Stop Counting Calories; It's the Clock that Counts
My title comes from the first words in Sumathi Reddy's Wall Street Journal article shown above. Sumathi writes:
Stop counting calories. It’s the clock that counts.
That’s the concept behind time-restricted feeding, or TRF, a strategy increasingly being studied by researchers as a tool for weight-loss, diabetes prevention and even longevity.
Sumathi goes on to detail this approach and the accumulating evidence that it works.
The idea is simple: keep your "eating window" within a day down to a certain number of hours. This is a strategy that Jason Fung emphasizes in his powerful book The Obesity Code, which I try to distill into a blog post in "Obesity Is Always and Everywhere an Insulin Phenomenon."
Sumathi talks about a 12-hour eating window. Some people may get good results from an eating window of this length, but many people will need to restrict their food intake to a shorter window to get good results. Let me give my sense of things this way: in explaining the rise of obesity in the population as a whole, the two things that have the right timing are the rise of sugar and the lengthening of the eating window in a typical person's day. If, 120 years ago, many people ate breakfast at 8 AM and dinner at 6 PM, that is a little over a 10-hour eating window and well within a 12-hour eating window. Now it is common for many people to eat from soon after they wake up to right before they go to bed, somewhere around a 16-hour eating window. The rise in sugar consumption is less speculative; the data are better:
Based on this history, I suspect that for most people, avoiding all sugar and restricting food intake to 12 hours every day from childhood on is enough to avoid becoming obese in the first place. But prevention is much easier than cure. For those who are already overweight or obese, and have become insulin resistant, losing weight and restoring health might require avoiding even sugar-free carbs that are high on the insulin index, and restricting the eating window to something considerably shorter than 12 hours. (On insulin resistance and the insulin index, see "Obesity Is Always and Everywhere an Insulin Phenomenon" and "Forget Calorie Counting; It's the Insulin Index, Stupid.)
Personally, although I think I could keep my weight steady with an 8-hour eating window, I need something shorter in order to lose weight. In my experience, as long as I only eat foods low on the insulin index during the eating window, even going 20 to 21 hours between a 3- or 4-hour eating window each day is not at all painful. Any hunger I experience is mild and non-insistent hunger. What hunger I do experience is usually from thinking about food. And for the most part, I don't think about food because I am hungry, I am hungry because I thought about food for some other reason.
Eating this way for a while has two effects. On the one hand, for the same practices, weight loss gets tougher when your weight it lower to begin with. On the other hand, eating food that is low on the insulin index during your eating window gets a lot easier over time, and assuming you do that, over time it gets easier to go substantial periods with no food—"fasting"—without any substantial disutility. With fasting, "No pain, no gain" takes on a totally different meaning. If you do it right by eating well during your eating window, there is no pain in fasting, and you won't gain any weight while you are fasting!
When I first started on this program, I hated the idea of an "eating window." Both for theoretical reasons (see "Obesity Is Always and Everywhere an Insulin Phenomenon") and my own idiosyncratic reaction to particular rules, I liked the idea of length of time fasting as the thing to shoot for. But after a month or two, I came to terms with the fact that, logically, if you are eating every day, there is a very close mathematical relationship between the average length of the eating window and the average length of time fasting between the eating window one day and the eating window the next.
Of course, if there are some days when you don't eat at all (which can be quite a reasonable thing to do, and is also not as hard as you might guess–see "Obesity Is Always and Everywhere an Insulin Phenomenon"), then that mathematical relationship doesn't hold. When you skip eating for a whole day, it is cognitively easier to think about the length of the fast than the length of the eating window. But during periods of time when you are eating at least once a day, focusing on the length of your eating window is a perfectly good way to think about things.
There are three ideas that I keep reminding myself and others that keep the program I am following from seeming too abstemious and severe.
First, dietary fat is good, not bad. I have a post specifically on this: "Jason Fung: Dietary Fat is Innocent of the Charges Leveled Against It." And the message that dietary fat is good, not bad comes through clearly if you read "Forget Calorie Counting; It's the Insulin Index, Stupid." Knowing that foods such as olive oil, butter, cheese, cream, cashews, macadamia nuts and sugar-free bacon are great goes a long, long way toward making up for the sugar, bread, potatoes and rice that I have given up. Because I also treat meat as fine in moderation, it is easy to get a good restaurant meal.
Second, because foods that are low on the insulin index are quite satiating per calorie (especially those with significant dietary fat), if you have a reasonably short eating window, you don't have to restrict quantity at all. If you overeat much at all, you will feel uncomfortably overfull afterwards, and you are unlikely to want to do that again. By contrast, sugar or other easily-digestible carbs have a way of making you hungry so you want to eat more and more and more; eating any substantial amount of sugar or other easily digestible carbs makes it very, very easy to overeat badly.
Third, though some people try to make systems, I love the fact that I don't need to do things in any regular way. If it is convenient to go for a long time without eating, I can do that. If I want to shift the timing of my eating window, that is fine. If it is convenient to do a longer eating window on some particular day, that is fine. Things average out. Indeed, holding the average length of the fasts fixed, it may well be more effective to have a long fast and a short fast than to have two fasts of equal length. So irregularity may well be a good thing, as long as the overall rigor of your program is reasonably high. Some of this is speculative; the experiments have not all been done. But the theory I discuss in "Obesity Is Always and Everywhere an Insulin Phenomenon" (following Jason Fung's The Obesity Code) gives no reason to think that smoothing out the timing of your eating windows is important. Most people will get encouraging results from eating windows of 4 hours (one big leisurely meal) or 8 hours (two meals as big as you want with healthy things) every day, even if they vary the timing and jump back and forth between the 4-hour and 8-hour eating windows.
