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Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:8631
Posts / Week:24
Archived Since:March 2, 2008

Blog Post Archive

Choosing the right tools

(December 22, 2014 01:11 PM, by Scott Sumner) Here's the always brilliant Steven Landsburg discussing the importance of theoretical tools: I sometimes hear economists defend the unrealism of their models thusly: "Economics is an infant science. Today our models are unrealistic; a decade from now, they'll be a... (0 COMMENTS)

W. Lee Hansen on University of Wisconsin Grading Quotas

(December 21, 2014 02:46 PM, by David Henderson) UW-Madison has been moving toward egalitarian grading since 2008 when the university began reporting to departments and instructors the rates of D, F, and drop grades by gender, first-generation college status, and targeted minority status. That sent a message to... (0 COMMENTS)

Obama vs. Wall Street Journal on Global Oil Markets

(December 20, 2014 04:09 PM, by David Henderson) Both Obama and the WSJ are wrong: The WSJ is more wrong. Here's an excerpt from the Wall Street Journal's Review and Outlook (unsigned) editorial, "Obama on Oil Markets: Supply and demand seem to be elusive concepts," on President Obama's... (0 COMMENTS)

Markets describe reality; models should explain market reactions

(December 20, 2014 10:25 AM, by Scott Sumner) Paul Krugman has a new post that explains why he is pessimistic about monetary stimulus at the zero bound. He briefly describes his 1998 paper on the zero bound problem. This paper shows that if base money and bonds are... (0 COMMENTS)

Good for Michael Vick--or Incentives

(December 19, 2014 02:49 PM, by David Henderson) "What Michael did was the exception, not the rule," Luzinski said. "He didn't have to do this. The law allows you to skate by and pay your creditors 10 or 20 cents on the dollar, but he thought this was... (0 COMMENTS)

Los Angeles Unions' Two-fer on Minimum Wage

(December 18, 2014 03:16 PM, by David Henderson) When the U.S. minimum wage law was put into effect in 1938, northeastern labor unions gained from it by pricing out their competition. Unions in the textile industry were seeing textile firms move from New England states to southern lower-wage... (0 COMMENTS)

France seeks liberalizations, but bans Uber

(December 17, 2014 07:31 PM, by Alberto Mingardi) Mixed signals from France. The Financial Times, among others, has stressed the potential of the liberalisation plan pursued by the new Economy Minister Emmanuel Macron. The bill aims at lowering barriers to entry in liberal professions--notaries, pharmacists, et cetera. The... (0 COMMENTS)

Two Cheers for Obama on Cuba

(December 17, 2014 06:57 PM, by David Henderson) As is probably known to virtually all readers of this blog, President Obama announced today his steps to normalize relations with Cuba. It is long overdue and finally we have a President willing to do something about it. I have... (1 COMMENTS)

Central banks should do their job

(December 17, 2014 11:24 AM, by Scott Sumner) The title of this post sounds like a truism, and yet it's actually highly controversial. In my previous post I pointed out that the ECB was not hitting its 1.9% inflation target, and apparently has no plan for doing so... (0 COMMENTS)

The Moral Case for Fossil Fuels: Recap

(December 17, 2014 12:05 AM, by Bryan Caplan) Everything I've written about The Moral Case for Fossil Fuels, my favorite book this year:1. The thesis.2. We owe civilization to fossil fuels.3. We can live with warming.4. Refining the case.The book's a great Christmas present, all the way down... (0 COMMENTS)

Henderson on Asking Tough Questions of Government Bureaucrats

(December 16, 2014 11:20 PM, by David Henderson) I've asked tough questions before. When Leon Panetta, my former Congressman, came to NPS as Secretary of Defense, I asked [here at the 43:40 point] whether, given his own previous statement that Al Qaeda was down to a handful of... (0 COMMENTS)

The ECB: Is it a hopeless case?

(December 16, 2014 09:07 AM, by Scott Sumner) Remember the joke about the motorist who gets lost, and then asks for directions to Podunk? The farmer replies, "If I was headed to Podunk, I wouldn't start from here." Yes, and if I was targeting inflation at 1.9%, I... (0 COMMENTS)

Deadweight Loss from the New California Gas Tax

(December 15, 2014 06:37 PM, by David Henderson) Starting in January, Californians will pay an added 10 cents or so per gallon of gasoline due to a new law that goes into effect next month. UC Berkeley economist Severin Borenstein writes: Under California's cap-and-trade program to reduce greenhouse... (0 COMMENTS)

The Moral Case for Fossil Fuels: Refining the Case

(December 15, 2014 12:03 AM, by Bryan Caplan) The Moral Case for Fossil Fuels is the best book I've read all year, and makes a great holiday gift. But there's still room for improvement.1. Epstein centers his moral case around "human life as the standard of value." This... (0 COMMENTS)

Kling on the Constitution and the Common Law

(December 14, 2014 05:59 PM, by David Henderson) According to a legal theory I am about to sketch, the Supreme Court would let stand the subsidies that are being paid to people through the Federal health care exchange, in spite of the language in the law that says... (0 COMMENTS)

Speaking of torture . . .

(December 14, 2014 12:10 PM, by Scott Sumner) Here's the New York Times: I TRIED magic mushrooms out of curiosity and in middle age. I'd been on the amateur mycological circuit for a couple of years, but hallucinogenic species were rarely mentioned at the foraging expeditions and conferences... (0 COMMENTS)

The Man of One Study

(December 14, 2014 10:04 AM, by Bryan Caplan) Another great piece by Scott Alexander:So here's why you should beware the man of one study. If you go to your better class of alternative medicine websites, they don't tell you "Studies are a logocentric phallocentric tool of Western medicine... (0 COMMENTS)

Boudreaux on capitalism and slavery

(December 13, 2014 07:04 AM, by Alberto Mingardi) Don Boudreaux has an insightful letter to Slate. Let me just single out one sentence, which beautifully summarizes Don's arguments: If slave-grown cotton were a key spur to capitalism, it's difficult to understand why a booming capitalist revolution never occurred... (0 COMMENTS)

Friday Night Video: Gruber and Henderson

(December 12, 2014 08:30 PM, by David Henderson) In July 1994, Jonathan Gruber, then an assistant professor of economics at MIT, and I, then the John M. Olin Fellow at Washington University's Center for the Study of American Business, testified on the economic effects of government mandates on... (0 COMMENTS)

My Apologies

(December 12, 2014 02:16 PM, by David Henderson) As someone who has made a lot of mistakes and who tries hard to admit them and apologize when I think apologies are in order, I have become somewhat of a student of the apology. I think it's important, if... (0 COMMENTS)

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