Showing posts with label utility. Show all posts
Showing posts with label utility. Show all posts

Monday, 18 March 2013

Some Calloway wisdom

Here's Cab Calloway on backward-bending labour supply curves, the deadweight costs of income taxes, and how there's less inequality in utility as measured by consumption-based measures than when measured by income-based measures.

 
Remember the more that you're achin' to make,
it's the dough you forget;
the government takes
...
Say Jack you can never wear more than one suit at a time,
Wearin' one pair of shoes, you know, ain't no crime.
What d'ya wanna do, Bub? Be big like Gugenheim?
A hotdog only costs that cat a dime.
You can try to be a Duke or Grand Marquis,
but you see the latest movies just the same as he.
They both listen to the radio an' all for free.
I'm askin' you, Bub, how big can you be?
This post brought to you* by Spotify which, for $10 per month, or 46 minutes' work at the New Zealand minimum wage, brings you darn near the world's entire back catalogue of music. An' all for free, if you don't mind the occasional ad.

Update: this matters more than it did in Calloway's day....

* Not actually sponsored.

Thursday, 26 January 2012

Creative hedonism

The rapacity of the creative can know no satiety.

Back in November, Bill Kaye-Blake was bored by a SciFi story that found the end of scarcity: what's then left to do? I suggested the protagonists could find ever more creative forms of hedonism.

Turns out, this isn't a new suggestion. Arts & Letters Daily points to a nice bit of history:
Petronius, if the historical record is any guide, had every reason to be a snob. In a court full of decadents, he was the most refined of all. This is how Tacitus paints him: "He spent his days in sleep, his nights in attending to his official duties or in amusement, that by his dissolute life he had become as famous as other men by a life of energy, and that he was regarded as no ordinary profligate, but as an accomplished voluptuary [erudito luxu]."
It's the two most incongruous words in that passage that point us toward Petronius' chief insight into pleasure and abundance: "accomplished voluptuary." How can anyone be accomplished at taking pleasure? Isn't that something anyone can do? Yes, under most circumstances. But under decadent circumstances, such as Trimalchio's feast or Nero's court, pleasure becomes cheap. It must, at first, be exhilarating to find exquisite versions of the things we most want—food, sleep, sex—right at hand. But then comes the revelation that even with unlimited means, our capacity to take pleasure is itself limited. The usual enjoyments become repetitious and dull, until we can barely taste them at all, or remember how they once tasted. And it's at that point that Trimalchio and Petronius part ways: One flails to enjoy himself while the other becomes a scientist of pleasure. Under decadent circumstances, Petronius devises ever-more-original varie­ties of hedonism. [emphasis added]
Infovores follow Petronius in taking delight from the now decadent information environment; Trimalchio gets bored after uploading the millionth YouTube cat video.

Friday, 10 July 2009

The murderer's utility

Paul Walker nicely summarizes the David Friedman argument on the law and economics of counting the criminal's utility.

I agree with his analysis entirely when I'm wearing my economist's hat. When doing economics, as economists, we have to set the moral questions to one side. Wertfreiheit.

Now, if the conclusion of a serious study found that murderers' enjoyment of crime were greater than the cost imposed on victims, in other words that allowing murder is Kaldor-Hicks efficient, I'd then take off my economist's hat and put on my amateur moral philosopher's hat and say that murder should nevertheless be illegal because it infringes the victim's rights and because, as amateur moral philosopher, I really don't mind discounting the utility of rights-violators all the way down to zero. But I would be taking off my economist's hat when doing so. If economics gives us the efficiency-based case against murder, as I rather expect it would, so much the better. But if it doesn't, it's far better to present the economics straight up, and then present the value judgments separately, than to pervert the economic analysis by doing things like, oh, declaring at the outset that the murderer gets no utility and that a total discounting of the murderer's utility is consistent with good economic practice.

Aside: wertfreiheit is one of my favorite economics words. Methodenstreit is another. I may currently be engaging in methodenstreit with BERL over wertfreiheit. I like that. Is it strange that I always hear the Sepultura lyrics as "War of Methodology" rather than "War for Territory"?