Many people worry that if they try a diet, it might backfire. That is, they could end up yo-yoing back up to an even higher weight than where they started. The scary evidence so far that says most diets backfire does not yet include a regimen relying on substantial periods of time with zero food and fairly strictly avoiding all foods that are high on the insulin index during eating windows. In predicting what that evidence will look like when it is systematically gathered, I am reassured by two things:
I am not suffering at all. No intrusive, onerous hunger; plenty of fun food to eat.
Everyone agrees that while you are eating zero food, it will tend to bring your weight down. Hence, it seems to me that some dosage of fasting will do the trick to maintain my weight or to lose weight. I can't guarantee in advance what that dosage will be, but if I am determined to do whatever it takes, what it takes won't be so bad.
For those who don't read Sumathi's article in its entirety, here are some key passages:
1. The findings, published in the journal Cell Metabolism, showed that when eight overweight people who naturally ate for 15-plus hours a day restricted their eating to a 10-hour window for 16 weeks, they lost 4% of their weight. A year later, they reported sticking to the plan, even though they didn’t have to, and had kept the weight off.
“All of them said they slept better, and they felt more energetic throughout the day,” said Dr. [Satchidananda] Panda. “They were actually feeling less hungry.”
TRF studies of mice—which provide the bulk of research on the strategy—have found that the body, when fasting for half a day or more, has more time to produce the components for cellular repair, break down toxins and coloring agents in food, and repair damaged DNA in the skin and stomach lining, according to Dr. Panda. There is also some evidence that TRF
2. “Many patients have gone off of blood-pressure medications,” [Dr. Julie Shatzel] said. “In some cases, I’ve seen the reversal of prediabetes.”
3. “Both improved their glycemia responses,” Dr. [Leonie] Heilbronn said, referring to the effect food has on blood sugar levels. While the men lost weight, she said, it wasn’t enough to account for the improved glucose levels. “There’s something else going on that’s not just driven by weight change,” she said.
4. “I think the real power of TRF is the simplicity of it,” [Dr. Krista Varady] said.
For annotated links to other posts on diet and health, see:
For example, here is what the first section looks like:
I. The Basics
Sam Brown and Miles Kimball on Teleotheism
I had a very interesting email discussion with Sam Brown about my sermon "Teleotheism and the Purpose of Life." I am grateful for Sam's willingness to have me post that discussion here and his help in putting together the edited version of that discussion below. To see the text of the sermon, in addition to this link to the text of "Teleotheism and the Purpose" of Life," you can also find it by googling the word "teleotheism." Alternatively, there is a video of me delivering the sermon at "Live: Teleotheism and the Purpose of Life."
Sam: I’m working on a theology book, and am grappling a bit with emergentism, within which “teleotheism” may play a role as an alternative framing for the phenomenon of interest. When I google that phrase, it mostly comes back to a sermon you preached a few years back. It seems to have developed a currency among some Mormon intellectuals, but I can’t tell whether that’s a term you coined or whether it has a longer pedigree. Primarily, I’m wanting to know how best to cite it.
Miles: It is great that you are doing a book on theology. I am delighted that other Mormons are talking about teleotheism. Are they aware of my sermon "Teleotheism and the Purpose of Life?
I did not coin the term. I give its origins in my post "Leaving a Legacy." There I write:
As for the origin and history of the word "Teleotheism," when I wrote the Unitarian-Universalist sermon "Teleotheism and the Purpose of Life," I googled to find the preexisting word "Teleotheism" from the bvio.com post "Talk:-ism."
I should note that I have sections for religion posts and inspirational posts before 2017 in my organized bibliography of key posts. From 2017 on, my "Religion, Humanities & Science" subblog is the best place to to find them.
There is a sense in which "teleotheism" as I use the term doesn't amount to much of a theology. It boils down to saying "Let's build something wonderful and call it God." I have been most interested in teleotheism as an approach to homiletics and devotion (e.g., my post "The Book of Uncommon Prayer") for unbelievers, within an assumption of nonsupernaturalism.
In addition to my sermons, you might be especially interested in "What If Jesus Was Really Resurrected?" and "The Teleotheistic Achievement of the New Testament."
Sam: I think it fits well with a somewhat religious existentialism that leans on the emergence theologies in an echo of process theologies. In a modern secularist register, it’s a new take on Swedenborg’s Maximus Homo (and, frankly, the zodiacal body that it gently remembers). While I’m personally a somewhat classical theist, I think theist and non-theist alike could benefit from thinking about the beautiful things/processes/realities/phenomena that can come into being as we work together in tender mutual regard. I think Mormonism provides a useful backbone for many of those meditations across the spectrum of belief. My inference from my own googling and your response is that you’re really the popularizer of that term. Other than that odd list of -theisms, I really don’t see it used elsewhere. So I’m going to call it a Miles Kimball thing, unless you object. I’ll cite that main sermon of yours on the topic.
Miles: Thanks, Sam. That sounds great. A footnote that I got the term from a list is sufficient for accuracy. I am honored if I am the popularizer.
By the way, I definitely think of my teleotheism as coming from my Mormon roots. It is obviously influenced by the idea of eternal progression. Also, there is the question of where the first gods came from, which is obviously raised by the succession of gods implied by Mormon theology. I addressed that most directly in "What If Jesus Was Really Resurrected?"
Even "nonsupernaturalism" is a way that many Mormons think of their theology: "God acts according to natural law." I am saying that, but identifying my posited natural law more closely with the currently believed laws of physics: What Do You Mean by "Supernatural"?
Sam: Thanks. Yeah, I'm playing with these ideas in an essay that's in press at Dialogue. I argue that the True Light is Smith's take on this question. I think this is more than Spinozist Law, even as I agree with you that many Mormons have been surprisingly Spinozist in their interpretation of it.
