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Category Archive for 'Economic Illiteracy'

DD sends me the following article which suggests that Uber is losing quite a bit of money, is not going to turn profitable, and presumably is the worst thing to ever happen to America. Two quick points, should you care to read through the article. The author argues (and I am not sure I disagree […]

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Today’s post is a sort of variation on the response I would give (and have given in the past) to the slur, “You didn’t build that.” In political matters, I am sure you have had invoked on you, at one time or another, the idea that the government has legitimate authority to coerce an individual […]

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You knew that train would be coming to the station soon. Here is the reference, via Marginal Revolution. It is endlessly frustrating to see even the best economists confuse “solving” climate change with “reducing” CO2. Now, you MAY want to do that, but all that the economics of climate change recommends is that “we” pay […]

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There are 152 million Americans with jobs today. There are 2.6 million of these workers making the minimum wage, or less (federal). So, double it so that I cover all of the states that have higher wages and to be conservative. What is your explanation for why 96.5% of workers, or about 147 million workers, […]

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Folks, remember, the Presidency doesn’t matter much – but I do think there is some writing on the wall from what we see from the messages that have resonated with voters … … we are a country of economic illiterates (and statistical ones too – ahem, polling and uncertainty bands anyone?). If there was ever […]

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Via David Henderson this morning: “If our antidumping laws applied to U.S. companies, every after-Christmas sale in the country would be banned.” That is from trade economist Jagdish Bhagwati   And here is another, this time from someone less famous whom you know a bit better: “Recycling enthusiasts should be the world’s most ardent free-traders.” […]

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I am quite sure you have encountered the claim that Americans consume too much and that our drive to consume has sacrificed the planet. Let’s not disagree with that. But doesn’t that idea sit uncomfortably next to the commonly committed pie-fallacy? After all, we see our current two political candidates arguing about who “wins” in […]

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I suspect that what is being taught in enlightened public health classes is that things like expensive and high hospital and health insurance administrator salaries are the reason that health costs are so high. Now, there is actually a body of research on this question, done by capable health care economists, and some of those […]

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Friday Fun Fact

A single American earning the minimum wage for a full-time job for a full-year (excluding ALL of the other compensation they may receive from their employer and certainly from government in the form of housing allowances, earned income tax credits, health insurance subsidies, food assistance, free education, subsidized transportation, access to infrastructure and public amenities, […]

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Tyler over at Marginal Revolution finds that about 20 states require some teaching of economics in high school. Implicit in the post is that requiring economics is a good thing. And why not? After all, the state of economic literacy in America is strikingly low, even among people who have taken some economics, and teaching […]

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