Milton Friedman Interview with Gary Becker (2003)
16 Jun 2019 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economic history, economics of education, economics of information, economics of regulation, Gary Becker, history of economic thought, industrial organisation, labour economics, law and economics, macroeconomics, Milton Friedman
Earth and Universe As Never Seen Before
15 Jun 2019 Leave a comment
This is an introduction to amazing graphics done by Eleanor Lutz (no relation) at her website Tabletop Whale, an original science illustration blog. Above is a data-based view of Earth’s seasons. If you watch in full screen, the four corners show views of the cycle from top, bottom, and sides. Below is her map of the solar system, showing how much scientific information is represented in the illustration (H/T Real Clear Science)
An Orbit Map of the Solar System
JUNE 10 2019 · Link to the Open-Source Code
This week’s map shows the orbits of more than 18000 asteroids in the solar system. This includes everything we know of that’s over 10km in diameter – about 10000 asteroids – as well as 8000 randomized objects of unknown size. This map shows each asteroid at its exact position on New Years’ Eve 1999.
All of the data for this…
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Governing well, or just slowly making us poorer?
15 Jun 2019 Leave a comment
I noticed in the Herald this morning Audrey Young’s article running the line that (a) it had been a good – in fact, exceptional – week for the government, which had (she claimed) been governing well, and (b) that one example of this was yesterday’s reopening of the Wairoa-Napier railway line. There was a celebratory article on the reopening in this morning’s Dominion-Post, which might better have been labelled as advertorial, and could easily have been taken straight from Shane Jones’s press secretaries. It was, after all, only reopened with the (as yet) rather small amount of the Provincial Growth Fund that has actually been spent. For this particular project, $6.2 million of taxpayers’ money, given to a loss-making SOE that, even running losses, had not itself considered the project viable.
This project was first announced in February 2018 and then I wrote a post about it, under…
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In Depth with Milton Friedman w/ Q&A (2000)
14 Jun 2019 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economic history, economics of education, economics of information, economics of regulation, entrepreneurship, environmental economics, industrial organisation, labour economics, law and economics, macroeconomics, Milton Friedman
Policy Briefs: Terry Anderson Asks Who Washes A Rental Car?
13 Jun 2019 Leave a comment
in applied price theory, Austrian economics, economic history, economics of regulation, energy economics, entrepreneurship, environmental economics, industrial organisation, law and economics, property rights Tags: common property, tragedy of the commons
Debunking Economic Myths | Mark Perry
13 Jun 2019 Leave a comment
in applied price theory, comparative institutional analysis, discrimination, economic history, economics of bureaucracy, economics of education, economics of regulation, gender, health and safety, human capital, income redistribution, international economics, labour economics, labour supply, occupational choice, politics - USA, Public Choice, rentseeking Tags: free trade, gender wage gap
Cuba’s crumbling housing crisis
13 Jun 2019 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economic history, economics of regulation, growth disasters, law and economics, Marxist economics, property rights, Public Choice Tags: Cuba
‘RE-ligion for Rich People’: Green Guru – Michael Shellenberger Slams Hopelessly Unreliable Wind & Solar
12 Jun 2019 Leave a comment
Pope Pompous III: Now all hail and worship me, the wind & sun.
Environmentalists ready to slam never reliable wind and solar and back ever reliable nuclear are rare birds, indeed. Michael Shellenberger is such an animal.
Lauded by environmentalists in the US, Shellenberger is not so much crusading for the environment, but waging a war against the hypocritical and pompous who drive global warming alarmism; a group of virtue signalling jetsetters, dedicated to their mission of depriving reliable and affordable energy to all but themselves and their filthy rich peers.
Last week, that sanctimonious windbag, Al Gore dropped in to Brisbane to berate Australia’s ‘truculent turds’ for rejecting the Green/Labor Alliance’s plans to crush reliable and affordable energy – with a ludicrous 50% RET and crippling CO2 tax – and to wipe out coal mining and coal-fired power and the entire Australian economy, along with it.
So, it was…
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The $2.5 trillion reason we can’t rely on batteries to clean up the grid
12 Jun 2019 Leave a comment
Outside of Parliament, the cold water thrown over the Wellbeing Budget should dampen Robertson’s rapture
12 Jun 2019 Leave a comment
Finance Minister Grant Robertson could not disguise the rapture that had seized him, when he was questioned this week in Parliament on reactions to the budget.
He was excited, apparently, because the government had received an “overwhelming” response from the people of NZ to the wellbeing budget. There had been a vast amount of correspondence.
He cited the Salvation Army as seeing the budget as “a step on the path towards lifting New Zealanders out of poverty” and the Children’s Commissioner likewise believing it “takes seriously the need for a step-change in the way we support the wellbeing of NZ children”.
Good stuff, then, even though it may sound a bit weird to Kiwis who had believed their country’s living standards rank reasonably well against those of other developed nations.
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The Price of Everything, the Value of the Economy: A Clark Medal for Emi Nakamura!
12 Jun 2019 Leave a comment
Fantastic and well-deserved news this morning with the Clark Medal being awarded to Emi Nakamura, who has recently moved from Columbia to Berkeley. Incredibly, Nakamura’s award is the first Clark to go to a macroeconomist in the 21st century. The Great Recession, the massive changes in global trade patterns, the rise of monetary areas like the Eurozone, the “savings glut” and its effect on interest rates, the change in openness to hot financial flows: it has been a wild twenty years for the macroeconomy in the two decades since Andrei Schleifer won the Clark. It’s hard to imagine what could be more important for an economist to understand than these patterns.
Something unusual has happened in macroeconomics over the past twenty years: it has become more like Industrial Organization! A brief history may be useful. The term macroeconomics is due to Ragnar Frisch, in his 1933 article on the
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Jean Tirole: Market Failures and Public Policy
12 Jun 2019 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economics of regulation, law and economics, Public Choice Tags: government failure, market failure
The reason for fewer women in the STEM field
11 Jun 2019 2 Comments
in applied price theory, discrimination, economics of education, gender, human capital, labour economics, labour supply, occupational choice Tags: gender wage gap

Economics and public policy
11 Jun 2019 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, economics of education, economics of regulation, environmental economics, financial economics, health economics, industrial organisation, international economics, labour economics, law and economics, macroeconomics

party in the street: bush v. obama war policy
11 Jun 2019 Leave a comment
From the Wiki entry on the 2007 Troop Surge in Iraq. Notice that troop level start declining in 2007, then stabilize at 40,000 and then 20,000.
When I tell people about Party in the Street, they are often puzzled. They think that the antiwar movement de-escalated because Obama pulled troops out of Iraq. They do not believe that the Obama administration actually pursued a lot of pro-war policies. In other words, people often hold the common view that Obama was clearly the anti-war president and Bush was the pro-war president.
The empirical facts that motivated Party in the Street are two: First, the collapse of the antiwar movement begins during late 2006/early 2007, the point at which troop levels in Iraq were at a high point. If activism were driven solely by facts on the ground, you’d see the Surge lead to an increase in anti-war activism until…
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