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Europe’s Problem with Mental Illness

Along with a shaky currency, and fears of sovereign debt defaults, Europe has another problem on its hands: psychiatric disorders are now the biggest source of illness among Europeans.

A new study in European Neuropsychopharmacology shows that 38.2% of Europe’s population grapples with some kind of psychiatric problem. Depression, insomnia and anxiety top the list. Only one third of those afflicted receive treatment. Hans-Ulrich Wittchen from the Technical University of Dresden led the three-year study of mental health in 30 countries. Here’s part of the abstract:

No indications for increasing overall rates of mental disorders were found nor of improved care and treatment since 2005; less than one third of all cases receive any treatment, suggesting a considerable level of unmet needs. We conclude that the true size and burden of disorders of the brain in the EU was significantly underestimated in the past. Concerted priority action is needed at all levels, including substantially increased funding for basic, clinical and public health research in order to identify better strategies for improved prevention and treatment for disorders of the brain as the core health challenge of the 21st century.



Examining the EPA Cave-in: Does the Broken Window Fallacy Apply?

Did President Obama get the economics wrong earlier this month when he abandoned stricter air-quality rules, wagering environmentalist loyalty in a bid to avoid job losses from strict new ozone standards? Paul Krugman thinks so, calling the decision to wave off the EPA a “lousy decision all around.” But is Krugman right?

The short-run job-creating move, Krugman contends, would have been for Obama to promulgate the new ozone regulations, which would have forced firms in hundreds of counties across the country to replace and upgrade capital in order to comply with new, stringent pollution abatement requirements. He asserts that because the U.S. economy is in a liquidity trap, wherein conventional monetary policy is insufficient to induce firms to spend, the regulations could have accomplished what the Fed cannot. In such a “world of topsy-turvy,” as Krugman says, the usual rules of economics are thrown out, and even the “Broken Window Fallacy” ceases to hold. Read More »



Waiting for Free Cheeseburgers: Worth the Opportunity Cost?

There’s a long line of students snaking around the courtyard near my office. They’re queuing up to get a “free” cheeseburger, courtesy of Dave’s Hot and Juicy Tour of America, a Wendy’s promotion. A student near the current end of the line will spend 15 minutes in the sun to get the burger. A Wendy’s cheeseburger usually costs $2.99. I certainly wouldn’t be out there, even if I liked cheeseburgers.

If the student’s opportunity cost of time exceeds $12/hour, waiting for the freebie is a bad decision. But since there’s some evidence that people value time outside of work at 1/3 their wage, and since it is unlikely that many students’ hourly wage rates exceed $36/hour, standing out there is sensible on narrow economic grounds for nearly all students. But: This doesn’t factor in the likelihood of heat stroke—it’s 101º in the shade!



How Big? A Caption Contest

It’s Friday afternoon, and so I’m sure all of us are looking for a break. You know what that means: time for a caption contest! I mean, this picture is really crying out for it, isn’t it? Add your funniest caption in the comments. We’ll crowdsource the voting: Use the thumbs-up button to vote for your favorites. And we’ll make sure to round up some schwag for the winner.



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