Fascinating sets of questions.
Miles: The sense in which I am still a believer in Mormonism is this: I believe Mormonism has an important teleotheistic role to play. Mormonisms's flaws, such as its treatment of women, gays and intellectuals, are counteracted by other powerful forces in our culture. Mormonism's strengths, such as those I write about in
- How Conservative Mormon America Avoided the Fate of Conservative White America
- The Message of Mormonism for Atheists Who Want to Stay Atheists
- Inside Mormonism: The Home Teachers Come Over
are not that easy to find in full elsewhere. These strengths of Mormonism are an important part of building Zion, just as equality for women, acceptance of sexual diversity and respecting vigorous debate from all corners as a key part of the process for discovering truth are important parts of building Zion.
Sam: I am afraid I didn't get curious about the origins of “teleotheism” until after the Dialogue piece was already in galleys. I'll incorporate reference to your sermon into the book, though. I appreciate the thoughtful work you've done in this area.
By the way, I wonder whether you have read Richard Kearney's God Who May Be. Seems like it might be apropos here. Also, Adam Miller's book Future Mormon basically does a variant of teleotheism in a framework he borrows from Bruno Latour. I’m not sure what you think of Latour (I confess that I'm unpersuaded), but may be of interest.
Miles: Those sound interesting. Thanks for the recommendation.
Sam: I've done some more thinking about this topic in the meantime that has made me more skeptical of the rigor and explanatory utility of teleotheism.
Miles: Remember that I myself wrote to you:
There is a sense in which teleotheism as I use the term doesn't amount to much of a theology. It boils down to saying "Let's build something wonderful and call it God."
I have been most interested in teleotheism as an approach to homiletics and devotion (e.g. https://blog.supplysideliberal.com/post/95610279811/the-book-of-uncommon-prayer ) for unbelievers, within an assumption of nonsupernaturalism.
I doubt your view of teleotheism is more skeptical than that!
Sam: I should have mentioned that I think teleotheism is probably the best of the truly materialist options, so in saying I doubt the horse can run, I'm probably making a broader claim than just that teleotheism is inadequate (at least insofar as it's a purely materialist proposal).
The Real Test of the December 2017 Tax Reform Will Be Its Long-Run Effect
The Solow Growth Model is a mainstay of intermediate macroeconomics classes. A key lesson of the Solow Growth Model is that if the net marginal product of capital is above the growth rate of the economy, increasing the share of output devoted to investment can raise the long-run quantity of goods available for consumption.
As a cut in corporate taxes, the recent tax reform is intended (among other things) as a cut in the effective rate of taxation of capital formation through investment. (As examples of capital formation through investment, think of building factories or writing software.) Thus, it is hoped that it will raise the share of GDP devoted to investment now, leading to a higher capital stock later than what the path of the capital stock would otherwise be.
It is important to realize how slow this process is. In "The Medium-Run Natural Interest Rate and the Short-Run Natural Interest Rate" I wrote:
Introductory macroeconomics classes make heavy use of the concepts of the "short run” and the “long run.” To think clearly about economic fluctuations at a somewhat more advanced level, I find I need to use these four different time scales:
- The Ultra Short Run: the period of about 9 months during which investment plans adjust–primarily as existing investment projects finish and new projects are started–to gradually bring the economy to short-run equilibrium.
- The Short Run: the period of about 3 years during which prices (and wages) adjust gradually bring the economy to medium-run equilibrium.
- The Medium Run: the period of about 12 years during which the capital stock adjusts gradually to bring the economy to long-run equilibrium.
- The Long Run: what the economy looks like after investment, prices and wages, and capital have all adjusted. In the long run, the economy is still evolving as technology changes and the population grows or shrinks.
Obviously, this hierarchy of different time scales reflects my own views in many ways. And it is missing some crucial pieces of the puzzle. Most notably, I have left out entry and exit of firms from the adjustment processes I listed. I don’t know have fast that process takes place. It could be an important short-run adjustment process, or it could be primarily a medium-run adjustment process. Or it could be somewhere in between.
Suppose that after a cut in capital taxation the adjustment process brings the economy 10% of the way toward its new steady state each year. Then, after whatever the impact effect is, the gradual adjustment in the capital stock thereafter has on average only 37% percent of the effect in the first ten years that it will have in the new steady state. You can see some details of the calculation in my wonky Christmas Twitter thread here, but you can also see it visually in the blue graph near the top of this post. The area below the upside-down exponential curve for the convergence to the new steady state is obviously less than half the area beneath the line for the full steady state effect. Personally, I learned something I hadn't realized from doing this calculation.
Note that, among the effects tied to the increase in the capital stock are a large share of the dynamic tax revenue effects of the tax reform. The dynamic benefits for tax revenue should be more than two and a half times as big (1/.37 times) in the new steady state as they are in the first ten years, which is the bureaucratic window over which such things are often evaluated.
Now, what about the impact effect? Let's consider the impact effect on GDP first, then the impact effect on interest rates. Most of the supply-side improvement from the tax reform, if it has one, should only occur when additional capital formation has actually taken place. So aggregate supply shouldn't be that different in the short run. So if the Fed keeps output at the natural level, GDP also shoulnd't be affected all that much in the short run by the tax reform, even though it could be raised quite a bit in the long run if it works as claimed.
As for interest rates, remember that this tax reform changed the taxation of interest rates. One reason the Fed doesn't need to raise interest rates all that much to keep GDP at the natural level is that the tax reform itself raises after-tax interest rates. For example, in addition to some direct limitations on deducting mortgage interest, the standard deduction is so much bigger that many people won't want to deduct mortgage interest. That means that the same before-tax interest rate corresponds to a larger after-tax interest rate for many people. The Fed's interest rate is a before-tax interest rate. So if the Fed looks like it is standing pat, after-tax interest rates are going up.
