Tweet… is from my emeritus Nobel-laureate colleague Vernon Smith‘s splendid speech “Human Betterment Through Globalization,” delivered in September 2005 at the Irvington-on-Hudson then-headquarters of the Foundation for Economic Education: The challenge is that we all function simultaneously in two overlapping worlds of exchange. First, we live in a world of personal, social exchange based on…
Quotation of the Day…
Quotation of the Day…
01 Jan 2024 Leave a comment
in applied price theory, Austrian economics, behavioural economics, economic history, history of economic thought, human capital, industrial organisation, labour economics, labour supply, occupational choice Tags: capitalism and freedom, evolutionary psychology, The Great Enrichment
Solow on Market Advantages and Market Failures
31 Dec 2023 Leave a comment
in applied price theory, business cycles, economic growth, economic history, economics of regulation, entrepreneurship, history of economic thought, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment
Robert Solow (1924-2023) died last week. As a starting point for understanding his life and his work on growth theory, the Nobel prize website, since he won the award in 1987, includes an overall description, a biographical essay, and his Nobel lecture. I can also strongly recommend an interview that Steven Levitt carried out with…
Solow on Market Advantages and Market Failures
How Were So Many Economists So Wrong About the Recession?
30 Dec 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, labour economics, macroeconomics, monetary economics, unemployment Tags: monetary policy
That is the topic of my latest Bloomberg column, I thought it was time to call out all the Orwellian rewriting of intellectual history going on, so here goes: As Treasury Secretary Janet Yellen said last week: “So many economists were saying there’s no way for inflation to get back to normal without it entailing a […]
How Were So Many Economists So Wrong About the Recession?
Holiday safety advice
29 Dec 2023 Leave a comment
in economics of media and culture, health and safety, labour economics
📸 Look at this post on Facebook
https://www.facebook.com/share/2ppb58jn1reMAi8p/?mibextid=RXn8sy
190308 [Webinar] Consistent Economic Policy and Economic Development
29 Dec 2023 Leave a comment
in applied price theory, budget deficits, business cycles, defence economics, economic growth, economic history, economics of information, Euro crisis, fiscal policy, fisheries economics, global financial crisis (GFC), great recession, growth disasters, growth miracles, history of economic thought, human capital, inflation targeting, labour economics, labour supply, macroeconomics, monetary economics, Public Choice, public economics, unemployment
Claims about Japanese immigration
26 Dec 2023 Leave a comment
in human capital, labour economics, labour supply, population economics Tags: Japan
Japan will become an immigration powerhouse. Before the pandemic, the country was on track to accept about 150,000 new non-Japanese employees per year. This more than doubled to almost 350,000 in the first half of 2023. There are now approximately 3.2 million non-Japanese residents of Japan, up from barely half a million 30 years ago. […]
Claims about Japanese immigration
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
Utopia, you are standing in it! 
Recent Comments