LIVE: $AMZN $WFM merger will have an effect on all food-delivery -
How McMansions murdered big fireworks (from 2014)
Homeland Security: Russia targeted 21 states in 2016... and didnt change a single vote.
Top Shot: Morning Glory #YourShot
Schoolboy With Exotic Haircut Sent Home to Grow It Out: #SouthAfrica
North Korea promises “miserable dog’s death” for former South Korean president
Becoming a Fox News hack has paid off big for Trumps lawyer Jay Sekulow:
Star Wars creator George Lucas builds museum in Los Angeles
Warren Buffett: GOP healthcare bill should be called Relief for the Rich Act
China, Canada Call Corporate Hacking Truce -
How likely is any country to have data in a map? Based on 100 maps submitted to reddit.
Macron attempts to do what former French presidents couldnt via @gviscusi
53% of Millennials say they used a library or bookmobile in the previous 12 months
Tanzania Says No Hard Feeling Over Trump Refugees Cut #DRC #Tanzania
Ontario may ban real estate agents from representing sellers buyers
Ethiopian Experts in Tanzania for Stieglers Gorge Project #Ethiopia #Tanzania
LIVE: IPOs are really heating up -
Sales Growth in the Developing Markets Increases in June. #SMI
Is the Key to Antibiotic Resistance Hidden in These Ancient Texts? →
LIVE: Checking in on the markets w/ @KBGunner1 -
Over 7,400 cities stand by Paris accord
£1M fund for #circulareconomy related manufacturing innovation in Scotland
Which countries have the most rail lines per 100 square kilometers? Click to find out:
I was told there would be no math.
Do You Trust #AutonomousCars? #fintech #insurtech @DesignNews
WATCH LIVE: Join @AlexisTVNews @serwer @readDanwrite for Midday Movers -
St. George to Take On Mamelodi Sundowns: #Ethiopia #SouthAfrica
Kepco confirms talks with Toshiba over UK nuclear — but only with its own reactors
July rate hike odds, loonie jump on Poloz’s hawkish hints #business
LIVE: Blue Apron slices IPO price -
Focus on defences as users scramble after #globalcyberattack
How big a deal are Guo Wengui’s allegations?
He was a clever boy: Obama returns to Indonesia for a family vacation.
Jason Karp’s Tourbillon Capital: FAANGs Are Not Investments; Bubbles Everywhere $
The creator of #PaddingtonBear Michael Bond has died at age 91. #RIP
Form-Based Codes 101 examines case studies of form-based codes in downtown contexts.
Stamped from the Beginning: @DrIbram on the History of Racist Ideas in U.S.
Faecal bacteria in ice in Costa, Starbucks and Caffe Nero
How the #UK election could re-shape #Brexit...
GS turned bullish WTI #OOTT
Poll: Just 17 percent support Senate GOP ObamaCare repeal bill
Five tips to remember for #MachineLearning #fintech @Enterprisei #AI
Admittedly, thats a very low bar.
Looking for a real soul connection? You can never ask enough questions @Ecochickie
Scientists brace for climate-fund cutoff From @ivansemeniuk
Incompetent Teachers Face Demotion, Dismissal: #Uganda
Hanging out at Hellfest
Suppliers Take Nakumatt to Court Over Debt: #EastAfrica
Govt Eyeing Cluster Centers to Fast Track Industrialization: #Ethiopia
#NotInMyName – Indians protest vigilante attacks on Muslims
Why have we had to rely on hackers to stop catastrophic ransomware again? asks @jm_stout
Will CNN learn from its mistakes? Prepare to be disappointed
#Venezuela’s supreme court attacked with grenades from police helicopter
Finance squeeze hits Afghan mine clearers
Florida wildfire cuts interstate highway
Evicted Tenant Leaves Boxes of Tarantulas Behind
Rate-cutting race among BRICS outliers rits Russia versus Brazil
Spicer will headline a GOP fundraiser in Rhode Island
.@USATODAY gets woke, discovers capitalism.
BOFI Federal Savings: Disclosing Little, And Saying Less $
Ex-police chiefs charged over UKs 1989 Hillsborough stadium disaster that killed 96:
This is how blockchains could revolutionize international aid:
Opposition Manifesto Promises Higher Wages for Kenyans #Kenya
The New York subways success is causing it to fail
Paddington Bear creator Michael Bond dies at 91 From @GlobeBooks
Minister Samuel Moncada We will capture him and bring him to justice.