For business investment, the after-tax rental rate on capital also goes up because it got a big tax cut. (The rental rate is the more general concept that in very simple models is equal to the marginal product of capital.) Investment per the Q-theory depends on the gap between the after-tax rental rate and the after tax interest rate. So given a large corporate tax cut and a reduction in interest deductibility and no reaction by the Fed, business investment can go up while housing investment goes down.
Contrary to the headline of Pedro da Costa's Business Insider article above, the bottom line is that the Fed not needing to react to the recent tax reform in a big way doesn't mean that the tax reform isn't working as intended to increase capital formation through investment. The real test of the tax reform is what it does in the long run, not what it does in the next few years.
2017's Most Popular Posts
The "Key Posts" link at the top of my blog lists all important posts through the end of 2016. This is intended as a complement to that list, in two categories: popular new posts and popular older posts. (You can see other recent posts by clicking on the Archive link at the top of my blog.) The numbers shown are pageviews throughout 2017 according to Google Analytics. My blog homepage had 34,833 pageviews in 2017. Total pageviews were 240,568 in 2017.
New Posts in 2017
- Five Books That Have Changed My Life 6936
- Obesity Is Always and Everywhere an Insulin Phenomenon 5979
- There Is No Such Thing as Decreasing Returns to Scale 4441
- Forget Calorie Counting; It's the Insulin Index, Stupid 3927
- Let's Set Half a Percent as the Standard for Statistical Significance 3377
- Key Posts 2012-2016: 3098
- Matthew Shapiro, Martha Bailey and Tilman Borgers on the Economics Job Market Rumors Website 2941
- On the Virtue of Scientific Disrespect 1939
- Paul Krugman on John Taylor and Admitting Error 1702
- Martin Wolf: Why Bankers are Intellectually Naked 1690
- Why I Am Not a Neoliberal 1645
- Michael Weisbach: Posters on Finance Job Rumors Need to Clean Up Their Act, Too 1637
- Contra Randal Quarles 1631
- Economics Needs to Tackle All of the Big Questions in the Social Sciences 1524
- Defining Economics 1406
- Does the Journal System Distort Scientific Research? 1268
- Peter Conti-Brown's Takedown of Danielle DiMartino Booth's Book Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America 1211
- Returns to Scale and Imperfect Competition in Market Equilibrium 1175
- Signalling When Everyone Knows about Last-Place Aversion: An Application to Economics Job Market Rumors 1152
- Border Adjustment vs. Dollar Depreciation 1151
- My Objective Function 1146
- Why I Am Now a Bear 1114
- Jason Fung: Dietary Fat is Innocent of the Charges Leveled Against It 789
- Breaking the Chains 787
- In Praise of Partial Equilibrium 783
- Believe in Yourself 766
- Sugar as a Slow Poison 685
- Next Generation Monetary Policy 666
- A Blessing for Diana and Erik 611
- Whole Milk Is Healthy; Skim Milk Less So 609
- Restoring American Growth: The Video 606
- Why GDP Can Grow Forever 598
- Brian Flaxman: Yes! Economics Did Sway Obama Voters to Trump 586
- Daron Acemoglu and Simon Johnson's Plan to Save Our Republic 538
- The Keto Food Pyramid 532
- When the Output Gap is Zero, But Inflation is Below Target 501
- How Did Evolution Give Us Religion? 499
- Why I Am Not a Physicist 470
- Meat Is Amazingly Nutritious—But Is It Amazingly Nutritious for Cancer Cells, Too? 458
- John Locke's State of Nature and State of War 452
- John Locke on Legitimate Political Power 448
- The Volcker Shock 434
- The Only Military Action the US Should Take Against North Korea Is to Shoot Down Every North Korean Missile in Boost Phase 408
- Marriage 102: 398
- How Strong is the Economics Guild? 389
- Salt Is Not the Nutritional Evil It Is Made Out to Be 377
- Markus Brunnermeier and Yann Koby's "Reversal Interest Rate" 374
- You, Too, Are a Math Person; When Race Comes Into the Picture, That Has to Be Reiterated 358
- Leaving a Legacy 349
- On John Locke's Labor Theory of Property 341
- Economics Is Unemotional—And That's Why It Could Help Bridge America's Partisan Divide (on my blog, with the original intro defining "politicism") 326
- Thomas Sowell on How to Succeed as an Ethnic Minority 320
- John Locke Treats the Bible as an Authority on Slavery 296
- Intelligent Economist: Top 100 Economics Blogs of 2017: 286
- Deregulation of Social Science as a Free Speech Issue 273
- Miles Kimball, Colter Mitchell, Arland Thornton and Linda Young-Demarco—Empirics on the Origins of Preferences: The Case of College Major and Religiosity 273
- John Locke on How Things That Are No One's Property Become Someone's Property 262
- Karthik Muralidharan, Abhijeet Singh, and Alejandro J. Ganimian: Disrupting Education? Experimental Evidence on Technology-Aided Instruction in India 259
- The Relative Citation Ratio 258
- John Locke: People Must Not Be Judges in Their Own Cases 247
- Mass In/Mass Out: A Satire of Calories In/Calories Out 240
- Why Is Productivity Growth So Low? 23 Economic Experts Weigh In|FocusEconomics 227
- Diana Kimball: Listening Creates Possibilities 223
- How Sugar Makes People Hangry 219
- The Evolution of the Dominant Sector of the Economy of Each US State, 1990-2013| 219
- The Supply and Demand for Paper Currency When Interest Rates Are Negative 211
