Homines libenter quod volunt credunt
Posted in Economic Illiteracy, Health Care, Tribalism on Sep 26th, 2016
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 […]
Posted in Economic Illiteracy, Fun Facts on Sep 23rd, 2016
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, […]
Posted in Economic Illiteracy, Economics Problems, Economists, Education on Jun 30th, 2016
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 […]
Posted in Disingenuous, Economic Illiteracy, If I Really Hated the Poor ..., labor markets on May 19th, 2016
This is already not going over well among the people this “law” is aiming to “help” … not surprising: Salary Threshold for Hourly Employees to Change The U.S. Department of Labor has announced changes to how some employees are paid by announcing an increase to the salary threshold used to determine eligibility for overtime pay. Effective December 1, […]
Posted in Economic Illiteracy, Price System, Welfare State on May 3rd, 2016
Picking up on a theme from two years ago, let’s consider again the argument in favor of progressive (re)distribution of income from the wealthiest to the poorest. The argument I made back then was that on basic behavioral grounds, the assumption that taking a dollar from the rich and giving it to the poor would […]
Posted in Economic Illiteracy, Price Controls, You Can't Have it Both Ways on Apr 26th, 2016
Not really in the mood to write about this – we live in a world of economic creationists. Nonethless, among the zillions of excellent logical questions one might ask proponents about it, only to be dodged, Jason Brennan (of Why Not Capitalism fame) asks this: If you believe employers owe employees a living wage, do […]
Posted in Central Planning, Disingenuous, Economic Illiteracy, Economics Problems, Economists on Apr 21st, 2016
Note that Krugman here is talking about the “textbook Eco 101” approach and not, of course, the “better” Eco 108 non text-book approach we take! In any case, he is making a point that I try to make, endlessly so – that the world is a bit more complex than Eco 101-ism suggests it is. […]
Posted in Economic Illiteracy, Education, If I Really Hated the Poor ..., We're Doomed, Welfare State, You Can't Have it Both Ways on Apr 19th, 2016
Today marks the pinnacle of pathetic pandering in NYS as “we” head to the polls to annoint the latest power-mad, megalomaniacal people with our blessings of awesomeness. In that spirit, check out these 10 core principles from the “Bern’s” website: AS PRESIDENT, SENATOR BERNIE SANDERS WILL REDUCE INCOME AND WEALTH INEQUALITY BY: Increasing the […]
Posted in Economic Illiteracy, Flotsam and Jetsam on Apr 18th, 2016
In some of this week’s research findings we have: Women are much more likely to want jobs with more flexibility and stability, and to pay for it with lower wages. Science deniers take note. “While there is substantial heterogeneity in preferences, we find that women on average have a higher willingness to pay for jobs with […]
Posted in Economic Illiteracy, Socialism on Apr 14th, 2016
Verizon CEO Lowell McAdam (sort of) coins a new phrase that is apt: “Rotary Phone Economics.” That is the kind of economics practiced and espoused by the Bern and the group of kids trying to have me unionized. You may be entertained by McAdam’s post. Now, I am not sure what I think of the […]