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 Corporatism, Politics on Oct 31st, 2008
Worst of all are the political incentives that are unleashed when Washington promises to spend a trillion dollars (and counting). No one can spend such money wisely even if they want to. The information about who needs to be bailed out and who needs to fail is too complicated. Inevitably, such decisions will begin to […]
Posted in Competition on Oct 31st, 2008
On this scary day I stop to think about how scary people used to think jobs in the manufacturing sector were. Indeed, much of the anti-market sentiment that developed in the middle of the 19th century derived from worries that factories were soulless, immiserating places where the joy of life was removed from exploited workers, […]
Posted in Welfare State on Oct 30th, 2008
On Tuesday, Governor Patterson announced that New York State faces a 4-year budget deficit of $47 billion … a mere $20 billion higher than they expected three months ago.
Posted in Methodology on Oct 30th, 2008
The beautiful thing about the blog-world is that anyone can now witness what has been happening at lunch tables all across American institutions of higher education for decades. No need to get a PhD, or to by a soggy tuna salad sandwich to partake.
Posted in You Can't Have it Both Ways, ethical foundations on Oct 29th, 2008
Conventional wisdom has it that when an athlete claims a deal is “not about the money” that it is, in fact, precisely about the money.
Posted in Economics Problems on Oct 28th, 2008
The Practice of Econometrics: A Feminist Critique
Brigitte H. BechtoldDepartment of Sociology, 137 Anspach Hall, Central Michigan University, Mt. Pleasant, MI 48859, b.bechtold@cmich.eduThis paper defines feminist research methods and econometrics and then constructs a feminist critique of traditional methods of econometrics, notably regression and time series analysis. The role of academe and economics programs in maintaining […]
Posted in Socialism on Oct 28th, 2008
Health care is not free, after all. Maybe when the state is doling out the word “no” people will start to learn the lesson.
Her last hope was a $4,000-a-month drug that her doctor prescribed for her, but the insurance company refused to pay.
What the Oregon Health Plan did agree to cover, however, were drugs for […]
Posted in Property Rights on Oct 27th, 2008
Economic and political policy turns on this question. Are there rights that “states” have above and beyond (senior to) the rights of individuals? Those of us that respect individual freedom and private property answer with an authoritative no.
Posted in Environment on Oct 26th, 2008
OK, I am kidding. I just finished a Thomas Stratmann article, “The Politics of Superfund,” and he concludes:
“Not surprisingly, campaign contributions from construction political action committees are more highly correlated with the amount spent on Superfund sites than is the toxicity of the site.”
Posted in Price System on Oct 25th, 2008
That’s what oil companies must be in. Just look! Oil prices were over $140 a barrel as recently as July, and as I write prices are down to $64 per barrel.
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