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Category Archive for 'Economic Illiteracy'

(1) Corporations like Walmart disproportionately benefit from the existence of antipoverty programs like Medicaid and Food Stamps. Why? Because when these are available to people, Walmart does not have to provide people with a wage that, alone, would be enough for these workers to sustain themselves since the government is already providing it. (2) Corporations […]

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Tim Taylor summarizes the data from the Center for Responsive Politics: Total spending for the 2014 Congressional races looks like it will come in at about $4 billion, quite similar to the amount spent in 2012 and 2010. In the context of a high-income country with a population of nearly 320 million, this is not […]

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That headline is not even made up, or not really. Remembering of course that what I am about to critique is an opinion piece, here are some gems. The following comes from a WSJ OpEd from the CEO at YouTube (and an employee of Google). But support for motherhood shouldn’t be a matter of luck; it should […]

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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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