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, Unintended Consequences on Feb 29th, 2008
Many claim that environmentalism is good business. This paper suggests that this is not the case. I am sure it will be accused of focusing on short-term effects only and all sorts of other sordid things. But its findings need to be considered seriously.
In 2004, of the 4.5 million public school employees (K12) around the nation, less than 55% were teachers. That is from the 2007 Digest of Education Statistics.
Posted in Education, Employment on Feb 29th, 2008
More fun facts from the Digest of Education Statistics. In 2005, for all higher education institutions, of the 3.38 million employees, less than 39% were instructional or research faculty members.
Posted in Price System on Feb 28th, 2008
I was recently asked to put in perspective what will happen to Americans from the large recent increases in world wheat prices. Below are some partial thoughts. Most of the following national data comes from a government report called the Consumer Expenditure Survey (CEX). Before presenting some basic statistics on household food consumption, it is […]
Posted in Macroeconomics on Feb 27th, 2008
Maybe, maybe not. Read more here.
Posted in Price System, Standards of Living on Feb 26th, 2008
My brief take in the Christian Science Monitor:
Yet despite the recent rise in food prices, over a longer period of time, spending on food as a percentage of household income has been declining, points out Michael Rizzo, senior economist at the American Institute for Economic Research (AIER) in Great Barrington, Mass. For example, in 1970, […]
Posted in Inflation on Feb 26th, 2008
High inflation rates are newsworthy. Hear me talk about them on another Phoenix radio station, KFNN, at 8:35am EST. I’d advise you to bring your caffeine along.
Update: Ken and Shaun seem to be two monetarists who are not shy about sharing that view. Anna and Milton would be proud of them (I was pretty pleased myself)
Posted in Regulation on Feb 25th, 2008
I was in Chicago on a cold and snowy day when I saw the de-icing trucks coming down Michigan Avenue. They looked strange, like fuel tankers, and not the salt-trucks I am used to seeing here in New England. As it passed by, I noticed a sign on the side that read, “Beet Juice.”
Posted in Corporatism, Economic Illiteracy on Feb 24th, 2008
Just about finished with David Cay Johnston’s “Free Lunch.” It is a book that claims to be a tell all about how the wealthiest Americans enrich themselves at government expense and how the little guy gets stuck holding the check at the end of the day. Indeed, there are several chapters that tell eye-popping stories […]
Posted in Inflation on Feb 22nd, 2008
The fine folks at KTAR in Phoenix had me on for an interview to respond to the release of the Fed’s January FOMC meeting minutes. Nothing all that groundbreaking. It would have been nice to have time to talk about Milton Friedman.
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