The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. - F.A. Hayek
Posted in Environment on Oct 31st, 2007
“Public Policies Against Global Warming,” by Hans-Werner Sinn, CESifo Working Paper #2087, August 2007
Harold Hotelling in 1931 demonstrated how owners of non-renewable natural resources would extract that resource to maximize profits. Take the case of an oil field. Owners would optimally extract oil today if the expected return on the proceeds from the sale of […]
The EU’s annual trade deficit with China is on track to surpass the U.S. deficit with China for the first time this year.
Of course the response of the EU? Higher tariffs. At least the Americans are not alone in their folly.
Posted in Politics on Oct 25th, 2007
We examine whether partisan political differences have important effects on policy outcomes at the local level using a new panel data set of mayoral elections in the United States. Applying a regression discontinuity design to deal with the endogeneity of the mayor’s party, we find that party labels do not affect the size of government, […]
Posted in Economics Problems on Oct 24th, 2007
And no it is not our preference for this. It seems that Mr. Smith would have trouble publishing his work in today’s top economics journals.
Of more than 1200 papers published in ten top journals, six percent met a weak criterion of math-free, three percent an intermediate criterion, and only 1.5 percent a strong criterion. General […]
Posted in Flotsam and Jetsam on Oct 22nd, 2007
Here is what my brother is up to.
I hate him.
I think that would be the best complement he could ever want from me.
Posted in Health Care on Oct 22nd, 2007
The Massachusetts health plan was implemented to ensure that every resident has health insurance. This objective is more modest than it appears and the plan cannot address the Nation’s major health care ills.
Introduction
Citizens in the cradle of liberty long ago revolted against King George’s tax stamp. In 1980 they revolted against property taxes, and […]
Posted in Welfare State on Oct 15th, 2007
For the past three years, delinquency rates on the oh-so-safe mortgages insured by the FHA have consistently been higher than even those of the dreaded subprime mortgages. In the last quarter of 2006, for instance, the delinquency rate for subprimes had increased to 13.33% in the National Delinquency Survey compiled by the Mortgage Bankers Association. […]
Posted in Health Care on Oct 15th, 2007
Of course I am. But if anyone wants to know what is wrong with the health care system, and the mentality of people, you should have stayed with me in the hospital and at my home in the days leading up to and following the birth of our new son.
Not once was the question of […]
Posted in Property Rights on Oct 4th, 2007
OJ was recently released on bail while he awaits a trial date for his latest disaster. Much in our court system seems to be radicically violent to the sensibilities of anyone who values freedom: police are permitted to harass suspects without impunity, even if they are ultimately proven innocent; compulsory jury duty is a blatant enslavement […]
Posted in Property Rights on Oct 1st, 2007
From a story about Yahoo! in today’s Wall Street Journal:
As negotiations continue over who controls Yahoo’s front yard, the company has found itself caught at the intersection of two artist-friendly laws — one that made the company install art, and a second that essentially prohibits the company from messing with it.
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