When Wokes and Racists Actually Agree on Everything
23 Dec 2023 Leave a comment
in discrimination, liberalism, Marxist economics, politics - Australia, politics - New Zealand, politics - USA Tags: affirmative action, Age of Enlightenment, free speech, political correctness, racial discrimination, regressive left
Argentina Milei reform impressions
23 Dec 2023 Leave a comment
in applied price theory, budget deficits, business cycles, comparative institutional analysis, constitutional political economy, development economics, economic growth, economics of bureaucracy, economics of regulation, fiscal policy, growth disasters, history of economic thought, income redistribution, international economics, labour economics, law and economics, liberalism, libertarianism, macroeconomics, Marxist economics, monetary economics, property rights, Public Choice, public economics, rentseeking, unemployment Tags: Argentina
I didn’t have much time in Argentina, but I can pass along a few impressions about how Milei is doing, noting I hold these with “weak belief”: 1. He is pretty popular with the general population. He is also popular in B.A. in particular. People are fed up with what they have been experiencing. It […]
Argentina Milei reform impressions
FMI Public Speaker Series – Finn Kydland
23 Dec 2023 Leave a comment
in applied price theory, budget deficits, business cycles, comparative institutional analysis, development economics, economic growth, economic history, economics of bureaucracy, fiscal policy, global financial crisis (GFC), great depression, great recession, growth disasters, growth miracles, history of economic thought, human capital, income redistribution, labour economics, labour supply, macroeconomics, Public Choice, public economics, rentseeking
Finn E. Kydland Nobel Lecture at CERGE-EI
22 Dec 2023 Leave a comment
in applied price theory, budget deficits, business cycles, comparative institutional analysis, development economics, economic growth, economic history, economics of regulation, fiscal policy, global financial crisis (GFC), great depression, great recession, growth disasters, growth miracles, history of economic thought, human capital, income redistribution, labour economics, labour supply, macroeconomics, monetary economics, Public Choice, public economics
Mission creep at the FFRF
19 Dec 2023 Leave a comment
in discrimination, economics of education, gender, law and economics, politics - USA, property rights, sports economics Tags: free speech, political correctness, regressive left, sex discrimination
One of my favorite secular organizations is the Freedom from Religion Foundation (FFRF), of which I’m a member of the “honorary board”. But even honorary boards should play an advisory role, and so I’m doing that here by calling attention to the organization’s mission creep. In previous posts, I noted that the organization, which is […]
Mission creep at the FFRF
Claudia Goldin: “What’s ‘Greedy Work’ and Why Is It a Problem?” | People…
18 Dec 2023 Leave a comment
in applied price theory, discrimination, economic history, gender, history of economic thought, human capital, labour economics, labour supply, minimum wage, occupational choice Tags: gender wage gap, sex discrimination
The Piketty-Saez-Zucman response to Auten and Splinter
17 Dec 2023 Leave a comment
in applied price theory, econometerics, economic history, entrepreneurship, financial economics, income redistribution, labour economics, politics - USA, poverty and inequality, Public Choice, public economics Tags: top 1%
A number of you have asked me what I think of their response. The first thing I noticed is that Auten and Splinter make several major criticisms of PSZ, and yet PSZ respond to only one of them. On the others they are mysteriously silent. The second thing I noticed is that PSZ have been […]
The Piketty-Saez-Zucman response to Auten and Splinter
Hetzel Withholds Credit from Hawtrey for his Monetary Explanation of the Great Depression
14 Dec 2023 Leave a comment
in business cycles, economic growth, economic history, financial economics, great depression, history of economic thought, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
In my previous post, I explained how the real-bills doctrine originally espoused by Adam Smith was later misunderstood and misapplied as a policy guide for central banking, not, as Smith understood it, as a guide for individual fractional-reserve banks. In his recent book on the history of the Federal Reserve, Robert Hetzel recounts how the […]
Hetzel Withholds Credit from Hawtrey for his Monetary Explanation of the Great Depression
Is Discrimination Still Causing The Gender Pay Gap With Claudia Goldin
13 Dec 2023 Leave a comment
in applied price theory, discrimination, econometerics, economic history, gender, human capital, labour economics, labour supply, minimum wage, occupational choice Tags: gender wage gap, sex discrimination
Reserve Bank of New Zealand (Economic Objective) Amendment Bill
13 Dec 2023 Leave a comment
in business cycles, economic history, history of economic thought, inflation targeting, labour economics, macroeconomics, monetary economics, politics - New Zealand, unemployment Tags: monetary policy
I guess it will be an Act by the end of the day, but for now the short bill giving effect to a return to a single statutory objective for monetary policy is here. Yesterday’s parliamentary debate (first and second reading) is here, here, and here. The heart of the bill is this clause Note […]
Reserve Bank of New Zealand (Economic Objective) Amendment Bill
Goldin Nobel
13 Dec 2023 Leave a comment
in applied price theory, discrimination, econometerics, economic history, economics of education, gender, human capital, labour economics, labour supply, occupational choice Tags: gender wage gap, sex discrimination
In a country supposedly infected by “white supremacy,” “white privilege” and “systemic racism” how did all of these non-white minority groups get to be SO successful in the US, outearning the typical White American household?
13 Dec 2023 Leave a comment
in discrimination, human capital, labour economics, labour supply, occupational choice, politics - USA, poverty and inequality Tags: racial discrimination
An Upside-Down Economic History of Argentina
13 Dec 2023 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, economics of bureaucracy, fiscal policy, growth disasters, growth miracles, history of economic thought, income redistribution, labour economics, macroeconomics, Public Choice, public economics, rentseeking, Ronald Coase Tags: Argentina
Argentina has a very interesting, but also rather tragic, economic history. During first half of the 20th century, it was one of the world’s richest nations. But thanks to dirigiste economic policies (known locally as Peronism) starting after World War II, Argentina has suffered a dramatic decline in relative living standards. However, something shocking has […]
An Upside-Down Economic History of Argentina
Can Argentina Be Rescued, Part III
12 Dec 2023 Leave a comment
in applied price theory, budget deficits, comparative institutional analysis, development economics, economic growth, economic history, economics of regulation, fiscal policy, growth disasters, income redistribution, international economics, labour economics, liberalism, libertarianism, macroeconomics, Marxist economics, Milton Friedman, monetary economics, Murray Rothbard, Public Choice Tags: Argentina
My trip to Argentina last year motivated me to write Part I of this series, which focused on whether things might get better in that tragic country for the simple reason that they couldn’t possibly get any worse. In Part II of this series, I analyzed whether a libertarian candidate’s surprisingly strong performance in Argentina’s […]
Can Argentina Be Rescued, Part III
Lessons from Fighting 100 Inflations Since the 1970s
12 Dec 2023 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, fiscal policy, growth disasters, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
Inflation rates have come down since their peak in mid-2022. Does the Federal Reserve need to continue its inflation-fighting ways, keeping interest rates high? Anil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, and WeiZhao of the IMF look to historical and international experience in “One Hundred Inflation Shocks: Seven Stylized Facts” (September 2023, WP/23/190). As…
Lessons from Fighting 100 Inflations Since the 1970s
Utopia, you are standing in it! 
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