Below is my column in the New York Post on the sharp decline in millionaires in New York, costing the…
“Start Spreadin’ the News”: New York Losing Billions as Millionaires Flee the Big Apple
“Start Spreadin’ the News”: New York Losing Billions as Millionaires Flee the Big Apple
23 Jul 2026 Leave a comment
in applied price theory, economic growth, fiscal policy, macroeconomics
Pronatal policies
21 Jul 2026 Leave a comment
in applied price theory, labour economics, labour supply, population economics Tags: economics of fertility
The Institute for Family Studies puts up a pro-natal proposal that I’d not seen before.Most of the literature I’ve seen on baby bonuses suggests that the amount on offer would have to be hefty to have substantive effects. This version could harness a bit of loss aversion:President Trump launched a small savings account seeded with…
Pronatal policies
Fixing Argentina’s Punitive Tax System
20 Jul 2026 1 Comment
in Austrian economics, development economics, macroeconomics, economic growth, applied price theory, economic history, fiscal policy, growth disasters Tags: Argentina
Almost exactly one year ago, the Center for Freedom and Prosperity released this short video as part of a series on the additional reforms Javier Milei should implement to maximize Argentinian prosperity. Let’s take a closer look at the country’s tax policy, and I’ll start today’s column with an analogy. When Milei took office, Argentina […]
Fixing Argentina’s Punitive Tax System
Is Progress Sustainable? Mokyr’s Nobel Lecture
18 Jul 2026 1 Comment
in applied price theory, development economics, economic growth, economic history, entrepreneurship, history of economic thought, macroeconomics
“Progress” is a word that often generates both a lot of positive vibes, and also a lot of pushback? Progress toward what? At what cost? So it’s perhaps useful to specify that when I refer to “progress,” I’m referring to an overall movement toward good things of life: in no particular order, longer and healthier…
Is Progress Sustainable? Mokyr’s Nobel Lecture
Some Links
17 Jul 2026 Leave a comment
in applied price theory, Austrian economics, entrepreneurship, history of economic thought, industrial organisation
TweetMarian Tupy disabuses American socialists of their economically ignorant belief that successful entrepreneurs steal their wealth from workers and consumers. Two slices: Early economists, such as James Mill and David Ricardo, theorized that the physical labor exerted to create a good is the real measure of its value. Karl Marx took the concept to its…
Some Links
The Equal Pay Madness Just Got Madder
17 Jul 2026 1 Comment
in applied price theory, discrimination, economics of regulation, gender, human capital, labour economics, labour supply, occupational choice Tags: gender wage gap
In my post Equality Act 2010 I discussed the UK’s absolutely insane wage policy: In short, supply and demand have been replaced by judges and labor boards with the authority to deem which jobs are “equal” and therefore should be paid equally….No one is alleging that male and female warehouse workers were paid unequally or…
The Equal Pay Madness Just Got Madder
Does Costco Follow The Efficiency Wage Theory?
13 Jul 2026 1 Comment
in applied price theory, entrepreneurship, industrial organisation, labour economics, labour supply, managerial economics, organisational economics, personnel economics
See He Earns $33 an Hour as a Costco Cashier, Now He’s a Millionaire: Long-tenured workers like cashier Tony Barzar are reliable, experienced and able to speed shoppers through a checkout line-Costco is willing to pay to keep them around by Sarah Nassauer of The WSJ. I explain The Efficiency Wage Theory below after article excerpts:”Costco has…
Does Costco Follow The Efficiency Wage Theory?
The Supply And Demand Game
12 Jul 2026 Leave a comment
in applied price theory, economics of information, history of economic thought Tags: experimental economics
I played it in each class I taught. A former colleague taught it to me many years ago. As far as I know, I use the game invented by Edward Chamberlin and refined by Vernon Smith. Click here to see the Lessons From the Supply and Demand Game. Or just read it all here. Part…
The Supply And Demand Game
Capital Gains Can Be Labor Income
10 Jul 2026 Leave a comment
in applied price theory, fiscal policy, macroeconomics, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, top 1%
Zwick and Zidar argue that a substantial share of the decline in labor share can be accounted for by changing forms of pay, including pass-throughs and equtiy compensation. In particular, if an employee is paid in stock and that stock increases in value then the tax rules tend to count some of that as capital…
Capital Gains Can Be Labor Income
Missing women on Indian streets
09 Jul 2026 Leave a comment
in applied price theory, development economics, discrimination, econometerics, economics of crime, gender, growth miracles, law and economics Tags: sex discrimination
How absent are women from city streets in the developing world? We answer this question using GPS-linked wearable cameras and randomized street audits across ~900 kilometers of roads in greater Mumbai. Across 4000+ street images containing 23,000+ visible person observations, women account for 16.4% of visible people in Mumbai and 14.7% in Navi Mumbai, far…
Missing women on Indian streets
What Is Personalized Pricing—and Why Are Lawmakers Scrambling to Ban It?
07 Jul 2026 Leave a comment
Companies already track your every move online. Some researchers say it is only a matter of time until retailers start using that data to set prices just for you.By Jackie Snow of The WSJ.The print edition titled this article “How to Prevent Personalized Pricing.” This sounds like a form of price discrimination, which I will…
What Is Personalized Pricing—and Why Are Lawmakers Scrambling to Ban It?
The Troubled History of Government Equity in Technology
07 Jul 2026 1 Comment
in applied price theory, economic history, economics of regulation, entrepreneurship, industrial organisation, privatisation, Public Choice, rentseeking, survivor principle Tags: creative destruction, Germany
Even though Germany privatized Deutsche Telekom in 1996, the federal government retained a substantial ownership stake. This partial state ownership status, which remains to this day, presents a textbook example of how this type of arrangement distorts incentives and delays the competitive dynamism necessary for technological progress. Through the late 1990s and into the 2000s, Deutsche Telekom…
The Troubled History of Government Equity in Technology
Do falling birth rates boost per capita income?
06 Jul 2026 Leave a comment
in applied price theory, econometerics, economic growth, human capital, labour economics, labour supply, macroeconomics Tags: economics of fertility
The secular decline in birth rates across the globe over the past seven decades has slowed population growth, raised average ages, and reshaped labor markets and the macroeconomy. Contrary to the widespread expectation that these trends hamper economic growth, we find lower birth rates are associated with higher growth in GDP per working-age adult across…
Do falling birth rates boost per capita income?
Rent Control: The Ceiling Trap
02 Jul 2026 Leave a comment
in applied price theory, economic history, economics of regulation, law and economics, property rights Tags: rent control
Rent control is in the news again. Check out my new website, Rent Control: The Ceiling Trap. Here is just one bit: Norway abolished its rent control in 1982, and the economist Are Oust realized the newspapers had been quietly recording the whole experiment. He collected housing classifieds from Oslo’s Aftenposten from 1970 to 2008 and watched…
Rent Control: The Ceiling Trap
Utopia, you are standing in it! 
Recent Comments