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Category Archive for 'Economic Illiteracy'

The “U.S.”

We like to anthropomorphize it, so please indulge me for a moment. “The U.S.” PRODUCES about 1/4 of the total income of the entire world, but it only has about 1/20th of the world’s population.

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Story is here. Note, too, that this is an “agreement” which means it will not actually be enforced. My prediction: emissions will fall despite this “agreement” not being enforced, and policymakers will take credit for the incredible progress “they’ve” made. But this is undeniably great news for Americans and energy poor people around the planet. […]

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If the income and wealth of every single American were to double over the next decade in REAL terms, then in a decade, the amount of measured poverty would remain unchanged. You’d also very likely see no change in inequality according to the way most people talk about it, i.e. “the income share of the […]

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Seen at the climate march in New York this weekend:   If we believe this sign, then we surely don’t need to worry about Climate Change. You see, there was LOTS for me to learn from the latest climate revival. The science, it seems, IS settled.

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The Huffpo and the minimum wage cheerleaders have now gone off the deep end. If you simply SAY that someone “demolishes” a classic argument, does that make it so? And just look at how uber-sophisticated and intelligent that post is. WHAT classic argument? It’s not like anyone tells us. Is it the classic moral argument […]

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I lifted this from the end of my previous post: Why on Earth would anyone be “worried” about this? Prices adjust. Entrepreneurs respond. Unless of course one can’t help but think that everything good in the world comes as a result of conscious policy choices. Drive around Rochester and there are already quite a few […]

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Anything for a Buck?

Was walking in front of a shop the other day when I saw a pretty tacky piece of memorabilia for sale. Even my own initial response was, “anything for a buck!” So what? I think I should have changed my sentence to, “someone somewhere thought a customer might be willing to give me more of […]

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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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