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 Economic Illiteracy on Sep 9th, 2008
Suppose you were put on a governmental commission to design a “green-energy” power plant that could convert our organic garbage into steam power, and produce no by-products at all.
Posted in Property Rights, You Can't Have it Both Ways on Sep 8th, 2008
It is delightful to encounter arguments from people who claim that I don’t own a full and complete set of rights to myself and the fruits of my labor.
Posted in Behavior on Sep 7th, 2008
The “Easterlin paradox” suggests that there is no link between a society’s economic development and its average level of happiness. We re-assess this paradox analyzing multiple rich datasets spanning many decades. Using recent data on a broader array of countries, we establish a clear positive link between average levels of subjective well-being and GDP per [...]
Posted in Government Thuggery on Sep 5th, 2008
It is necessary for the national defense and for the proper growth of its foreign and domestic commerce that the United States shall have a merchant marine of the best equipped and most suitable types of vessels sufficient to carry the greater portion of its commerce and serve as a naval or military auxiliary in [...]
Posted in Unintended Consequences on Sep 4th, 2008
Suppose, hypothetically of course, that you instruct a class of 175 students. The course is in a room that is 10 degrees warmer than it has any right to be. As expected, some students begin to squirm as the class nears its end (as if I am not interesting enough – imagine that!).
Posted in Price System on Sep 3rd, 2008
Have you ever been to a dry cleaner whose racks were not nearly full?
Posted in incentives on Sep 2nd, 2008
… that I work in the economics department without ever asking, or seeing a placquard.
Posted in Flotsam and Jetsam on Sep 1st, 2008
Would you rather lose everything in your house to a fire, or lose everything that is on your hard drive?
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