The curse of knowledge is a cognitive bias that occurs when someone, possessing knowledge or expertise on a particular topic, struggles to imagine or communicate with others who lack the same understanding or information. Essentially, once we know something, it’s very hard to imagine what it’s like not to know it. How it manifests: Why it happens: […]
The curse of knowledge
The curse of knowledge
25 Mar 2025 1 Comment
in economics of education, health and safety, human capital, occupational choice Tags: cognitive psychology, educational psychology
Book Nook Reading Notes on *Selfish Reasons to Have More Kids*
22 Mar 2025 Leave a comment
in economics of crime, economics of education, human capital, labour economics, labour supply, law and economics, occupational choice, poverty and inequality Tags: College premium, signaling
Bet On It reader Dan Barrett wrote these notes for his Book Nook book club on my Selfish Reasons to Have More Kids: Why Being a Great Parent Is Less Work and More Fun Than You Think. Dan’s idea:I’m organizing reading groups packaged as the Book Nook to help colleagues (1) guide their own learning…
Book Nook Reading Notes on *Selfish Reasons to Have More Kids*
University of Chicago updates equal-opportunity statement for job ads
20 Mar 2025 Leave a comment
in discrimination, economics of education, gender, human capital, labour economics, labour supply, occupational choice, politics - USA Tags: 2024 presidential election, affirmative action, free speech, political correctness, racial discrimination, regressive left, sex discrimination
This announcement came from our Provost’s office, but apparently hasn’t been sent to all parts of the University. Nevertheless, it surely applies to all job ads for the University of Chicago. What it shows is that the University has updated its Equal Employment Opportunity statement, a statement that must be included in all ads for […]
University of Chicago updates equal-opportunity statement for job ads
Is your master’s degree worthless?
11 Mar 2025 Leave a comment
in applied price theory, econometerics, economics of education, human capital, labour economics, labour supply
Economist: In America returns are especially large in computer science and in engineering. They are slightly smaller in other science subjects, in part because an undergraduate degree in these already bumps up salaries by quite a lot. Teachers who bag graduate degrees in education tend to earn more, even if wages for the profession as…
Is your master’s degree worthless?
My Former Economics MPhil and DPhil Class-Mate for many hard years, Mark Carney, becomes PM of Canada.
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.
Jane Austen was wrong: women don’t marry up for money and status
10 Mar 2025 1 Comment
in economics of love and marriage, economics of marriage, human capital, labour economics, law and economics, poverty and inequality Tags: dating markets, gender wage gap, marriage and divorce, sex discrimination
A new study debunks the myth of the gold-digging wife, finding that women are no more likely to marry above their social class than menBy Ben Spencer, Science Editor of The Sunday Times. Excerpts:”The young pretty women who seek to “marry up” for money and status, from the Bennet sisters in Pride and Prejudice to…
Jane Austen was wrong: women don’t marry up for money and status
The Licensing Racket
08 Mar 2025 Leave a comment
in applied price theory, economics of bureaucracy, entrepreneurship, human capital, income redistribution, industrial organisation, labour economics, labour supply, law and economics, occupational choice, occupational regulation, property rights, Public Choice, rentseeking
I review a very good new book on occupational licensing, The Licensing Racket by Rebecca Haw Allensworth in the WSJ. Most people will concede that licensing for hair braiders and interior decorators is excessive while licensing for doctors, nurses and lawyers is essential. Hair braiders pose little to no threat to public safety, but subpar […]
The Licensing Racket
More tacit recognition of two sexes in humans
26 Feb 2025 Leave a comment
in discrimination, economics of education, economics of media and culture, gender, health economics, human capital, labour economics, liberalism, Marxist economics, politics - USA Tags: free speech, gender gap, life expectancies, political correctness, regressive left
This article was mentioned in a comment by reader Ted Gold, but I thought I would highlight it just to show that when the rubber meets the road, people recognize that, yes, there are just two sexes. This is from the NYT on Feb. 25th. Click headline to read, or find the article archived here. […]
More tacit recognition of two sexes in humans
Gender gap
25 Feb 2025 Leave a comment
in applied price theory, discrimination, gender, health and safety, human capital, labour economics, labour supply, occupational choice, poverty and inequality Tags: gender wage gap
Selfishly Speaking, Who Should Skip College?
20 Feb 2025 Leave a comment
in applied price theory, economics of education, economics of information, human capital, James Buchanan, labour economics, labour supply, occupational choice Tags: adverse selection, asymmetric information, College premium, signaling
The central thesis of my The Case Against Education is that actually-existing education is a terrible waste of taxpayer money. Since signaling, not building human capital, is the main function of education, the main effect of government subsidies is credential inflation. In economic jargon, my claim is that education has a low (indeed, negative) social…
Selfishly Speaking, Who Should Skip College?
Future unemployment will be (mostly) voluntary unemployment
14 Feb 2025 Leave a comment
in economics of education, human capital, labour economics, labour supply, occupational choice, politics - Australia, unemployment
A shortage of electricians means that those willing to endure long shifts and live on remote sites can potentially earn up to A$200,000 (US$124,000) a year — double the national average salary and not far off the average MP salary. “It’s a cup half full/half empty life. You do 12-hour shifts, there’s the heat, the […]
Future unemployment will be (mostly) voluntary unemployment
Does the Gender Wage Gap Actually Reflect Taste Discrimination Against Women?
11 Feb 2025 Leave a comment
in applied price theory, discrimination, econometerics, economics of education, economics of information, economics of media and culture, gender, human capital, labour economics, labour supply Tags: gender wage gap
One explanation of the gender wage gap is taste discrimination, as in Becker (1957). We test for taste discrimination by constructing a novel measure of misogyny using Google Trends data on searches that include derogatory terms for women. We find—surprisingly, in our view—that misogyny is an economically meaningful and statistically significant predictor of the wage […]
Does the Gender Wage Gap Actually Reflect Taste Discrimination Against Women?
Gender gaps in education and declining marriage rates
06 Feb 2025 Leave a comment
in applied price theory, econometerics, economics of love and marriage, economics of marriage, human capital, labour economics, law and economics, poverty and inequality Tags: assortative mating, economics of fertility
Over the past half-century, the share of men enrolled in college has steadily declined relative to women. Today, 1.6 million more women than men attend four-year colleges in the U.S. This trend has not lowered marriage rates for college women, a substantial share of whom have historically married economically stable men without college degrees. Both […]
Gender gaps in education and declining marriage rates
Identity-based hiring goes wild in New Zealand
05 Feb 2025 Leave a comment
in discrimination, economic history, economics of education, human capital, labour economics, labour supply, law and economics, liberalism, Marxist economics, occupational choice, politics - New Zealand, property rights, Public Choice, public economics, rentseeking Tags: affirmative action, Age of Enlightenment, constitutional law, free speech, political correctness, racial discrimination, regressive left
Just to show you how, in the hiring process, New Zealand gives much more weight to identity than to merit, I enclose part of the job description for the position of Chief Operating Officer of Wellington Water, the water utility for the Greater Wellington region (Wellington, a lovely city, is the capital of New Zealand). […]
Identity-based hiring goes wild in New Zealand
By 2025 we were supposed to have closed the gap
05 Feb 2025 Leave a comment
in economic growth, economics of regulation, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, macroeconomics, politics - New Zealand, poverty and inequality
Don Brash and Michael Reddell write – When Don was young and Michael’s parents were young, New Zealand had among the very highest material standards of living in the world. It really was, in the old line, one of the very best places to bring up children. But no longer. For 75 years now, with […]
By 2025 we were supposed to have closed the gap
Utopia, you are standing in it! 
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