- The Lump-of-Labor Model 210
- Miles's Recipe for Success 210
- John Locke on Diminishing Marginal Utility as a Limit to Legitimately Claiming Works of Nature as Property 207
- Travis Bradberry: 10 Habits All Genuinely Confident People Share 206
- Alexander Trentin Interviews Miles Kimball about Establishing an International Capital Flow Framework 196
- Tom Gauld's Sympathy Cards for Scientists 196
- The Economist on Minimum Wages Versus Wage Subsidies 194
- The Size of Africa Revisited Once More with Hajime Narukawa's Authagraph World Map 191
- Travis Bradberry: Ten Guaranteed Ways To Appear Smarter Than You Are 185
- Not Just a Piece of Paper 183
- Janet Adamy and Paul Overberg on Immobility in America 178
- Freedom Under Law Means All Are Subject to the Same Laws 171
- Paula Kimball Gardner, Mary Kimball Dollahite and Sarah Camilla Kimball Whisenant on Edward Lawrence Kimball 161
- If the Justice System Does Not Try to Deliver Justice, We Are in a State of War 157
- The Scientific Approach to Monetary Rules 156
- John Locke: When the Police and Courts Can't or Won't Take Care of Things, People Have the Right to Take the Law Into Their Own Hands 153
- On the Virtue of Self-Distraction 151
- John Locke: Property in the State of Nature 149
- The Unmaking 148
- The Swiss National Bank May Need to Cut Its Target Rate Further Now That It Could Get In Trouble with the US If It Keeps Buying So Many Foreign Assets 145
- A New Era for the Fed 144
- Luigi Guiso, Helios Herrera, Massimo Morelli and Tommaso Sonno: There Is a Cultural Channel Causing People to Vote for Populism, But Not a Cultural Cause. The Cause Is Still Economic Insecurity 140
- Greg Ip—The Fed's Choice: Overheat the Economy or Give Up Its 2% Per Year Inflation Target 138
- John Locke Pretends Land Ownership Goes Back to the Original Peopling of the Planet 138
- 21 Experts Tell Us What the Future Looks Like for Cryptocurrencies and Blockchain 138
- John Locke's Song of Praise for Work 135
- FocusEconomics Top Blogs in Economics and Finance 133
- John Locke: Freedom is Life; Slavery Can Be Justified Only as a Reprieve from Deserved Death 132
- John Locke: Rivalry in Consumption Makes Private Property Unavoidable 132
- Tim Harford: Facts Without Curiosity are Dead 131
- Western Values, According to Stephen Miller and Donald Trump 130
- Kearns, Schmidt and Glantz—Sugar Industry and Coronary Heart Disease Research: A Historical Analysis of Internal Industry Documents 129
- John Locke: Law Is Only Legitimate When It Is Founded on the Law of Nature 129
- Greg Ip Defends the Dismal Science 129
- The International Trade System Should Be Designed to Foster More Balanced Trade 120
- Building Up With Grace 119
- Reparation and Deterrence 116
- Peter Conti-Brown: More Checks and Balances Are Needed for the Fed's General Counsel 113
- Human Beings as Social—and Trading—Animals 113
- Statistical Tests to End the Curse of Gerrymandering 112
- Doug Elmendorf and Greg Ip on the Value of Economics for Public Policy 112
- John Locke: The Right to Enforce the Law of Nature Does Not Depend on Any Social Contract 111
- The World of Debt 111
- Jordan B. Peterson on the True Purpose of a University Education 111
- Nick Timiraos and Andrew Tangel: In the Long Term, an Economy Can’t Expand Faster than the Combined Growth Rates of Its Working Population and Their Output Per Hour 109
- Some Selections Related to Negative Interest Rate Policy from the General Discussions at the 2016 Jackson Hole Symposium on "Designing Resilient Monetary Policy Frameworks for the Future" 109
- Presidential Q&A: Is a Strong Dollar or a Weak Dollar Good for the Economy? 108
- John Locke: Lions and Wolves and Enemies, Oh My 108
- Edward Lawrence Kimball on Mormonism, Part 1| 108
- Spencer Levan Kimball Fighting the TIAA/CREF Monopoly at the University of Chicago in 1980| 105
- David Brooks: The Crisis of Western Civ 105
- Confirmation Bias in the Interpretation of New Evidence on Salt 102
- Against Occupational Licensing 101
- One for All: John Woodland "Jack" Welch on Edward Lawrence Kimball 101
- On Theft 101
- Japan Shows How to Do Interest Rate Targets for Long-Term Bonds Instead of Quantity Targets 101
- John Locke: Theft as the Little Murder 100
- Steve Durlauf on Legally Encouraged Residential Segregation as a Perpetuator of Inequality 88
- Heat Chart: Monthly Average Global Temperatures Relative to 1881-1910| 87
- Making Collective Choices: Quadratic Voting and the Normalized Gradient Addition Mechanism 86
- Jordan Andrew Kimball on Edward Lawrence Kimball 85
- John Locke: Foreign Affairs Are Still in the State of Nature 84
- Private Property Reduces Decision-Making Costs 83
- Hilary Putnam on the Philosophy of Science 82
- Roundtable Discussion of the Reproducibility Crisis and the Proposal to Make Half a Percent the Standard for Statistical Significance 80
- Hal Boyd: The Ignorance of Mocking Mormonism (aggregator post for religion posts, especially posts on Mormonism) 80
- FocusEconomics: How Will the Fed Reduce Its Balance Sheet & How Will the ECB End QE? - 18 Economic Experts Weigh In 78
- Binyamin Applebaum: Fewer Immigrants Mean More Jobs? Not So, Economists Say 78
- Kurt Andersen's New Admiration for Mormons 76
- John Roberts on the Roots of Empathy and Compassion 76
- On When the Private Sector Being Smarter than the Government Is a Problem 75
