Celebrating humanity's flourishing through the spread of capitalism and the rule of law
30 May 2026 Leave a comment
in applied price theory, economic history, industrial organisation, managerial economics, organisational economics, survivor principle, theory of the firm
Regarding the pervasive problem of cost overruns (defined as government programs and projects that wind up costing far more than initial estimates), I’ve always appreciated this image sent by a reader. It nicely captures a key reason for cost overruns, which is that there is no bottom-line incentive for bureaucrats and politicians to monitor costs. […]
Absurd Cost Overruns Are a Bipartisan Problem
29 May 2026 Leave a comment
in economic history, economics of climate change, environmental economics, environmentalism, global warming Tags: climate alarmism
This week’s heatwave is an exceptionally rare event for this time of year, but it is not unprecedented, even during the few brief years our temperature records date back. The post The 1947 Heatwave, Which The Met Office Keeps Quiet About appeared first on Watts Up With That?.
The 1947 Heatwave, Which The Met Office Keeps Quiet About
29 May 2026 1 Comment
in applied price theory, comparative institutional analysis, constitutional political economy, economic growth, economics of regulation, industrial organisation, law and economics, macroeconomics, property rights
A decade ago, I coauthored a report looking at how greater localism and subsidiarity could be achieved in a very centralised country where local councils have variable capabilities. We settled on policy trial areas. The basic gist was as follows. First, a community would pitch a policy trial area – a special economic zone – with different policy…
SEZs as policy trial areas
29 May 2026 Leave a comment
in applied price theory, economic growth, economic history, fiscal policy, income redistribution, industrial organisation, labour economics, labour supply, macroeconomics, occupational choice, P.T. Bauer, poverty and inequality, Public Choice, public economics Tags: European Union
Given the relative economic weakness that plagues most European nations (documented here, here, here, here, and here), a top priority for policy makers should be to improve incentives for wealth creation. But that assumes politicians care about the prosperity of citizens. Based on a new report from the European Commission, the answer is no. Instead of […]
Europe’s War on Wealth
28 May 2026 Leave a comment
in applied price theory, economic history, financial economics, history of economic thought, macroeconomics, monetary economics
TweetHere’s a letter to the Wall Street Journal. Editor: Greg Ip’s argument that cryptocurrencies, being privately issued, will fail as money relies heavily on his historical claim that privately issued bank notes in the 19th-century United States failed as money (“Stablecoins Are Private Money. That’s Why They’re a Risk to the Economy.” May 25). Mr.…
On Private Money
28 May 2026 Leave a comment
in economics of climate change, energy economics, environmental economics, environmentalism, global warming, law and economics, politics - New Zealand, property rights Tags: climate activists, climate alarmism, nuisance suits
Legislation or Litigation The Smith v Fonterra case was brought by climate change spokesperson for the Iwi Chairs Forum Michael Smith (Ngāpuhi, Ngāti Kahu) against several major emitters. Smith was attempting to use tort law to address the diffuse, cumulative harms of climate change to his property, culture, and iwi. When the matter came before the Court […]
The Courts and Climate Change
28 May 2026 Leave a comment
in applied price theory, budget deficits, economic growth, fiscal policy, history of economic thought, international economics, macroeconomics, politics - USA
Looking at Part I and Part II, and considering the focus of today’s column, this series should actually be entitled “Trade Deficit Literacy.” That’s because the material I cite explains that a trade deficit is merely the flip side of an investment surplus. And it is good that the United States is a magnet for […]
Trade Deficit Illiteracy, Part III
28 May 2026 Leave a comment
in business cycles, history of economic thought, labour economics, macroeconomics, monetary economics, unemployment
Economics has recently lost another of the greats, Nobel Prize-winning economist Edmund Phelps, who passed away last week. Phelps was a macroeconomist, and among his many contributions he helped to formalise the concept of the natural rate of unemployment. Phelps won the Nobel Prize in 2006 for “his analysis of intertemporal tradeoffs in macroeconomic policy”.Surprisingly,…
Edmund Phelps, 1933-2026
27 May 2026 Leave a comment
in discrimination, economics of regulation, gender, law and economics, liberalism, Marxist economics, politics - Australia, politics - New Zealand, politics - USA, property rights Tags: 2024 presidential election, sex discrimination
One political advertisement stood out from the thousands that blitzed the US presidential campaign of 2024. It inflicted enormous damage on the Democratic Party’s flagbearer, Kamala Harris. The ad’s central tagline deployed just two sentences: “Kamala is for they/them. President Trump is for you.” Former President Bill Clinton urged the Harris Campaign to come back […]
NZ First’s foray into transgender issues might be ethically dubious, but politically it could be a winner
27 May 2026 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, great depression, history of economic thought, macroeconomics
To follow up on Part I and Part II in this series, let’s start with this Stossel video featuring Professor Don Boudreaux of George Mason University. The message is simple and accurate. Starting nearly 100 years ago, we got terrible statist policy from Herbert Hoover, followed by terrible statist policy from Franklin Roosevelt. No wonder […]
Blame Washington for the Great Depression, Part III
27 May 2026 Leave a comment
in economic growth, economic history, economics of bureaucracy, macroeconomics, politics - New Zealand, Public Choice
(And what we can learn from the Luddites) In 1987 Telecom New Zealand employed about 25,000 people. By 1997 it employed under 8,000. A single corporation shed 17,000 jobs in a decade, in a country of 3.3 million. The cost of Telecom’s long-distance calls fell by 60 per cent between 1987 and 1992. The decade that followed […]
Schumpeter comes to Wellington
26 May 2026 Leave a comment
in applied price theory, econometerics, economic growth, economic history, entrepreneurship, fiscal policy, macroeconomics Tags: taxation and entrepreneurship, taxation and investment
Three findings emerge. First, improvements in aggregate tax competitiveness are positively and significantly associated with real GDP per capita growth, robust to a wide range of controls. Second, this aggregate effect is driven entirely by the corporate tax pillar; no other component displays a significant growth effect. Third, the corporate tax effect materializes contemporaneously and…
The corporate tax rate really matters
26 May 2026 Leave a comment
in economics of climate change, economics of natural disasters, economics of regulation, energy economics, environmental economics, environmentalism, global warming Tags: climate alarmism
Human welfare, not abstract emissions targets, must remain the lodestar. History shows that technological progress and energy abundance, not central planning, have lifted billions from poverty and improved environmental outcomes along the way. The post Rage, Rage Against the Dying of the Net Zero Dream appeared first on Watts Up With That?.
Rage, Rage Against the Dying of the Net Zero Dream
26 May 2026 Leave a comment
in applied price theory, history of economic thought, international economics
Tweet… is from pages 171-172 of Menzie Chinn’s and Douglas Irwin’s excellent 2025 textbook, International Economics: The Lerner Equivalence Theorem – that an import tariff is equivalent to an export tax – carries a powerful message: a country that tries to protect import competing industries from foreign competition may be able to help those industries…
Quotation of the Day…
26 May 2026 Leave a comment
in economics of regulation, politics - New Zealand, urban economics Tags: housing affordability, land supply, zoning
Radio NZ reports: A developer is calling on the Upper Hutt City Council to let it build what it believes to be a crucial road, so it can construct 1600 homes. Guildford Timber Company (GTC) wants to build the road through an area of council-owned land known as the Silverstream Spur, home to a number…
1,600 more homes in Upper Hutt, if the Council doesn’t block it
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Res ipsa loquitur - The thing itself speaks
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The truth about the great wind power fraud - we're not here to debate the wind industry, we're here to destroy it.
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Utopia, you are standing in it! 
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