Socialism Exposed – Bernie Sanders, Ted Cruz
16 Feb 2017 Leave a comment
in applied price theory, economic history, health economics Tags: Obamacare
The tractors are coming, the tractors are coming for all the horses
16 Feb 2017 Leave a comment
in economic history, industrial organisation, labour economics, labour supply Tags: agricultural economics, creative destruction, technological unemployment, technology diffusion
Many new technologies display long adoption lags, and this is often interpeted as evidence of frictions inconsistent with the standard neoclassical model. We study the diffusion of the tractor in American agriculture between 1910 and 1960 — a well known case of slow diffusion — and show that the speed of adoption was consistent with the predictions of a simple neoclassical growth model.
The reason for the slow rate of diffusion was that tractor quality kept improving over this period and, more importantly, that only when wages increased did it become relatively unprofitable to operate the alternative, labor-intensive, horse technology
Source: Frictionless Technology Diffusion: The Case of Tractors By RODOLFO E. MANUELLI AND ANANTH SESHADRI
Robert Gordon: The death of innovation, the end of growth
15 Feb 2017 Leave a comment
in development economics, economic history, economics Tags: creative destruction
The Korean economic miracle
15 Feb 2017 Leave a comment
in development economics, economic history, growth miracles Tags: South Korea, The Great Escape
Deirdre McCloskey on the Unsavory History of the Minimum Wage – Cafe Hayek
14 Feb 2017 Leave a comment
in applied price theory, economic history, history of economic thought, labour economics, minimum wage
Wondering which generation you’re in, choose your icon
13 Feb 2017 Leave a comment
in applied price theory, economic history, poverty and inequality, urban economics
Utopia, you are standing in it! 
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