Celebrating humanity's flourishing through the spread of capitalism and the rule of law
07 May 2024 Leave a comment
in applied price theory, economic growth, economic history, entrepreneurship, human capital, income redistribution, industrial organisation, labour economics, labour supply, macroeconomics, Marxist economics, politics - USA, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, wealth tax
Everything you need to know about wealth taxation can be summarized in two sentences. The biggest problem with most tax systems is the pervasive tax bias against income that is saved and invested, which discourages the accumulation of capital that helps to finance future growth. Wealth taxes would dramatically increase the tax bias against saving […]
Dishonest Pimping for a Global Wealth-Tax Cartel
01 May 2024 Leave a comment
in applied price theory, economic history, industrial organisation, labour economics, labour supply Tags: asymmetric information, moral hazard, tipping
Why leave a tip? You have already received whatever food or service you are going to receive. Maybe if you are a very regular customer, tipping could lead to better service in the future. But most people who leave tips do so even if they are stopping off at, say, a restaurant in a city…
Some Economics of Tipping
28 Apr 2024 Leave a comment
in applied price theory, Austrian economics, history of economic thought, industrial organisation, law and economics Tags: competition law
Tweet… is from page 422 of Robert Bork’s masterful 1978 book, The Antitrust Paradox: Competition in open markets reflects the ideal of equality of opportunity, while antitrust’s longstanding and growing concern for the small and less efficient reflects a preference for equality of outcome. Outcomes are not equal in open competition, hence the pressure for…
Quotation of the Day…
26 Apr 2024 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, development economics, economic history, economics of bureaucracy, entrepreneurship, growth disasters, history of economic thought, income redistribution, industrial organisation, law and economics, liberalism, Marxist economics, property rights, Public Choice Tags: economics of socialism
“to employ a hundred people is… exploitation, but to command the same number [is] honorable.” That’s an actual book by the way, explaining that although communism has failed in the past across different nations, races and cultures, it might work in the future where machines can create anything we want. Think Star Trek’s replicator technology. […]
Why Socialism Won’t Die
26 Apr 2024 Leave a comment
in applied price theory, entrepreneurship, industrial organisation, law and economics, managerial economics, organisational economics, politics - USA Tags: competition law, creative destruction
From former DOJ Economist Greg Werden: The governments case suggests that its exclusive deals with Apple and Mozilla to be the default search engine on their browsers “allowed Google to maintain its monopoly power [in “general search”] in violation of Section 2 of the Sherman Act.” However, the government’s brief also suggests that Google’s scale is very important,…
US v. Google: do complaints have to be internally consistent?
24 Apr 2024 Leave a comment
in applied price theory, applied welfare economics, economics of regulation, industrial organisation Tags: competition law, merger law enforcement
Max Salmon writes: Last week the Commerce Commission announced its concern with a proposed merger between Foodstuffs North Island and Foodstuffs South Island. Their concern is a decrease in competition in the market. It sounds crazy when you first hear it, but it’s even weirder when you see what the Commerce Commission is actually worried […]
Is the Commerce Commission for consumers or suppliers
24 Apr 2024 Leave a comment
in economics of bureaucracy, economics of climate change, environmental economics, environmentalism, financial economics, global warming, industrial organisation, law and economics, macroeconomics, monetary economics, politics - New Zealand, Public Choice, survivor principle Tags: climate alarmism
Eric Crampton writes – The Reserve Bank of New Zealand desperately wants to find reasons to have workstreams in climate change. It makes little sense.
Still no prudential regulation case around climate change
23 Apr 2024 Leave a comment
in applied price theory, applied welfare economics, industrial organisation, international economics
Five years ago, I shared this video explaining why trade deficits generally don’t matter. The most important thing to understand is that a trade deficit is the same thing as a financial account surplus (formerly known as a capital surplus), which is easy to understand when reviewing this graph. And that type of surplus occurs […]
Dumb Idea of the Month: Currency Devaluation
21 Apr 2024 Leave a comment
in applied price theory, economic growth, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, macroeconomics, poverty and inequality Tags: artificial intelligence
That is the new Daron Acemoglu paper, and he is skeptical about its overall economic effects. Here is part of the abstract: Using existing estimates on exposure to AI and productivity improvements at the task level, these macroeconomic effects appear nontrivial but modest—no more than a 0.71% increase in total factor productivity over 10 years.…
“The Simple Macroeconomics of AI”
15 Apr 2024 Leave a comment
in economics of bureaucracy, economics of media and culture, industrial organisation, managerial economics, market efficiency, organisational economics, personnel economics, politics - New Zealand, privatisation, Public Choice, public economics, survivor principle Tags: media bias
Hosking went after Radio New Zealand this morning and it was bad.The Mike Hosking Breakfast, 0600 till 0900 has three producer/support staff, Radio NZ Morning report has 16 production staff to cover the same five day time slot, yet the state run highly subsidised show falls way behind in ratings.. That 16 figure for production […]
No Knife But A Bloodletting Nevertheless.
13 Apr 2024 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economic history, economics of bureaucracy, economics of regulation, history of economic thought, human capital, income redistribution, industrial organisation, labour economics, labour supply, law and economics, liberalism, Marxist economics, poverty and inequality, property rights, Public Choice, public economics, survivor principle, theory of the firm Tags: economics of socialism, regressive left
Not that the socialist in question, Professor Richard D. Wolff, realises that’s what he’s doing in the Q&A video below – and he’s not talking about traditional Communist Command and Controlled Economies. What he’s actually describing is a very pure form of socialism, the sort only vaguely imagined by Marx, Engels and other communists when […]
A Socialist Explains Why Socialism Can’t Work
11 Apr 2024 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, economic history, industrial organisation, international economics Tags: free trade
TweetIn this wonderful new video, John Stossel and Scott Lincicome bust six myths – peddled by the likes of Trump and Biden – about globalization. The post Globalization is Win-Win appeared first on Cafe Hayek.
Globalization is Win-Win
10 Apr 2024 Leave a comment
in applied price theory, development economics, economics of information, human capital, industrial organisation, labour economics, labour supply, occupational choice, poverty and inequality Tags: consumer fraud, creative destruction
I’ve posted about many new jobs like this. See related posts below. Also, this post is based on yesterday’s post You Spent $6,000 on a Secondhand Chanel Bag. Now Find Out if It Is Real. It had excerpts from an article by Chavie Lieber of The WSJ. Here are excerpts related to today’s post:”Many secondhand luxury shoppers…
Handbag authenticators (creative destruction and how the economy just keeps creating new types of occupations & professions)
09 Apr 2024 Leave a comment
in applied price theory, entrepreneurship, industrial organisation, survivor principle
A WSJ article by Alexandra Bruell reports that three years ago the Atlantic magazine ran a $20 million deficit which led to layoffs. A new boss, Nick Thompson, was tasked with turning this around. Along with editorial changes toward longer investigative pieces rather than breaking news, the Atlantic raised subscription prices 50%. How did he…
Pricing the Atlantic
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