- Spencer Levan Kimball on How the Federal Government Can Support and Direct Rather than Undermine State Regulation 74
- Putting the Perspective from Jason Fung's "The Obesity Code" into Practice 74
- Daniel Herriges Digs Deep into the Preferences that Matter for a 'Traffic Problem' 73
- Anglophone Economics Blogs Leaders 71
- The Latest Betting Odds on the 2018 Fed Chair (link) 70
- Jeffrey Rogers Hummel's Review of Ken Rogoff’s The Curse of Cash and Ken's Response 69
- John Locke Off Base with His Assumption That There Was Plenty of Land at the Time of Acquisition 68
- Monetary Policies in the Age of Uncertainty 67
- Gordon B. Hinckley on Saving the World 66
- Alice Han and Chris Miller: Political Economy Roots of China's Debt Problem 65
- A Beautiful Example of Evolution Right Before Our Eyes 64
- Analogies Between Economic Models and the Biology of Obesity 64
Older Posts with Continuing Popularity
- John Stuart Mill's Brief for Freedom of Speech 9113
- There's One Key Difference Between Kids Who Excel at Math and Those Who Don't (with Noah Smith) 3572
- The Complete Guide to Getting into an Economics PhD Program (with Noah Smith) 3245
- William Graham Sumner, Social Darwinist 2846
- How and Why to Eliminate the Zero Lower Bound: A Reader’s Guide 2420
- Why Taxes are Bad 2187
- The Medium-Run Natural Interest Rate and the Short-Run Natural Interest Rate 2112
- Contra John Taylor 1960
- Joshua Foer on Deliberate Practice 1919
- Why I Write 1915
- John Stuart Mill’s Vigorous Advocacy of Education Vouchers 1908
- Government Purchases vs. Government Spending 1680
- How to Turn Every Child into a "Math Person" 1520
- The Logarithmic Harmony of Percent Changes and Growth Rates 1302
- Daniel Coyle on Deliberate Practice 1262
- Ezequiel Tortorelli: The Trouble with Argentina 1234
- Shane Parrish on Deliberate Practice 1142
- Robert Shiller: Against the Efficient Markets Theory 1122
- John Stuart Mill’s Defense of Freedom 1091
- Monetary vs. Fiscal Policy: Expansionary Monetary Policy Does Not Raise the Budget Deficit 937
- John Stuart Mill on Freedom from Religion 868
- Dr. Smith and the Asset Bubble 839
- What is the Effective Lower Bound on Interest Rates Made Of? 823
- On Master's Programs in Economics 814
- John Stuart Mill's Brief for Individuality 753
- How and Why to Expand the Nonprofit Sector as a Partial Alternative to Government: A Reader’s Guide 631
- Inequality Is About the Poor, Not About the Rich 603
- Fields Medal Winner Maryam Mirzakhani's Slow-Cooked Math 599
- What is a Supply-Side Liberal? 585
- Silvio Gesell's Plan for Negative Nominal Interest Rates 556
- Higher Inflation Is Not the Answer 551
- The Message of Mormonism for Atheists Who Want to Stay Atheists 540
- Sticky Prices vs. Sticky Wages: A Debate Between Miles Kimball and Matthew Rognlie 533
- Roger Farmer and Miles Kimball on the Value of Sovereign Wealth Funds for Economic Stabilization 502
- Nicholas Kristof: "Where Sweatshops are a Dream" 492
- John Stuart Mill: In Praise of Eccentricity 456
- The Coming Transformation of Education: Degrees Won’t Matter Anymore, Skills Will 433
- Even Central Bankers Need Lessons on the Transmission Mechanism for Negative Interest Rates 431
- John Stuart Mill: Two Maxims for Liberty 429
- John Stuart Mill’s Roadmap for Freedom 410
- Cognitive Economics 407
- The Shape of Production: Charles Cobb's and Paul Douglas's Boon to Economics 397
- Why I Read More Books than Economic Journal Articles 387
- My Dad 381
- The Unavoidability of Faith 377
- What If Jesus Was Really Resurrected? Musings of a Non-Supernaturalist 358
- How Increasing Retirement Saving Could Give America More Balanced Trade 357
- John Stuart Mill on Balancing Christian Morality with the Wisdom of the Greeks and Romans 355
- John Stuart Mill’s Brief for the Limits of the Authority of Society over the Individual 354
- How Subordinating Paper Currency to Electronic Money Can End Recessions and End Inflation 351
- Bruce Greenwald: The Death of Manufacturing & the Global Deflation 347
- Can Taxes Raise GDP? 347
- Heroes of Science Action Figures 344
- Miles Moves to the University of Colorado Boulder 339
- An Agnostic Prayer for Strength 339
- David Dreyer Lassen, Claus Thustrup Kreiner and Søren Leth-Petersen—Stimulus Policy: Why Not Let People Spend Their Own Money? 323
- Hannah Katz: The Pros and Cons of Tipping Culture 319
- One of the Biggest Threats to America's Future Has the Easiest Fix 312
- "The Hunger Games" Is Hardly Our Future--It's Already Here 304
- Jeff Smith: More on Getting into an Economics PhD Program 298
- John Stuart Mill: In the Parent-Child Relationship, It is the Children that Have Rights, Not the Parents 297
- 18 Misconceptions about Eliminating the Zero Lower Bound 296
- Teleotheism and the Purpose of Life 296
- Expansionist India 287
- The Deep Magic of Money and the Deeper Magic of the Supply Side 282
- On the Great Recession 282
- John Stuart Mill on Public and Private Actions 276
- The Descent—and the Divine Calling—of the Modernists 269
- Greg Shill: Does the Fed Have the Legal Authority to Buy Equities? 264
- Us and Them 258
- On Having a Thesis 256
- John Locke on Punishment 255
- International Finance: A Primer 247
- Franklin Roosevelt on the Second Industrial Revolution 246
- Miles Kimball - Google Scholar Citations 243
- Cathy O'Neil on Slow-Cooked Math 240
