Celebrating humanity's flourishing through the spread of capitalism and the rule of law
10 Apr 2025 1 Comment
in applied price theory, business cycles, economic growth, economics of information, economics of regulation, entrepreneurship, financial economics, global financial crisis (GFC), history of economic thought, industrial organisation, macroeconomics, politics - USA
Myron Scholes was on top of the world in 1997, having won the Nobel Prize in economics that year for his work in financial economics, work that he had applied in the real world in a wildly successful hedge fund, Long Term Capital Management. But just one year later, LTCM was saved from collapse only […]
When Genius Failed
10 Apr 2025 Leave a comment
in applied price theory, economic history, history of economic thought, labour economics, macroeconomics
Once upon a time, economists were backroom advisers, crunching numbers and developing theories, but rarely in the limelight and certainly not the central actors in political decision-making. However, as Binyamin Appelbaum outlines in his 2019 book The Economists’ Hour, that all changed in the late 1960s. The title of the book references the period from…
Book review: The Economists’ Hour
06 Apr 2025 Leave a comment
in applied price theory, economic history, history of economic thought, industrial organisation, international economics, liberalism, politics - USA, Public Choice, rentseeking Tags: 2024 presidential election, free trade, tariffs
Tweet The post Daniel Hannan on the Logical Contradictions in the Case for Trump’s Tariffs appeared first on Cafe Hayek.
Daniel Hannan on the Logical Contradictions in the Case for Trump’s Tariffs
03 Apr 2025 1 Comment
in history of economic thought, international economics, liberalism, Marxist economics, politics - USA Tags: 2024 presidential election, free trade, tariffs
The tariffs also bring to mind several ironies: I only have the time, and frankly the stomach, to put down these few quick thoughts on this one. More later. ** Postscript: Tariffs rather than immigration is the topic of the day, but I was reminded in perusing the Declaration of Independence for this post that…
Two Questions and Four Ironies About Trump’s Tariffs
02 Apr 2025 Leave a comment
in applied price theory, economic history, economics of bureaucracy, history of economic thought, industrial organisation, law and economics, managerial economics, organisational economics, politics - New Zealand, privatisation, property rights, Public Choice, public economics
New Zealand’s economic development has always been a partnership between the public and private sectors. Brian Easton writes – Public-Private-Partnerships (PPPs) have become fashionable again, partly because of the government’s ambitions to accelerate infrastructural development. There is, of course, an ideological element too, while some of the opposition to them is also ideological. PPPs […]
Public-Private-Partnerships?
01 Apr 2025 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economic history, history of economic thought, income redistribution, industrial organisation, international economics, politics - USA, Public Choice, rentseeking, survivor principle Tags: 2024 presidential election, free trade, tarrifs
It appears that Trump wants to repeat the mistakes of the 1930s with a global trade war. That is going to be very bad news for workers, consumers, taxpayers, manufacturers, farmers, and exporters. But there are two bits of good news. At least for small slices of the populations First, lobbyists will get rich as […]
The Protectionism Edition of Economics Humor
14 Mar 2025 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, economic history, entrepreneurship, history of economic thought, income redistribution, industrial organisation, labour economics, law and economics, liberalism, Marxist economics, politics - USA, property rights, Public Choice, rentseeking Tags: The Great Enrichment
Long ago, I co-blogged for EconLog with Arnold Kling. Now he’s running a book club for Liberty Fund. Last month, Arnold invited me and philosopher Rachel Ferguson to discuss Mike Huemer’s new Progressive Myths. Enjoy!
*Progressive Myths*: The Kling Club Convo
14 Mar 2025 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, constitutional political economy, economics of information, entrepreneurship, history of economic thought, industrial organisation, law and economics, property rights Tags: economics of planning
An excellent EconTalk episode with Pete Boettke on the socialist calculation debate. I like Boettke on the three Ps. The three Ps–property, prices, and profits and loss. Property incentivizes us. Prices guide us. Profits lure us to new changes and losses discipline us. Today, “incentives matter” is often considered the first lesson of economics. But […]
Boettke on the Socialist Calculation Debate
13 Mar 2025 Leave a comment
in applied price theory, economic history, history of economic thought, industrial organisation, international economics Tags: 2024 presidential election, constitutional law, tariffs
One clause of the Magna Carta says: All merchants shall have safe and secure exit from England, and entry to England, with the right to tarry there and to move about as well by land as by water, for buying and selling by the ancient and right customs, quit from all evil tolls So tariffs […]
Did you know the Magna Carta was against tariffs?
10 Mar 2025 Leave a comment
in business cycles, economic history, economics of bureaucracy, economics of education, history of economic thought, human capital, inflation targeting, labour economics, labour supply, macroeconomics, monetary economics, occupational choice, politics - New Zealand, Public Choice Tags: Canada, monetary policy
Congratulations Mark Carney. When I went to the UK to study economics, we started off doing a degree called Master of Philosophy in…
My Former Economics MPhil and DPhil Class-Mate for many hard years, Mark Carney, becomes PM of Canada.
09 Mar 2025 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, economic history, economics of bureaucracy, entrepreneurship, health economics, history of economic thought, Public Choice, public economics, rentseeking
I have a new working paper out. It proposes a price theory-based explanation of why states nationalize the production of “public goods” (i.e., non-excludable and non-rivalrous). This is different than existing explanations as the theory ignores whether private provision is efficient or superior to public provision. I call it the “redistributive engine” theory whereby the […]
Working paper: Why nationalize the production of public goods?
09 Mar 2025 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, financial economics, fiscal policy, history of economic thought, inflation targeting, labour economics, macroeconomics, monetary economics, politics - New Zealand, unemployment Tags: monetary policy
Former chairman of the Federal Reserve Board of Governors (and FOMC), Ben Bernanke, was yesterday the first of two keynote speakers at the Reserve Bank’s conference to mark 35 years of inflation targeting, which first became a formalised thing here in New Zealand. He indicated that he’d be speaking about inflation targeting in general and […]
Bernanke on inflation targeting
08 Mar 2025 Leave a comment
in applied price theory, economic history, history of economic thought, industrial organisation, international economics, politics - USA Tags: 2024 presidential election, free trade, tariffs
We break down how much of a tariff is ‘passed through’ to customersBy Jason Douglas, Anthony DeBarros and Danny Dougherty of The WSJ. Excerpts:”For example, a 10% tariff on shoes from China would raise their sticker price 4% or so, but on wine or olive oil from Italy, almost 10%.Why the difference? Tariffs aren’t the…
How Much Do Tariffs Raise Prices?
06 Mar 2025 Leave a comment
in applied price theory, history of economic thought, industrial organisation, international economic law, international economics, International law, survivor principle Tags: current account, free trade, tariffs
TweetHere’s a letter to USA Today. Editor: Defending Pres. Trump’s aluminum tariffs, Peter Navarro focuses exclusively on the effects of these tariffs on U.S. aluminum producers (“Trump tariffs will save American jobs and level the playing field,” Feb. 28). He points out what no serious defender of free trade denies, namely, that punitive taxation of…
Peter Navarro Conducts a Master Class In Looking Only at That Which Is Seen
01 Mar 2025 Leave a comment
in budget deficits, business cycles, economic growth, economic history, Euro crisis, global financial crisis (GFC), great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics Tags: floating exchange rates
Last year there was an interesting new book out, made up of 29 collected short papers by (more or less) prominent economists given at a 2023 conference to mark Floating Exchange Rates at Fifty. The fifty years related to the transition back to generalised floating of the major developed world currencies in 1973 (think USD, […]
Forty years of floating
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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