Vernon Smith reviews Joe Stiglitz’s book The Road to Freedom: Stiglitz did work in the abstract intellectual theoretical tradition of neoclassical economics showing how the standard results were changed by asymmetric or imperfect information. He is oblivious, however, to the experimental lab and field empirical research showing that agent knowledge of all such information is […]
Smith Reviews Stiglitz
Smith Reviews Stiglitz
24 Apr 2025 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, economics of information, economics of regulation, entrepreneurship, experimental economics, history of economic thought, industrial organisation
Crimson Chide: Harvard Makes the Case Against Itself
24 Apr 2025 Leave a comment
in economics of education, liberalism, Marxist economics, politics - USA Tags: free speech, political correctness, regressive left
Below is my column in The Hill on Harvard faculty organizing in opposition to the Trump Administration’s measures targeting the university for failure to protect Jewish students and its lack of diversity of viewpoints on campus. Despite being a vocal critic of Harvard’s culture of orthodoxy, I have encouraged the Administration to moderate some of […]
Crimson Chide: Harvard Makes the Case Against Itself
Interview with Robert Barro: Empirical Macroeconomics
24 Apr 2025 1 Comment
in budget deficits, business cycles, econometerics, economic history, fiscal policy, macroeconomics
Jon Hartley serves as interlocutor in “Revisiting Empirical Macroeconomics with Robert Barro” (Hoover Institution, Capitalism and Freedom Podcast, March 25, 2025, audio and transcript available). Here are a few of the comments from Barro that especially caught my eye. One basic question in economics is about “the multiplier”–that is, how much will an increase in…
Interview with Robert Barro: Empirical Macroeconomics
Long-Run Effects of Trade Wars
24 Apr 2025 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, econometerics, history of economic thought, industrial organisation, labour economics, labour supply, politics - USA, unemployment Tags: 2024 presidential election, free trade, tariffs, unintended consequences
This short note shows that accounting for capital adjustment is critical when analyzing the long-run effects of trade wars on real wages and consumption. The reason is that trade wars increase the relative price between investment goods and labor by taxing imported investment goods and their inputs. This price shift depresses capital demand, shrinks the […]
Long-Run Effects of Trade Wars
Guest Post: Cultural reports: You didn’t think you’d get rid of me that easily, did you?
24 Apr 2025 Leave a comment
in economics of crime, law and economics, politics - New Zealand Tags: crime and punishment, criminal deterrence, law and order
A guest post by a reader: I regret to inform you that cultural reports are back, wearing a wig and a false mustache. In March 2024, Parliament passed the Legal Services Amendment Bill, which abolished public legal aid funding for section 27 reports, also known as “cultural reports”. Justice Minister Paul Goldsmith stated: “This will […]
Guest Post: Cultural reports: You didn’t think you’d get rid of me that easily, did you?
Where Britain has gone
23 Apr 2025 Leave a comment
in discrimination, economics of crime, economics of education, gender, law and economics, liberalism, Marxist economics, politics - New Zealand, property rights, sports economics Tags: sex discrimination
Ele Ludemann writes – New Zealand First has introduced a Member’s Bill to define the biological definition of man and woman in law. . . . “This is not about being anti-anyone or anti-anything. This is about ensuring we as a country focus on the facts of biology and protect the term ‘woman’ in law”, says New Zealand First Leader […]
Where Britain has gone
Same scandal, different script: how the Herald protects one MP and targets another
23 Apr 2025 1 Comment
in discrimination, economics of crime, economics of religion, law and economics, politics - New Zealand
Centrist reports – In brief NZ Herald gave Green MP Benjamin Doyle 4,000+ words of forensic coverage. National MP Hamish Campbell got 1,300 words and no expert input. Doyle’s social media scandal, with no police angle, was softened by cultural context and framed as a moral panic. Campbell’s ties to a sect under FBI/NZ Police […]
Same scandal, different script: how the Herald protects one MP and targets another
It shouldn’t take a Minister for common sense to prevail
23 Apr 2025 Leave a comment
in discrimination, economics of bureaucracy, gender, health economics, law and economics, liberalism, Marxist economics, politics - New Zealand, Public Choice Tags: free speech, political correctness, regressive left, sex discrimination
