Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:6394
Posts / Week:12.8
Archived Since:March 2, 2008

Blog Post Archive

I warned the Swiss that this would happen

(August 7, 2017 06:42 PM, by Scott Sumner) After pegging the Swiss franc at 1.2 per euro for a period of about three years, the Swiss National Bank suddenly revalued the franc sharply higher in January 2015, in a surprise contractionary move. They also cut interest rates sharply,... (0 COMMENTS)

Good News on Employment

(August 5, 2017 09:27 PM, by David Henderson) Ben Casselman of FiveThirtyEight writes: Prime-age employment rate hits 78.7%, highest since September 2008. Of course we still have a long way to go to get back to the peak of about 17 years ago.... (0 COMMENTS)

A note on the "natural" rate of interest

(August 4, 2017 06:04 PM, by Scott Sumner) The term 'natural' has multiple meanings and even more connotations. It often means something like free from human interference, and sometimes comes with a connotation of better or healthier. When economists refer to a "natural rate of interest", however, those... (0 COMMENTS)

Markets for Everything, Minaki Edition

(August 4, 2017 03:26 PM, by David Henderson) This is at a marina near my cottage at Minaki. HT2 Mike Hammock for helping me rotate the picture.... (1 COMMENTS)

Conspiracy and Condemnation

(August 4, 2017 01:19 PM, by Contributing Guest) by Art Carden Democracy in Chains author Nancy MacLean and her defenders are promulgating the idea that critics of her book (like me) are part of a sinister conspiracy to discredit her book. It might make a good plot... (1 COMMENTS)

Which bus would you take?

(August 3, 2017 06:06 AM, by Scott Sumner) Over at TheMoneyIllusion I did a post discussing the issue of whether central banks should be thought of as "controlling" interest rates. Here's one excerpt: There are powerful cognitive illusions here. The day-to-day Fed "control" over rates creates the illusion... (0 COMMENTS)

I, Needle Nose Pliers

(August 2, 2017 11:58 AM, by David Henderson) Above is a picture of a tool I borrowed from a neighbor (or, should I say "neighbour" since I'm at my cottage in Canada.) The main insight from the classic "I, Pencil" is that no single person knows how... (0 COMMENTS)

Stop Thinking Like a Tourist: Macaulay Edition

(August 1, 2017 03:06 PM, by Bryan Caplan) My son Tristan recently quoted this passage from Thomas Macaulay's "Southey's Colloquies on Society" - and I instantly realized that telling people to stop thinking like a tourist goes back over a century: Mr. Southey has found out a way,... (2 COMMENTS)

Henderson and Cochrane on Climate Policy

(July 31, 2017 10:33 AM, by David Henderson) Climate change is often misunderstood as a package deal: If global warming is "real," both sides of the debate seem to assume, the climate lobby's policy agenda follows inexorably. It does not. Climate policy advocates need to do a much... (0 COMMENTS)

Macron, economic nationalist

(July 30, 2017 10:04 AM, by Alberto Mingardi) Monsieur Macron has won the recent elections in France as, I would say, the more "market-friendly" option available, vis-à-vis the rampant economic nationalism of Madame Le Pen. Certainly, he won the election as the most "europhile" option available. And yet,... (0 COMMENTS)

The economic news is not good

(July 29, 2017 11:21 PM, by Scott Sumner) Ramesh Ponnuru has a characteristically excellent piece on recent controversies within the Trump Administration. But I'd quibble slightly with this observation: There was also an opportunity cost to Scaramucci's remarks. Trump administration officials sometimes complain that all the good news... (1 COMMENTS)

Friedman, Galbraith, and Wright on American Capitalism

(July 27, 2017 02:00 AM, by David Henderson) "Capitalism" has become a fighting word in the battle between East and West and for men's minds everywhere; and, like all slogans, it means many things to many men. To some "capitalism" is a term of opprobrium, signifying the oppression... (0 COMMENTS)

A Knight Tale

(July 26, 2017 07:30 AM, by David Henderson) In the picture above, I'm wearing the actual poker hat that Frank Knight wore when he worked on articles. Here' the tale of how that came to be. In the Spring of 2002, I was teaching a microeconomics class... (0 COMMENTS)

Frank Knight's Case for Communism

(July 25, 2017 01:28 PM, by David Henderson) When I posted on Frank Knight's case for Communism the other day, I also put it on up on Facebook and had some people wondering about context. Those of us who are fans of Frank Knight don't think of... (0 COMMENTS)

Do you really want to include capital gains?

(July 25, 2017 07:22 AM, by Scott Sumner) I frequently argue that income is a meaningless concept, as it includes capital gains (and losses) in asset values. Indeed the problem is even more basic, as income mixes labor income and all investment income, which is like adding apples... (0 COMMENTS)

Three Thumbsuckers

(July 24, 2017 12:58 PM, by David Henderson) When I was writing a lot for Fortune in the late 1980s and early to mid-1990s, an editor of one of my articles casually referred to it as a "thumbsucker." I thought it was an insult, but he explained... (0 COMMENTS)

Caplan in Paris

(July 24, 2017 08:16 AM, by Bryan Caplan) I'm speaking in Paris this Thursday for Students for Liberty. Details here.P.S. Here's what I thought the last time I was in Paris nine years ago.... (0 COMMENTS)

Joseph Rago RIP

(July 23, 2017 08:11 PM, by David Henderson) Wall Street Journal editorial writer Joe Rago died this week at the age of 34. If you read the Review and Outlook editorials--the unsigned editorials that are published on the left hand side of the editorial page and reflect the... (0 COMMENTS)

Frank Knight on John B. Watson

(July 21, 2017 09:47 PM, by David Henderson) I dug out of my library a famous unpublished (until 1991) 1932 mimeograph (those under age 45 should look up that term) article by Frank H. Knight. The article is titled "The Case for Communism: From the Standpoint of... (0 COMMENTS)

Sudan Sanctions and My Neighbor's Cat

(July 20, 2017 09:08 PM, by David Henderson) Diplomats here expect Washington to drop sanctions in the fall, as planned during the final days of the Obama administration, not least because they failed to achieve some key goals. "When the sanctions were implemented, the hope was that there... (0 COMMENTS)

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