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Category Archive for 'Economic Illiteracy'

Should you be reading someone that claims “this is what economists think,” particularly if said person is not an economist, you may either want to head for the intellectual exits or you might want to politely send a note to the author/speaker asking them for evidence that ALL economists think that. Even better, you can […]

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Except when “we” preach it:  It’s better for the economy. When you buy local, a large percentage of the money stays in your community. The farmer can  afford to have the local mechanic fix his truck, the mechanic can afford to hire a local accountant to do his taxes, and the accountant can afford dinner out at a […]

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I know, I know, this site is beginning to sound like a Vox stalker site. But I have it as one of my news feeds and they post a lot to it, plus, despite my qualms with it the stuff they put out is orders of magnitude better than what the AP typically pipes into […]

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GDP = National Income. It is argued that GDP is not a reliable measure of well-being. I agree. Therefore income is not a reliable measure of well-being. Therefore income inequality is not a reliable measure of the distribution of well-being. And before you jump into my tribal pool, this could very well mean that well […]

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This is Profoundly Wrong

More “great” economics from Vox: What happens to markets with weak competition? Three things: High prices Price discrimination Bad customer service Read the rest. While I’m surely not satisfied with Time Warner, the article’s discussion of competition leads to a little less satisfaction. First of all, in monopsonistic markets, less competition means lower prices, so […]

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You are correct that this is a far from charitable reading, and far from the “civil discourse” that is so often talked about. Well you know what, “civil discourse” is just a euphemism for, “let’s not actually cut to the core of the argument, let’s give everyone a trophy for showing up.”  The push for […]

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The emperor indeed has no clothes and it’s apparently a feature of the argument, not a bug: Barry Ritholtz: U.S. on Highway to Flunking Out, by Barry Ritholtz: Roads are crumbling, bridges are collapsing, and what was once considered one of the greatest achievements of any government anywhere has fallen into embarrassing disrepair. I am of course discussing our […]

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Maybe we’ll get less of this economic nonsense? Here’s the latest from Vox: The simple danger is that monopolies tend to charge high prices. I am sure lay readers don’t see the problem with it. But if I actually put a single question on a Intermediate micro final exam that asked, “what is wrong with this comment?” […]

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Here is the latest from Vox: Obamacare succeeded for one simple reason: it’s horrible to be uninsured So here we’ve come. Now the entire health care reform is a success because … people signed up for it. That’s sort of a low bar isn’t it? Well, maybe not: The health-care law beat its mark because it […]

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I follow environmental news quite closely, and picked up this one today: Saving dying lake is priority for Iranian leader So read just a few sentences into the story and you see this: Lake Oroumieh, one of the biggest saltwater lakes on Earth, has shrunk more than 80 percent to 1,000 square kilometers (nearly 400 […]

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