Obviously, the reason I ask this question is that a theme is going around some of the Usual Suspects that since there is a FPR of 1%, the rise in cases seen since August is meaningless, we're being panicked into losing our liberties ...1/ coronavirus.data.gov.uk/?_ga=2.1128524…
But even if the people sampled are entirely randomly chosen, the implications of the rise of cases from <1000 to >4000 (from 150k tests) is surely significant - and they are not randomly chosen (unless you think the actual prevalence was practically zero at the end of August) 2/
(in fact, if there have been a steady 1500 people reported as +ve who are -ve who should be cut from the figures, the rise from practically nothing to 2500 in three weeks sounds even more worrying) 3/
But presumably the people sampled are not random, and have a much higher likelihood of being truly positive, making that 1% FPR less relevant to the analysis, or in need of modification?
After all, 4000 from ~150,000 people tested is a 2.67% prevalence or about 1 in 40 ... 4/
Bottom line:
Trust the epidemiologists
They have heard of "False Positive" and know how to adjust
The trend in the numbers is what counts. 6/6 (thanks for your patience as I think aloud...)
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Reflection on yesterday's big moment from Reeves: this far, there's a pattern of the new government doing what was widely predicted, but still somehow managing to surprise on the upside in their delivery.
We all expected a "shocked face what a mess" moment...1/
It was visible from a distance that the Tories had set aside far too little spending to keep the public realm in a decent state, let alone deliver goodies like extra hospitals.
But the details, the vitriol and clear accusation of dishonesty were 🔥 2/
If the anger wasn't real, she's one helluva actor. The OBR's promised investigation into the circumstances of the last Budget means another big hit from this dishonesty accusation. It might build all summer, that narrative. They want it to land like 1992, like Truss...3/
When I saw that @IPPR (@GeorgeDibb and @carsjung specifically) had written a report eviscerating the UK's investment record, my first reaction was a shrug and "huh, yeah we know that". But it is well worth your time: 1/ ippr-org.files.svdcdn.com/production/Dow…
To start cheekily: it praises the Sunak/criticizes Labour's plans!
"The government’s plans for ‘full expensing’ capital allowances are a step in the right direction"
"a Starmer-led government would cut public investment more than the 2010-24 Conservative administration"
2/
Two: it is salutory to be reminded of how deep-seated is the UK's failure to invest.
If you are looking for culprits behind our growth failures, *you need to find big things*. This is a big one - £1.9tn cummulatively. Had that been invested, GDP would be much higher ... 3/
They share the Johnsonian Cakeist position that Green Growth is a three-fer - you win at growth, regional balance and environmental policy by going for it.
Most of us are reasonably convinced that Truss's economic programme (fwiw) was proven to have failed within a month. The market verdict was brutal.
But most policy isn't that clear.
I read a LOT of centre left pamphlet-speak calling for industrial policy ... 1/
which you could machine-write: "the UK needs a green innovative industrial strategy that invests in sectors of the future and cuts pollution while creating green jobs and rebalancing the economy/levelling up. It should borrow to do this/tax the rich".
What I seldom read... 2/
... is anything like a statement of what failure would look like. Give it 50 times longer than Truss - 5 years, say. What would force you to concede "this hasn't worked"? What metrics would count for evidence? Or is that too short?
"Budget blowouts and delays: why the UK struggles with infrastructure"
OK, this is a vitally important and *difficult* topic, and it plays directly into a subject I've been trying to force myself to think about: when markets or planning are better 1/on.ft.com/3S5WnbK
This observation crudely suggests to me that the UK has opted for the ever-more-market approach to doing stuff. Issue a tender, that gets sub-contracted and so on in an attempt to stimulate competitive dynamics that somehow produce the best outcome. But it hasn't worked! 2/
In my amateur estimation, we've been trying to exploit the insights of Hayek's Use of Knowledge in Society which emphasises the supreme knowledge difficulty of planning. But he understands that the right answer depends on circumstances! 3/ econlib.org/library/Essays…