Marxism Explained in 2 Minutes, with Deirdre McCloskey
17 Apr 2017 Leave a comment
in applied price theory, development economics, economic history, history of economic thought, Marxist economics, Public Choice Tags: Deirdre McCloskey
Deirdre McCloskey summarises Rawls and Nozick on unequal incomes
02 Jan 2017 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, development economics, economic history, Gordon Tullock, growth miracles, history of economic thought, James Buchanan, James Buchanan, labour economics, law and economics, poverty and inequality, property rights, Public Choice, Rawls and Nozick Tags: creative destruction, Deirdre McCloskey, industrial revolution, John Rawls, Robert Nozick, The Great Enrichment, The Great Escape, The Great Fact, top 1%, veil of ignorance, veil of uncertainty
Source: Review of Michael J. Sandel’s What Money Can’t Buy: The Moral Limit of Markets by Deirdre McCloskey August 1, 2012. Shorter version published in the Claremont Review of Books XII(4), Fall 2012 via Deirdre McCloskey: editorials.
Deirdre McCloskey on Equality and Greed and How To Be a Very Good Economist
02 Dec 2016 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, development economics, economic history, Marxist economics Tags: Deirdre McCloskey, The Great Enrichment, The Great Fact
Deirdre McCloskey on the origins of the #minimumwage
01 Dec 2016 Leave a comment
in applied price theory, economic history, history of economic thought, labour economics, minimum wage Tags: Deirdre McCloskey, eugenics, Leftover Left, New Left, Old Left
Source: Liberalism, Neoliberalism, and the Literary Left Interview by W. Stockton and D. Gilson (forthcoming).
Adam Smith: How His Great Idea Made Us Rich – Deirdre McCloskey
26 Nov 2016 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, growth miracles, history of economic thought Tags: Deirdre McCloskey, The Great Enrichment, The Great Fact
Deirdre McCloskey on why intellectuals prefer socialism
13 Nov 2016 1 Comment
in history of economic thought, labour economics, Marxist economics, occupational choice Tags: Deirdre McCloskey, intellectuals and socialism
Source: Liberalism, Neoliberalism, and the Literary Left Interview by W. Stockton and D. Gilson (forthcoming).
How the World Grew Rich
22 Oct 2016 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic history, growth disasters, growth miracles, industrial organisation, law and economics Tags: Deirdre McCloskey, The Great Enrichment, The Great Fact
On choosing the Bourgeois Deal behind the veil of ignorance
29 Aug 2016 Leave a comment
in applied welfare economics, comparative institutional analysis, constitutional political economy, development economics, economic history, growth disasters, growth miracles, Rawls and Nozick Tags: Deirdre McCloskey, social contract, The Great Enrichment, The Great Escape, The Great Fact, veil of ignorance
Source: Deirdre McCloskey: editorials: Review of Michael J. Sandel’s What Money Can’t Buy: The Moral Limit of Markets , New York: Ferrar, Straus and Giroux, 2012. Pp. 244 +viii. Index. by Deirdre McCloskey August 1, 2012. Shorter version published in the Claremont Review of Books XII(4), Fall 2012.
McCloskey explains Modern Economic Growth
06 Aug 2016 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, development economics, economic history, economics, growth disasters, growth miracles Tags: Deirdre McCloskey, The Great Enrichment, The Great Escape, The Great Fact
When Donald told his department head he was going to become Deirdre
13 May 2016 Leave a comment
in economics of education, liberalism Tags: Deirdre McCloskey
Deirdre McCloskey and George Will discuss bourgeois inquality
05 May 2016 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic history Tags: Deirdre McCloskey
“Bourgeois Equality” lecture
28 Apr 2016 Leave a comment
in applied welfare economics, development economics, economic history, economics, economics of regulation, entrepreneurship, growth disasters, growth miracles, history of economic thought, industrial organisation, poverty and inequality, survivor principle Tags: Deirdre McCloskey, industrial revolution, The Great Enrichment
@NZGreens @nzlabour @uklabour @berniesanders bite a gift horse in the mouth when complaining about the ignorance of the average voter
23 Feb 2016 Leave a comment
in applied price theory, economic history, economics of information, politics - New Zealand, Public Choice Tags: anti-foreign bias, anti-market bias, Bryan Caplan, Deirdre McCloskey, make-work bias, New Zealand Greens, New Zealand Labour, pessimism bias, rational ignorance, rational irrationality, votor demographics
Fascinating. Yawning chasm between why Labour members think they lost and why voters think they did. From @thetimes http://t.co/MvhZYI2CTr—
Joe Watts (@JoeWatts_) July 23, 2015
Left-wingers do whinge about voters not understanding; about how if only the voters understood better their arguments than they do now. The Left thinks voters just keep getting it wrong.
