Celebrating humanity's flourishing through the spread of capitalism and the rule of law
30 May 2026 Leave a comment
in applied price theory, economic history, industrial organisation, managerial economics, organisational economics, survivor principle, theory of the firm
Regarding the pervasive problem of cost overruns (defined as government programs and projects that wind up costing far more than initial estimates), I’ve always appreciated this image sent by a reader. It nicely captures a key reason for cost overruns, which is that there is no bottom-line incentive for bureaucrats and politicians to monitor costs. […]
Absurd Cost Overruns Are a Bipartisan Problem
23 May 2026 Leave a comment
in applied price theory, Armen Alchian, entrepreneurship, history of economic thought, industrial organisation, survivor principle, theory of the firm
One of the most persistent criticisms of law & economics is that it rests on unrealistic assumptions. Economic models often assume firms maximize profits, investors respond rationally to incentives, and market participants systematically adjust their behavior in predictable ways. Critics frequently point to these assumptions as evidence that economic analysis is detached from reality. Real…
‘Uncertainty, Evolution, and Economic Theory,’ by Armen Alchian
23 May 2026 Leave a comment
in applied price theory, economic growth, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, macroeconomics, market efficiency, occupational choice, survivor principle, theory of the firm
California has seen the future of work, and Sacramento’s first instinct is to convene 14 task forces about it. Gov. Gavin Newsom signed Executive Order N-6-26 today, setting California’s workforce agencies in motion on directives involving research reviews, revisions to the state’s Worker Adjustment and Retraining Notification (WARN) Act, studies of new safety-net programs, a…
The AI Jobs Panic Comes to Sacramento
08 Mar 2026 Leave a comment
in applied price theory, economics of bureaucracy, economics of regulation, entrepreneurship, labour economics, law and economics, managerial economics, organisational economics, personnel economics, property rights, Public Choice, theory of the firm, unemployment Tags: creative destruction, employment law, European Union, Germany
In our textbook, Modern Principles, Tyler and I write: Imagine how difficult it would be to get a date if every date required marriage? In the same way, it’s more difficult to find a job when every job requires a long-term commitment from the employer. In two new excellent pieces, Brian Albrecht and Pieter Garicano…
The Hidden Cost of Hard-to-Fire Labor Laws: Why European Firms Don’t Take Risks
06 Mar 2026 Leave a comment
in Austrian economics, comparative institutional analysis, economic history, economics of regulation, entrepreneurship, history of economic thought, industrial organisation, law and economics, organisational economics, politics - Australia, technological progress, theory of the firm Tags: competition law, creative destruction
Ask anyone in Australia’s competition law community what transformed the economy, and you will hear a familiar story. Australia was once a cartelised, complacent place where businesses divided up markets and consumers paid the price. Then came the Trade Practices Act in 1974, and competition law forced firms to compete. This is not a fringe […]
Dismantling the competition myth
27 Sep 2025 Leave a comment
in applied price theory, economic history, economics of regulation, industrial organisation, law and economics, politics - USA, theory of the firm Tags: competition law
Eric Crampton writes – A lot of changes are coming in competition policy. Last week, the government announced a package of reforms that, overall, set the Commerce Commission on a more activist tack. One proposed reform will align New Zealand more closely with Australia’s regime, guarding against so-called ‘killer acquisitions’.
Not-so-killer acquisitions
13 Feb 2025 Leave a comment
in applied price theory, David Friedman, economic history, energy economics, environmental economics, global warming, Ronald Coase
04 Feb 2025 1 Comment
in applied price theory, Austrian economics, comparative institutional analysis, economic growth, economics of bureaucracy, economics of regulation, entrepreneurship, environmental economics, financial economics, industrial organisation, international economics, labour economics, labour supply, law and economics, liberalism, macroeconomics, Marxist economics, property rights, Public Choice, public economics, rentseeking, survivor principle, theory of the firm Tags: employment law, European Union
I have a special page for humor involving Europe, but I have not added to it since sharing some Brexit humor in 2016. Let’s being the process of catching up with some amusing cartoons and memes mocking our government-loving cousins on the other side of the Atlantic Ocean. I’ve made the serious point that bureaucrats […]
Mocking European Statism
31 Jan 2025 Leave a comment
in applied price theory, applied welfare economics, Armen Alchian, Austrian economics, comparative institutional analysis, economics of information, economics of regulation, entrepreneurship, experimental economics, history of economic thought, law and economics, politics - New Zealand, property rights Tags: competition law
Targeting big existing businesses may be tempting to politicians, but ensuring market openness will do more good Eric Crampton writes – It’s fair to say that economists like competition. It’s also fair to say that when politicians start talking about competition, economists ought to get a little bit nervous.