- On the Consumer Financial Protection Bureau 238
- JP Morgan’s Michael Feroli, Malcolm Barr, Bruce Kasman and David Mackie On Board for Negative Rates 234
- John Stuart Mill on Freedom of Thought 227
- John Locke on the Equality of Humans 226
- Samantha Shelley: Why I'll Never Regret Being Mormon 222
- John Stuart Mill Applies the Principles of Liberty 221
- How Conservative Mormon America Avoided the Fate of Conservative White America 217
- How Albert Einstein Became a Celebrity 214
- Electronic Money: The Powerpoint File 212
- Miles's Linguistics Master's Thesis: The Later Wittgenstein, Roman Jakobson and Charles Saunders Peirce 206
- Noah Smith: Buddha Was Wrong About Desire 205
- Janet Yellen is Hardly a Dove—She Knows the US Economy Needs Some Unemployment 204
- John Stuart Mill's Argument Against Political Correctness 203
- Jobs 202
- Godless Religion 202
- Social Liberty 201
- John Stuart Mill on the Historical Origins of Liberty 197
- Noah Smith: You Are Already in the Afterlife 197
- Barbara Oakley: How We Should Be Teaching Math 196
- Why I am a Macroeconomist: Increasing Returns and Unemployment 188
- The Equilibrium Paradox: Somebody Has to Do It 185
- The Message of “Sal Tlay Ka Siti” 180
- Two Types of Knowledge: Human Capital and Information 176
- Matt Waite: How I Faced My Fears and Learned to Be Good at Math 173
- Enkhjargal Lkhagvajav: John Taylor is Wrong—Inequality *Is* Holding Back the Recovery 169
- How Big is the Sexism Problem in Economics? 168
- The Shakeup at the Minneapolis Fed and the Battle for the Soul of Macroeconomics—Again 167
- Timeline: The True History of the World and Its Temperature in Cartoons (link) 165
- When Women Don’t Get Any Credit for Coauthoring with Men 164
- Jaewon Lee: Lobbying vs. Bribery 160
- Expert Performance and Deliberate Practice 159
- Noah Smith: God and SuperGod 158
- The Importance of the Next Generation: Thomas Jefferson Grokked It 156
- Democracy is Not Freedom 155
- Mary O'Keeffe on Slow-Cooked Math 154
- Bruce Bartlett on Careers in Economics and Related Fields 151
- Top 52 All-Time Posts and All My Columns Ranked by Popularity, as of May 23, 2014 151
- How Freedom of Speech for Falsehood Keeps the Truth Alive 149
- Ryo Ishida: Japan’s Hometown Tax Payment System as an Analog for a Public Contribution System 148
- A Note for Graduate Students in Economics Looking for Ph.D. Dissertation Topics 148
- Noah Smith: Why Do Americans Like Jews and Dislike Mormons? 148
- Marc F. Bellemare's Story: "I'm Bad at Math" 144
- John Stuart Mill on the Adversary System 142
- Marriage 101| 142
- Marvin Goodfriend on Electronic Money 141
- So You Want to Save the World 140
- John L. Davidson on Resolving the House Mystery: The Institutional Realities of House Construction 140
- The Government and the Mob 140
- The Path to Electronic Money as a Monetary System 139
- John Stuart Mill on Benevolent Dictators 137
- Noah Smith—Jews: The Parting of the Ways 133
- The Aluminum Rule 133
- Wallace Neutrality Roundup: QE May Work in Practice, But Can It Work in Theory? 132
- Why Scott Fullwiler Misses the Point in “Why Negative Nominal Interest Rates Miss the Point” 129
- Books on Economics 129
- The Wrong Side of Cobb-Douglas: Matt Rognlie’s Smackdown of Thomas Piketty Gains Traction 127
- Paul Finkelman: The Monster of Monticello 127
- Helicopter Drops of Money Are Not the Answer 126
- Why Thinking about China is the Key to a Free World 125
- Benjamin Franklin's Strategy to Make the US a Superpower Worked Once, Why Not Try It Again? 125
- Owen Nie: Monetary Policy in Colonial New York, New Jersey and Delaware 124
- Negative Rates and the Fiscal Theory of the Price Level 124
- How I Became Optimistic 124
- Ben Bernanke: Negative Interest Rates are Better than a Higher Inflation Target 119
- Robert Eisler—Stable Money: The Remedy for the Economic World Crisis 117
- An Agnostic Grace 116
- Inside Mormonism: The Home Teachers Come Over 115
- Clay Christensen, Jerome Grossman and Jason Hwang on the Three Basic Types of Business Models 114
- Responding to Joseph Stiglitz on Negative Interest Rates 113
- Eric Schlosser on the Underground Economy 112
- The Rise and Fall of Venice 112
- Should Troubling Arguments Be Kept Away from Those Who Might Be Unduly Swayed by Them? 111
- Will Women Ever Get the Mormon Priesthood? 111
- John Stuart Mill on Being Offended at Other People's Opinions or Private Conduct 110
- Noah Smith: Sunni Islam is Failing 110
- Democratic Injustice 110
- Charles Murray: Why Capitalism Has an Image Problem 109
- The Egocentric Illusion 109
- What is a Partisan Nonpartisan Blog? 109
- In Praise of Trolls 109
- What Do You Mean by "Supernatural"? 108
- Jing Liu: Show Kids that Solving Math Problems is Like Being a Detective 106
- Visionary Grit 105
- "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. ..." 104
- Glenn Ellison's New Book: Hard Math for Elementary School 104
- The Arbitrage Pricing Theory as a Noise Trader Model 103
- John Stuart Mill on the Protection of "Noble Lies" from Criticism 103
- Negative Interest Rate Policy as Conventional Monetary Policy: Full Text 101
- Matt Strassler on Theoretical Physics 101
- Steven Pinker on the Goal of Education 101
- The Economist on the End of Cars as We Know Them 100
- Let the Wrong Come to Me, For They Will Make Me More Right 100
