Celebrating humanity's flourishing through the spread of capitalism and the rule of law
12 Apr 2025 Leave a comment
in applied price theory, history of economic thought, industrial organisation, international economics, politics - USA Tags: free trade, tarrifs, unintended consequences
There’s a fundamental misconception at the root of President Trump’s tariff policies, which is the mistaken claim that the existence of a US trade deficit proves that trade is unfair. There are two related mistaken claims. One is a claim that if tariff and non-tariff barriers to trade were removed, then trade would be balanced.…
Why Tariffs Don’t Cause and Won’t Fix Trade Deficits
10 Apr 2025 1 Comment
in applied price theory, business cycles, economic growth, economics of information, economics of regulation, entrepreneurship, financial economics, global financial crisis (GFC), history of economic thought, industrial organisation, macroeconomics, politics - USA
Myron Scholes was on top of the world in 1997, having won the Nobel Prize in economics that year for his work in financial economics, work that he had applied in the real world in a wildly successful hedge fund, Long Term Capital Management. But just one year later, LTCM was saved from collapse only […]
When Genius Failed
10 Apr 2025 Leave a comment
in applied price theory, economic history, history of economic thought, labour economics, macroeconomics
Once upon a time, economists were backroom advisers, crunching numbers and developing theories, but rarely in the limelight and certainly not the central actors in political decision-making. However, as Binyamin Appelbaum outlines in his 2019 book The Economists’ Hour, that all changed in the late 1960s. The title of the book references the period from…
Book review: The Economists’ Hour
08 Apr 2025 Leave a comment
in applied price theory, economic history, economics of regulation, entrepreneurship, environmental economics, industrial organisation, law and economics, politics - New Zealand, property rights Tags: housing affordability, land supply
Brian Easton writes – While there have been decades of complaints – from all sides – about the workings of the Resource Management Act (RMA), replacing is proving difficult. The Coalition Government is making another attempt. To help answer the question, I am going to use the economic lens of the Coase Theorem, set out […]
Resource Management and Property Rights
07 Apr 2025 Leave a comment
in applied price theory, entrepreneurship, industrial organisation, law and economics, politics - New Zealand, property rights, Public Choice, survivor principle Tags: competition law
Eric Crampton writes – The pendulum theory of politics suggests that policies often swing from one extreme to another without finding a balanced middle ground. Consider New Zealand’s supermarkets. Current regulations have made it near-impossible for new large-scale grocers to enter the New Zealand market.
Breaking up is hard to do
06 Apr 2025 Leave a comment
in applied price theory, economic history, history of economic thought, industrial organisation, international economics, liberalism, politics - USA, Public Choice, rentseeking Tags: 2024 presidential election, free trade, tariffs
Tweet The post Daniel Hannan on the Logical Contradictions in the Case for Trump’s Tariffs appeared first on Cafe Hayek.
Daniel Hannan on the Logical Contradictions in the Case for Trump’s Tariffs
05 Apr 2025 Leave a comment
in applied price theory, economics of bureaucracy, economics of regulation, environmental economics, law and economics, politics - New Zealand, property rights, Public Choice, regulation, rentseeking, resource economics, urban economics Tags: housing affordability, land supply
Chris Bishop and Simon Court announced principles for the RMA replacement, and they generally look very good (but not perfect). Some key aspects: The new system will be based on the economic concept of “externalities”. Effects that are borne solely by the party undertaking the activity will not be controlled by the new system (for […]
Good principles for RMA reform
04 Apr 2025 Leave a comment
in applied price theory, economic history, income redistribution, industrial organisation, international economic law, international economics, International law, politics - USA, Public Choice, rentseeking Tags: 2024 presidential election, free trade, tariffs
The White House released a list of countries and the tariff rates they charged the US. It was clearly wrong as NZ has an average tariff of around 1.7% on US imports and the list said 20%. I thought it was because they were including our GST of 15%. That would have been very dumb, […]
Trump’s tariff claims are even stupider than anyone thought
02 Apr 2025 Leave a comment
in applied price theory, economic history, economics of bureaucracy, history of economic thought, industrial organisation, law and economics, managerial economics, organisational economics, politics - New Zealand, privatisation, property rights, Public Choice, public economics
New Zealand’s economic development has always been a partnership between the public and private sectors. Brian Easton writes – Public-Private-Partnerships (PPPs) have become fashionable again, partly because of the government’s ambitions to accelerate infrastructural development. There is, of course, an ideological element too, while some of the opposition to them is also ideological. PPPs […]
Public-Private-Partnerships?
01 Apr 2025 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economic history, history of economic thought, income redistribution, industrial organisation, international economics, politics - USA, Public Choice, rentseeking, survivor principle Tags: 2024 presidential election, free trade, tarrifs
It appears that Trump wants to repeat the mistakes of the 1930s with a global trade war. That is going to be very bad news for workers, consumers, taxpayers, manufacturers, farmers, and exporters. But there are two bits of good news. At least for small slices of the populations First, lobbyists will get rich as […]
The Protectionism Edition of Economics Humor
31 Mar 2025 Leave a comment
in applied price theory, Austrian economics, industrial organisation, international economics, labour supply Tags: free trade, tariffs
TweetHere’s a note to a new correspondent. Mr. P__: Thanks for your feedback on Phil Gramm’s and my piece, in yesterday Wall Street Journal, on trade deficits. You believe that I “and Sen. Gramm omit that every US trade deficit means Americans are consuming more than they are producing, a habit that is unsustainable.” With…
U.S. Trade Deficit Do Not Mean that We Americans Are Living Beyond Our Means
30 Mar 2025 Leave a comment
in applied price theory, discrimination, econometerics, economics of education, gender, human capital, labour economics, labour supply, occupational choice Tags: gender wage gap
This paper examines the effects of the Big Five personality traits on labor market outcomes and gender wage gaps using a job search and bargaining model with parameters that vary at the individual level. The analysis, based on German panel data, reveals that both cognitive and noncognitive traits significantly influence wages and employment outcomes. Higher […]
Personality traits and gender gaps
27 Mar 2025 Leave a comment
in applied price theory, development economics, economics of information, economics of regulation, growth disasters, health economics, industrial organisation, labour economics, law and economics, liberalism, Marxist economics, property rights, regulation Tags: Argentina
Cato has a good summary of Deregulation in Argentina: The end of Argentina’s extensive rent controls has resulted in a tripling of the supply of rental apartments in Buenos Aires and a 30 percent drop in price. The new open-skies policy and the permission for small airplane owners to provide transportation services within Argentina has […]
Argentina’s DOGE
27 Mar 2025 Leave a comment
in applied price theory, economics of education, human capital, income redistribution, labour economics, labour supply, poverty and inequality, Public Choice, rentseeking, urban economics Tags: regressive left
Another simple proof.
People Barely Care About Equality
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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