Sajid Javid is right about masks in parliament as MPs are not strangers, and it's the same reason why total cases may not rise and may even fall when schools reopen.
Populations are highly structured, basically many small world networks. With 90%+ antibodies in nearly every....
..age group above 16, that means many of those small world networks are actually at the herd immunity threshold - and indeed that's the only level at which the concept is coherent. There's no such thing as 'herd immunity for London'

When these small world networks mix, like....
..in a pub for the Euros where a majority may be susceptible, or a music festival, or indoor events at the vacation hotel, that's when you can get rising cases or 'exponential' trends even with very few aggregate susceptibles.

If there's only one thing the mathematical .....
..modelling of diseases gets from the Covid experience, especially UK this summer, it's that administrative area populations are not SIR populations .

That (+inherent overdispersion) is how measured 'R' can be 1.5 one day and 0.5 the very next day.

End/

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More from @ritwik_priya

15 Mar
Because NZ is thinking of including house prices into its central bank's objectives, and because @tragicbios is taking the GRRM approach, a thread on Ch. 17 ("The Essential Properties of Interest and Money") of the General Theory. 1/
Ch 17 is where Keynes 'closes' his model, the truly 'general' part of the GT and is many things to many people. The framework of own rates of interest and spot/future arb in all commodities has both neoclassical finance types and Sraffa-Robinson types declaring victory. 2/
The discussion on liquidity preference driving the 'money rate of interest' lends support to both the Tobin formulation of 'liquidity preference as aversion to risk' and the Dow-Mehrling view of liquidity preference as the disequilbrium process through short-term rates are set 3/
Read 15 tweets
11 Feb
Having seen the clip, and as someone with, let's say, an unhealthy level of interest in the life and times of JMK, I can safely say that what Hayek is saying has been mis-editorialised very badly by most twitterati. 1/
Hayek says a few very specific things:
1. That JMK's concept of the extant body of Econ thought was insular and limited to Cambridge and Marshall (any maybe some Ricardo). This is a very common charge levelled against JMK and many other Marshallians by the continentals 2/
Schumpeter wrote the same in his mostly adulatory obit for JMK and even the Swedes - forget whether it was Myrdal or Cassel - wrote that JMK had that 'peculiar Anglo fascination' for originality.
2. That specifically he did not engage with the theory of capital or int'l trade. 3/
Read 8 tweets

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