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Category Archive for 'Economic Illiteracy'

Here’s a piece of advice for reading the economic “news”: if you see a headline that says, “such and such will fall by $X,” you are safe to completely ignore it. Nowhere is up = down, left=right, blue=red than when it comes to economics reporting. Here is the latest: Federal spending is likely to fall $8 trillion […]

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There is a non-negligible cadre of students who think that when economists teach the economics of price controls or how the problem of knowledge makes central planning doomed to fail, that it’s all just at best an interesting opinion or at worst brute political bias. I’m not here going to comment on that. I’m sure, […]

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“It” being a really expensive price for a pill that is quite literally a life-saving pill. And once again, we get the usual standard fare from the Voxers: In Europe, things are like, so, way, cooler and more just. They pay, like, so much less for their life-saving pills. Big pharma profits are like, waaaaaayyyyy, […]

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The old Wonkbloggers are at it again. We are scolded that “It is not OK to have a second refrigerator.” I happen to have 2 fridges and 3 freezers in my house. Both his premise and conclusion are wrong and that’s entirely excepting the smug and offensive attitude. Without a lecture: 1. It very clearly […]

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Since 2006, my nominal wage has fallen by a total of 6.5% or about 0.8% per year compounded. I would note that my compensation has probably remained flat. The average price level has increased by about 18% over this time period. Therefore, my real wage today is about 25% lower than it was in 2006. Without my commentary on […]

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Who wants to bet? Another “scientific” claim is that global warming and our profilgate selves will cause us to run out of chocolate. We won’t. My prediction is not only will be not run out, but global chocolate prices 30 years from now will be lower than they are today, and more people will be […]

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As usual, my colleague Steve Landsburg provides spot on and clear-headed analysis of the Gruber-Gate “scandal” … here is a bit: If the voters favor a law that says all drivers must be licensed, but oppose a law that says nobody without a license is allowed to drive, then I don’t think it’s immoral to […]

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I’m running off to my environmental economics class, so can’t spend time on this. But if we are nominating pieces of journalism in economics for the “top 10″ worst articles of the year, this would surely be a candidate. A little sliver: Because lists of “repetitive loss” properties are maintained by cities and counties, rather […]

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Once again, let’s line up along our ideological preferences and use those to masquerade as real economics. Those who are in favor of net neutrality may seem to be doing so because the term “neutrality” seems to indicate “fairness” or even “correct.” Of course, the entire point of any economic system is to treat different users […]

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Let’s accept two common arguments: If we have unfettered domestic capitalism, such as is claimed exists within the United States, over time you will see the rich get richer and the poor get poorer. If we have unfettered global capitalism, such as that which manifests itself in free trade around the world, you should be worried […]

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