By Eric Pichet, here is the abstract: Despite attempts to ‘unwind’ the Impôt de Solidarité sur la Fortune (‘Solidarity Wealth Tax,’ the French wealth tax) during the last legislature (2002-2007), ISF yields had soared by 2006, jumping from €2.5 billion in 2002 to €3.6 billion. Analysis of the economic consequences of this ISF wealth tax […]
The Economic Consequences of the French Wealth Tax
The Economic Consequences of the French Wealth Tax
17 Sep 2024 Leave a comment
in applied price theory, econometerics, economic history, entrepreneurship, fiscal policy, human capital, income redistribution, labour economics, labour supply, macroeconomics, occupational choice, poverty and inequality, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, taxation and labour supply
It Happened Again! The New York Times Writes about Venezuela’s Collapse and Fails to Mention Socialism
16 Sep 2024 Leave a comment
in development economics, economic growth, economic history, growth disasters, history of economic thought, income redistribution, liberalism, macroeconomics, Marxist economics, politics - USA, Public Choice Tags: regressive left, useful idiot, Venezuela
I sometimes make the theoretical case against socialism. Usually, this means exposing the flaws of the core components of the socialist ideology. Government ownership of the means of production is a recipe for resource misallocation. Central planning has a miserable track record of failure because consumer preferences are ignored. Price controls distort incentives to make […]
It Happened Again! The New York Times Writes about Venezuela’s Collapse and Fails to Mention Socialism
Managed Democracy: Letting The People Decide, But Only When They Can Be Relied Upon To Give the Right Answer.
14 Sep 2024 Leave a comment
in economic history, law and economics, politics - USA, Public Choice Tags: constitutional law
Uh-uh! Not So Fast, Citizens! The power to initiate systemic change remains where it has always been in New Zealand’s representative democracy – in Parliament. To order a binding referendum, the House of Representatives must first to be persuaded that, on the question proposed, sharing its decision-making power with the people is a good idea. Not…
Managed Democracy: Letting The People Decide, But Only When They Can Be Relied Upon To Give the Right Answer.
Africa
14 Sep 2024 Leave a comment
in defence economics, economic history, war and peace Tags: Africa, age of empires, economics of colonialism, maps
Main medieval slave routes in Africa
14 Sep 2024 Leave a comment
in economic history, international economics, labour economics, labour supply, law and economics, liberalism Tags: Africa, economics of slavery
Love the backpack
14 Sep 2024 Leave a comment
in economic history, economics of media and culture Tags: creative destruction
SHOWDOWN: Willie Jackson vs David Seymour on the Treaty Principles Bill
11 Sep 2024 Leave a comment
in comparative institutional analysis, economic history, law and economics, liberalism, politics - New Zealand, property rights, Public Choice Tags: constitutional law, political correctness, racial discrimination, regressive left
Failing Banks
11 Sep 2024 Leave a comment
in business cycles, economic history, financial economics, global financial crisis (GFC), great depression, great recession, macroeconomics, monetary economics, politics - USA Tags: bank panics, bank runs
From Sergio Correia, Stephan Luck, and Emil Verner: Why do banks fail? We create a panel covering most commercial banks from 1865 through 2023 to study the history of failing banks in the United States. Failing banks are characterized by rising asset losses, deteriorating solvency, and an increasing reliance on expensive non-core funding. Commonalities across…
Failing Banks
Rent controls make many tenants worse off in the Netherlands
10 Sep 2024 Leave a comment
in applied price theory, economic history, economics of regulation, income redistribution, Public Choice, rentseeking, transport economics, urban economics Tags: rent control
Rent controls have created shortages of housing, every time and in every place that they have been tried. In the latest futile attempt to create working rent controls, the Netherlands has worsened its housing shortage. As Bloomberg reported recently (paywalled, but try this alternative link):Two years ago, Nine Moraal and her two children moved into a…
Rent controls make many tenants worse off in the Netherlands
