@BernieSanders how did Danish, Swedish, Finnish & Norwegian billionaires make their money?
25 Feb 2016 Leave a comment
in economic history, entrepreneurship, industrial organisation, politics - USA, survivor principle Tags: 2016 presidential election, billionaires, Denmark, entrepreneurial alertness, Finland, inherited wealth, Norway, superstar wages, superstars, Sweden
OK, Nordic billionaire population sizes might be small, but plenty more billionaires make their own money in neoliberal USA than in Bernie Sanders’ Utopia
Megan McArdle’s iron law of commentary on refugee policy @GreenCatherine
24 Feb 2016 Leave a comment
in Economics of international refugee law, politics - Australia, politics - New Zealand, politics - USA Tags: asylum seekers, cognitive psychology, psychology of persuasion, refugee policy
More on honest @BernieSanders and his voodoo economics
24 Feb 2016 Leave a comment
in economic growth, economic history, macroeconomics, politics - USA Tags: 2016 presidential election, grates, left-wing populists, Paul Krugman, quackery, rational irrationality
Think Again: The Green Economy @janlogie @GarethMP
23 Feb 2016 Leave a comment
in applied welfare economics, energy economics, environmental economics, politics - New Zealand, politics - USA, Public Choice, resource economics Tags: climate alarmism, green economy, green rent seeking
Source: Matthew Kahn (2009) Think Again: The Green Economy | Foreign Policy
Edward Prescott and @BernieSanders compared
23 Feb 2016 Leave a comment
in applied price theory, economic growth, fiscal policy, macroeconomics, politics - USA
https://twitter.com/TheNewDeal/status/696864555658539008
As a contrast against the Bernie Sanders tax-and-spend high-growth plan, the Edward Prescott plan is:
- mandatory savings for retirement;
- Eliminate capital income taxes;
- Broaden tax base and lower the marginal tax rate;
- Phased-in reforms so all birth-year cohorts are made better off;
- Left welfare programs and local public good shares the same; and
- Savings not part of taxable income, saving withdrawals part of taxable income – with these changes U.S. income tax would be a consumption tax.
Source: Edward C. Prescott – Importance of Good Governance for Economic Prosperity.
The difference between the Prescott and Sanders plans is Prescott delivers high growth through massive supply-side reforms that include the abolition of taxes on income from capital, mandatory savings for retirement along with much lower marginal tax rates.
The Sanders plan argues that if you tax people a lot more, there is more growth, more investment, more innovation and entrepreneurship and greater labour supply. There is no historical precedent for that as an outcome from higher taxes.
In the case of Prescott, the disagreement is over how large are his growth dividends. In the case of the Sanders band, only one economist agrees that his plan will increase growth. Despite that, he is still voting for Hillary Clinton.
Tax receipts by source as % of US GDP since 1934
23 Feb 2016 Leave a comment
in economic history, politics - USA, public economics Tags: company taxes, taxation and entrepreneurship, taxation and investment, taxation and labour supply, World War II
Quiz question: spot the Reagan revolution?
Source: The President’s Budget for Fiscal Year 2017, Historical Tables | The White House, table 2.3.
The distributional impact of alternative energy incentives
23 Feb 2016 Leave a comment
in energy economics, environmental economics, fiscal policy, politics - USA, public economics, rentseeking
Note from @paulkrugman to @BernieSanders @JeremyCorbyn and their supporters
23 Feb 2016 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, economic history, economics of media and culture, economics of regulation, labour economics, macroeconomics, Marxist economics, politics - USA Tags: 2016 presidential election, antiforeign bias, antimarket bias, British politics, Leftover Left, make-work bias, rational ignorance, rational irrationality, renegade Left, Twitter left
@berniesanders If Denmark were your home instead of US you would
22 Feb 2016 Leave a comment
in applied welfare economics, politics - USA
Source: Compare The United States To Denmark.
Revenue lost from middle-class tax loopholes in the USA
22 Feb 2016 Leave a comment
in fiscal policy, politics - USA
Source: Closing Tax ‘Loopholes’ Would Choke the Middle Class – Bloomberg View from Office of Management and Budget.
Don’t you miss the good old days before TV when democracy was less transparent
22 Feb 2016 Leave a comment
in economics of information, economics of media and culture, politics - USA, Public Choice
Youth voting trend for US Presidential elections
22 Feb 2016 Leave a comment
in politics - USA, Public Choice Tags: rational ignorance, rational irrationality, voter turnout
@BernieSanders has the type of friends that make you prefer your enemies
22 Feb 2016 Leave a comment
in applied price theory, fiscal policy, labour economics, labour supply, macroeconomics, politics - USA Tags: 2016 presidential election, ageing society, cranks, demographic crisis, older workers, quackery, rational ignorance, rational irrationality
The economist costing the economic plan of a 74-year-old candidate forgot there is an ageing society in his labour force participation rate projections.
Source: Gerald Frieldman (2016).
And people vote for @BernieSanders because he is honest
21 Feb 2016 Leave a comment
in fiscal policy, income redistribution, macroeconomics, politics - USA, Public Choice, public economics, rentseeking Tags: 2016 presidential election, cranks, quackery, rational ignorance, rational irrationality
Utopia, you are standing in it! 
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