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 Education, You Can't Have it Both Ways on Jun 30th, 2009
I was thinking about tenure the other day. One of the common arguments in favor of tenure is made by folks that do not have tenure. They argue that over half of the courses that are taught in colleges and universities are done so by faculty off the tenure track. While this neither surprises nor [...]
Posted in Property Rights on Jun 29th, 2009
Lately I’ve taken to over-reacting to things by conventional societal standards. Adam Smith recognized that the world was not perfect, and that for any society to work well a great deal of compassion, understanding, sympathy, empathy, patience and tolerance was necessary to be had by all citizens. I tend to agree. But that does not [...]
Posted in Financial Institutions, Immigration, Regulation, Unintended Consequences on Jun 28th, 2009
New institutions like private stock markets emerge. It will be entertaining to watch the dogs in DC chasing their tails after they institute their new financial institution regulatory overhaul, and when they try to regulate hedge funds, derivatives, money funds and more. A key point from the article: Besides the economy, startup investors say the [...]
Posted in Flotsam and Jetsam on Jun 27th, 2009
Really, I do live in one of the least freedom friendly places in America. Is there really any place to go anymore? If you were at your wits end, what would you do to escape the greedy and grabbing hands? Where would you go?
Posted in Politics on Jun 26th, 2009
… to a Senator that happened to be sitting two rows from you on your flight from DC to NY, what would it be? I was going to hand him a copy of the book I am in the middle of, but I would have interrupted his reading of important memos and briefs. Actually, he [...]
Posted in Fun Facts on Jun 26th, 2009
Just got back from a two-day trip to Washington, DC. I made sure I went to tour the Library of Congress. A must see is the reincarnation of Jefferson’s library as he wished it to be organized (in a circle so that he could see all of his apx 6,500 books at once). In any [...]
Posted in Flotsam and Jetsam on Jun 25th, 2009
My wife went to the American Museum of Natural History for an afternoon last week. I glanced at her ticket stub and it read: “Climate Change proudly presented by Bank of America” You just cannot make this stuff up.
Posted in Corporatism on Jun 24th, 2009
HT to Anthony Ivancich. What will my special treatment be for printing this? The din of suppression of speech is rising – I feel like I am in the beginning of an Orwell novel. To My Fellow Citizens: Please be advised that effective immediately (i) the economic system heretofore known as “Capitalism” in the United [...]
“700 NYC teachers are paid to do nothing.” I am sure this is just an exaggerated, isolated example. I am sure this is my nutty libertarian ideology making stuff up. This doesn’t happen in the USA. No. Never. I say we put all of the members of the Executive Branch and Legislative Branch into a [...]
Posted in Uncategorized on Jun 23rd, 2009
The Long Island Railroad increased fares by 10% last week. Yes, a 10% increase in fares at a time when prices are falling around the nation and some are worried about deflation. And a 10% price hike when ridership plummeted from what it was just one year ago (quiz time to my econ students, what [...]
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