Radio NZ reports: The coalition has directed Health New Zealand to say “women” instead of “pregnant people” in its communications about health issues. Associate Health Minister Casey Costello wrote to interim chief executive Dr Dale Bramley on 27 March, telling the agency to use “clear language”. “Recent documents that have reached my office from the […]
It shouldn’t take a Minister for common sense to prevail
Holocaust in Croatia
22 Apr 2025 Leave a comment
in discrimination, economics of crime, law and economics, war and peace Tags: Croatia, Nazi Germany, The Holocaust, World War II
Many Eastern European nations are diverting their guilt in the Holocaust by saying that they were occupied. To me, that is like the German Nazis saying “We didn’t know.” Croatia cannot claim they were occupied. The Independent State of Croatia was ruled by the Croatian fascist Ustaša movement. The Ustaša immediately embarked on a campaign […]
Holocaust in Croatia
My debate with Dani Rodrik about tariffs and free trade
22 Apr 2025 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, economic history, history of economic thought, industrial organisation, international economic law, international economics, labour economics, politics - USA, unemployment Tags: 2024 presidential election, free trade, tariffs
This occurred in Knoxville, you can watch it here. Lots of fun, and p.s. I am more of a free trader than he is. We did have some disagreements.
My debate with Dani Rodrik about tariffs and free trade
The test of time
22 Apr 2025 Leave a comment
in economics of climate change, economics of natural disasters, energy economics, environmental economics, environmentalism, global warming, liberalism, Marxist economics, politics - USA Tags: climate alarmism
Mantrums prove women rights needed
22 Apr 2025 Leave a comment
in discrimination, gender, law and economics, property rights Tags: free speech, gender gap, political correctness, regressive left, sex discrimination
The UK Supreme Court’s declaration that give women back their rights to dignity, privacy and safety have led to mantrums that prove why these rights are needed: Rejoice! For the They / Thems have risen. After being legally crucified by the Supreme Court last Wednesday, the trans faithful marched from Parliament Square in London yesterday […]
Mantrums prove women rights needed
From Refineries to Fiefdoms: Is Newsom Orchestrating a State Takeover of California’s Oil Industry?
22 Apr 2025 Leave a comment
in economics of bureaucracy, economics of climate change, economics of regulation, energy economics, environmental economics, environmentalism, global warming, industrial organisation, law and economics, liberalism, Marxist economics, politics - USA, property rights, Public Choice, survivor principle Tags: California, climate activists, regressive left
California’s refining capacity is collapsing—not because demand has disappeared, but because it is being deliberately dismantled by regulatory fiat. The recent announcement that Valero Energy will idle or shutter its Benicia refinery by 2026 isn’t just a business decision. It’s the calculated result of a hostile policy environment designed to punish traditional energy producers until they either leave the state or fall into government hands.
From Refineries to Fiefdoms: Is Newsom Orchestrating a State Takeover of California’s Oil Industry?
Time to Axe the Climate-Industrial Complex
22 Apr 2025 1 Comment
in economics of climate change, economics of regulation, energy economics, environmental economics, environmentalism, global warming, politics - USA Tags: climate alarmism
Kevin Mooney makes the urgency case in his Real Clear Energy article Celebrating American Independence With an All-Out Assault on Anti-Constitutional Climate Measures. Excerpts in italics with my bolds and added images. Now is the time to double down against the “Climate-Industrial Complex” with accelerated regulatory reforms that will hopefully endure beyond Donald Trump’s second […]
Time to Axe the Climate-Industrial Complex
“When Must We Kill Them?”: George Mason Student Captures the Growing Violent Ideation on the Left
21 Apr 2025 1 Comment
in economics of crime, law and economics, liberalism, Marxist economics, politics - USA Tags: free speech, political correctness, regressive left
There is controversy at George Mason University after Nicholas Decker, an economics PhD student published an essay asking “When Must We Kill Them?” in reference to Trump and his supporters. The essay captures the growing violent ideation on the left, fueled by rage rhetoric from politicians and commentators. The danger is that, for some on […]
“When Must We Kill Them?”: George Mason Student Captures the Growing Violent Ideation on the Left
Utopia, you are standing in it! 
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