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Basic Economics Has a Liberal Bias

Basic Economics Has a Liberal Bias People to the left of econ 101 will typically invoke the phrase “political economy” to explain why, for example, econ 101 underrates labor unions. Conversely those to the right of econ 101 will instead invoke the phrase “public choice” to explain why, for example, econ 101 overrates utility regulation. […]

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economics Uncategorized

State tax climate: Tax Foundation shows taxes don’t matter

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economics Uncategorized

Janet Yellen on macroprudential regulation

Janet Yellen on macroprudential regulation Yglesias does a good job summarizing a kind of dry speech.  I don’t think anyone should be worried about her being unqualified. 

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Keith Hennessy on Bush and the financial crisis.

Keith Hennessy on Bush and the financial crisis. One of my students asked “How involved was President Bush with what was going on?” I smiled and responded, “What you really mean is, ‘Was President Bush smart enough to understand what was going on,’ right?” The class went dead silent. Everyone knew that this was the […]

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Cop in every school: How much would Wayne LaPierre’s proposal cost.

Cop in every school: How much would Wayne LaPierre’s proposal cost. How will they suggest it be paid for? Taxes on bullets and guns or cutting school budgets? I’m guessing its the latter.

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politics Uncategorized

“The people who are the engine of the economy.”

“The people who are the engine of the economy.” I’m not much of a car guy, but the way I understand this metaphor to work is that if you want to give rich people credit for being “the engine of the economy” then if the economy is performing subpar it follows that something’s wrong with […]

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Devaluation Is Austerity Done Right

Devaluation Is Austerity Done Right Currency devaluation is best understood not as an alternative to austerity, but as the correct way for a debt-burdened society to implement austerity. Why did Iceland recover and Ireland get worse? Iceland had a currency to debase. And they debased their currency enough to reset the economy and grow again. […]

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Taxi Medallions: How New York’s terrible taxi system makes fares higher and drivers poorer

Taxi Medallions: How New York’s terrible taxi system makes fares higher and drivers poorer When New York’s Taxi and Limousine Commission held a public hearing last week to consider whether to raise taxi fares by 20 percent, cabdrivers pled poverty and passengers argued that fares are too high. Paradoxically, both groups were right. This lose-lose […]

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economics Uncategorized

Economic Theory Doesn’t Say That Small Business Owners Maximize Profits

Economic Theory Doesn’t Say That Small Business Owners Maximize Profits to the best of my knowledge there is no economic theory that says small business owners maximize profits. Think about it from a workers’ perspective. People who work on commercial fishing operations earn a lot more money than most people with comparable levels of education. […]

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politics Uncategorized

The Real Source of Corruption in Congress: Members’ Good-Faith Efforts To Help People

The Real Source of Corruption in Congress: Members’ Good-Faith Efforts To Help People But why does Rogers care so much about Phoenix Products that he wants to send all this business his way? What Phoenix Products has is something unique. It’s based in Kentucky, just like Harold Rogers. Its employees live in Harold Rogers’ district, […]