Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:5955
Posts / Week:12.8
Archived Since:March 2, 2008

Blog Post Archive

Henderson on Scott Pruitt

(December 12, 2016 01:41 AM, by David Henderson) Yesterday, USA Today's editorial page called, in response to yesterday's post, to ask me to write an "opposing view" on Scott Pruitt. They gave me the tightest deadline I've ever faced: 2.75 hours to write a 340-word piece. The editor... (0 COMMENTS)

Automation and trade

(December 11, 2016 01:51 PM, by Scott Sumner) I've been arguing that the problems often attributed to trade are more likely due to automation. Indeed in a sense both trends are two sides of the same coin --- creative destruction. It might help to make this point with... (0 COMMENTS)

Trump's Picks versus Reagan's

(December 11, 2016 12:57 PM, by David Henderson) As someone who has, to put it mildly, not been a fan of Donald Trump (see here and here, for example), I've been pleasantly surprised by many of his picks for cabinet positions. Looking at them, I conclude, at least... (1 COMMENTS)

An open letter to America's CEOs

(December 10, 2016 11:49 AM, by Scott Sumner) Dear CEOs, You may face a decision about whether to locate a new factory in America or Mexico. In the past, either location gave you an option of later moving production to the opposite country. It appears that option is... (3 COMMENTS)

How to Get Lower Drug Prices

(December 9, 2016 01:06 PM, by David Henderson) Why are pharmaceutical prices so high while the prices of so many other items we buy are low and even falling? The difference is competition. Drug companies typically have a monopoly on the drugs they sell, and monopolists charge high... (0 COMMENTS)

What are the implications of higher interest rates?

(December 9, 2016 09:21 AM, by Scott Sumner) The Mercatus Center has a new colloquium on the current low interest rate environment, and the implications of higher rates in the future. My contribution discusses four possible ways that interest rates might rise: 1. Tighter money 2. Easier money... (0 COMMENTS)

Conversion: The Quantity/Quality Trade-off

(December 15, 2016 02:22 PM, by Bryan Caplan) Confession: Whenever I write, I'm looking for converts. I don't just want to share some information. I want to change how my readers think - and how they see themselves.When I read other proselytizing thinkers, however, I cringe. I cringe... (0 COMMENTS)

Europe has a massive and growing trade surplus, and is hemorrhaging manufacturing jobs

(December 8, 2016 10:40 AM, by Scott Sumner) Noah Smith linked to the following recent paper in the AER, by Justin R Pierce and Peter K. Shott. : Abstract: This paper links the sharp drop in US manufacturing employment after 2000 to a change in US trade policy... (5 COMMENTS)

Three Themes of the Niskanen Center

(December 7, 2016 02:20 PM, by Bryan Caplan) The Niskanen Center has been an engine of idea creation since its foundation in 2014. I know many of its scholars well. But I'm still trying to figure out Niskanen's fundamental goal. Perhaps I'm obtuse, but I detect three distinct... (8 COMMENTS)

Teaching the Minimum Wage

(December 7, 2016 07:00 AM, by Emily Skarbek) When I teach the Principles of Economics, I often note the relationship between positive analysis and normative judgments. One of my favorite ways to teach this is when we cover the minimum wage. Using Thomas Leonard's article Eugenics and Economics... (1 COMMENTS)

Automation destroyed 20 million manufacturing jobs

(December 7, 2016 11:49 AM, by Scott Sumner) I am becoming increasingly frustrated by all the articles I'm reading about how trade is supposedly decimating jobs in US manufacturing. I went to the FRED data set, and they have manufacturing output (real) going back to the first quarter... (13 COMMENTS)

How I Got Culture

(December 6, 2016 11:42 PM, by David Henderson) Sarah Skwire recently wrote an article, "The Awesome Social Value of the Chiquita Banana Song," in which she actually made the Chiquita banana song fascinating. An excerpt sums up why she writes about such things: I spend a lot of... (0 COMMENTS)

What caused the 1974 recession?

(December 6, 2016 09:48 PM, by Scott Sumner) A commenter named Captain Parker recently left this comment: Ok, so, inflation is a monetary phenomenon and Burns should take the blame. This I believe. Yay Milton Friedman. But if you look at '72 through '76 you would conclude Burns... (0 COMMENTS)

Race, Eugenics, and the Dark Side of Capitalism

(December 6, 2016 03:51 PM, by Amy Willis) This week's EconTalk may turn out to be one of our most widely listened-to episodes, and it's easy to see why. While deeply disturbing, it's nonetheless fascinating. Host Russ Roberts welcomes Princeton's Thomas Leonard to talk about his book, Illiberal... (0 COMMENTS)

Should Arthur Burns be rehabilitated?

(December 6, 2016 10:13 AM, by Scott Sumner) In the history of American central banking, Arthur Burns (1970-78) and G. William Miller (1978-79) are often viewed as villains, largely responsible for the Great Inflation. (Although Martin (1951-70) was the one who got the ball rolling.) A new paper... (0 COMMENTS)

Henderson on Extending Hayek's Insight

(December 5, 2016 04:40 PM, by David Henderson) Hayek's conclusion about the importance of local knowledge can be extended far beyond markets into many parts of our lives. In this essay, I summarize Hayek's argument and then apply it to some good things that happened on September 11,... (0 COMMENTS)

The Dumbest Thing Batman Ever Said

(December 5, 2016 02:35 PM, by Bryan Caplan) Batman v. Superman: The Dawn of Justice isn't a great movie, but it does have one great teaching moment. Batman is trying to get his hands on some Kryptonite. Faithful butler Alfred wants to know why. Batman's rationale:Batman: He [Superman]... (0 COMMENTS)

The Carrier scandal

(December 5, 2016 11:58 AM, by Scott Sumner) Here's Larry Summers on the recent Carrier fiasco: Market economies can operate anywhere along a continuum between two poles. I have always thought of American capitalism as dominantly rule and law based. Courts enforce contracts and property rights in ways... (0 COMMENTS)

On the Italian referendum

(December 5, 2016 04:34 AM, by Alberto Mingardi) Prime Minister Matteo Renzi announced his resignation after a major defeat. The constitutional referendum saw a high participation (68,48% of Italians went to the ballot) and the "no" side achieved a clear victory, 59 versus 41 % of the voters.... (0 COMMENTS)

Speech Tomorrow at San Jose State University

(December 4, 2016 12:34 PM, by David Henderson) Tomorrow, Monday, I will be speaking at San Jose State University, as part of SJSU's David S. Saurman Provocative Lecture Series. Title of talk: Popular Misconceptions about Income Inequality Time: 5:15 p.m. Place: New Student Union Theater My talk will... (0 COMMENTS)

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