Sam Peltzman radio interview http://t.co/qy3q5VbbbT
— Jim Rose (@JimRosenz) November 11, 2014
Sam Peltzman radio interview
17 Nov 2014 Leave a comment
in applied price theory, applied welfare economics, business cycles, economics of regulation, history of economic thought, industrial organisation, law and economics, liberalism, macroeconomics, Sam Peltzman Tags: Sam Peltzman
Israel Kirzner on the sole exception that justify competition laws and the regulation of network industries
14 Nov 2014 Leave a comment
The Effective Decision – Peter Drucker
12 Nov 2014 Leave a comment
in entrepreneurship, industrial organisation, managerial economics, organisational economics, personnel economics, survivor principle Tags: effective decisions, Peter Drucker
1. Classifying the problem. Is it generic? Is it exceptional and unique? Or is it the first manifestation of a new genus for which a rule has yet to be developed?
2. Defining the problem. What are we dealing with?
3. Specifying the answer to the problem. What are the “boundary conditions”?
4. Deciding what is “right,” rather than what is acceptable, in order to meet the boundary conditions.. What will fully satisfy the specifications before attention is given to the compromises, adaptations, and concessions needed to make the decision acceptable?
5. Building into the decision the action to carry it out. What does the action commitment have to be? Who has to know about it?
6. Testing the validity and effectiveness of the decision against the actual course of events. How is the decision being carried out? Are the assumptions on which it is based appropriate or obsolete?
State owned enterprises continue to be a bad investment for the NZ taxpayer
12 Nov 2014 2 Comments
in industrial organisation, Marxist economics, politics - New Zealand, public economics Tags: privatisation, state owned enterprises
In a Briefing to the Incoming Minister just released, the Treasury said that in 2013, total shareholder return from state owned enterprises to the taxpayer was just 3 per cent. This is a little bit better than leaving the money in the bank.
Note: KiwiRail is excluded because of significant changes in its valuation methodologies over the past few years, including the significant write down in its asset values in 2012. . Total shareholder return for 2012 has been restated to include Solid Energy.
KiwiRail lost $248 million in 2013, after a $174.4 million loss a year earlier. Solid Energy lost $182 million last year last year. This $182m loss follows a $335.4m loss in the June 2013 year and a $40m loss the year before that.
Here’s what’s not sustainable: organic farming » AEI
12 Nov 2014 1 Comment
in environmental economics, environmentalism, industrial organisation, occupational choice Tags: do gooders, organic farming, sustainability, sustainable development
Organic farming might work well for certain local environments on a small scale, but its farms produce far less food per unit of land and water than conventional ones.
The low yields of organic agriculture—typically 20%-50% less than conventional agriculture—impose various stresses on farmland and especially on water consumption.
A British meta-analysis published in the Journal of Environmental Management (2012) found that “ammonia emissions, nitrogen leaching and nitrous oxide emissions per product unit were higher from organic systems” than conventional farming systems, as were “land use, eutrophication potential and acidification potential per product unit.”
Kirzner on resource ownership as the only non-regulatory barrier to competition
10 Nov 2014 Leave a comment
Israel Kirzner on freedom of entry as the sole condition from competition in a market
09 Nov 2014 Leave a comment
Utopia, you are standing in it! 
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