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Suppose an adult—call him Tom—faces a choice between two alternatives, A and B. Alternative B (mnemonic: B for “best”) is the one he prefers and will choose if left free. If you coercively forbid him to do B, forcing him to choose A instead, are you rendering him a service? Will he thank you for .. MORE
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Business Economics
“Only schmucks pay retail.” wise aphorism I like to think I love saving money, but I’ve made many penny-wise, pound-foolish choices. I remember telling my mother, “Watch the pennies, and the dollars will take care of themselves.” I had read it in an old Blondie strip. Mom wasn’t impressed; she replied, “But don’t step over .. MORE
Economics and Culture
Earlier this week, I described a new Netflix documentary purporting to compare the benefits of healthy omnivore versus vegan diets. In that post, I questioned the adherence of the series to the scientific study it’s describes as being based on, and I asked, “Who \ordered this banquet?” Well, funding for You Are What You Eat .. MORE
Economic and Political Philosophy
It is not because a law has been democratically and duly adopted that it necessarily exemplifies the rule of law. It is not because democratically elected politicians govern that governing is good. One current example is given by the US and EU governments siding against Apple and in favor of its developers (outside suppliers) and .. MORE
Obituaries
Daniel Kahneman, co-winner of the 2002 Nobel Prize in economics, along with Vernon Smith, died today. Here’s his obit in the Washington Post. Here’s his bio in the Concise Encyclopedia of Economics. Here’s an excerpt from the bio: One bias they [Kahneman and Tversky] found is that people tend to believe in “the law of .. MORE
Fiscal Policy
There’s a debate over whether to save Social Security with higher taxes or lower benefits. Matt Yglesias suggests a mix of the two approaches: Let’s consider two methods, starting with an all tax approach: 1. Increase the payroll tax by 1%, from 15.3% to 16.3%, and add a $1,000 tax on affluent seniors Now consider .. MORE
Business Economics
I’m something of a tech nerd – I enjoy new gadgets and technology more than the average person. As a result, I keep up with the latest news and rumors in the gadget and gizmo space. I also follow the work of various tech reviewers and bloggers. One such person, Michael Fischer (aka “MrMobile”) posted .. MORE
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Browse our archive of posts by author last nameBooks: Reviews and Suggested Readings
Bryan Caplan’s The Case Against Education lays out a strong argument that the financial returns to schooling–which have been increasing dramatically, year after year–are about 80% returns to signaling rather than returns to actual skill-building. In their new book, Cracks in the Ivory Tower: The Moral Mess of Higher Education, Georgetown University philosopher Jason Brennan .. MORE
Books: Reviews and Suggested Readings
In 3024, the world was divided into many different societies. Most of them had a minimal state inspired by the ideas of 20th-century economists and political philosophers, notably Anthony de Jasay’s “capitalist state.” The mission of such a state was to ensure that it would not be replaced by a state intent on “governing,” (that .. MORE
Books: Reviews and Suggested Readings
Here are some highlights of my weekly reading. How FDR Made Republican Isolationists Look Silly with a Simple Rhyme by Charles Sykes, Politico, March 20, 2024. Excerpt: In the speech, Roosevelt deployed the full force of his rhetorical talents against three leading Republican isolationist leaders: Mass. Rep. Joseph Martin, the House minority leader; N.Y. Rep. .. MORE
A Book Review of Animal Spirits: The American Pursuit of Vitality from Camp Meeting to Wall Street, by Jackson Lears.1 When Alexis de Tocqueville visited the young American republic in the early 1830s, he immediately noticed a deep restlessness which characterized the Americans that he encountered. In the America witnessed by Tocqueville, … a man .. MORE
Understanding the market process as a systematic, error-corrective sequence of profit-inspired entrepreneurial discoveries, continually reshuffled and redirected as a result of the ceaseless impact of exogenous changes, should drastically alter our appreciation of key features of capitalism. —Israel M. Kirzner, Competition, Economic Planning, and the Knowledge Problem1 (page 301) This volume of the collected works .. MORE
Jonathan Swift Healthcare in the United States is in the midst of a massive wave of consolidation. For example, fifty years ago, virtually all non-academic, non-government U.S. physicians had an ownership interest in their practices. Today, approximately 70% of U.S. physicians are employed by hospitals or other corporate entities. Likewise, mergers and acquisitions have landed .. MORE
Review of The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes, by Zachary D. Carter.1 Why should someone write another biography of Keynes? Major biographies of John Maynard Keynes (not merely books on Keynes and Keynesianism, of which the supply is far larger) include the 1951 Life of John Maynard Keynes .. MORE
The reason there has been no recession so far is because money supply was increased excessively, not because the Fed successfully avoided an economic overheat through rate hikes. Their rate hikes have merely reduced demand,..
billy, March 28