Celebrating humanity's flourishing through the spread of capitalism and the rule of law
13 Mar 2024 Leave a comment
in applied price theory, economics of information, economics of regulation, financial economics, macroeconomics, monetary economics, politics - USA Tags: banking panics
One year ago in March 2023, Silicon Valley Bank melted down, quickly followed by similar meltdowns at Signature Bank and First Republic Bank. Measured by the nominal size of bank assets, these were three of the biggest four US bank failures in history. (The failure of Washington Mutual Bank in 2008 remains the largest.) Was…
One Year Since the Meltdown at Silicon Valley Bank: Commercial Real Estate and Ongoing Threats
08 Mar 2024 1 Comment
in applied price theory, comparative institutional analysis, development economics, economic growth, economic history, economics of climate change, economics of crime, energy economics, environmental economics, environmentalism, global warming, growth miracles, law and economics, liberalism, macroeconomics, Marxist economics, property rights Tags: climate alarmism, free speech, regressive left, The Great Enrichment
J. Scott Turner explains how the roots of environmental stewardship were poisoned, resulting in the perverted modern decarbonization movement. His Spectator Australia article is Environmentalism: from concern about clean air to throwing soup at the Mona Lisa. Excerpts in italics with my bolds and added images. H/T John Ray Garrett Hardin was a professor of biology […]
Environmentalism Perverted by Climatism
03 Mar 2024 Leave a comment
in fiscal policy, macroeconomics, politics - New Zealand, public economics
Labour’s App Tax is a 15% sales tax paid for by the mum and dad accommodation providers, takeaway joints, and ride share drivers. The App Tax hits sole-traders who sell their services through an app or website such as Uber or Airbnb. It will add even more to the costs of living for every Kiwi…
CALLUM PURVES: National preparing to keep Labour’s 15% App Tax
01 Mar 2024 Leave a comment
in economic growth, economics of bureaucracy, fiscal policy, macroeconomics, politics - New Zealand, Public Choice, public economics
01 Mar 2024 Leave a comment
in applied price theory, business cycles, fiscal policy, history of economic thought, job search and matching, macroeconomics, monetary economics Tags: real business cycle theory
Demand shocks as technology shocks: We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which in turn increases GDP and measured TFP. We embed the product-market friction in a standard neoclassical model and estimate it […]
This kind of macro theory is underrated
25 Feb 2024 Leave a comment
in business cycles, economic history, history of economic thought, macroeconomics, Milton Friedman, monetary economics Tags: monetary policy, wage and price controls
Reading the new Nicholas Wapshott book and also Krugman’s review (NYT) of it, it all seemed a little too rosy to me. So I went back and took a look at Paul Samuelson the macroeconomist. I regret that I cannot report any good news, in fact Samuelson was downright poor — you might say awful […]
How good was Paul Samuelson’s macroeconomics?
25 Feb 2024 Leave a comment
in economic history, economics of regulation, entrepreneurship, industrial organisation, macroeconomics
I periodically share Mark Perry’s famous “Chart of the Century” to show that government intervention is a recipe for rising relative prices.* Since economic principles don’t change when you cross national borders, one might expect to see similar patterns in other countries. And we do. Here’s a chart from Matthew Lesh of the Institute for […]
Government Intervention and Relative Prices
22 Feb 2024 Leave a comment
in economic growth, income redistribution, labour economics, labour supply, macroeconomics, politics - New Zealand, Public Choice, rentseeking Tags: ageing society
The Retirement Commissioner has released a paper on aspects of New Zealand Superannuation (NZS). Its focus includes affordability, fairness, age of eligibility, and the treatment of those over 65 who continue in the workforce whilst also receiving NZS. What the Commissioner does not discuss is the relationship between superannuation systems, domestic savings rates and capital […]
Superannuation, KiwiSaver, and New Zealand’s economic development
20 Feb 2024 Leave a comment
in constitutional political economy, currency unions, economic history, law and economics, macroeconomics Tags: British constitutional law, British politics, European Union
The upheaval of the UK constitution from 2016 onwards has been associated with a host of individuals, from David Cameron to Boris Johnson to Dominic Cummings, who have received the significant bulk of academic attention in recent years. And yet, another individual has had a substantial impact upon the UK constitution during this time: Nigel […]
Brian Christopher Jones: Nigel Farage and the UK Constitution
16 Feb 2024 Leave a comment
in applied price theory, entrepreneurship, fiscal policy, income redistribution, labour economics, labour supply, macroeconomics, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, taxation and labour supply
Inflation is having an effect on everything, even policy analysis. Back in 2013, I wrote that Phil Mickelson was “California’s One-Man Laffer Curve” because he wanted to escape the Golden State to save about $1.2 million per year in taxes. But now, when a goose that lays golden eggs wants to escape, the numbers are […]
Florida’s One-Man Laffer Curve
14 Feb 2024 Leave a comment
in development economics, economic growth, economic history, growth miracles, macroeconomics Tags: The Great Enrichment
Cool chart which is split up by regions so it’s easy to find nations like little old New Zealand ($US 252 billion) and Israel ($539 billion). I was a little surprised at the latter as I thought they’d be much bigger with all the high tech companies they have, as well as having a population […]
Global GDP
12 Feb 2024 Leave a comment
in business cycles, econometerics, economic history, history of economic thought, macroeconomics, monetary economics
Nobel Laureate T. C. Koopmans wrote one of the most famous economics articles of the twentieth century, “Measurement Without Theory,” a devastating review of an important, and in many ways useful and meritorious, study of business cycles by two of the fathers of empirical business-cycles research, Arthur F. Burns and Wesley C. Mitchell, Measuring Business […]
T. C. Koopmans Demolishes the Phillips Curve as a Guide to Policy
11 Feb 2024 Leave a comment
in economic growth, economics of bureaucracy, economics of climate change, energy economics, environmental economics, environmentalism, global warming, income redistribution, liberalism, macroeconomics, Marxist economics, Public Choice, rentseeking, technological progress Tags: British politics, climate alarmism, wind power
By Paul Homewood From The Telegraph: Labour’s green U-turn reflects the shifting sands of climate policy If you want to see how the politics of climate change are shifting, compare today with late 2009. In both cases, a general election was approaching. In October 2009, with the Copenhagen climate summit […]
Charles Moore: The political class is only just realising that voters prefer prosperity over climate jingoism
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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