Celebrating humanity's flourishing through the spread of capitalism and the rule of law
31 Aug 2024 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, constitutional political economy, economic growth, economic history, economics of bureaucracy, entrepreneurship, human capital, income redistribution, labour economics, labour supply, liberalism, macroeconomics, Marxist economics, politics - USA, poverty and inequality, Public Choice, public economics, rentseeking, welfare reform Tags: Europe, social insurance
I’ve written many times about how Americans are much richer than Europeans. And I’ve also written many times that the U.S. economy has been growing faster (which shouldn’t happen according to convergence theory). There’s a simple reason for America’s superior performance. The U.S. is burdened by a medium-sized welfare state and a bad tax system […]
European Policies = European Stagnation
28 Aug 2024 1 Comment
in entrepreneurship, industrial organisation, survivor principle, television, TV shows Tags: media bias
25 Aug 2024 Leave a comment
in applied price theory, economics of regulation, entrepreneurship, history of economic thought, industrial organisation, liberalism, Marxist economics, politics - USA Tags: 2024 presidential election, price controls, regressive left, rent control
TweetIn the print edition of tomorrow’s (Friday’s) Wall Street Journal, Richard McKenzie and I explain some of the many unintended ill-consequences of the price controls proposed by Kamala Harris. A slice: Price-control proponents often justify their position by claiming that grocery stores are monopolies. They point to a fantasy economic theory that purports to show how…
Price Controls Reflect Utter Economic Insanity
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
21 Aug 2024 Leave a comment
in applied price theory, entrepreneurship, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment
As part of her tax-and-spend agenda, Kamala Harris says she wants to increase the federal corporate tax rate from 21 percent to 28 percent. While it doesn’t seem possible, there is a tiny sliver of good news in her proposal. I’m happy that she isn’t proposing to push the rate to 35 percent, which is […]
Kamala’s Proposed Increase in the Corporate Tax Rate: The Good News and Bad News
17 Aug 2024 Leave a comment
in applied price theory, comparative institutional analysis, economics of regulation, entrepreneurship, history of economic thought, industrial organisation, law and economics, politics - Australia, politics - New Zealand, privatisation, property rights
The extent to which the government should be involved in the provision of goods and services generates a lot of debate. Most of that debate is unhelpful, since it involves small-government, market-fundamentalist types arguing against anti-market socialist types. It’s all ideological, and there’s a pretty good chance that neither of the sides in that argument…
Should the government operate petrol stations?
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
23 Jul 2024 Leave a comment
in applied price theory, entrepreneurship, income redistribution, Public Choice, public economics Tags: France, regressive left, taxation and entrepreneurship, taxation and investment
Some folks on the left have a deep-seated resentment of successful investors, entrepreneurs, business owners, and other high-income people. They want to hit them with confiscatory tax rates, even if the tax is so punitive that the government doesn’t wind up with more revenue. Heck, some of them are so consumed by hate and envy […]
Will France Opt for Bernie Sanders-Style Taxation?
30 Jun 2024 Leave a comment
in economic history, entrepreneurship, industrial organisation, survivor principle
26 Jun 2024 Leave a comment
in applied price theory, entrepreneurship, history of economic thought, industrial organisation, law and economics, Ronald Coase Tags: competition law
Nobel Laureate Ronald Coase once quipped that he left antitrust because “When prices go up, its monopolization, when prices fall it’s predation, and when they stay the same it’s collusion.” As if to illustrate this idea, the FTC’s Chair is reversing herself to bring a case against Amazon. On one hand, booksellers argue that Amazon…
When life imitates comedy: FTC’s Amazon Flip Flop
04 Jun 2024 Leave a comment
in applied price theory, applied welfare economics, economic history, economics of education, entrepreneurship, human capital, labour economics, labour supply, occupational choice, politics - USA, poverty and inequality
02 Jun 2024 1 Comment
in energy economics, entrepreneurship, environmental economics, global warming Tags: electric cars
If true, the rest of the EV scene looks obsolete already. Will other countries find themselves rolling out the red carpet for Chinese cars as their own motor industries struggle to survive? – – – China has developed a revolutionary car battery that can charge in just 10 minutes and power a car for hundreds […]
China develops revolutionary electric car battery that can charge in 10 minutes
21 May 2024 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economics of regulation, entrepreneurship, growth miracles, industrial organisation, managerial economics, organisational economics, public economics, survivor principle Tags: taxation and entrepreneurship, taxation and investment
QUESTION TO CLAUDE 3: The EU and China lag behind the US in economic dynamism, measured by start-up activity, number of unicorns, age of unicorns (younger indicates more rapid innovation), and in productivity growth. Can you document this and tell me why?ANSWER: Here is the data to document the economic dynamism gap between the US,…
Claude 3 on why the US leads China and the EU in economic dynamism
20 May 2024 Leave a comment
in applied price theory, comparative institutional analysis, economics of information, entrepreneurship, financial economics
By Nick Whitaker and J. Zachary Mazlish, this is the best piece on this question so far. Excerpt, noting I will not double indent: “Rather than regulation, our explanation for the absence of widespread prediction markets is a straightforward demand-side story: there is little natural demand for prediction market contracts, as we observe in practice. […]
Why prediction markets are not popular
19 May 2024 Leave a comment
in applied price theory, economic history, economics of education, entrepreneurship, human capital, income redistribution, industrial organisation, labour economics, labour supply, occupational choice, politics - USA, poverty and inequality, Public Choice Tags: taxation and entrepreneurship, taxation and investment
Like Thomas Piketty, Gabriel Zucman is a French economist who promotes economically destructive class-warfare tax policy. He’s also infamous for dodgy data manipulation, as Phil Magness explains in this Reason discussion. The interview lasts for 64 minutes, and I recommend the entire discussion. Yes, that’s a lot of time, but Phil has encyclopedic knowledge and […]
Debunking Bad Class Warfare and Debunking Nonsensical Class Warfare
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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