Recovering from New Zealand’s worst ever economic decision: The cancellation of the Kirk Government’s superannuation scheme
08 Sep 2024 1 Comment
in economic growth, economic history, fiscal policy, income redistribution, labour economics, labour supply, macroeconomics, politics - New Zealand, poverty and inequality, Public Choice, public economics
EEconomists wonder about the “New Zealand paradox”, which is that New Zealand under-performs economically given its policies, institutions, natural resources, educated people, and compliance with trade and other multi-lateral agreements. Our economic reforms from the mid-1980s and on were textbook economic theory and yet the real-world results disappointed. However, New Zealand has different policy settings […]
Recovering from New Zealand’s worst ever economic decision: The cancellation of the Kirk Government’s superannuation scheme
From the comments, on moving to the suburbs
07 Sep 2024 Leave a comment
in economic history, politics - USA, transport economics, urban economics
As Ed Banfield observed, the flight to the suburbs pre-dated the car because people prefer cheaper housing and more space: “The first elevated steam railroads were in New York in the 1870s, and twenty years later every sizable city had an electric trolley system. Railroads and trolleys enabled more people to commute and to commute […]
From the comments, on moving to the suburbs
The Assassination of President William McKinley
07 Sep 2024 Leave a comment
in economic history, economics of crime, law and economics, politics - USA
The 25th president of the United States, William McKinley, was assassinated on September 6, 1901, during a public event at the Pan-American Exposition in Buffalo, New York. McKinley was attending a reception at the Temple of Music, where he was greeting members of the public as part of his duties at the exposition, a grand […]
The Assassination of President William McKinley
Friedman vs Stiglitz: Estonia and Poland vs. Argentina and Venezuela
06 Sep 2024 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economic history, economics of bureaucracy, entrepreneurship, growth disasters, growth miracles, history of economic thought, income redistribution, industrial organisation, international economics, labour economics, law and economics, liberalism, Marxist economics, poverty and inequality, property rights, Public Choice, rentseeking, survivor principle Tags: Argentina, Chile, Poland, regressive left, Venezuela
About 10 days ago, i showed that Milton Friedman was a much better economist than Joseph Stiglitz by comparing Chile (which followed Friedman’s ideas) and Venezuela (which followed Stiglitz’s ideas). It was a slam-dunk win for Friedman. Chile started poor and has become relatively prosperous. The opposite happened in Venezuela, which started relatively prosperous and […]
Friedman vs Stiglitz: Estonia and Poland vs. Argentina and Venezuela
Jim Crow and Black Economic Progress After Slavery
05 Sep 2024 Leave a comment
in applied price theory, discrimination, economic history, economics of education, human capital, labour economics, labour supply, politics - USA, poverty and inequality Tags: economics of slavery, racial discrimination
This paper studies the long-run effects of slavery and restrictive Jim Crow institutions on Black Americans’ economic outcomes. We track individual-level census records of each Black family from 1850 to 1940, and extend our analysis to neighborhood-level outcomes in 2000 and surname-based outcomes in 2023. We show that Black families whose ancestors were enslaved until […]
Jim Crow and Black Economic Progress After Slavery
“That Has to Stop”: Harris Denounces Unfettered Free Speech in 2019 CNN Interview
05 Sep 2024 Leave a comment
in economic history, liberalism, Marxist economics, politics - USA Tags: 2024 presidential election, Age of Enlightenment, free speech, political correctness, regressive left
I previously wrote how a Harris-Walz Administration would be a nightmare for free speech. Both candidates have shown pronounced anti-free speech values. Now, X owner Elon Musk and former independent presidential candidate Robert F. Kennedy Jr. have posted a Harris interview to show the depths of the hostility of Harris to unfettered free speech. I […]
“That Has to Stop”: Harris Denounces Unfettered Free Speech in 2019 CNN Interview
Utopia, you are standing in it! 
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