The point is that a country like Italy or Greece is not trapped by being in the euro. It could increase its competitiveness by raising value-added taxes on consumption and cutting payroll taxes. That is from Arnold Kling, channeling Gita Gopinath. The interview with her at the link is worth reading. The post Euro sentences to ponder appeared first on Marginal REVOLUTION.
Suppose that we accept as true the finding by Richard Freeman that the highest wages are paid at the most profitable firms. If there is a monopsony story there, I do not see how to tell it. A monopsonist would exploit its workers by paying low wages, so I would expect that if monopsony were […] The post Arnold Kling on monopsony appeared first on Marginal REVOLUTION.
The Democrats alienated roughly 14 percent of their 2008 voting base. That is from David French, via Arnold Kling. David also states: It turns out that the GOP is more functional and united than the Democrats. Arnold makes some interesting...Show More Summary
(November 10, 2016 01:26 PM, by David Henderson) Former co-blogger Arnold Kling writes: I am not going to be bullied into supporting policies that I believe are bad just because they are popular. If you want to talk me out of my position against a policy, tell me... (0 COMMENTS)
Our economy is highly specialized, with trade enabling us to consumer many products that we do not make. Business leaders should understand the extreme specialization of the modern economy, a point made by Arnold Kling in his new book, Specialization and Trade: A Re-Introduction to Economics, which I reviewed recently. Show More Summary
1. Arnold Kling on Cass Sunstein and books to change people’s minds. 2. “Methodological terrorism“? With a significant cameo by Andrew Gelman. 3. Dan Wang on Melancholy. 4. “A 2015 analysis published in The BMJ found 727 potential references...Show More Summary
Specialization and trade are the key to economic prosperity argues Arnold Kling in an important new book, Specialization and Trade: A Re-Introduction to Economics. Kling has important insights about the overall economy, about business operations in a specialized economy, and about public policy. The importance of specialization was well known to [...]
“If you want lifetime employment, go into compliance.” [Daniel Yergin, WSJ via Arnold Kling] A Supreme Court with new Clinton nominees likely to spell bad news for business in arbitration, class actions, employment/labor, environmental...Show More Summary
(August 15, 2016 05:54 PM, by Scott Sumner) Here is Arnold Kling: John Cochrane writes, Economics is a work in progress. But it is certainly brand-new, made-up-on-the spot economics, designed to buttress policies decided on for other reasons. He is describing the economic analysis that claims that policies... (3 COMMENTS)
1. Might Canada eliminate barriers to cross-provincial trade? 2. Dani Rodrik on Gulenists and the coup. 3. Daniel Drezner on the decay of democracy. 4. Arnold Kling on the great regulation. 5. Superb Rod Dreher and J.D. Vance exchange on the “Tribune of Poor White People.” The post Sunday assorted links appeared first on Marginal REVOLUTION.
1. Ethereum’s hard bailout (and they said this could never happen). 2. What if we designed humans to be safe from car crashes? 3. A Turkey analysis suggesting it was not mainly a Gulen-connected event. 4. Arnold Kling comments on my talk at the Hudson Institute. Show More Summary
Arnold Kling —the economist, teacher, blogger, and polymath—has a way of cutting through layers of conventional assumptions and laying bare complex realities. He is so adept at doing that, it seems to me, because he doesn’t expect to...Show More Summary
That is the new Arnold Kling book, I very much liked the earlier draft I read. Think of it as Fischer Black macro for 2016. Here is Arnold: The main point of the book is that you need to keep in mind the overwhelming complexity of specialization in a modern economy. Show More Summary
ARNOLD KLING ON THE ERA OF EXPERT FAILURE: I have faith in experts. Every time I go to the store, I am showing faith in the experts who design, manufacture, and ship products. Every time I use the services of an accountant, an attorney, or a dentist, I am showing faith in their expertise. Every […]
EconTalk host Russ Roberts welcomed back one of our favorites this week, Arnold Kling. to talk about his forthcoming book, Specialization and Trade: A Reintroduction to Economics. Kling argues that with its reliance on aggregate models, economics today has lost sight of its most important insight, dating back to Adam Smith. Show More Summary
“Why We Could not Bail Out Mortgage Borrowers” [Arnold Kling] Here come the Wall Street pay clawback rules [John Carney/WSJ MoneyBeat Blog, more, yet more] Jesse Fried on “Rationalizing the Dodd-Frank Clawback” [SSRN via Bainbridge]Show More Summary
Arnold Kling, economist and author, speaks with EconTalk host Russ Roberts about his latest book, Specialization and Trade: A Reintroduction to Economics. Kling argues that macroeconomics ignores the challenges of buyers and sellers working together in the real world of specialization and trade. Show More Summary
Richard Pipes: “Private Property Sets the Boundary of the State” [Istituto Bruno Leoni video via Arnold Kling and Alberto Mingardi; my 1999 review of Pipes on property] “‘Housing is a human right,’ says [L.A.] group founded for the sole...Show More Summary
(April 14, 2016 02:35 PM, by David Henderson) Former co-blogger Arnold Kling writes: Barry Goldwater and Milton Friedman (at least if I remember correctly the relevant passages in Capitalism and Freedom) were against Federal intervention to protect African-Americans from segregation, even segregation imposed by state and local governments.... (0 COMMENTS)
(January 12, 2016 04:59 PM, by David Henderson) Recently, Arnold Kling has been arguing that even when contract enforcement is totally private, it requires government as a backstop. He wrote: Taking existing institutions as an existence proof for the feasibility of an-cap is not a valid argument. The... (0 COMMENTS)