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Fashionable backpack and a 1 year warranty too (1985)
22 Aug 2024 Leave a comment
in economic history, industrial organisation Tags: creative destruction, Great Enrichment
Why Top CEOs Earn Big Paychecks
22 Aug 2024 Leave a comment
in applied price theory, economic history, economics of education, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, liberalism, managerial economics, market efficiency, occupational choice, organisational economics, personnel economics, politics - USA, poverty and inequality, survivor principle Tags: CEO pay, superstar wages
CEO compensation at large firms is high, especially in comparison to average worker wages, sparking debates over income inequality. Critics argue that such pay packages are unfair and disproportionate to actual company performance. Proponents contend that high pay reflects productivity and is necessary to attract scarce top talent to large firms. Let’s go to the […]
Why Top CEOs Earn Big Paychecks
When Did We Start Getting Cavities?
22 Aug 2024 Leave a comment
in economic history, economics of media and culture, health economics
How Chlöe Swarbrick struggled to accept the PM’s position on sovereignty
21 Aug 2024 Leave a comment
in comparative institutional analysis, constitutional political economy, economic history, law and economics, liberalism, Marxist economics, politics - New Zealand, property rights, Public Choice Tags: constitutional law
Bob Edlin writes – Historian and former Labour Government cabinet minister Michael Bassett, in an article posted here earlier today, said those who spend time on the web examining the Treaty of Waitangi will find claims there are four or even five articles when officially there have never been more than three. Bassett went on […]
How Chlöe Swarbrick struggled to accept the PM’s position on sovereignty
Telephone Operators: The Elimination of a Job
20 Aug 2024 Leave a comment
in economic growth, economic history, gender, history of economic thought, industrial organisation, labour economics, labour supply, macroeconomics, market efficiency, occupational choice, survivor principle, unemployment Tags: creative destruction
My tradition on this blog is to take a break (mostly!) from current events in the later part of August. Instead, I pre-schedule daily posts based on things I read during the previous year about three of my preoccupations: economics, editing/writing, and academia. With the posts pre-scheduled, I can then relax more deeply when floating…
Telephone Operators: The Elimination of a Job
When The Democrats Loved Trump
20 Aug 2024 Leave a comment
in economic history, politics - USA, television, TV shows Tags: 2016 US presidential election, 2024 presidential election, regressive left
Joe Rogan has just dropped some amazing video of Donald Trump in 2011. Watch. That was in 2011. The crowd gives him a standing ovation. Barbara Walters, who used to host The View, greets Trump as “My friend”, and he engages in hugs and kisses with… Joy Behar and Whoopie Goldberg! He even says the […]
When The Democrats Loved Trump
Week 312 – Hirohito Announces Surrender – War Continues – WW2 – August 17
19 Aug 2024 Leave a comment
in defence economics, economic history, laws of war, war and peace Tags: atomic bombings, World War II
Election Rule #1: Don’t Support Your Opponent
19 Aug 2024 Leave a comment
in economic history, industrial organisation, macroeconomics, monetary economics, politics - USA Tags: 2024 presidential election, inflation, monetary policy
Who is advising this woman? In what universe do they think she can say this and at the same time fool enough voters that she hasn’t been part of the Biden Administration that has had these price hikes happen on their watch, on her watch. Did they not think that Trump’s campaign would run with […]
Election Rule #1: Don’t Support Your Opponent
STEM and matauranga Māori
18 Aug 2024 Leave a comment
in economic history, liberalism, Marxist economics, politics - New Zealand Tags: Age of Enlightenment, conjecture and refutation, free speech, philosophy of science, political correctness, regressive left
Professor John Raine notes: As regards STEM subjects, when European colonists arrived in the late 18th and into the 19th century, Māori scientific/technical knowledge was approximately at the stage of other developing societies at or pre-3,000 BC, acknowledging that the spiritual/vitalist/animist parts of matauranga Māori would have been differentiated form those of other societies by the…
STEM and matauranga Māori
PETER WILLIAMS: Waitangi Tribunal Report Predictable
18 Aug 2024 Leave a comment
in economic history, law and economics, politics - New Zealand, property rights Tags: constitutional law
Seymour’s courageous but who will support him? That the Waitangi Tribunal was highly critical of the Act party’s proposed, although currently undrafted, Treaty Principles Bill was as predictable as the sun rising in the east. The timing is not surprising either. The Tribunal has become an extraordinarily political body, one that in this instance has…
PETER WILLIAMS: Waitangi Tribunal Report Predictable
Kamala Harris, Price Controls, and the Contest for the Dumbest Policy Proposal of 2024
17 Aug 2024 Leave a comment
in applied price theory, comparative institutional analysis, economic history, economics of bureaucracy, economics of regulation, energy economics, health economics, history of economic thought, income redistribution, industrial organisation, international economics, liberalism, Marxist economics, politics - USA, Public Choice, rentseeking Tags: 2024 presidential election, price controls, tariffs
As a Senator, Kamala Harris embraced all sorts of terrible ideas, such as the Green New Deal and Medicare for All. But she’s now disavowed those proposals in an attempt to make herself seem more reasonable. Trump, by contrast, is consistent. For better or worse, he’s pushing in 2024 the same agenda that he ran […]
Kamala Harris, Price Controls, and the Contest for the Dumbest Policy Proposal of 2024
Friedman vs Stiglitz, Chile vs Venezuela
16 Aug 2024 Leave a comment
in development economics, economic growth, economic history, economics of regulation, entrepreneurship, growth disasters, growth miracles, history of economic thought, income redistribution, labour economics, law and economics, liberalism, macroeconomics, Marxist economics, Milton Friedman, politics - USA, poverty and inequality, property rights, Public Choice, public economics, rentseeking Tags: Chile, free speech, political correctness, regressive left, The Great Enrichment, Venezuela
I’ve repeatedly praised Chile’s pro-market reforms (see here, here, and here) and I’ve repeatedly condemned Venezuela’s shift to socialism (see here, here, and here). But if you don’t have time to read all those columns, this chart from the Maddison database tells you everything you need to know. Simply stated, Chile’s reforms have delivered huge […]
Friedman vs Stiglitz, Chile vs Venezuela
Finally, exchange rate models seem to work pretty well
14 Aug 2024 Leave a comment
in budget deficits, business cycles, econometerics, economic history, financial economics, history of economic thought, inflation targeting, macroeconomics, monetary economics, politics - USA Tags: exchange rates, monetary policy
Exchange-rate models fit very well for the U.S. dollar in the 21st century. A “standard” model that includes real interest rates and a measure of expected inflation for the U.S. and the foreign country, the U.S. comprehensive trade balance, and measures of global risk and liquidity demand is well-supported in the data for the U.S. […]
Finally, exchange rate models seem to work pretty well
Utopia, you are standing in it! 
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