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Cash poverty is a poor measure of deep poverty in the USA

May 25, 2018

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Did US ever default? It did in 1930s..

May 25, 2018

Mostly Economics

Prof Sebastian Edwards of UCLA says most believe US has never defaulted but it did in 1930s:

One of the most pervasive myths about the United States is that the federal government has never defaulted on its debts. Every time the debt ceiling is debated in Congress, politicians and journalists dust off a common trope: the US doesn’t stiff its creditors.

There’s just one problem: it’s not true. There was a time, decades ago, when the US behaved more like a “banana republic” than an advanced economy, restructuring debts unilaterally and retroactively. And, while few people remember this critical period in economic history, it holds valuable lessons for leaders today.

In April 1933, in an effort to help the US escape the Great Depression, President Franklin Roosevelt announced plans to take the US off the gold standard and devalue the dollar. But this would not be…

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Originally posted on Mostly Economics:
Jesús Huerta de Soto discusses the differences in two schools: Neoclassical economists believe that capital supply and demand jointly determine the interest rate in equilibrium, that subjective considerations of time preference determine supply, but that entrepreneurs determine demand based on the marginal productivity of capital (that is, based on predominantly…

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JONATHAN TURLEY This week, I appeared on the CNN special addressing the Religious Freedom Restoration Act (RFRA) in Indiana. While I have been a long-standing supporter of same-sex marriage, I raised concerns over the dismissive treatment of religious concerns over the scope of anti-discrimination laws and how they may curtail free exercise of religion. I …

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Kahneman’s Time Interview Fails to Allay Concerns About Behavioral Law and Economics

May 25, 2018

Truth on the Market

TOTM alumnus Todd Henderson recently pointed me to a short, ten-question interviewTimeMagazine conducted with Nobel prize-winning economist Daniel Kahneman.  Prof. Kahneman is a founding father of behavioral economics, which rejects the rational choice model of human behavior (i.e., humans are rational self-interest maximizers) in favor of a more complicated model that incorporates a number of systematic irrationalities (e.g., the so-called endowment effect, under which people value items they own more than they’d be willing to pay to acquire those same items if they didn’t own them). 

 I’ve been interested in behavioral economics since I took Cass Sunstein’s “Elements of the Law” course as a first-year law student.  Prof. Sunstein is a leading figure in the “behavioral law and economics” movement, which advocates structuring laws and regulations to account for the various irrationalities purportedly revealed by behavioral economics.  Most famously, behavioral L&E calls for the imposition of default rules…

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Truth on the Market Welcome! The rise of behavioral economics, and in turn, behavioral law and economics, has been one of the most significant developments in either field in a remarkably short period of time.  In 2010, Nudge is a household name, “libertarian paternalism” is (a hotly debated) a term of art, and behavioral economics …

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Originally posted on International Liberty:
I received my Ph.D. from George Mason University in Fairfax, VA, and I have very fond memories of that experience, including interactions with great economists such as James Buchanan and Walter Williams. But not everyone has favorable views of GMU’s market-friendly program. There’s a group, UnKoch My Campus, that pretends…

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