges that distinction. This manifests itself primarily in the title and main theme: indeed, as Jan (and at least one commentator) does tacitly acknowledge, the financial markets are so shaped by government intervention that it would be a surprise if they did correspond to a model market.

And that brings me to the second problem: the suggestion that markets don’t fail when they ‘respond rationally, quickly and often brutally to conditions as they find them’. While that description is true, it has little bearing on the concept of market failure. Market failure typically refers to situations where the effects one would expect to see in a theoretical market economy do not in fact manifest themselves in real life. As the great man himself would be — and perhaps was — the first to point out (though without using these terms) markets fail because of factors such as monopoly and externality — monopolies undermine competition and so markets do not clear; externalities enable costs to be passed onto third parties and prevent all beneficiaries contributing to the production of goods. Information asymmetry is often presented as another source of market failure.

Now, to be fair to Jan, that precision of language is hardly prevalent among the politicians he is criticising. When they speak of market failure, it seems almost as though market success is defined by a number of uneconomic measures such as social justice, or even (that ultimate weasel-word) fairness.

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