Raiders of the Lost Arc Elasticity, Part I, Part II, Part III: Robert Jensen finds the elusive Giffen good, with important results. "When we subsidized the price of rice and wheat, people consumed less of them, not more. And in a follow-up paper, we show that when you take together all the consumption substitutions people make, our large subsidies did not improve nutrition at all. In fact, in Hunan nutrition actually declined in response to the subsidy."
Tim Duy: Misunderstanding the CPI: A smart response to David Leonhardt.
Warren Buffett’s Vega Games: How Berkshire could make $6 billion a year for, essentially, nothing.