They do not know how lucky they are. Rational ignorance and rational irrationality are a rich harvest for the policies of Labour and the Greens.
Most of the policies of Labour and the Greens are premised on cultivating the rational irrationalities of voters. These lead to Bryan Caplan’s pessimism bias, an anti-market bias, an anti-foreign bias and make-work bias:
The evidence—most notably, the results of the 1996 Survey of Americans and Economists on the Economy—shows that the general public’s views on economics not only are different from those of professional economists but are less accurate, and in predictable ways.
The public really does generally hold, for starters, that prices are not governed by supply and demand, that protectionism helps the economy, that saving labour is a bad idea, and that living standards are falling.
Politicians mindful of re-election must pander to these four biases.
Fortunately, for the New Zealand Labour Party and the Green Party of Aotearoa New Zealand, voters have no rational reason to correct these four biases. Voters are rationally irrational. As each individual counts so little, why spend any time correcting biased political beliefs?
Anti-market bias: The tendency to underestimate the benefits of the market mechanism. The typical voter equates market phenomena such as profitability and interest as examples of unbridled monetary confiscations by ‘greedy’ businesses. This biased against the market, despite all its successes, is a rich field to till for both Labour and the Greens
Anti-foreign bias: The tendency to underestimate the economic benefits of interaction with foreigners. This antagonism towards such trends as outsourcing employment overseas, or selling raw materials to faraway traders, is reminiscent of the mercantilism Adam Smith so brilliantly demolished but it still lives on today in the hearts of the voting citizenry. Labour and the Greens play to that bias shamelessly.
Make-work bias: The tendency to underestimate the economic benefits from conserving labour. Those who look to the visible face of job losses overlook the job gains (often by those who lost their jobs) to be made tomorrow in emerging industries. The Greens and Labour are sure-fire enemies of creative destruction.
Pessimistic bias: The tendency to overestimate the severity of economic problems, and to underestimate the recent past, present and future performance of the economy. In The Progress Paradox (2003), Gregg Easterbrook ridicules abundance denial:
Our forebears, who worked and sacrificed tirelessly in the hopes their descendants would someday be free, comfortable, healthy, and educated, might be dismayed to observe how acidly we deny we now are these things.
Many average voters seem to feel that Malthus was correct in diagnosing the allegedly poor prospects for the market economy.
Where would the voting base of the Greens be without a pessimism bias? They are professional pessimists and doomsday prophets from their earliest days. Labour assumes working class Tories are dupes of what is left of fading media barons such as Rupert Murdoch.
Deirdre McCloskey on Piketty, the Bourgeoisie Deal, the Bolshevik Deal, and the Bridal Deal
17 Nov 2015 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, development economics, economic history, economics of bureaucracy, growth disasters, growth miracles, Public Choice Tags: bourgeoisie deal, capitalism and freedom, Deirdre McCloskey, industrial revolution, The Great Enrichment, The Great Escape, The Great Fact, Thomas Piketty
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Economic liberty and human flourishing: A discussion with Deirdre McCloskey, Susan Shell, and Yuval Levin
04 Oct 2015 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic history, Marxist economics Tags: Deirdre McCloskey, The Great Enrichment, The Great Fact
Utopia, you are standing in it! 
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