This is very much a side issue to the main point here, but it's good to see commentary type post that makes a (second hand but still clear) reference to the often ignored (imo blindingly obvious) aspect of British welfare net, i.e. the staggering difference between disability benefits and "pure" unemployment benefits (aka universal credit), especially for childless people. OBVIOUSLY people will do everything they humanely can to increase their benefits (and also get some earnings allowance without the taper kicking in) if without that they are being expected to survive for under 400 pounds per month after housing.
I've enjoyed your weekly columns for some time, but this was the best so far. It reminded me of this quote from William Gilmore Simms (who? I've no idea) "Economists put decimal points in their forecasts to show that they have a sense of humour."
I'm surpised how few comment your post has received. So I just want to say, you did an excellent job in summarising and setting out these technical, but important issues!
I think your final reference to day traders is interesting. The people who really benefit from this obsession with statistical minutiae are the people that have gamified the financial system. If tiny variations in GDP figures can create profit then we become beholden to some pretty arbitrary interpretations of the value of government bonds
In fact the *House of Commons* passed the (now renamed) Universal Credit Bill last night (9 July). It's been certified as a 'money bill' so the Lords cannot do much, if anything, to it, and I expect it will receive Royal Assent shortly.
This is very much a side issue to the main point here, but it's good to see commentary type post that makes a (second hand but still clear) reference to the often ignored (imo blindingly obvious) aspect of British welfare net, i.e. the staggering difference between disability benefits and "pure" unemployment benefits (aka universal credit), especially for childless people. OBVIOUSLY people will do everything they humanely can to increase their benefits (and also get some earnings allowance without the taper kicking in) if without that they are being expected to survive for under 400 pounds per month after housing.
Come for the cri de coeur about statistics and stay for the gnat's parts and 147 (here's a totemic number for a British Elon). Well done!
I've enjoyed your weekly columns for some time, but this was the best so far. It reminded me of this quote from William Gilmore Simms (who? I've no idea) "Economists put decimal points in their forecasts to show that they have a sense of humour."
Cheers
That’s an amazing quote - cheers for sharing!
There’s a bigger issue at the heart of this: Government by accountants.
Maybe it’s great we can put a financial price on a life but perhaps we should consider its value in other ways?
I'm surpised how few comment your post has received. So I just want to say, you did an excellent job in summarising and setting out these technical, but important issues!
I think your final reference to day traders is interesting. The people who really benefit from this obsession with statistical minutiae are the people that have gamified the financial system. If tiny variations in GDP figures can create profit then we become beholden to some pretty arbitrary interpretations of the value of government bonds
In fact the *House of Commons* passed the (now renamed) Universal Credit Bill last night (9 July). It's been certified as a 'money bill' so the Lords cannot do much, if anything, to it, and I expect it will receive Royal Assent shortly.