Is social mobility beyond the government’s control?
May signals UK public-sector pay may rise ahead of key vote via @TimRoss_1
If Americas 55 million Latinos were a country, it would be the worlds 7th-largest economy:
SIGN UP to receive a free daily digest of best in energy news + my research notes by emailing john.kemp@tr.com
Why the conservative gainsaying of Medicaid’s effectiveness is so infuriating.
German audience laughs and cheers after Trump Cabinet members speech cut off
Japans JXTG settles Q2 #HSFO price 6.2% lower from Q1 on weaker #oil price. Full story
Minister Samuel Moncada We will capture him and bring him to justice.
Fresh cyberattack likely ‘more sophisticated’ than WannaCry: Europol
Stamped from the Beginning: Ibram X. Kendi on the History of Racist Ideas in U.S.
Meat processor cuts deal with ABC in pink slime defamation case
A Look at Uncertainty in the UK, Post-Election | Daniel Lacalle
@mises
The WOKEST take on Goldilocks youll see today
Democrats have hired Raffi Krikorian, a former Uber exec, as their chief technology officer
Grenades dropped from helicopter on Venezuela’s Supreme Court building
Learners Allegedly Strip Searched for Cheat Notes - Opposition Party: #SouthAfrica
Trump’s lawyers will postpone filing a complaint against Comey with DOJ, source says
CFTC Chief Asks Congress for More Money to Oversee Blockchain
Pakistan issues landmark transgender passport; fight for rights goes on
NSA spying scandal committee presents controversial final report
Obama received much higher ratings at the end of his presidency than Trump gets today
Por vezes ainda me surpreende que estejamos só agora a resolver enormidades deste calibre (do @JNegocios de hoje)
Yemen: Worlds worst cholera outbreak mapped
When trying to survive while homeless is made illegal
The Mathematics of Machine Learning #machinelearning #mathematics
What is lost when teachers cant afford to live near students? asks Andrew Simmons
CNN launching new brand featuring Chris Cillizza
US Recreation Index for June: 78.2, previous: 77.3 (change: 1.1%) #WPI
Beijing is weakening Hong Kongs rule of law. How far will it go? #HKSAR20
Verizon jumps on the AI-security bandwagon @BankingTechno
How mirror trades moved billions out of Russia
Trump calls Washington Post fake news over report about fake Time magazine covers:
Euro v. pound: which one will come out on top?
A sign to go slow on raising the minimum wage to $15 an hour, says @Noahpinion
These charts show U.S. threat from foreign steel is overblown via @daniel_flatley
Global #Stocks Fall on Jitters over #CentralBanks Policy
Paddington Bear creator Michael Bond dies aged 91
Kenyan author ditches Swedish book fair over far-right newspaper
Clarity Or Confusion $
10 facts about smartphones as the iPhone turns 10
Magufuli Bids Farewell to Presidents Delivery Bureau Workers: #Tanzania
How a computer virus spread from Ukraine to disrupt world business: #ReutersCyber #CyberRisk
Mouse droppings, beetle bits found in German bakeries
CNN reporter fires back: Sean Hannity needs a hug
Ashton Kutcher: Were getting close to the point where acting can be automated
‘Evil’ Brussels vs. ‘good’ Prague: Czech MEPs want to change EU’s image
#German legislators approve disbursement of loan installment to #Greece
#Iran Annual #Inflation at 11.8%
Carney makes his Mark. Sterling rises vs dollar for 6th day in a row, its best run since March last year.
The changing face of jihadism in Switzerland
How Vienna solved homelessness (via @crosscut) #500khomeless
Will grad students lose the right to unionize under Trump? asks @AlanaSemuels
Russia doubles down on criticism of US for alleging Syria is planning a new chemical attack
Global borrowing hits record as big central banks prepare to tighten credit via @Reuters
@sigrunda
Trump is waging a new kind of Cold War — and millions of jobs are on the front line
Philippines: Market Growth continues to grow but at a reduced rate in June. #SMI
Opinion: Will Albania descend into chaos as Macedonia did? by @dimitarbechev:
Meal-kit maker Blue Apron slashes its valuation expectations by a third. More here:
The New Statesman Leader: Labour and the Brexit debacle
