Index Investing News
Sunday, May 31, 2026
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Update your priors – Econlib

by Index Investing News
January 29, 2023
in Economy
Reading Time: 3 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


According to Bayesians, rational people should update their beliefs about the world as new information becomes available. But do people actually do this? In a recent post I discussed how the Ukraine conflict provides new information about the costs and benefits of engaging in trade with our adversaries.

The New York Times has another good example:

Anne Fuqua keeps a list of suicide deaths. She’s chronicled hundreds of cases of chronic pain sufferers who have killed themselves after losing access to opioid medication since 2014. . . . 

Between the mid-1990s and the early 2010s, the number of opioid prescriptions written for Americans roughly doubled, driven by dishonest pharmaceutical marketing campaigns and unscrupulous entrepreneurs who opened so-called pill mills to sell drugs. Medical guidelines, legislation, law enforcement and other measures have since returned painkiller prescribing to pre-crisis levels. But because people who lose access to medical opioids are rarely provided with immediate treatment (whether they are experiencing pain or addiction or both), the result has been more overdose and suicide deaths, not fewer.

Despite these dismal facts, American medicine and law enforcement continue to fight the last war. Policymakers still operate under the assumption that too many opioids are being prescribed. Overdose deaths — including those among adolescents — are now overwhelmingly caused by street fentanyl, not prescription medications. And fatalities have nearly doubled since 2012, in concert with the decline of the medical supply.

So why don’t policymakers update their priors?  The federal government tried a new policy, hoping it would make things better.  Instead things got much worse.  Why not go back to the old policy?

Or take pot legalization.  Before some states began legalizing marijuana, drug warriors warned about specific consequences from this policy change.  For the most part, those consequences did not pan out.  (A study by provides another example.)  And yet I see very few pundits change their mind on policy questions, as new information comes in.  What’s going on?

One possibility is that the actual reasons for policy views are not the same as the stated reasons.  In the 1990s, anti-immigrant people warned that immigrant communities would stick with their home language and fail to learn English.  We now know that the children of these immigrants do learn English, and that the language problem is temporary, just as with European immigrants in the 1800s.  But the anti-immigration people typically did not change their minds with confronted with this new information, rather they looked for other reasons to oppose immigration—say crime.  And if it turns out that immigrants have a lower crime rate than the native born, another reason will be found.

I suspect that in many cases, there are unstated reasons for policy views, which remain in the background.  Perhaps opponents of pot legalization worry that it would “send the wrong message”.  They might realize that this reason is unpersuasive to many people, and thus seek more “consequentialist” reasons, say increased pot addiction among teenagers.  When pot use among teenagers doesn’t rise, they don’t change their views, as the anti-pot view was actually based on a different factor.

Perhaps some anti-immigration people are simply uncomfortable with lots of new people who look and act differently, but are embarrassed by their concern.  The stated concern about language ghettos then becomes a sort of respectable reason to oppose high levels of immigration.

PS.  This graph shows how the crackdown on legal painkillers led to a much greater loss of life from illegal opioids such as fentanyl, where the dose is hard to ascertain and thus overdoses are common:





Source link

Tags: Econlibpriorsupdate
ShareTweetShareShare
Previous Post

UK town where life expectancy is lower than planned state pension age — Society’s Child — Sott.net

Next Post

Explosions reported in Iran — RT World News

Related Posts

Transcript: Vimal Kapur, Chairman and CEO of Honeywell

Transcript: Vimal Kapur, Chairman and CEO of Honeywell

by Index Investing News
May 27, 2026
0

https://www.youtube.com/watch?v=sVqE7bsmtA0https://www.youtube.com/watch?v=sVqE7bsmtA0     The transcript from this week’s MiB: Vimal Kapur, Chairman and CEO of Honeywell, is below. You can...

Development by Consent – Econlib

Development by Consent – Econlib

by Index Investing News
May 23, 2026
0

March 2026 marked the 250th anniversary of the publication of An Inquiry into the Nature and Causes of the Wealth...

Transcript: Shelia Bair, former FDIC Chair

Transcript: Shelia Bair, former FDIC Chair

by Index Investing News
May 19, 2026
0

https://www.youtube.com/watch?v=Y-mjUH1lHg4https://www.youtube.com/watch?v=Y-mjUH1lHg4     The transcript from this week’s, MiB: Shelia Bair, former FDIC Chair, is below. You can stream and...

AI and Comparative Advantage – Econlib

AI and Comparative Advantage – Econlib

by Index Investing News
May 15, 2026
0

It was a fact universally acknowledged that a young man or woman in 1800s Lancashire could find gainful employment as...

Transcript: Howard Lindzon, Social Leverage

Transcript: Howard Lindzon, Social Leverage

by Index Investing News
May 11, 2026
0

https://www.youtube.com/watch?v=Q12PYx1e-eohttps://www.youtube.com/watch?v=Q12PYx1e-eo     The transcript from this week’s MiB Howard Lindzon, Social Leverage, is below. You can stream and download...

Next Post
Explosions reported in Iran — RT World News

Explosions reported in Iran — RT World News

Pump prices keep rising higher, boosting outlook for U.S. refiners (NYSEARCA:USO)

Pump prices keep rising higher, boosting outlook for U.S. refiners (NYSEARCA:USO)

RECOMMENDED

Issa brothers, Mukesh Ambani face off within the remaining battle for UK’s Boots drugstore chain

Issa brothers, Mukesh Ambani face off within the remaining battle for UK’s Boots drugstore chain

May 14, 2022
Electric-vehicle fires have burned down homes after Hurricane Ian saltwater damage. Florida officials want answers

Electric-vehicle fires have burned down homes after Hurricane Ian saltwater damage. Florida officials want answers

October 16, 2022
Jon Moxley lastly speaks out after AEW Revolution

Jon Moxley lastly speaks out after AEW Revolution

March 17, 2025
Israel Strike on Hezbollah Command Middle Brings ‘Precarious Second’ In Center East

Israel Strike on Hezbollah Command Middle Brings ‘Precarious Second’ In Center East

September 29, 2024
European markets mixed at end of winning week, tech stocks lead (EROTF)

European markets mixed at end of winning week, tech stocks lead (EROTF)

July 14, 2023
Crypto Bull Entice or Turning Level After Fed 0.75% Fee Hike

Crypto Bull Entice or Turning Level After Fed 0.75% Fee Hike

June 18, 2022
UK metropolis of tradition 2025: Southampton and Bradford amongst these on shortlist | Tradition

UK metropolis of tradition 2025: Southampton and Bradford amongst these on shortlist | Tradition

March 18, 2022
5 Quotes from Monetary Historical past to Information Trustees

5 Quotes from Monetary Historical past to Information Trustees

July 17, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In