Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:4701
Posts / Week:12.1
Archived Since:March 2, 2008

Blog Post Archive

Macroeconomics in small economies

(June 30, 2015 12:22 PM, by Scott Sumner) Like many American economists, I've learned macroeconomics from an American perspective. But America is a very unusual country. For instance, US RGDP growth has averaged about 3% for the past 120 years, if not more. Most business cycles are fairly... (0 COMMENTS)

Wolfgang Kasper on the Euro

(June 29, 2015 07:33 PM, by David Henderson) In following the Greek economic crisis, I have very little to add that has not been said. But one economist who said it well three and a half years ago is Australian economist and German native Wolfgang Kasper. His Econlib... (0 COMMENTS)

Europe's soft underbelly

(June 29, 2015 10:16 AM, by Scott Sumner) When Americans think about inequality, it is often linked to ethnic differences. Sometimes that's also true in Europe (as with the Roma), but more often the inequality is regional. Perhaps the starkest example lies in Italy, where even in 2007... (0 COMMENTS)

Numeracy Watch: 5 is Less than 10

(June 28, 2015 02:05 PM, by David Henderson) Andrew Oxlade writes: He [Ian Spreadbury] declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10. There's some pretty serious innumeracy going on here. I'm not sure if... (0 COMMENTS)

Why can't we have nice things?

(June 28, 2015 12:03 PM, by Scott Sumner) If you travel to other countries you might occasionally notice something that you wish the US had. The one I notice most often is good subways. This article caught my eye: Stan Paul, who begins his morning ride to UCLA... (0 COMMENTS)

Henderson on Epstein on Fossil Fuels

(June 27, 2015 06:14 PM, by David Henderson) How can a practical case also be a moral case? Simple: if one's standard of value is human life, as Epstein says his is, then whatever enhances human life is moral. There are some problems around the edges of his... (0 COMMENTS)

The Importance of Numeracy

(June 26, 2015 09:51 PM, by David Henderson) When I was the senior economist for health policy under Martin Feldstein, chairman of President Reagan's Council of Economic Advisers, one of his biggest criticisms of politicians was their innumeracy. I agree that that matters a lot, and it's not... (0 COMMENTS)

1937 and 2013

(June 26, 2015 02:10 PM, by Scott Sumner) Bob Murphy has a new post discussing the similarities between the fiscal policy of 2013 (often called 'austerity') and the fiscal policy of 1937, which some Keynesians believe helped cause the 1937-38 depression (which was relatively deep). In fact, there... (0 COMMENTS)

King v. Burwell: Supreme Court Rules 6-3 in Favor of Federal Subsidies

(June 25, 2015 10:20 AM, by David Henderson) More here. Unfortunately, the outcome that I thought likely has happened. Here's the ruling.... (0 COMMENTS)

A quick note on Luigi Einaudi

(June 25, 2015 07:13 AM, by Alberto Mingardi) I was recently in Portugal for the "Estoril Political Forum", masterly organised by Joao Carlos Espada. This was an uplifting event: we listened to many interesting speeches, in a room packed with hundreds of Portuguese students in the social sciences.... (0 COMMENTS)

I don't favor an interventionist monetary policy to fix recessions

(June 24, 2015 01:41 PM, by Scott Sumner) Jose Romeu Robazzi recently left the following comment: "IMHO the disagreement between keynesians and monetarists remain the same: both schools identify AD shortfall as a problem, and both schools recommend some sort of intervention (e.g. wealth transfers to sustain AD):... (0 COMMENTS)

Krugman's Clever Misdirection on King versus Burwell

(June 24, 2015 01:16 PM, by David Henderson) Paul Krugman is clever. In a post, "Most of the Way with Obamacare," about the effects of Obamacare on the number of people with health insurance, he sneaks in two claims as if they are obvious and noncontroversial. The first... (0 COMMENTS)

Suderman on Republicans on Health Care

(June 23, 2015 02:34 PM, by David Henderson) Peter Suderman of Reason magazine has an excellent article in Politico on just how bad the Congressional Republicans have been at coming up with an alternative to ObamaCare. I won't recite all of his points because that would amount to... (0 COMMENTS)

The "other things"

(June 23, 2015 10:45 AM, by Scott Sumner) Russ Roberts did a recent post complaining about the way Paul Krugman uses data to support his arguments. Roberts pointed out that when things turn out as he expected, Krugman cites the events as proof of his (Keynesian) worldview. When... (0 COMMENTS)

Why do we write too much?

(June 23, 2015 07:03 AM, by Alberto Mingardi) I have a longish review of Andro Linklater's "Owning the Earth" at the Library of Law and Liberty. Linklater's project was to offer a story of the development of land ownership in Western societies. Not the smallest of endeavours in... (1 COMMENTS)

Henderson on Finkelstein

(June 22, 2015 07:55 PM, by David Henderson) Another interesting aspect of Arrow's article is his view of the economics of information. He writes, "The value of information is frequently not known in any meaningful sense to the buyer; if, indeed, he knew enough to measure the value... (0 COMMENTS)

A bit freer today than yesterday

(June 22, 2015 11:24 AM, by Scott Sumner) This caught my eye: The Supreme Court ruled Monday that a 66-year-old program that lets the government take raisins away from farmers to help reduce supply and boost market prices is unconstitutional. In an 8-1 ruling, the justices said forcing... (0 COMMENTS)

Japan's 2014 tax increased worked; they should do it again

(June 21, 2015 08:14 PM, by Scott Sumner) The title of this post might seem a bit strange, for several reasons: 1. The tax cut was widely blamed for causing a recession 2. I'm a libertarian that favors low taxes In a first-best world I'd like to see... (0 COMMENTS)

Does Foreign Intervention Cause Blowback

(June 21, 2015 04:31 PM, by David Henderson) In a blog post today, Arnold Kling cites Robert Nozick's term "normative sociology." The idea is that many people point to what they want the causes of something to be rather than trying their best to find what the causes... (0 COMMENTS)

Could a well designed euro have worked?

(June 20, 2015 05:16 PM, by Scott Sumner) As the Greek crisis approaches some sort of resolution, it's worth asking whether the euro ever had a chance of working. While we may never know the answer to this question, we do know that a well-designed euro would have... (0 COMMENTS)

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