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Category Archive for 'Economics Problems'

How many economics departments actually teach a class on the Great Depression? The Depression is perhaps the greatest, most difficult to understand economic episode in modern U.S. history. How many economics departments offer a class on political economy, and in particular one that pays attention to the Public Choice school of economics? I suppose those […]

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Not My Vox

Let me preface what I am about to write with an admission of some thoughts that have nagged me lately. Those thoughts include that I am increasingly sympathetic with leftist concerns about super-wealthy people and their outsized influence on the world  (won’t go into the reasons why at the moment). Let me also recognize that […]

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Here is the latest from Vox: Obamacare succeeded for one simple reason: it’s horrible to be uninsured So here we’ve come. Now the entire health care reform is a success because … people signed up for it. That’s sort of a low bar isn’t it? Well, maybe not: The health-care law beat its mark because it […]

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I recommend to all of you to read Vox, which is Ezra Klein’s new enterprise. It is definitely a progressive site, but if all you do is read sites you agree with a priori I’d suggest you’re not understanding the full picture of the ideas you care deeply about. The folks who write for Vox […]

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Now it seems that the offering of options to people is now morally questionable, and perhaps even exploited: “This means that even if you have no possessions to sell and cannot find a job, nobody can reasonably criticise you for, say, failing to sell a kidney to pay your rent. If a free market in […]

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Among some of the most unproductive questions I am asked regularly include questions of the type, “are you in support of XYZ?” As if XYZ is some monolithic, black and white, easy to understand and represent with the word XYZ, thing. Of course, it is not. So, in the past I’ve been very evasive when […]

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A couple of related thoughts and questions. 1) I grew up, to put it one way, not at all rich. Can you articulate at which point in my life I became the purveyor of oppression and deserving not only of scorn but of aggressive redistributive efforts? 2) If folks wish to distinguish wealth that is […]

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More on Your Tribe

Does linking to this mean I am now a “Selginite?” He’s spot on. At the close of my last post here, I referred to myself as a “non-Austrian,” causing one of our regular commentators to wonder why. “Because,” I answered, “belonging means conforming.” … I don’t want to belong to any economic school of thought, or to […]

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The federal government collected $350 billion from corporations in corporate income taxes last year. Economists have long understood and explain that the US federal (and state) corporate income tax rates are at the same time both too high and too low. Why do we say this? Well, the tax rate is, at the margin, very […]

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Try this on for size: Evidence indicates that the price elasticity of demand for labor is quite high, at least 3. That is, an increase in average wages of 1% would lead to at least a 3% decline in the number of hours of work demanded by employers. Labor economists believe, however, that the price […]

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