Roy Richard Grinker, a cultural anthropologist at George Washington University and one of the co-authors of the study, said he thinks the study's estimates are "surprising" but he doesn't think they are alarming.

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In an interview, Yancy said that although the study is not enough to give Natrecor a complete stamp of approval, he thinks the study was well designed to pick up a signal of kidney side effects.

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For instance, Robert Hahn of the conservative American Enterprise Institute thinks a panel of experts from the National Academy of Sciences should study the issue.

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The analyst who ran the study, Katy Huberty, thinks the deal with China Mobile could happen in the second half of 2013.

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Nor is manufacturing declining unusually fast in California, as the Milken Institute claims, thinks Steve Levy, the boss of the Centre for the Continuing Study of the California Economy, another research outfit.

ECONOMIST: Emigration from California