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Category Archive for 'Economic Illiteracy'

Should you find yourself needing some entertaining night-time reading, I highly recommend poring through some old Presidential Addresses to the American Economic Association or perhaps even the Southern Economic Association. Here is a particularly striking one, delivered by Frank Knight in 1950 to the AEA. A particularly striking piece: The serious fact is that the […]

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Who knew it? It looks like the Progressives are picking up a Simonian theme: For decades now, the ______ have published predictions on when _____ would run out _______ if nothing else in the world changed. And in every case, lots of things in the world changed — and ______ never found itself short _____ […]

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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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