Stephen Williamson on how good economic models of financial crises can’t predict them
22 Sep 2018 Leave a comment
in applied price theory, business cycles, economics of information, economics of regulation, global financial crisis (GFC), great recession, macroeconomics, monetary economics Tags: banking panics
David Friedman at Libertopia 2010
21 Sep 2018 Leave a comment
in applied price theory, applied welfare economics, David Friedman, economics of crime, economics of information, economics of media and culture, economics of regulation, entrepreneurship, industrial organisation, law and economics, property rights Tags: creative destruction
.@MaxRashbrooke wants to close Jetstar and give Telecom its monopoly back! Seriously; that is the test of whether he believes what he is saying
16 Sep 2018 Leave a comment
in applied price theory, economics of regulation, politics - New Zealand
Does this mean Max always flys Air New Zealand and has his mobile phone contract with Telecom?
Everyone’s household income has gone up according to these impeccable left-wing sources despite the dead hand of neoliberalism; there was the return of real wages growth after 20 years stagnation after the passage of the Employments Contracts Act. After staying at $24 per hour for 20 years from 1975 in the good old days of union power and collective bargaining, average wages increased from $24 an hour to about $28 per hour by 2014 in one of the most deregulated labour markets in the world.
The increase in percentage terms of Maori and Pasifika real household income is much larger than for Pakeha since the economic reforms of the 1980s and 1990s. As Bryan Perry (2015, p. 67) explains when commenting on table D6 sourced by Closer Together Whakatata Mai:
From a longer-term perspective, all groups showed a strong rise from the low point in the mid 1990s through to 2010. In real terms, overall median household income rose 47% from 1994 to 2010: for Maori, the rise was even stronger at 68%, and for Pacific, 77%. These findings for longer- term trends are robust, even though some year on year changes may be less certain. For 2004 to 2010, the respective growth figures were 21%, 31% and 14%.
The classic in Australia is Kim Beazley in the 1998 federal election:
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He was asked by a journalist that if the GST is a mistake, as he claimed, would he repeal the GST if he won office at some later time.
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Beazley waffled about you can’t unscramble an egg and so on. He could not admit the truth.
If deregulation was a mistake, campaign for a reintroducing of the two-airline policy, the bank regulation that suppressed competition, high tariffs on cars, electrical goods and clothes, and media regulation that outlawed cable TV. Campaign for a repeal of the GST and for 66% tax rates again on the middle class! The Left must campaign for a buy back of the Commonwealth Bank, Qantas and Telecom. They will be a good buy. Public ownership is said by them to be as least as efficient as private ownership, and the cost of capital cost for state owned enterprises is allegedly less.
How Zoning Laws Are Holding Back America’s Cities
15 Sep 2018 Leave a comment
in economics of bureaucracy, economics of regulation, income redistribution, Public Choice, rentseeking, urban economics Tags: NIMBY, zoning
Residential property yields are now a little bit better than a bank deposit
13 Sep 2018 Leave a comment
in economics of regulation, politics - New Zealand, urban economics
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Rental yields halve! @maramardavidson wants to slash them again with $10,000 warrant of fitness?!
13 Sep 2018 Leave a comment
in applied price theory, economics of regulation, politics - New Zealand, urban economics
.@maramadavidson @_AAAP_ don’t deny more homelessness under mandatory warrants of fitness for rental properties?!
11 Sep 2018 Leave a comment
in economics of regulation, politics - New Zealand, Public Choice, urban economics
Legal Weed: The Great Social Experiment @_chloeswarbrick a master class in legislative drafting @cjsbishop
08 Sep 2018 Leave a comment
in economics of bureaucracy, economics of crime, economics of regulation, health economics, law and economics, Public Choice Tags: economics of prohibition, marijuana decriminalisation, offsetting behaviour, unintended consequences
Zombie economics is back on seller concentration and market power @Noahopinion
05 Sep 2018 Leave a comment
in applied price theory, economics of regulation, entrepreneurship, industrial organisation, politics - USA
Utopia, you are standing in it! 
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