Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:8777
Posts / Week:23.8
Archived Since:March 2, 2008

Blog Post Archive

Russ Roberts on Adam Smith's Rules for Living

(March 28, 2015 10:08 PM, by David Henderson) The prudent man, claims Roberts, does not smoke, is "physically active and keeps his weight under control," and "works hard and avoids debt." On debt, I must part company. It was by taking on what seemed like a massive debt... (0 COMMENTS)

What's new since 1982?

(March 28, 2015 09:22 AM, by Scott Sumner) When I moved to Boston in 1982, no one talked about the declining share of national income going to labor. Or increasing income inequality. Now these are the hottest topics in economics. Much of the discussion seems to implicitly suggest... (0 COMMENTS)

He Had Me at Page One

(March 27, 2015 09:26 PM, by David Henderson) "I've always had trouble succeeding along traditional Bush family lines." So writes Jonathan Bush on p. 1 of his book, Where Does It Hurt? With that one sentence, he had me. Bush is a nephew of George H. W. Bush... (0 COMMENTS)

Richer than Rockefeller?

(March 27, 2015 11:49 AM, by David Henderson) This is the longest time I've gone without posting, other than when I'm on vacation at my cottage in Canada in August. I was traveling and my computer was being repaired after I got back. I gave a talk at... (1 COMMENTS)

Truly Notable and Quotable

(March 27, 2015 07:08 AM, by Alberto Mingardi) The Wall Street Journal often provides its readers with eye-opening arguments in the "Notable and Quotable" column hosted in its editorial page. On March 13, the WSJ quoted William Baumol, Robert Litan, and Carl Schramm, "Good Capitalism, Bad Capitalism, and... (0 COMMENTS)

Plug-and-Play People

(March 26, 2015 12:02 AM, by Bryan Caplan) One common complaint about proponents of open borders is that we picture human beings as interchangeable parts. If an American can do X, so can a Haitian. Why can't the open borders crowd see the obvious truth that people are... (0 COMMENTS)

This Sick Capitalism ®

(March 25, 2015 09:26 AM, by Scott Sumner) I think we all agree that private property rights are an important feature of capitalism. But what is "property"? It increasingly seems like the answer is just about everything: Taylor Swift Trademarks 'This Sick Beat' and Other Catchphrases Thinking about... (1 COMMENTS)

When Orwell Met Aumann

(March 25, 2015 12:13 AM, by Bryan Caplan) Cowen and Hanson's "Are Disagreements Honest?" summarizes the theoretical case against "agreeing to disagree."Yet according to well-known theory, such honest disagreement is impossible. Robert Aumann (1976) first developed general results about the irrationality of "agreeing to disagree." He showed that... (0 COMMENTS)

Is Stanley Fischer too complacent?

(March 24, 2015 10:25 AM, by Scott Sumner) Stanley Fischer is one of the world's most thoughtful monetary economists. And now he is also vice chairman of the Federal Reserve Board. He recently gave a speech on monetary policy, which as you'd expect contained many wise observations. However... (0 COMMENTS)

The Most Convincing Figure in Irrational Exuberance

(March 24, 2015 12:06 AM, by Bryan Caplan) I never got around to reading the previous editions of Robert Shiller's Irrational Exurberance, but I've finished reading the new third edition cover-to-cover.Rather than review the whole book, consider the single most convincing figure. At first glance, it's easy to... (0 COMMENTS)

Hard Asia, Soft Europe

(March 23, 2015 11:24 AM, by Scott Sumner) Former Singapore Prime Minister Lee Kuan Yew died today. He was famous for being dismissive of "soft" European welfare states. But was Lee as important as most friends and foes assume? I'm not sure; the other two small Chinese tiger... (0 COMMENTS)

Perfect Pedagogy

(March 23, 2015 12:02 AM, by Bryan Caplan) When you were taught about perfect competition, what was the underlying interpretation of the model?1. The model is a good approximation: Markets in the real world work about as well - and in roughly the same way - as the... (0 COMMENTS)

My Wednesday GMU Seminar: The Selfish and Social Returns to Education

(March 22, 2015 08:35 PM, by Bryan Caplan) This Wednesday I'm presenting my preliminary work on "The Selfish and Social Returns to Education" here at the Fairfax campus of GMU. Open to the public. Location: Carow HallTime: Lunch at 11:45, Talk from 12:00-1:15I'm trying out a new system... (0 COMMENTS)

A Rare Disagreement with Bryan Caplan

(March 22, 2015 10:50 AM, by David Henderson) Last week I highlighted Bryan Caplan's comprehensive notes, homework sets, and keys to homework for the courses he teaches. While perusing his first homework set for his labor economics course, I came across the following problem: Using separate supply-and-demand curves,... (0 COMMENTS)

The Boys in the Boat

(March 21, 2015 09:49 PM, by David Henderson) On my flight from Chicago to Phoenix on Thursday, I finished The Boys in the Boat. It's subtitled "Nine Americans and Their Epic Quest for Gold at the 1936 Berlin Olympics." I highly recommend it. Not that this is why... (0 COMMENTS)

My Speech at UNC Wilmington

(March 21, 2015 11:06 AM, by David Henderson) This coming Monday, March 23, I will be speaking at the University of North Carolina at Wilmington. Title of Speech: Seven Myths About Free Markets Date: March 23 Time: 7:00 p.m. Place: Cameron Hall, 105 If you make it to... (0 COMMENTS)

A Partial Defense of David Friedman

(March 20, 2015 08:46 PM, by David Henderson) Scott Alexander, about whom both David Friedman and co-blogger Bryan Caplan have raved, has a lengthy book review of David's The Machinery of Freedom. As I write this, there are 479 comments on his post and I looked only at... (0 COMMENTS)

The Fed: What's the minimum acceptable accountability?

(March 20, 2015 11:55 AM, by Scott Sumner) Fed officials don't like the idea of a rigid policy instrument rule, such as the Taylor Rule. They don't even like less restrictive policy targets, such as 2% inflation; to be achieved in any way the Fed chooses. Currently the... (0 COMMENTS)

Does Burning Your Money Make You Poor?

(March 20, 2015 12:08 AM, by Bryan Caplan) Does burning your money make you poor? Almost everyone responds, "Obviously." And in a sense, it is obvious. If you take all your money and burn it, you'll be hungry and homeless as a result. QED.In another sense, though, burning... (0 COMMENTS)

On libertarian strategies

(March 19, 2015 07:04 AM, by Alberto Mingardi) Sometimes libertarians remark that they spend too much time thinking about liberty, and not quite enough attempting to spread it. Well, in my experience, libertarians do talk a lot about "political strategy." The weird thing is that for people who tend... (0 COMMENTS)

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