France to legislate on assisted reproduction
Chinese reporters say blocked from #SichuanLandslide coverage
Scarborough: State Department is rotting under Tillerson
BlackRocks Rosenberg doubts market misjudged Draghi via @markets
Our must-read @CapX email now comes with a Stat of the Day. Like this bad boy
11 of the best new low-budget projects in the US:
Trump lawyer routed millions of dollars to his family through nonprofits: report
Five Primary Beneficiaries Of Rising U.S. Oil Exports
Lacy Hunt: The Fed Has Undermined The Economy’s Ability To Grow $
4/6: Municipal #default volume driven by local governments and #utilities #muniland
President Jacob Zuma Congratulates BET Award Winner Yvonne Chaka Chaka: #SouthAfrica
Graphic - Trump, Draghi, Fed doubts: is the US dollar rally done? via @Reuters
JUST IN: Trump accepts Macrons invitation to visit France next month
Women fire fighters during a training exercise at the Pearl Harbor Naval Shipyard, during World War II, circa 1941.
The Supreme Court just made it harder to survive death row
Is Korroding trying to steal Carnage’s wedding ring?!
Narrower U.S. trade gap may boost growth pace in second quarter
See the latest addition to Chinas rapidly expanding navy:
Groom A Successor, Minister Tells Mugabe #Zimbabwe
Yes, Bitcoin is a bubble and it’s about to burst by @jessefelder
German judge Kabisch removed from Auschwitz trial for bias
Iron ore jumps back above $60
Winning: New poll shows only 12% of Americans support the Senate version of #TrumpCare.
Notes abt commodities $JJG $DBA $DBC $GSG u know...
2 Out of 6 Aspirants Qualify to Run For Rwandas Presidency #Rwanda
Rand Paul: These weak-kneed Republicans need to get over themselves
Latest API Report Causes Drop in Prices
The living wage debate cant ignore healthcare
Google should try a little harder for online shoppers
Plans to address fund manager failings unveiled by City watchdog
Cathcart signs new deal with Watford to stay until 2021
Were in! Nearly 200 U.S. mayors have already joined the 2017 #MayorsChallenge. Will you?
Energy deals drive Canadian MA to the strongest start in a decade
Reporter who went off on White House during press briefing: It was a long time coming
Idaho restaurant owner apologizes for tasteless ‘blackface’ ad campaign
New Post: #Crude Oil Sinks 20%: Why Oversupply Isnt the Half of It #EconMatters
Democrats had good turnout in the special election Georgia. But that wasnt enough.
Many units of measurements are named after scientists. Here are their stories:
Can Melbourne lower its temperature by 4 degrees?
#DonaldTrump to visit #Paris for #BastilleDay at Macron’s invitation
U.K. cabinet cracks are appearing as Theresa May seeks to negotiate a Brexit deal
This is what it sounds like when doves screech via @robbrand @markets
Trump is to stocks as pensions are to bonds
Kushner is adding a seasoned scandal lawyer to his team
The beauty products Meghan Markle is rumoured to love
Djokovic bumped up to two in Wimbledon seedings
Commentary: The biggest victims of the Senate healthcare bill (and other Trump plans)
Germany Durable Goods Price Index for June: 115.6, previous: 115.6 (change: 0%) #WPI
Montreals reputation as affordable housing haven strained by rising prices in some areas
We’re Working More—and Sleeping Less by @andrewvandam
Google wont take the Brussels onslaught lying down via @gadfly
Stocks have become so expensive that central bankers are weighing in again
The Bank of England hawks are not for turning via @BW
Take a peek inside Ben Westerman from HM Capital Managements portfolio #ETFs
#AAPL Daily Please RT + Register for next weeks Free Webinar: …
A failed $6 billion deal shows how index funds can ruin your takeover
University of Cape Town Denies Evictions for Non-Payment of Fees: #SouthAfrica
NAFTA: Price inflation eases in June but remains firm. #SMI
Latest API report causes drop in oil prices
Morocco Offers Lessons for Regional Integration: #Africa
Six-month-old baby was found dead in mothers arms following #GrenfellTower fire
Nuclear waste-carrying ship sets sail for first time on German river
