Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:4651
Posts / Week:12.2
Archived Since:March 2, 2008

Blog Post Archive

Greece and Detroit

(May 28, 2015 10:32 AM, by Scott Sumner) In a recent post I claimed that it made no sense to talk about NGDP at the global level. In the comment section Nick Rowe argued that one might be able to come up with a meaningful estimate of global... (0 COMMENTS)

Uber banned in Milan too

(May 28, 2015 07:02 AM, by Alberto Mingardi) Uber has been banned in different countries in Europe, including Germany, France, and Spain, where the company has evolved its business model in the direction of transporting goods. As you may know, we Italians are often latecomers to new trends:... (0 COMMENTS)

Systematically Biased Beliefs About Inequality

(May 28, 2015 12:06 AM, by Bryan Caplan) I am a behavioral political economist. I think most political economy models are worthless. Unless you start with empirically sound assumptions about voter cognition and motivation, you're wasting your time - and the time of everyone who reads you. What... (0 COMMENTS)

A Bettor's Tale

(May 27, 2015 12:03 AM, by Bryan Caplan) Here's a great yarn of betting and political irrationality courtesy of EconLog reader Mathieu Giroux, used with his permission. My Uncle, like the vast majority of people living in North America, is not a fan of the idea of open... (0 COMMENTS)

Madrid turns left - and Europe too?

(May 26, 2015 12:01 PM, by Alberto Mingardi) Spain voted on Sunday in a number of administrative jurisdictions. These were local elections, so one should not underestimate the local peculiarities that may have influenced the outcome. However, the big news is that the Popular (Christian-Democrats) and the Socialist... (0 COMMENTS)

Get Over Yourself

(May 26, 2015 12:03 AM, by Bryan Caplan) I don't worry much about what other people think about me. My detractors attribute this to a severe case of Asperger's, but I've got a competing two-part story. Part 1: We live in an evolutionarily novel anonymous society, so most... (0 COMMENTS)

Henderson's Law of Heroic Movies

(May 25, 2015 01:22 PM, by David Henderson) Dan Klein, with whom I've been arguing about designer babies lately, recently suggested that I post about an article I wrote for Reason 26 years ago: Henderson's Law of Heroic Movies. The Introduction "David, I rented a movie for tonight... (0 COMMENTS)

Questions that don't get asked very often

(May 25, 2015 11:20 AM, by Scott Sumner) I don't recall many articles written by noeconservatives discussing how certain aspects of modern global instability might have been caused by US intervention. Perhaps that's because they favor intervention. I don't recall reading many articles written by progressives discussing how... (0 COMMENTS)

John Nash, RIP

(May 24, 2015 01:06 PM, by David Henderson) The famous game theorist John Nash and his wife Alicia were killed in a traffic accident yesterday in New Jersey. He was 86. I met him and had lunch with him when he came to speak at the Naval Postgraduate... (0 COMMENTS)

Should We Fear Progress?

(May 23, 2015 09:57 PM, by David Henderson) As I mentioned in a comment on Bryan Caplan's response to Dan Klein, the further I get away from Dan Klein's piece on "designer babies," the less persuaded I am. That glide path has continued. Virtually all of Dan Klein's... (0 COMMENTS)

A Note on Johann Hari

(May 23, 2015 04:13 PM, by David Henderson) In yesterday's post on drug addiction, I referenced work by British journalist Johann Hari. I knew nothing about his background. A regular reader of Econlog contacted me to tell me that in his past he committed plagiarism and has admitted... (0 COMMENTS)

The Portuguese Puzzle: Decriminalization of Drugs and Drug Usage

(May 22, 2015 06:10 PM, by David Henderson) In 2009, Glenn Greenwald wrote, for the Cato Institute, a study of the effects of drug decriminalization in Portugal. Among his findings were that drug usage actually decreased among various populations. Greenwald writes: In fact, for those two critical groups... (0 COMMENTS)

Apple's open market purchases

(May 22, 2015 02:17 PM, by Scott Sumner) All transactions are two-sided. However in most cases the market for the object being sold is impacted much more strongly than the market for the object being purchased. If a huge new silver mine started selling silver on the open... (0 COMMENTS)

Murphy on Interpersonal Utility Comparisons

(May 22, 2015 11:41 AM, by David Henderson) Bob Murphy has done a huge service by laying out clearly the economic reasoning behind my conclusions (here and here) that: (1) you can't make interpersonal utility comparisons and (2) utility is ordinal, not cardinal. His piece is not long... (0 COMMENTS)

When to Head for Your Bunker

(May 22, 2015 12:21 AM, by Bryan Caplan) Two strangely divergent reactions:1. When economists discuss worst-case macroeconomic scenarios, they often say stuff like, "Head for your bunker," "Dig a hole and jump in," and "Hopefully you've been hoarding canned goods."2. When foreign policy experts discuss worst-case war foreign... (0 COMMENTS)

Am I Out of Date? I Don't Think So

(May 21, 2015 02:28 PM, by David Henderson) David Friedman writes in a comment on my post on interpersonal utility comparisons: Von Neuman [sic] showed how to cardinalize utility most of a century ago, so your statement that utility is ordinal not cardinal is long out of date.... (0 COMMENTS)

There is no such thing as "global aggregate demand"

(May 21, 2015 09:09 AM, by Scott Sumner) Aggregate demand is fundamentally a monetary concept, linked to each country's monetary unit. Only in a few cases, such as the eurozone, does it make sense to talk about aggregate demand as a regional concept. Indeed in the eurozone, aggregate... (0 COMMENTS)

Unlock the School Library

(May 21, 2015 12:21 AM, by Bryan Caplan) If you could change the K-12 curriculum in one small way, what would you change? My pick: Unlock the school library. By this I mean...1. Give kids the option of hanging out at the library during every break period. 2.... (0 COMMENTS)

Tyler Cowen on Interpersonal Utility Comparisons

(May 20, 2015 11:48 AM, by David Henderson) One of the things we are most sure of in economics is that you can't compare utility, marginal or otherwise, across individuals. Utility is ordinal, not cardinal. Which is why I don't understand Tyler Cowen's post this morning. He leads... (0 COMMENTS)

A consumption tax is a wealth tax

(May 19, 2015 08:41 PM, by Scott Sumner) When I advocate a (progressive) consumption tax to replace our current income tax system, some commenters reply that wealth provides benefits beyond consumption, such as peace of mind and security. I think that's true, but to me it seems to... (0 COMMENTS)

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