- After Crunching Reinhart and Rogoff's Data, We Found No Evidence High Debt Slows Growth 100
- David Byrne: De Gustibus Non Est Disputandum 100
- The True Size of Africa, Revisited 99
- David Brooks: The Moral Bucket List (link) 98
- Pro Gauti Eggertsson 97
- John Stuart Mill on the Rich and the Elite 95
- Inequality Aversion Utility Functions: Would $1000 Mean More to a Poorer Family than $4000 to One Twice as Rich? 95
- John Stuart Mill on the Protection of "Noble Lies" from Criticism 95
- John Stuart Mill: How Laws Against Self-Harm Backfire 94
- Leveling Up: Making the Transition from Poor Country to Rich Country 94
- Top 10 Posts on supplysideliberal.com as of July 1, 2012| 94
- Scott Adams's Finest Hour: How to Tax the Rich 94
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- The Mormon View of Jesus 94
- Farqani Mohd Noor: Malaysia Should Maintain a Flexible Exchange Rate for Monetary Independence 92
- Isaac Sorkin: Don't Be Too Reassured by Small Short-Run Effects of the Minimum Wage 92
- Odious Wealth: The Outrage is Not So Much Over Inequality but All the Dubious Ways the Rich Got Richer 92
- Rodney Stark on the Status of Women in Early Christianity 91
- Why Progressives and Conservatives Need Each Other 91
- Why Financial Stability Concerns Are Not a Reason to Shy Away from a Robust Negative Interest Rate Policy 90
- Michael Huemer's Libertarianism 90
- Facebook Convo on Women in Economics 89
- John Stuart Mill on the Gravity of Divorce 89
- Scrooge and the Ethical Case for Consumption Taxation 89
- Q&A With Gerard MacDonell on My Presentation “Enabling Deeper Negative Interest Rates by Managing the Side Effects of a Zero Paper Currency Interest Rate” 88
- An Economist's Mea Culpa: I Relied on Reinhart and Rogoff 88
- Henrik Jensen: Willem and the Negative Nominal Interest Rate 88
- Density is Destiny 86
- John Stuart Mill on the Need to Make the Argument for Freedom of Speech 85
- VAT: Help the Poor and Strengthen the Economy by Changing the Way the US Collects Tax 84
- An Agnostic Invocation 84
- The Flat Tax, The Head Tax and the Size of Government: A Tax Parable 82
- Michael Huemer's Immigration Parable 82
- My Mother 80
- The Mystery of Consciousness 80
- The Racist Origins of the Idea of the "Dumb Jock" 78
- Brio in Blog Posts 77
- John Stuart Mill: A Remedy for the One-Sidedness of the Human Mind 77
- Christian Kimball on the Fallibility of Mormon Leaders and on Gay Marriage 77
- Safe, Legal, Rare and Early 77
- Balance Sheet Monetary Policy: A Primer 75
- Economic Fiction (The Good Kind) 74
- Enabling Deeper Negative Rates by Managing the Side Effects of a Zero Paper Currency Interest Rate: The Video 74
- John Stuart Mill on the Role of Custom in Human Life 74
- My Experiences with Gary Becker 74
- Fanglue Zhou: The Market for Cars in China 74
- How to Handle Worries about the Effect of Negative Interest Rates on Bank Profits with Two-Tiered Interest-on-Reserves Policies 73
- Barack Obama: Football as the Best Sports Analogy for Politics 73
- Legitimate Power and Authority 73
- QE or Not QE: Even Economists Need Lessons in Quantitative Easing, Bernanke Style 73
- So What If We Don't Change at All…and Something Magical Just Happens? 73
- Clay Shirky: Why I Just Asked My Students To Put Their Laptops Away 72
- More on Original Sin and the Aggregate Demand Effects of Interest Rate Cuts: Olivier Wang and Miles Kimball 72
- America's Big Monetary Policy Mistake: How Negative Interest Rates Could Have Stopped the Great Recession in Its Tracks 72
- John Stuart Mill on Puritanism 72
- Adam Ozimek on Worker Voice 70
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Many of the popular older posts are posts that turn up easily in Google searches.
The Inauguration Day Letter Barack Obama Left for Donald Trump
Dear Mr. President -
Congratulations on a remarkable run. Millions have placed their hopes in you, and all of us, regardless of party, should hope for expanded prosperity and security during your tenure.
This is a unique office, without a clear blueprint for success, so I don't know that any advice from me will be particularly helpful. Still, let me offer a few reflections from the past 8 years.
First, we've both been blessed, in different ways, with great good fortune. Not everyone is so lucky. It's up to us to do everything we can (to) build more ladders of success for every child and family that's willing to work hard.
Second, American leadership in this world really is indispensable. It's up to us, through action and example, to sustain the international order that's expanded steadily since the end of the Cold War, and upon which our own wealth and safety depend.
Third, we are just temporary occupants of this office. That makes us guardians of those democratic institutions and traditions -- like rule of law, separation of powers, equal protection and civil liberties -- that our forebears fought and bled for. Regardless of the push and pull of daily politics, it's up to us to leave those instruments of our democracy at least as strong as we found them.
And finally, take time, in the rush of events and responsibilities, for friends and family. They'll get you through the inevitable rough patches.
Michelle and I wish you and Melania the very best as you embark on this great adventure, and know that we stand ready to help in any ways which we can.
Good luck and Godspeed,
BO