Model Miranda Kerr turns over $8 million worth of jewelry to the Justice Department
Hamburg discharges Berlin police after drunken party
FBI Interviews Employees of Russia-Linked Cyber Security Firm Kasperky Lab via @SteveKopack
Pound jumps as Carneys hawkish tone sends gilts tumbling via @johnainger
Interesting, Breitbart has nothing about the EU-Google decision on its front page. Drudge does.
.@NATOmission_ru: NATO troops are now in places of Eastern Europe where they never have been and never should be
U.S. DISTILLATE STOCKS fell -0.2 million bbl to 152 million bbl in week to Jun 23
New museum opens for finance fans
Rockwave | Athens | June 30 - July 2
A perfect day on Oahus north shore #hawaii #travel
Kazantzakis in England | Iraklio | July 12-16
A new tool from @MIT_Picower and @Stanford researchers offers snapshots of neuron activity.
The first evidence that painful memories can be safely erased.
Parthenon Film Festival | Halkidiki | July 14-16
Petra Diamonds shares tumble as setbacks test debt covenants
BP pushes Artificial Intelligence Beyond Limits
Evicted Student Doctor Takes University to Court: #Zimbabwe
Cabin Crew to Lay Corruption Charges Against SAA Execs, Board: #SouthAfrica
CNN war with Trump gets personal:
Hamas creates no-go security zone on border with Egypt
UAE unaffected by new wave of global cyberattacks - TRA
Mexican singer Lila Downs rejects Trump’s anti-Cuba policies
Britains big new warship runs Windows XP
#BREAKING: Trump accepts Macrons invitation to visit France
Conservatives’ excuses for kicking millions off of health care don’t make any sense.
Last nights moon with earthshine near bright star Regulus via Eliot Herman in Tucson
A tale of two networks: How Fox News and CNN handled recent retractions
In Western European countries, confidence in the U.S. president has declined sharply.
ECB worried by US plan for looser bank rules
US EAST COAST GASOLINE STOCKS rose +0.6 million bbl to 68 million bbl in week to Jun 23
U.S. EAST COAST GASOLINE STOCKS continue to tighten versus 2016 and 10-yr average as regional glut slowly clears
Enjoy Arbys.
Florida wildfire cuts interstate highway
Cobie Smulders meets Friends from College
Magic Spot: Camp Cecil on Mexicos Isla Santo Espiritu
Le discours du gouvernement sur les migrants inquiète les ONG via @EurActiv_FR
Cash-rich Sweden squirrels away ahead of demographic time bomb
The moment @joshuawongcf was forced into a police van #HKSAR20
#Venezuela: Helicopter Strafes Court in while #NicolasMaduro Speaks in ‘Terrorist Attack’
Colombias Marxist guerrilla group the FARC, officially disarm, ending 52 years of fighting.
Prince William and David Cameron implicated in Fifa #WorldCup corruption scandal
France says Trump accepts invitation to attend July 14 Paris celebrations via @Reuters
Madrid metro drivers call strike during WorldPride
Paul Singer Says Joke Is On Developed World Economies Who Steal Growth From the Future $
ICYMI: North Koreas chemical weapon deterrent #sarin #VX
More Than 250 US Mayors Commit To 100% Renewable Energy Amidst Adoption Of New…
NSA spying scandal committee presents controversial final report
GOP senator says Trump doesnt understand basic elements of healthcare bill: report
Newest burger at Sonic blends beef w/ mushrooms so you eat less meat | @FastCompany #climate
Euro Hits High Against The US Dollar, UK Pound And 10 Year Sov Yield Rise as BofE and ECB…
congratulations to the person who found the most threatening way to phrase this appeal
The Supreme Court just made being on death row even worse
Research Affiliates On Equity Returns By Political Party – An International Look $
Minister acted unlawfully in not stopping Lough Neagh sand dredging says court of appeal
Let science be a springboard for politics. Do you agree?
Haley and Mattis credit White House statement with stopping Syria chemical attack
Approach All Claims Of Market-Beating Formula With Extreme Skepticism
Paddington Bear creator Michael Bond dies aged 91
GTM Predicts 27% Drop In Solar Prices By 2022
EURUSD is up even though the ECB is pumping speculators breaks. Cable is up because of Carney. Real winner: $EURGBP


