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 Flotsam and Jetsam on May 18th, 2013
Did you ever wonder why we say congratulations to everyone who graduates. That’s a bit odd. In any event, a hearty congratulations to the students who took themselves and their education seriously for four years, and who used this time to think hard, to make great friends, to begin a lifelong journey of learning, and who do [...]
Posted in Flotsam and Jetsam on May 15th, 2013
(1) Hedge fund manager supports minting of the trillion dollar coin (I think he’s advocating two of them or more). (2) The IRS should be abolished. (3) Homeland Security clamping down on Bitcoin. This, like the Health Care Law, is yet another Trojan Horse for the government to intervene or ban anything that can be [...]
Posted in Classical Liberalism, Flotsam and Jetsam on May 12th, 2013
I was in high school when they came around our neighborhood casting for A Bronx Tale. At the time my favorite scene in the movie was this one: I tend to view my students like these characters think about “the great ones.” There are indeed only a few. And precious few they are. We will say [...]
Posted in Flotsam and Jetsam on Apr 27th, 2013
If something is good, it is likely to be “underprovided.” I’m not sure, however, this is “bad.”
Posted in Flotsam and Jetsam on Apr 19th, 2013
Hi folks, I won’t write too much of interest today. A few things. (1) Roberto Clemente, Cap Anson, Rod Carew, Hank Aaron and I have one thing in common with today’s post. It’s my 3,000th here. Since 2006 I have tried to post something of substance every weekday, I’ve mostly succeeded on the numbers, [...]
Posted in Flotsam and Jetsam, Government Gone Wild on Apr 17th, 2013
In this week’s edition of four-legs bad, two legs good: While almost no one was looking, a law making it easier for congressional and top executive branch staffers to engage in corrupt trading was signed into law Monday. The law is a modification of the Stop Trading on Congressional Knowledge (STOCK) Act. The modification was passed by unanimous [...]
Posted in Flotsam and Jetsam on Apr 15th, 2013
The NBER releases a new batch of working papers every Monday. Perusing them is among the most enjoyable aspects of my week. Here are some of interest this week: How important was “speculation” in driving the run-up and volatility in oil prices since 2004? Not much. Americans seem to be very financially illiterate. And it [...]
Posted in Flotsam and Jetsam on Apr 13th, 2013
Cloying. When I get an email that begins, “Dear esteemed professor” what follows is reminiscent of the way you feel after downing two huge chocolate milkshakes on a hot day.
Posted in Flotsam and Jetsam on Apr 5th, 2013
What’s on tap this weekend? Wintercow’s Rustic Farmhouse Ale – kegged and ready to go. I have this dream of being able to custom brew to order shortly (and possibly at cost, or close to it). More details coming over the summer. Working on the Wintercow Brew Barn is far more fun than dealing with [...]
Posted in Flotsam and Jetsam on Mar 29th, 2013
In the spirit of the holiday I’ll stay away from the invective. (1) Euphemism of the day: our University has hired “peace officers”. Our security staff alone is 123 people strong. My best guess is that the labor cost alone is over $10 million. Read the attached piece. Apparently the number of crimes on campus [...]
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