Best of Kerry O’Keeffe, the funniest cricket personality ever, *that* laugh!!!!!!
28 Apr 2016 Leave a comment
in cricket, economics of media and culture Tags: economics of advertising
German city installs traffic lights in pavements to protect texting pedestrians
28 Apr 2016 Leave a comment
in economics of media and culture, transport economics Tags: entrepreneurial alertness, road safety, smart phones
How to survive the wacky gender politics on campus
28 Apr 2016 Leave a comment
in discrimination, economics of education, economics of media and culture, gender Tags: gender politics, political correctness, safe spaces
The Economics of #Brexit
28 Apr 2016 Leave a comment
in economics of media and culture, international economics Tags: Brexit, British economy, EU
Los Lobos – La Bamba
28 Apr 2016 Leave a comment
in economics of media and culture, Music Tags: Los Lobos
Indiana Burglar Sues Homeowner Who Shot Him
28 Apr 2016 Leave a comment
in economics of media and culture
There is an interesting case out of Indiana where a would-be burglar who was shot by an owner is suing over the wounding. David A. Bailey, 31, reportedly broke into the garage of David McLaughlin of Dunkirk, Ind., on April 21, 2014. McLaughlin, now 33, fired gunshots at the intruder as Bailey fled from his property — hitting him in the left arm.
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THE GO BETWEENS “Right Here”
27 Apr 2016 Leave a comment
in economics of media and culture Tags: The Go-Betweens
Tooheys 2.2 with Max Walker (Australian ad) 1986
27 Apr 2016 Leave a comment
in cricket, economics of media and culture Tags: economics of advertising
Pups’ Reactions Are Priceless When Cat Shows Up Unannounced At Dog Show
27 Apr 2016 Leave a comment
in cats, economics of media and culture Tags: dogs
Brexit: Why the United Kingdom should “Vote Leave”…in 60 Seconds
27 Apr 2016 Leave a comment
in economics of media and culture, international economics Tags: Brexit
Why Private Investment Works & Govt. Investment Doesn’t
27 Apr 2016 1 Comment
in applied price theory, comparative institutional analysis, constitutional political economy, economic history, economics of media and culture, economics of regulation, industrial organisation, survivor principle Tags: industry policy, picking winners, The fatal conceit, The pretence to knowledge
Does it Feel Good or Does it Do Good?
27 Apr 2016 Leave a comment
in applied price theory, economics of media and culture, labour economics, minimum wage Tags: expressive voting, rational irrationality
Alchian on Money Illusion and the Wage-Price Lag During Inflation
27 Apr 2016 Leave a comment
in economics of media and culture
At the end of my post a couple of days ago, I observed that the last two sentences of the footnote that I reproduced from Alchian’s “Information Costs, Pricing, and Resource Unemployment,” required a lot of unpacking. So let’s come back to it and try to figure out what Alchian meant. The point of the footnote was to say that Keynes’s opaque definition of involuntary unemployment rested on a distinction between the information conveyed to workers by an increase in the price level, their money wage held constant, and the information conveyed to them by a reduction in their money wage, with the price level held constant. An increase in the price level with constant money wages conveys no information to workers about any change in their alternatives. Employed workers are not induced by an increase in prices to quit their current jobs in the expectation of finding higher…
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The Paradox of Fiat Money
27 Apr 2016 Leave a comment
in economics of media and culture
Hal Varian is a very, very smart economist, now Professor emeritus at UC Berkeley, and chief economist at Google. For a number of years, he used to write a monthly column for the New York Times. In a January 2004 column, he posed the question “Why Is that Dollar in Your Wallet Worth Anything?.” The first answer he considered was the one in which most lay people probably believe: that the government makes it worth something by declaring it legal tender. The problem with that answer, Varian observed, is that whatever the government says, nothing prevents people who want to from using something other than dollars to execute the transactions or discharge their debts. If people didn’t find it in their own best interest to transact in dollars, all the legal tender laws in the world couldn’t force them to keep making transactions in dollars.
Varian therefore proposed…
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What’s Wrong with Monetarism?
27 Apr 2016 Leave a comment
in economics of media and culture
Brad DeLong recently did a post (“The Disappearance of Monetarism”) referencing an old (apparently unpublished) paper of his following up his 2000 article (“The Triumph of Monetarism”) in the Journal of Economic Perspectives. Paul Krugman added his own gloss on DeLong on Friedman in a post called “Why Monetarism Failed.” In the JEP paper, DeLong argued that the New Keynesian policy consensus of the 1990s was built on the foundation of what DeLong called “classic monetarism,” the analytical core of the doctrine developed by Friedman in the 1950s and 1960s, a core that survived the demise of what he called “political monetarism,” the set of factual assumptions and policy preferences required to justify Friedman’s k-percent rule as the holy grail of monetary policy.
In his follow-up paper, DeLong balanced his enthusiasm for Friedman with a bow toward Keynes, noting the influence of Keynes on both classic and…
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Utopia, you are standing in it! 
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