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In a recent episode of EconTalk, John Ioannidis, a professor of medicine at Stanford University, argues that the vast majority of estimates of economic parameters are "underpowered." What does that mean exactly? In this month's Featured Article, economist Robert P. Murphy shows, using a simple example of multiple coin flips, what it means. He points out that 74 percent of studies that estimate the value of a "statistical life"--a concept widely relied on in cost/benefit analyses--are underpowered and likely give an exaggerated estimate of that value.
MORE ARTICLES BY ROBERT P. MURPHY

Arnold Kling

What Makes Capitalism Tick?

Arnold Kling
April 2, 2018
What's the real difference between market and planned economies, and what role does the entrepreneur play in promoting efficiency? Arnold Kling considers these questions, and imagines the powerful Walrasian-Auctioneer Computer, as he looks at Israel Kirzner's Competition, Economic Planning, and the Knowledge Problem, a title being released this month by Liberty Fund Books.
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AN ECONOMIST LOOKS AT EUROPE

Pedro Schwartz

Language and Liberty

Pedro Schwartz
April 2, 2018
How does the language we speak influence our culture, our politics, and our economy? And how is it that we choose the language we speak? This month, Pedro Schwartz wades again into nationalist waters exploring the intervention of the state into the very way in which we speak.
MORE ARTICLES BY PEDRO SCHWARTZ



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Taken to the Cleaners

Lauren F. Landsburg
March 5, 2018
Have you been planning on buying a new washing machine? How about installing some solar panels on your roof? Think again. Lauren Landsburg exposes the recent tariff increases announced by President Trump, along with the murky reasoning behind them.


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Of Diet Cokes and Brain-Focused Economics

Richard B. McKenzie
March 5, 2018
Many of us can point to habits we have that are entrenched: we simply don't seem willing to experiment. In a recent New York Times article, Sendhil Mullinaithan argues that in refusing to experiment more we are making an error and are not doing as well for ourselves as we could. This month's Econlib Feature article author, Richard B. McKenzie, challenges that thinking. He argues that one of a person's most important limited resource is his or her brain. Our refusal to experiment on small things, he argues, may not be a failure at all: maybe we are using our brain power to decide on more-important choices.
MORE ARTICLES BY RICHARD B. MCKENZIE