Chris Dillow
The fairness error
1 month ago




In the Wheatsheaf last night, I was struck by an obvious injustice. The pub was charging everybody the same price for beer, regardless of their income. This is obviously unfair: why should the millionaire picking up his children from the posh school pay the same as a low-wage worker? Beer prices must be means-tested, so the rich pay more.

Astute readers might spot a problem with that paragraph. It’s bollocks. It would be grotesquely inefficient for barkeeps to check everybody’s income before serving their Tiger*. A far easier way of addressing this unfairness – if such it be – would be to tax the millionaire and give income support to the poorer customer. This would have the same effect as means-testing – the millionaire would be less able to buy beer and the poor person more able – but would be more efficient.

You might think this is childishly obvious. It should be. But it’s not. People are judging manifesto promises in the same bonkers way as I’m alleging beer prices to be unfair. Take three examples:

 - Iain Martin says about social care: “Someone aged 25 should pay masses more tax so someone with a £1.5m house aged 75 gets free care? Really?”

 - Giving a winter fuel allowances to all pensioners, rich and poor, seems unfair – hence Tory plans to means-test the payment.

 - Labour’s plan to abolish tuition fees has been called a subsidy to (future) middle classes at the expense or poorer workers.

All these examples are of people making the same error I made with beer prices. They are expecting each individual transaction to be egalitarian and are overlooking the costs of doing so.

So for example, if you think it unfair that some rich folk get free social care, the solution is to tax them more: an inheritance or land tax would make sense for several reasons. The serious question is how to best pool the risk that some will need lots of social care and some not – a question the Tories haven’t addressed. If you think it unfair that rich pensioners get a winter fuel allowance, you should get them to pay higher income tax, not faff around with expensive and intrusive means-testing. And it posh people get subsidised by abolishing tuition fees, the answer is to get them to pay more income tax.

When it comes to judging inequality, what matters is the system as a whole, not individual actions. Expecting each individual policy to increase inequality would be inefficient, just like asking barkeeps to conduct means-tests. As Nicholas Barr says in a standard textbook on the welfare state:

It is frequently the overall system which is important...Taxation and expenditure should be considered together. (The Economics of the Welfare State, 2nd ed, p185, his emphasis)

Instead, the test of individual policies should be based in efficiency. Personally, I think winter fuel payments are daft: just have a higher state pension instead. Similarly, whether to impose tuition fees upon students is also a matter of efficiency: what’s the best way of financing universities? Do tuition fees (as I fear) have baleful effects upon the character of universities? And so on.  These are genuine issues. What’s not a serious concern is that specific policies are inegalitarian. In the cases I’m considering here, equality concerns should be tackled by the overall tax and benefit system, not by each single policy in isolation.

* Other beers are available. But they’re not as good.