When politicians campaign on competition, be very worried
17 Dec 2024 1 Comment
in applied price theory, economics of information, entrepreneurship, industrial organisation, law and economics, politics - USA, Public Choice, survivor principle, theory of the firm Tags: competition law
The case is straightforward: Google pays firms like Apple billions of dollars to make its search engine the default. (N.B. I would rephrase this as Apple charges Google billions of dollars to make its search engine the default–a phrasing which matters if you want to understand what is really going on. But set that aside […]
Some Simple Economics of the Google Antitrust Case
11 Dec 2024 Leave a comment
in applied price theory, economic history, economics of bureaucracy, economics of regulation, entrepreneurship, financial economics, income redistribution, industrial organisation, labour economics, labour supply, managerial economics, organisational economics, personnel economics, Public Choice, rentseeking, survivor principle, theory of the firm Tags: creative destruction, employment law
Over at the Geek Way, Andrew McAfee has created a startling visualization related to entrepreneurship in the US and EU. The Draghi Report on EU competitiveness is generating a small buzz among economists. One startling claim is thatthere is no EU company with a market capitalisation over EUR 100 billion that has been set up…
More on Business Dynamism
23 Nov 2024 Leave a comment
in applied price theory, comparative institutional analysis, economics of bureaucracy, economics of information, economics of regulation, entrepreneurship, health economics, history of economic thought, industrial organisation, law and economics, market efficiency, Milton Friedman, property rights, Public Choice, public economics, regulation, theory of the firm Tags: competition law, Product safety
TweetHere’s my just-published remembrance, in Public Choice, of my late teacher, dissertation advisor, co-author, and friend, Bob Ekelund. Three slices: The only textbook assigned for the course was Milton Friedman’s Price Theory. From some younger members of Auburn’s economics faculty, I heard a few cocktail-lubricated complaints that core theory courses in a modern economics Ph.D.…
Bob Ekelund Remembered
28 Aug 2024 1 Comment
in economic history, economics of bureaucracy, health economics, industrial organisation, Marxist economics, politics - New Zealand, Public Choice, theory of the firm Tags: health insurance
Enough is enough. Former PMs Helen Clark and Jacinda Ardern should come clean about how they were the Chief Architects of the omni-shambles that has become our health system. They should take responsibility for the folks who suffered from long waiting lists and declining health-care quality, some of whom didn’t make it. The person who…
Former Labour PM’s Clark and Ardern wrecked NZ’s Health System: they should be held accountable for the lives that have been lost
10 Aug 2024 Leave a comment
in applied price theory, econometerics, economic history, economics of regulation, income redistribution, industrial organisation, labour economics, labour supply, law and economics, occupational choice, politics - USA, property rights, Public Choice, public economics, regulation, rentseeking, survivor principle, theory of the firm Tags: barriers to entry, creative destruction, taxi regulation
The idea behind Uber first arose, the story goes, on a snowy evening in Paris back around 2008, when Travis Kalanick and Garrett Camp found themselves stuck in Paris on a snowy evening, unable to find a taxi. They wondered “What if you could request a ride simply by tapping your phone?” They co-founded Uber based…
The Creation of Ride-sharing and the Creativity of Markets
05 Aug 2024 Leave a comment
in applied price theory, economic history, economics of bureaucracy, industrial organisation, Public Choice, public economics, sports economics, theory of the firm, urban economics Tags: Olympic Games
When a city bids to host the Olympic Games, part of the bid is a commitment that the city or the national government will cover any cost overruns–and experience suggests the cost overruns will be large. Alexander Budzier and Bent Flyvbjerg discuss the patterns in “The Oxford Olympics Study 2024: Are Cost and Cost Overrun…
Olympic Records in Cost Overruns
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
A History of the Alt-Right
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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
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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
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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The truth about the great wind power fraud - we're not here to debate the wind industry, we're here to destroy it.
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Utopia, you are standing in it! 
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