The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. – F.A. Hayek
Posted in Central Planning, Economics Problems, Economists, Macroeconomics on Apr 29th, 2013
I am sure many bytes are being “spilled” to analyze and comment on Krugman’s latest outburst or peacocking or whatever you wish to call it. Read the comments. Remember that all of those folks think you should get into the community hot-tub with them. A few points: Remember what I said about Woody Going Straight [...]
Posted in Economic Illiteracy, Economics Problems, Economists on Feb 14th, 2013
I was listening to the radio on the way in when a caller chimed in to discuss last November’s cancellation of the NYC Marathon. The caller indicated that the reason Bloomberg was going to “let the show go on” even as the rest of New York suffered without power and fuel and heat, is because [...]
Posted in Economists, Fun Facts on Feb 9th, 2013
The table below illustrates one reason why I remain astounded at how the “popular” view of economists has come to be what it is. I sense that the popular view paints us all as market-fundamentalist, anti-tax, anti-regulation, uber-rational, etc. supporters. If political identity actually tells us what we think it does, [...]
Posted in Economists on Feb 4th, 2013
Here a few of the interesting working papers in economics that were released today: Evaluating Durable Public Good Provision using Housing Prices by Stephen Coate Recent empirical work in public finance uses the housing price response to public investments to assess the efficiency of local durable public good provision. This paper investigates the theoretical foundations for this technique. [...]
Posted in Economists, Education on Dec 21st, 2012
Student: “I’d like to know why I got an F in your class!” Heartless Professor: “Because the College doesn’t allow me to give you anything lower.”
Posted in Economists, Methodology, Special Privilege on Nov 18th, 2012
Do you know why economists are likely to be in favor of Washington and Colorado legalizing marijuana use? Not because they care much about freedom or even that they think it is welfare improving. No, not at all. Remember, “we” economists are self-interested creatures. And this change in the law will be a very useful [...]
Posted in Economics Problems, Economists, Methodology, You Can't Have it Both Ways on Nov 1st, 2012
If you watched the debate you are aware that the bailout of the American automobile industry is seen as a badge of honor, a sign of economic rectitude, evidence of leadership and so on. Ignore the fact that pointing to the “success” of the auto-bailouts is akin to celebrating the rock-tossing boy in Bastiat’s famous [...]
Posted in Economic Illiteracy, Economists, Institutions, Money on Sep 26th, 2012
There is no denying that many people, perhaps yours truly included, seem to love the idea of having money. The same, of course, is true for extra-individual institutions. But is it really the case that even for the most megalomaniacal person out there that the acquisition and pursuit of money is an end wholly unto [...]
Posted in Economists on Sep 20th, 2012
My colleague Steve Landsburg points out today: Paul Krugman gets this one exactly right; among the 47% of Americans who pay no federal income tax in a given year, most do pay federal income tax at some point in their lives — and thus have at least some stake in the tax system. Then one of the folks [...]
Posted in Economics Problems, Economists on Aug 9th, 2012
Prominent Chicago economists justify federal spending … on … economists.
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